Blog

Houston hospital operator files for bankruptcy

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Sat, 06 Sep 2008 23:04:18 -0500

Following other recent Hospital closings in Houston I blogged about, another hospital operator is calling it quits.

Renaissance Healthcare Systems, a Houston-based owner of five general hospitals in Texas including one in Houston, has filed for Chapter 11 bankruptcy reorganization. The company hopes to continue operating its local facility, Renaissance Hospital Houston - formerly Houston Community Hospital - at 2807 Little York Road.

Renaissance ran into financial trouble last year as it tried to redevelop and reopen a community hospital in the Dallas suburb of Grand Prairie. Cost overruns and the collapse of capital markets drained the system's resources. RHS brought in Atlantic Health Group, a Houston-based health care facility management firm, to try to help Renaissance regain its financial footing.

In addition to the Houston hospital and the still-unopened Grand Prairie facility, Renaissance operates hospitals in Terrell, Dallas and Grovers, which is near Port Arthur. Renaissance acquired its first hospital in Houston in 2001, renaming it Renaissance Hospital in January 2005.

New plans for Galleria office tower in the works

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Sat, 06 Sep 2008 22:57:24 -0500

Specifics about a proposed office tower in the Galleria area are slowing leaking out while the developer Lasco/Hicks Ventures Ltd. strives to keep all of the particulars under wraps. A 400,000-square-foot office building is planned to be constructed on three acres on Post Oak near Richmond.

Information about the project was also included on a general direct-mail piece from Houston-based Michael Berry Properties, which is not involved in the project. The mailing advertises a 26-story office building to be constructed at 3100 Post Oak that will have a ground-floor restaurant overlooking the waters of the Lakes on Post Oak office complex.

The site is adjacent to a six-acre parcel acquired earlier this year by a development firm from Dubai. Deyaar Development, a builder of commercial and residential towers in the Middle East, has not announced plans for its Galleria site. A source says those details probably won't be forthcoming because Deyaar agreed not to develop anything on the prime corner until after Lasco/Hicks builds its building.

Lasco Development, which has been in business for more than 20 years, specializes in retail development. The firm is involved with the Riverstone Shopping Center and The Shops at Riverstone in Missouri City.

Lasco/Hicks could be in position to develop the first Class A office building to be built in the Galleria area in the last 25 years. Real estate professionals say more office space is needed in the Galleria area to keep up with demand. Second-quarter 2008 information shows that roughly 90 percent of all office space in the area is occupied.

Houston set to showcase its first GOLD home

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Sat, 06 Sep 2008 21:08:50 -0500

The first home in Houston to attain gold-level certification under the Leadership in energy and Environmental Design (LEED) program of the U.S. Green Building Council will be unveiled Sept. 23.

The U.S. Green Building Council's LEED program awards basic, silver, gold and platinum certification, based on eco-friendly and energy-efficient construction and design. The rating system includes site design, energy efficiency, water conservation, indoor air quality and environmentally preferable materials.

The 4,300-square-foot, Memorial-area home was designed by Kathleen Reardon of R+D Architecture and built by GreenHaus Builders. Materials used in the home, such as bamboo flooring, recycled rubber flooring and locally produced aluminum windows, are also eco-friendly. The tile contains recycled content produced within a 500-mile radius of the house. It was selected for some bathroom surfaces.

Energy efficiency is achieved with ICF (insulated concrete forms) exterior walls, a 21 SEER air-conditioning system, a solar electric system and a solar hot water heater. The 3kW photovoltaic solar system provides about 15 percent of the home's power. A solar water heating system works in conjunction with two tankless water heaters. The air-conditioning system has fresh air intake, dehumidification and the most advanced air filtration system available. The attic is a sealed space, unlike the traditional vented attic, and the roof is a reflective metal standing seam-style roof.

The average monthly electricity bill for the first year of the house was about $240.

Sugar Land creates special task force

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Fri, 05 Sep 2008 22:51:29 -0500

The Sugar Land Police Department has created a task force to address the 34% increase in vehicle burglaries so far this year. During the first seven months of 2008, there were 371 burglaries of motor vehicles, with the majority occurring in retail areas, fitness centers, restaurants and parks.

While most of these crimes occur in high-volume parking lots, there has also been an increasing amount of vehicle burglaries reported in residential areas, mostly during the early morning hours according to Police Chief Steve Griffith. Drivers are leaving property in their vehicles, which creates an easy target for thieves.

Items typically targeted include purses, wallets, computer equipment and electronics such as I-pods, GPS devices, cellular phones and radar detectors.

The following tips can help prevent vehicle burglaries:

• Keep vehicles locked at all times.

• When parked overnight, remove all valuables from vehicles.

• When shopping, make one trip to the car with purchased merchandise, and then leave the lot. Thieves have been known to watch shoppers as they place merchandise in their cars before returning to a store.

• Never leave identification, wallets, credit cards or jewelry in vehicles while visiting fitness centers. Doing so is much riskier than using a locker inside the gym or leaving the items at home.

• If personal property must be left in a car, lock it in the trunk. Unfortunately, this option does not exist for pick-up trucks or SUVs. Thieves are aware that there is no secure place to store items in these types of vehicles.

• Finally, before you leave a vehicle, take a second to look inside and make sure nothing is visible from the outside that could attract a thief.

Fort Bend developers seeking Asian investors

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Fri, 05 Sep 2008 12:49:18 -0500

GBI, a development company with offices in California and Houston, hopes Asian investors, drawn by a slowing U.S. economy and a relatively dollar, and the Houston area's growing Asian population will fuel its various proposed projects, such as a proposed 340 acre industrial park in Fort Bend County.

Houston's Asian population continues to grow as those from more expensive markets, such as California, move here in search of more affordable living. That will fuel demand in the future. At the same time, wealthy foreign nationals from Asia looking for a place to park their money will help finance the developments.

The company, which started developing the 133-acre subdivision Stonebrook at Riverstone last year in Fort Bend, bought land for the park just south of Rosenberg last year. Funds came from investors in China, Vietnam and other countries according to the company's vice president of marketing.

GBI has also applied for a foreign trade zone designation for the Fort Bend development on U.S. 59 near Beasley. Such zones encourage international trade by exempting companies from having to pay duties on certain goods until they leave the site for sale in the U.S.

They also allow companies to receive shipments, manufacture or repackage products on site, and ship them back out without going through customs and paying certain taxes on goods that will be sold overseas. GBI projects the $210 million development will create 600 jobs. Construction is slated to start next year.

Five foreign companies have already expressed interest in opening offices at GBI's complex, which has been divided into 41 lots for 50,000-square-foot buildings. Land has already been cleared and the first tenant is planned to move in next year.

The industrial park is only one of several projects GBI has planned for the Houston area. The company has purchased land in Asia Town in west Houston, where it plans to build high-end projects catering to the Asian community, including several high-rise condos, retail space, a single-family subdivision, a four-star hotel and a 12-story office tower.

The condo project would sit a block away from Park 8, a three-tower condo development with retail and office space that developer David Wu planned but has delayed while he looks for new financing.

Ft Bend approves 2 tax abatements for new Sugar Land developments

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Fri, 05 Sep 2008 12:38:36 -0500

Two new Sugar Land office building projects will get 10-year tax breaks from Fort Bend County.

In July, county officials previously signed a similar deal with Town Center Lakeside Ltd. for a $13 million two-building project in Sugar Land Town Square. The agreement allowed the developer an annual 75% tax abatement for a decade beginning in the 2010 tax year.

County Commissioners Court allowed tax abatements to Prisma Properties and Heavy Construction Systems Specialists for their proposed new buildings. The agreements allow Prisma to get an annual 75% tax break for its first building from 2010 to 2019 and another 10 year 75% reduction on the second building begining in 2012. The county will also cut Heavy Construction's taxes on its new building by 50% annually from 2010 to 2019.

The county's agreements came following the city of Sugar Land's tax break pacts with the companies. The city earlier this year created reinvestment zones for both building projects and subsequently OK'd tax breaks for the companies.

Under an eight-year tax abatement agreement with the city, Prisma's two buildings would be completely exempt from tax annually for the first seven years and during the eighth year receive a 50 percent tax break. The city awarded Heavy Construction the same 10-year tax abatement as the county.

Prisma is planning two office buildings totaling 270,000 square feet on 5.4 acres at the Lake Pointe Town Center northeast of the intersection of Texas 6 and U.S. 59. Construction of the first 150,000-square-foot building is slated by year-end and to be completed by April 2010 with the second 120,000-square-foot building begun in January 2011 and completed in April 2012.

Construction costs are estimated at $40 million. The buildings each are projected to have a total value of $30 million, $10 million more than the contract-required assessed value of at least $20 million, according to the company.

Heavy Construction, which operates in leased space in a 12-story building in southwest Houston, has proposed a single-story office building 40,000 square feet to 50,000 square feet in size on a 12-acre tract at the southeast corner of West Airport Boulevard and Alston Road adjacent to Sugar Land Business Park. Construction of the software company's building is expected to begin in December with operation slated for September 2009.

The project is estimated to cost $9.3 million, including $2.4 million in land, $6.4 million in construction and $500,000 for furniture and equipment.

Top Tips to Always be a Gentleman

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Wed, 03 Sep 2008 22:33:53 -0500

Over the past 2 weeks I was complimented several times about being a gentleman. For some it takes practice, for others it comes naturally from thier upbringing. I credit my parents for raising me to be considerate, humble, ambitious, and a gentleman.

Here are some basic points a gentleman always observes. Lucky for me they just come naturally.

1. Keeps to the right, whether walking on a sidewalk, down a hallway or on the stairs.

2. Always opens a door for another person before himself, and waits for that last person to catch up.

3. Always offers to carry a lady's bags or heavy objects.

4. Waits for everyone at a table is served thier food before starting on his own.

5. Waits until a lady at the table lifts her fork before he takes his first bite.

6. Always has an umbrella to share.

7. Careful about what he says in the presence of others and respectful of thier feelings.

8. Always remains humble and doesn't flaunt his newest gadgets, no matter how expensive or cutting-edge they may be.

9. Always thinks of others before thinking of himself. Thinks and gives unselfishly without expecting anything in return.

10. Puts the liquor away when he wants guests to leave.

11. Always offers to get up and make the coffee in the morning.

12. Never waits for something better to turn up.

13. Waits for a woman to initiate a social kiss. If she leans toward him, he turns his cheek toward her lips. And when she graces him with a light, brushing kiss, he doesn't dawdle in accepting it.

14. Does not wipe away a lipstick smudge in the presence of the woman who planted it on him. He bears it, even if briefly, as a badge of honor, wiping it away later with a handkerchief.

15. Always escorts a lady out for safety and opens her door.

Fort Bend Shuttle Service to Texas Medical Center

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Wed, 03 Sep 2008 21:42:24 -0500

A new commuter bus service from Fort Bend County to the Texas Medical Center began service this week with no charge during the first week of operation.

Commuters can board the vehicles at either the University of Houston-Sugar Land, at 14000 University Blvd. or at the First Colony Mall AMC Theater, at 3301 Town Center Blvd.

Beginning Monday, the fare rate for travel will be $3.50 each way. $70 ticket books can be purchased with cash or check from bus drivers beginning Sept. 5. Daily tickets can be purchased with cash.

Dubai Tower sets a new bar

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Wed, 03 Sep 2008 19:58:44 -0500

As a student of architecture I still love the history, industry, and development around the world. Now we have a new record holder.

DUBAI, United Arab Emirates is developing a skyscraper set to become the world's tallest building claims the rising tower now stands at a new record height of 2,257 feet. The skyscraper - known as Burj Dubai - now has more than 160 stories. Its exterior is almost completed and work has started on the interior.

The silvery steel-and-glass building's final height is a secret. Last summer, the developer announced the building surpassed Taiwan's Taipei 101 which has dominated the global skyline at 1,667 feet since 2004.

In the four years of construction, Emaar twice postponed the skyscraper's finish, now slated for September 2009.

Just looking at the magnificent photos it doesn't even appear real. Its something you expect in a computer generated movie or image.

I just admire the ambition, enginerring, and process that went into this incredible structure.

Congratulations Dubai!

KW Commercial Division Comming Soon

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Sat, 30 Aug 2008 00:34:50 -0500

I wish I had a copy of the video to share. I wish everyone could experience the video and the overwhelming pride it inspired in me. Here is the latest press release about our new division.

AUSTIN, TEXAS (July 16, 2008) -Keller Williams Realty, Inc., the fourth largest real estate company in North America, announced plans to launch a Keller Williams Realty Commercial Division this fall.

"Our goal is to expand our platform and make Keller Williams Realty the real estate company of choice in both the residential and commercial worlds by providing our associates the technology, marketing tools, and resources to succeed in the commercial business," said Mark Willis, CEO of Keller Williams Realty. "We want to create synergy and referrals between the residential and commercial sides of our Keller Williams offices, increasing the income and production potential of all our agents."

Buddy Norman, a veteran of commercial real estate has joined Keller Williams as president of the new division. Norman has more than 18 years of experience in the commercial real estate industry, including leadership within international firms, such as The Staubach Company and Burnham Real Estate, which was acquired by Cushman & Wakefield. He has led the development of new business divisions and trained commercial agents all over the U.S. including Dallas, Atlanta, Washington D.C. and San Diego. A consistent top producer, Norman has averaged approximately 400,000 square feet per year of commercial leasing and sales transactions over the last 10 years.

"There's such a wide spectrum of commercial real estate experience within Keller Williams Realty," said Norman. "We intend to build a strong commercial division paralleling the success and growth of the Keller Williams residential division."

Norman will work with a newly created Commercial Leadership Council (CLC) - a group of 25 top Keller Williams commercial brokers from across North America to guide the launch and implementation of the new division.

I can't wait for the official launch and to be part of this exciting new division, this is why I love KW!

Bargain Hunters Driving Up Existing Home Sales

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Sat, 30 Aug 2008 00:26:27 -0500

Sales of existing homes rose 3.1 percent in July, surpassing expectations, as buyers snapped up deeply discounted properties in parts of the country hit hardest by the housing bust.

The National Association of Realtors reported today that sales rose to a seasonally adjusted annual rate of 5 million units, down from June's downwardly revised rate of 4.85 million units. Sales had been expected to rise by only 1.6 percent, according to economists surveyed by Thomson/IFR.

Home sales were about 13 percent lower than a year ago and prices were down dramatically. The median price for a home sold in July dropped to $212,000, down by 7.1 percent from a year ago.

Between 33 and 40 percent of sales activity is coming from foreclosures or other distressed properties.

While buyers are pouncing on lower prices - especially in places like California, Florida and Nevada - sales have stablilzed in Texas which has been immune to the declining national trend.

Moody's Economy.com predicts that even with government help, nearly 2.8 million U.S. households will either face foreclosure, turn over their homes to their lender or sell the properties for less than their mortgage's value by the end of next year.

Mega Agent Camp 2008 from Austin, TX

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Tue, 26 Aug 2008 00:18:48 -0500

Wow...

Here I am blogging from my hotel room after my very first day of Keller Williams Mega Agent Camp 2008 in Austin, TX. Im amazed by the turnout of agents from all around the country, and even some agents from Canada. All of the vendors I ordered from are here, and Im going to definitely get some things before I go home: books, shirts, services, etc.

So far the day has been jam packed with information to thrive in a shifting market. Im here with a group of great associates from my office, and some of our excited guests. I cant wait until tuesday when Keller Williams will announce the launch of KW Commercial Division. I've been anticipating this new division all year and excited about the opportunity to be a part of it. With all the great tools and benefits of the division, Keller Williams and its international reach will quickly create a "SHIFT" in the commercial industry locally and internationally. Expect KW Commercial to be a legitimate force in the commercial real estate industry. Now Keller Williams offers every single aspect of real estate services from residential to commercial.

I had a chance to experience some things in Austin like the food and establishments here. Tonight in particular a coworker and I got to try out Mozarts. Great place and atmosphere, I love the lake view and wish we could have arrived during daylight to enjoy the view more. Desserts were good, coffee was good, atmosphere was great. Tuesday I should get a chance to meet my family up here for dinner. Hopefully my coworkers will join us as well.

Back to the drawing board: My next postcards comming soon

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Sun, 17 Aug 2008 22:42:06 -0500

I love creating and designing my own marketing material. Postcards are always the easiest. Here is the design I was supposed to release this month to my farm and database before my computer crashed. Actually Ive been so busy the past month my commercial listing inventory increased and Im closing in on $15M represented.

Im already working up my next design called results. Basically I listed and leased/sold 3 properties in less than 20 days each in different parts of town.

Here is the current card that everyone can expect soon:

So let me know your thoughts and ideas about this design. I appreciate constructive criticism.

Commercial Land for Development Highway 6 @ Knight Ct in Missouri City Texas

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Fri, 15 Aug 2008 22:57:08 -0500

8.5+ acres for commercial development located off Highway 6 in Missouri City. Surrounded by Riverstone, Lake Olympia, and Sienna Plantation. This site is along the entrance to Elkins High School.

One of the largest commercial land tracts left in the area. Traffic lighted intersection, and rapidly developing area with excellent demographics. Priced at $6 per square foot ($2.25M) and ready for commercial developers to start construction. Lots of potential and high traffic counts on Highway 6.

Contact Mike Wong of Keller Williams for more information. 713-935-5800.

Foreclosure Activity Report for July 2008

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Fri, 15 Aug 2008 22:46:13 -0500

According to a recent report from Realty Trac U.S. foreclosure activity in July rose 55 percent from a year earlier as a slump in once-sizzling housing markets forced yet more borrowers to default on their mortgages, according to a monthly report.

Foreclosure filings - default notices, auction sale notices and bank repossessions - rose 8 percent from June and 55 percent from July 2007 to 272,171. That means one in every 464 U.S. households received a foreclosure filing in July. Bank repossessions (REOs) rose 184 percent year-over-year. Default notices were up 53 percent, and auction notices rose 11 percent.

RealtyTrac now has more than 750,000 properties in its active REO database, or about 17 percent of the inventory of existing homes for sale reported in June by the National Association of Realtors, RealtyTrac said. Texas was in the top 10 for foreclosure filings.

Houston's salary increases, not just because of the new minimum wages

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Thu, 14 Aug 2008 22:47:51 -0500

A survey, conducted by WorldatWork, examines salary data across all employee categories and industries in Canada and 20 major cities in the United States. Houston salary budgets are expected to increase by 3.9 percent in 2009, matching this year's increase, according to the survey.

Nine of 10 employees can expect pay increases this year, the survey found. High performers can expect raises of more than 5 percent, while below-average performers are expecting pay raises of 2 percent or lower.

The Houston data mirrors the nationwide salary budget increase of 3.9 percent, slightly ahead of Dallas, which will see 3.8 percent salary growth this year and the same pace in 2009. Across Texas, projected salary increases for 2009 are slightly higher, at 4 percent.

After seeing salary budget increases sink to historic lows in 2003-2004 and begin to climb steadily between 2005-2008, the report said next year's projected increase shows that salary expectations have stabilized, despite job losses in some regions of the country due to the economic slowdown.

The highest U.S. salary budget increase this year is in Washington, D.C., at 4 percent, just above the national average. In Canada, the energy business is driving salaries in Calgary and Edmonton - both in Alberta, the country's provincial energy hub - up by 4 percent this year, and projected at 3.9 percent in 2009.

Whole Foods still plan expansion in Houston despite cutbacks

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Thu, 14 Aug 2008 22:36:47 -0500

Austin based Whole Foods Market Inc. has announced it will trim the number of new stores it will open next year but says Houston plans won't be affected. The Austin-based health foods supermarket chain is planning to develop a 78,000-square-foot store at the southwest corner of Post Oak and San Felipe planned to open in 2010.

Citing how its earnings were hampered by the costs associated with its $565 million acquisition of Wild Oats Markets, the slumping economy's effect on sales, the company says it will limit the number of new stores it opens next year to 15 and is suspending its dividend. However this announcement will not impact any of the company's plans in Houston.

Are you scared of the real estate market?

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Wed, 13 Aug 2008 22:02:16 -0500

Donald Trump was recently interviewed on Good Morning America about the current housing market. http://abcnews.go.com/GMA/Story?id=5562889&page=1 Mr Trump believes this is a great opportunity to buy, and I agree not because Im a Realtor, because I believe in making my clients into millionaires.

The rich and the wealthy have alway historically taken advantage of a down market. Donald Trump has always done this. The Rockefellers did this as well. This is how they build wealth and accumulate assets by buying cheap and maximizing the power of thier dollar! While many are scared of the market right now, I have many investor clients taking advantage at this very moment and are poising themselves to become future millionaires by investing in the market when they can get more for thier dollar than ever.

Sit on the sidelines as the housing crisis passes and prices are restored to normal? That means they will increase, and your opportunity to buy in cheap has passed. So purchase a property for $200,000 when the market recovers that you can purchase now for $180,000? How about instead of spending that much on one property, you purchase 2-3 foreclosed properties for rental investments and cash flow and when the market returns to normal you gain equity also? That is not a new concept. This is how wealth its made in real estate.

How about purchasing raw land at auction? I have a client who purchase a commercial lot for $60,000 about 8 years ago at an auction. They sold 30% of it last year for $2 Million. No they were'nt overnight millionaires like you hear about in the late night infomercials. However they didnt even have enough to retire on until this transaction and now they can live comfortably. Stories like this are comming true everyday, and Im working hard to make that happen for my clients.

Houston Housing Authority Praised

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Wed, 13 Aug 2008 20:43:09 -0500

The U.S. Department of Housing and Urban Development awarded a "High Performer" designation to the Houston Housing Authority's operation and management of its public housing program. "High Performer" is the highest designation a housing authority can receive for efficiently operating this program.

The Houston Housing Authority owns and manages many public housing developments that provide rental housing for families, seniors and people with disabilities. The developments provide 4,000 rental units across Houston, directly housing about 12,000 people.

Congratulations to the Houston Housing Authority and the various contributors that made this program a success.

Got plenty of dough? Dunkin Donuts plans to open 107 stores in Houston

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Wed, 13 Aug 2008 20:36:08 -0500

Got plenty of dough laying around to spend? Dunkin' Donuts' says it is still looking for new and existing franchisees to purchase a minimum of 20 restaurants in the Greater Houston area north of the city.

Dunkin' Donuts recently announced it will open 107 new franchised restaurants in Houston. The global coffee and bakery quick-service restaurant chain has signed two multi-unit store development agreements for the new restaurants.

The Kainos Partners Holding Company LLC has agreed to open 75 stores in Houston with 10 scheduled to open in 2009. Southern Donuts LLC plans to open 32 units with six scheduled to open in 2010. Site selection will begin soon for both franchisees.

If you are looking to get into any franchising, Mike Wong specializes in finding locations and working with franchises. If you have dough laying around for 20 Dunkin Donuts locations lets get to work, I dont want to sit around too long at a location and accumulate any waistline dough eating donuts.

Texas ranked 2nd highest in nation for closing costs

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Wed, 13 Aug 2008 20:22:40 -0500

A recent Closing Cost study by Bankrate in June reveals that Texas ranks second in the nation when it comes to the cost of getting a mortgage while overall, average closing costs keep going up despite a soft housing market.

The 2007 national average closing cost of $2,736 has increased 14% to an average of $3,118 in 2008.

New York City leads the nation at an average fee of $4,016, with Texas, Buffalo, Miami and Oklahoma rounding out the top five, according to the study. Texas' average fee is $3,975. North Carolina is the least expensive area with an average fee of $2650, replacing Indiana at the bottom of the list.

Comsumers often forget about the added fees involved in buying a home. Closing costs can be extremely expensive if not researched thoroughly. Keeping closing costs at a minimum can make a big difference to homebuyers during difficult economic times.

Neighborhood Report: Lakefield in First Colony Sugar Land Texas

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Thu, 31 Jul 2008 23:33:09 -0500

August 1, 2008

Monday May 12, 2008

Mike's Neighorhood Report for Lakefield (August 2008)

Currently there are 13 homes on the market for August.
   3 available
   3 option pending
   1 pending sales
   7 rentals available

7 homes in the neighborhood are available for rent. Average monthly rate is $1,400 for the neighborhood.

Listed price ranges from $126,699 up to $229,000 for current homes on the market.

Since Jan 1, 2008:
There have been 3 homes sold in Lakefield.
Average square footage of sold properties is about 1400 sf.
Actual sold price ranges were from $109,000 up to $145,000
Average home sales price was $137,000

Of course if you have any question or would like a free consultation and market analysis of your home, contact Mike the neighborhood Realtor at 713.935.5800

4410 Alamo Ave For Lease. Contact Mike for details.

5343 Richmond #26 Remodeled Condo For Sale or Lease

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Thu, 31 Jul 2008 23:11:56 -0500

5343 Richmond completely remodeled condo unit for sale or lease, unit #26 Featuring 2 bedrooms, 2 bathrooms, a cozy study area, open living room, and rennovated kitchen. The kitchen upgrades feature granite countertops, stainless appliances, upgraded fixtures and lighting. Both of the bathrooms feature luxurious Italian tiles, new cabinets and fixtures, with lighting upgrades. Bedrooms are treated with plush Berber carpeting, and the living areas with dark rich laminate floors.

Call Mike for an appointment, or for more information.

Forbes: Houston commute ranks us 8th costliest city in the US

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Wed, 30 Jul 2008 18:51:16 -0500

According to a new article from Forbes Magazine, Houston now ranks 8th as one of the costliests cities to live in the US. Commuting costs literrally drove Houston in the top 10 nationally. This is just after an article by Forbes earlier this month that ranks Houston as the best place to buy a home given its relatively affordable housing and booming energy economy right now.

Forbes concluded "the city lacks a useful, extensive or reliable mass-transit system," and on average, 20.9 percent of Houstonians' expenses go toward transportation.

To come up with the rankings, human resources consultants Mercer measured the prices of the same basket of goods in 253 cities. The basket consists of more than 200 products, including items like rent for a luxury apartment to the cost of a fast-food hamburger.

Farewell to United Title of Texas... another one bites the dust

Mike Wong Realtor, GRI (Keller Williams Realty Southwest) — Wed, 30 Jul 2008 18:41:20 -0500

As I was sitting in a morning meeting a fellow agent came into the room and announced United Title of Texas closed down immediately today. Actually United Title of Texas has closed all its offices around the state, including six in the Houston area.

United Title is a subsidiary of Mercury Cos., which owns title agencies in California, Colorado, Texas, Oregon, Nevada and Arizona. Mercury stopped funding operations in Arizona and California, as well. The company operates a network of more than 500 branches and has some 6,000 employees, according to its web site.

About 60 employees in the Houston area and 190 statewide were affected. The local offices are in Clear Lake, Pearland, Cinco Ranch, Cypresswood, The Woodlands and on Richmond Avenue. United Title also has offices in Tyler, Dallas/Fort Worth, Austin and San Antonio.

United Title is coordinating with its underwriter, First American, "to ensure that all escrows are safe and all closings through the Arizona, Texas and California offices will take place," according to a memo. United Title is an independent agency that relied on national title companies to underwrite its policies.

So what happens now to the closings that were scheduled? Hopefully First American Title will be able to absorb the workload and continue closing the transactions. If people miss closing dates, they can lose their loans. The ones today could be in jeopardy.

I just wonder what about the escrow accounts to cover taxes at the end of the year and if those funds are secured and insured?