My Bellaire Blog

A dismal 7 properties closed in the City of Bellaire in January, with prices ranging from $250,000 to $590,000 with an average of 53 days on the market and an average price per square foot at $197.85.  Last January had 12 closings ranging from $239,000 to $1,864,500 and the average price per square foot was $213.  The outlook for next month seems brighter:  11 homes went under contract in January and are pending to close this month or next.  Those pending sales range from $360,000 to $2,574,900 in their list price!    So things started picking up with the new year, and if you are wondering whether to list now or in the spring,  call 713-539-1006 for a complimentary in-depth Market Analysis of your home or sign-up for the amazing Market Snapshot email that you can receive free as often as weekly!  My email is Lucie@MyBellaireBlog.com .

Also, please visit www.BellaireBestHomes.com to view everything offered for sale in the City of Homes!

Two incidents happened in the last couple of weeks in our neighborhood that came to my attention.  A car was stolen from my friend’s driveway at night.  Their garage backs up to 1st Street, between Bellaire and Bissonnet.  Since they have 3 vehicles, one stays parked on the driveway.  One morning, prior to the theft, my friend noticed his car doors were unlocked, and thought it was strange since he always makes it a point to lock the doors of his car.  Next thing, the car is completely gone one morning.  His car alarm had failed during Ike, and that’s what the thieves were possibly testing the first time around.  They now feel very violated and unsafe in their own home.

The other incident has to make realtors and their clients aware of the need to keep the alarms activated on  vacant property.  The house at 847 Jaquet has been on the market and vacant for a while.   It’s front door got stolen last week.  The neighbors noticed the house was wide open and the front door gone.  It could also be that appliances were taken.  Now a piece of plywood in the front tells the story.  My friend who lives on Jaquet does not feel too safe either.

So Bellaire be careful!  The recession is not helping the crime around here, and lets watch out for our own streets and neighbors.  Also, setting your alarm is important even if you’re just going to the grocery store!

Happy New Year to all!  This long absence only reflects the busy-ness of my business.  Yes, real estate is doing well, and it has been given a jolt in December when the Fed lowered interest rates.  We have seen closings at 4.5% on a 30-year fixed, unheard off rates for the last 50 years.  That’s a powerful incentive for buyers and investors standing on the sidelines to get into the game…  As for mover-uppers, there are so many homes for sale that the savings you will get on your higher priced bigger home will more than compensate for whatever you think it will take to sell your existing home! 

Besides “divine”, another mantra for the new year could be ”2009 is my Inaugural Year”.  I am sure you have witnessed the events in Washington, which had a magical, almost “fairy tale” feel to it.  I suppose you have taken it all in, and hoped for changes in your own lives.  Well, if you keep thinking of 2009 as your Inaugural Year, it will carry you a long way to implement many changes that you have perhaps been thinking about.  So what are you inaugurating this year? Let us know!

I ran into a friend of mine today, and she asked me the question “How’s the market?” She knows I am in Real Estate.  I gave her a fact: a house in Bellaire closed last week after being 3 days on the market.  She could not believe it.  So I told her it sold for a little over $2 million and she was even more perplexed!  Yes, this is how Real Estate is.  There are no generalizations to be made.  We can pull alot of statistics and look at numbers, however it will not tell you how long your particular house will take to sell…  I sold an older home in West U in November the day after it hit the market…To get a better idea of what your home will sell for, get the help of a professional.  Or, if you’re just playing with the idea of selling or purchasing, you can sign-up for an automatic email update that will send you information on recent sales around your house.  It is free!  Just email me at Lucie@kw.com with your email address, street address and the frequency of the updates you would like (weekly, bi-weekly or monthly).  You can remain anonymous.  Why not take advantage of it?  It is based on real MLS sales data as opposed to assessed tax values you find on many “real estate valuation” websites.  Now you can get the answer first hand on how YOUR market is doing!

5909/5959 Realty Ltd., a partnership led by Braun Enterprises, has purchased two Bellaire office buildings totaling 152,000 sf from The Matrix Group.

The buildings at 5909 and 5959 West Loop South are 96 percent leased with leases averaging 1,100 sf.

The buyer assumed a loan that has a high prepayment penalty and three years left on its term and brought 45 percent equity to the table.

Hopefully the new owners will do some updating/upgrading to the buildings that boast a great location but look quite dated on the exterior.

Several older homes in Bellaire have been expanded, renovated, updated and are in great shape ready for a family looking for great schools to move in.  Such is a new listing at 5205 Evergreen.  Located between S. Rice and Chimney Rock, it has easy access to anywhere in town.  You may view the pictures at www.BellaireBestHomes.com and your first visit in person will casts its charm on you.  Any questions?  Please email Lucie@MyBellaireBlog.com or call 713-539-1006

A New Home on Evergreen went into foreclosure…  It is selling at $178 per sf.  If you’re an investor or a bargain hunter, this is it!  For more information call us at 713-539-1006 or visit www.BellaireBestHomes.com

The climate for home sales should be improving soon, thanks to the law signed in July.  Here are the main components:

• Starting October 1, 2008, FHA will be able to refinance up to $300 billion of subprime loans that have become unaffordable to borrowers.  Lenders will take them off their books, although at a write-down.  This should lower the number of foreclosures.
• High-cost FHA Loan limit is permanently raised to $625,500 on 1/1/09.  It was temporarily raised to $725,750 from $417,000 as an economic stimulus.
• The government will expand the line of credit to Fanie Mae and Freddie Mac. It can also provide an equity infusion through the purchase of stock.  This will help investors’confidence and their interest in Mortgage Backed securities on the secondary markets.
• Last but not least, first-time homebuyers will get a $7,500 tax credit for purchases made by July 1, 2009 and it will be retroactive to purchases made since April 9 , 2008.  So, if you’re a first time homebuyer sitting on the sideline, make sure you get in touch with a realtor to close on your home before July of next year.  This opportunity might not repeat itself, especially in the context of still relatively low interest rates!