My Bellaire Blog

As I was thinking of taking down the mirrored wall in my small formal dining room convinced that it screamed the ’80s, the decorator smiled.  Not wanting to bluntly contradict me, she whispered as if sharing a secret: “you know, mirrors are coming back…”.  So there you go: a little research on design trends for next year confirmed her statement.  Mirrors are back in all shapes and sizes!  they will help update a room quickly and open up a space. 

The second trend I came across pertains to color: BOLD is it!  Greens, reds, oranges and yellows will add punch and happiness to your mood: a few pillows, bold accessories, a new  lamp shade or even an accent wall is what you need.

Also,  retro is in.  With the above colors mentioned, blending in a retro, vintage or  antique piece is the way to introduce whimsy to your existing decor.  A picture or painting, a lamp or a retro couch can help you achieve the look.

Last but not least, WHITE is the new black…  If you’ve always dreamed of a white leather sofa or want to add white slipcovers to items you already own, don’t be afraid to experiment with that this year.  White is fresh and airy, and you can layer textures to create a white on white elegant decor with a few wood accents to warm it up.  Have fun with your home in the New Year!

When we bought  our house 11 years ago, we liked most everything about it except the fireplace surround: floor to ceiling pink(ish) brick, with an elevated brick hearth jetting in about 2 feet into the family room, and a white mantle floating in the middle of the brick wall.  It dominated the family room not only visually but also spatially.  It was a decorating nightmare, especially for the holidays.  After a few years of trial and error I finally found a way to make the room go together and evolve into something we could like.  But today, the brick was taken down!  The result was long overdue:  it looks so much bigger and brought an unimaginable decorating freedom !  I cannot wait to explore the possibilities and create a new, bigger and more inviting space.  I will post before and after pictures when it’s ready.

If you have your home for sale, you need to think twice before pulling it off the market during the holiday season.  Here are some compelling reasons to ponder, courtesy of Mark Heinrich:

1- Everyone else is taking their house off, so inventories typically shrink, giving your home less competition

2- The second most popular time corporations transfer employees is mid-year so their children can transfer schools at mid-year.  Those buyers are looking for homes in November and December.

3- When does someone’s home show the best?  The holidays are that time when homes are spruced up and beautifully decorated

4- Many buyers want to buy and close before year-end to get the benefit of the homestead exemption.

So if you have been under the impression that now is not a good time to have your home on the market or to list it, think again…  and give me a call!  I am here to help!

I get this question from newbies as well as experienced investors!  The answer is don’t jump on the first tenants that answer your ad.  It is better to wait for a tenant that meets your selection criteria than be sorry later.

Those criteria should be set ahead of time so you won’t be accused of profiling people.  For example,  tenants have to be in their current employment for at least one year.  Or they need to make at least for times the monthly rent. 

Then of course, you want to check rental history (call the prior landlords and ask whether they did not break the lease and paid the rent on time): any prior eviction should be a sign for you to run.  Criminal history is another criteria, and you can have as strict a policy as you want on this: after all it is your property.  However, you need to define that policy; and stick to it!

You will also want to check the credit report and look for payment history, collections and the reason behind them.  Some landlords look for a minimum credit score, while other go by the type of events that have undermined the score.   

At any rate, you cannot base your decision on any one criteria but make sure you complete all the checks mentionned above.  Call the employer to make sure the prospectiive tenant is still employed.  I read a story about a landlord that looked at a credit report that was decent, however, it did not have that much credit history or active credit lines on it.  Had he not pulled a criminal background check he would have never known that the reason there was little credit history was because the prospective tenant had spent the past 2 years in jail for aggravated assault.  So do your homework.  Better safe than sorry!

It seems that the Texas Attorney General has called for a halt on all foreclosures because of the current scrutiny over how foreclosures are processed.  Notices were sent to 27 Texas loan servicers, including Bank of America and JPMorgan Chase & Co.

The action was taken “in an effort to determine the full harm Texas homeowners may have suffered or could suffer as a result of these business practices,” said Jerry Strickland, a spokesman for Attorney General Greg Abbott.  That includes improperly signing the documents that are related to the foreclosure process.  They halted also the sale of properties previously foreclosed upon and all evictions of people living in previously foreclosed upon properties. 

I guess we should see foreclosure listings in Houston stop in the next couple of months…  I hope they will not withdraw properties that are currently on the market and that my investors clients are in the process of buying.

Truth # 1:  Legitimate bad debts stay on the credit report for 7 yrs from the date of first delinquency and bankruptcies stay on for 10 years.  There are no legal ways to wipe a report clean of those legitimate debts.

Truth # 2:  Disputes, inaccurate and erroneous information is a problem on almost 80% of individual credit reports.  One should fignt and can fight these on his own, but there is a process, and it can be tricky and time-consuming, however not impossible.  So… if you don’t fall in the DIY category here is what you need you know about Credit-Service Organizations (CSOs)  otherwise known as credit-repair companies:

1- They are regulated: check www.sos.state.tx.us for an active registration of the company

2- Upfront fees can only be charged if the company has a $10,000 surety bond, a requirement for an active registration

3- How long has the company been in business is important.  A lot of companies have sprouted recently to capitalize on the tighter credit score requirements.

4- The Texas Credit Repair Association is a trade organization whose goal is to self-regulate the industry.  Check to see whether the company you are considering is a member

5- Contracts for credit-service repairs MUST be writing, with the right to cancel up to 3 days after signing the contract.  The contract has to state the payment schedule, a description of service, estimated time for performance and most importantly the name and address of the registered agent and address of the place of business

6- Take any claims or guarantees of credit score improvement with a grain of salt – there should not be such thing – and always read the fine print!

The only place to obtain you truly free credit report is at www.AnnualCreditReport.com

The Westbury Civic Club is fighting to create a Railroad quiet zone throughout the subdivision.  Bellaire and West U are already enjoying the “no horn-blowing” quietness along the railroad tracks that separate the two cities.  The tracks are on the south border of Westbury and some residences back up to it.  Achieving this quiet zone should make the south side of the subdivision more desirable to live in.  Something to keep in mind if you are looking to buy or sell a home.

Ok, here it is.  After enjoying several years of decreasing municipal tax rates, City Council voted for an increase of our residential taxes.  Granted, home values have decreased.  About 4% in the last year, and 11% for the commercial properties in Bellaire.  To compensate for the lost revenues to fund the budget, the city had to increase the tax rate.  It would apparently affect the average household $78 for the year. 

I hope you protested your property values this year because you would have received a significant decrease.  I protested mine (or actually, hired BTA to do it) and saved enough to compensate for this new rate hike.

Should you be curious about the market value of your home, don’t hesitate to sign up for the automated Market Snapshot on my website at www.LucieOgdee.com or give me a call at 713-539-1006.

Here are a few negotiationtips to be kept in mind if you are buying or selling a home.  Always stay focused on completing the sale: That is your main goal! 

1) Don’t go back and forth too many times.  On the third round of negotiations, buyers and sellers stop focusing on the goal of buying or selling a home at the right price.  The parties make it a personal issue, that has much to do with personalities and character, far removed from the deal at hand

2) When you concede to something during the negotiations, always ask for a concession in return. In doing this you are keeping the plane even with the other party.

3) Never take the first offer too quickly 

4) Get the other party to negotiate with himself.  Here is a true story:  Instead of coming back with a counter-offer, a seller responded that he likes everything about the offer except the price, forcing the interested buyer to raise his price without any indication from the other party of where the ceiling may be.  I would caution however that in a buyer’s market like the one we are facing today, this strategy can backfire for the seller.  Buyers may very well walk away to a similar property where the seller is more motivated to make a deal happen.

For a neighborhood to take to fruition the opening of a community garden, it requires “community”!  What a great accomplishment!  On a 2 acres lot at 12500 Dunlap (which the Westbury Civic Club, Westbury Garden Club and Westbury Improvement Corporation leased from the Houston Housing Authority), volunteers created 50 raised garden beds that are individually leased for $5.00 per month!  There is now a waiting list for those beds… 8 of them will be tended by Foerster Elementary, which for some of the apartment dwelling students would be an unbelievable education exposure to local gardening!  In addition, an orchard of fruit trees will be planted in May.  For those of us who believe in organically growing our own food and buying local produce, this is inspiring. 

The Civic Club will also improve the esplanades by cutting down Chinese tallow trees, an invasive species that disturbs the native environment, and replacing them with “good” trees.

The installment last year of a new principal at Westbury High School and the purchase by HISD of an abandoned adjacent apartment compex to expand the school all speaks to neighborhood improvement.  Residents are also awaiting for the demolition of the old and unsafe Westbury Square to be finalized by the court system.

With its proximity to the Medical Center, downtown and the Galleria, and its still affordable housing prices,  Westbury’s long term prognosis looks good to me.  This is a great place to invest!