My Bellaire Blog

For anyone who spent a semester in the U of H Moody Towers on Calhoun St.  this may sound as a great relief!

HOUSTON (Houston Business Journal) – Construction began Monday on a $50 million dormitory at the University of Houston.

Located on the university’s central campus, the 300,000-sf building will include 1,172 beds, resident adviser offices, a social lounge, computer lab, multipurpose rooms, fitness room and a convenience store.

The seven-story building will provide housing for freshmen.

Construction is set to be finished by fall 2010.

Hardin Construction Co. is the general contractor.

This information is very interesting, so here it is:

HOUSTON (Houston Chronicle) – Sales of luxury homes in the Bayou City haven’t been immune to the slow housing market, but neighborhood values have seen an uptick.

Last year, 3,178 Houston-area homes sold for $500,000 or more, down about 10 percent from 2007, according to a study from Crawford Realty Advisors in conjunction with the University of Houston’s Institute for Regional Forecasting.

Sales of homes that went for $1 million or more were down 8 percent according to the data, which is based on sales in a five-county area.

The decline intensified during the first two months of 2009, with sales of at least $500,000 down more than 40 percent in January and February compared with the same months last year.

However, while sales were slumping in some of Houston’s most exclusive neighborhoods, values in those areas increased.

The median price per sf in River Oaks last year, for example, was $360.96, up 5 percent from 2007, according to the Crawford data. Tanglewood values were flat, and West University Place posted a 12 percent increase.

Have you ever biked or walked along White Oak Bayou?  Try going this week.  And, if you’re only interested in a photo shoot, the best spot to photograph your kiddos among the blue wildflowers is across from the Boy Scouts of America building at TC Jester and 610 North.

The ride on the White Oak Bayou Bike Trail is great: only 1 street to cross between 11th street and 43rd street! Everything else is a paved two lane trail along TC Jester with bridges and underpasses.  Check it out!

14 single family homes sold in February ’09 in Bellaire.  Of the 14, 3 were homes built before 1960 and ranged in price from $360,000 to $960,000.  New home sales ranged between $860,000 and $2.2 Million. 

Sales of single family homes were down compared to February ’08 (17 sales).  The homes sold at an average of 94% of their last listed price.  The price per square foot varied from $151 for a home built in 1993 to $257 for a new construction.

As of today, there are 196 homes on the market and 14 pending.  For details about what is happening around your house, sign up for the FREE Market Snapshot on the right of this blog or email us to receive a detailed report.

Our phones have been ringing nonstop today after the unemployment numbers released worse than expected. Rates normally would go down. But not today. They went up a small bit, as the treasury prices are being pushed down with flooded demand (rates move the opposite…so up). 

 National employment is at 8.1% , the highest level since 1983.  Let’s look at the bright side, it has not yet reached the worst in history, which was 10.8% in 1982.  I don’t mean to make light of a grim situation, but they say psychology is everything. If you tell yourself it is a bad time, it will be. If you tell yourself it is a great time, it will be. Which is it for you?  I say it’s a great time. A great time to be a Houstonian/Texan for sure. We are (finally!) getting the recognition we deserve as having (a) lower unemployment (b) more affordable housing (c) less foreclosures, and (d) having a positive jobs market.  And did I mention we only have 6.5 months of housing inventory? Its a far cry from Florida with 28 months. I just cannot even imagine what that would be like. Again, thankful to be a Houstonian.

 Is Houston experiencing lower pricing and sale levels? Yes, we are. No one is recession proof. Oh wait……Fargo, ND has 3% unemployment, and according to CNN is not in a recession. That’s right. Let’s pick up and move there! (No offense if you are from Fargo). I’m a city girl. We live in the 4^th largest city in the US (#1 if you are talking land size)  with lots of people. And that means that we are impacted more by trends. Also, we have to keep in check that the last few years we enjoyed above average returns in real estate. Incredible numbers! What we are seeing now is more ‘normalcy’. That statement is from Mike Inselmann himself , the President of Metro Study.

 SMART BUYERS are buying now with these low rates! With unemployment numbers on the rise, and the recession with no end in sight, will we have a repeat of the 80’s and 17% interest rates? My generation (I was born in the 70’s ) is too young to remember these times. But I have been told that history is starting to repeat itself. So will Obama’s policy making make Jimmy Carter look like a saint? My point here is: get out there and buy while you can, before the rates spiral out of control. You could be one of the lucky few someday with a single digit rate- and in the 4’s at that!

 Have a fabulous weekend, and remember, I am your trusted friend in mortgage lending.

Jennifer Hernandez

Vice President/Mortgage Consultant

Patriot Bank Mortgage

Office:    713-337-8400

Mobile:   713-446-7791

E-mail:    jennifer@patriotbankusa.com

Web:      www.loanwithjennifer.com

As you are listening to the national news you probably heard that the Pending Home Sales Index fell by 7.7 percent from December to January to hit its lowest level since the National Association of Realtors began tracking it in 2001.

No matter how dire the national news are, what matters to you as a seller (or buyer) is what is happening on your block!!  Real estate is LOCAL.  It’s like the weather: The average temperature in the US is no indication of what the weather is like in your neighborhood! 

To find out aout what is exactly happening on your block, sign-up for the free Market Snapshot real data newsletter.  It’s free, and you’ll be in touch with the pulse of YOUR market!  Just email Lucie@MyBellaireBlog.com no matter where you live.  The Snapshot is available nationwide, block by block…

The MLS # is 8742200.  This is a 5,699 SF house with a pool and tropical landscaping at the end of a cul-de-sac outside the loop.  Lot size is 8,450 and it is offered in the low $800.  Let me know at Lucie@MyBellaireBlog.com if you would like to receive any details or have any questions about placing an offer on this property!

Search all Bellaire Homes at www.BellaireBestHomes.com

Another exciting week, as rates were up down, up ,down, and finally down .25% from last week. Will we ever see 4.0%? I don’t know, but if it makes sense right now to buy or refinance, do it. That is my ongoing advice.

 There is rumor that a $15,000 homebuyer credit has been approved in the Senate. I have not been able to confirm , but I know it is looming. Currently, there is APPROVED a  $7500 tax credit that is given at the time they file their taxes. So, if a first time homeowner (who makes less than $75,000/year)  buys before July 2009, they can claim this credit for 2008 (if they file an extension) or on 2009 tax return (a whole year from now!). The credit offsets the tax they owe, and is required to be repaid over 15 years. So basically, and interest free loan. 

The NEW PROPOSAL posed to the Senate as a part of the stimulus package is: Increase the credit to $15,000 (or 10% of the purchase price if less), and available to ALL homebuyers, regardless of income or purchase history, and not require repayment. Wow. That would spur some buying for sure. I will just avoid thinking where that money will come from for now. Let’s just take a bat for the team on this one, and call it a good thing.

I saw an article online that said ‘Credit Standards Tighten’. Where has that journalist been? That is old news! Yes, it is true. There are more rules, more paperwork. But we just get through it all somehow. The funniest example I have is one of our investors now requires that any letters of explanation for the borrower are handwritten, not typed. Hint: loan officers have really good writing skills. But isn’t that funny? We are going to such extremes. But again, a bat for the team. When I am 80, I hope to look back on 2009 with a grin, and know that I helped a lot of people accomplish the American dream of homeownership.

Jennifer Hernandez

Vice President/Mortgage Consultant

Patriot Bank Mortgage

Office:    713-337-8400

Mobile:   713-446-7791

E-mail:    jennifer@patriotbankusa.com

Web:      www.loanwithjennifer.com

Should I say only 5 properties closed in January in West U?  Well, considering the very dark national news about employment, I should yell “Yippie! 5 closings!”.  However, comparing with last year’s January closings of 10 properties, sales were down 50% year-to-year.   

Five lucky West U homeowners were able to sell their homes last month, ranging from $625,000 to $3,300,000 for a newly built 7,535 Sq Ft home on a 15,000 Sq Ft lot.  At $437 per square ft, the builder (Domus) did very well! 

Another 5 properties went “sale pending”, ranging from $619,000 to $1,575,000 in list price which announces a similar, if not better February.  

To receive a Market Snapshot, which is an interactive view of the market around you, just email me at Lucie@MyBellaireBlog.com.   It is free, and it is specific to your street and the streets surrounding you!

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!