Archive for ‘Ralph Bivins’

May 23, 2013

Houston Home Sales Hit a Six-Year High; Prices at All-Time Record High

By Ralph Bivins

April was the best month for home sales in Houston in almost six years as home buyers snatched up new listings at a pre-recession pace.

The Houston Association of Realtors reported 6,482 single-family homes were sold in April, the highest monthly sales total since August 2007 — a 27 percent gain over April of last year.

With inventory exceptionally tight, Houston home prices hit all-time record highs in April, according the Houston Association of Realtors.

The April surge continues an impressive 23-month real estate winning streak generated by low mortgage rates – with interest rates less than 4 percent – combined with the city’s strong economy – more than 111,000 new jobs were created in Houston over the last 12 months.

“The market is on fire in all prices ranges in many areas, particularly in the $2 million and down price range,” said Amy Bernstein, owner of Houston’s Bernstein Realty. She said many sellers are receiving multiple offers and new listings are going under contract within hours of being listed for sale.

With inventory exceptionally tight, Houston home prices hit all-time record highs in April, according the Houston Association of Realtors.

The April surge continues an impressive 23-month real estate winning streak generated by low mortgage rates – with interest rates less than 4 percent – combined with the city’s strong economy – more than 111,000 new jobs were created in Houston over the last 12 months.

The median price of a single-family home – the price at which half the homes sold for more and half for less – rose more than 14 percent to $184,900. The average price jumped 14 percent from last April to $253,907. Both represent record high prices for Houston

Many homes, even houses that are priced a little too high, will be shown to would-be buyers several times on the very day they are put on the market, Bernstein says. And many sellers receive multiple offers within two days of putting their house up for sale.

The inventory of homes for sale is very low. There’s only a 3.4-month supply of homes for sale, the leanest inventory since 1999. Some people are delaying putting their homes up for sale because they know prices are going up. Meanwhile, a lot of people are moving to Houston for new jobs and the city is leading the nation in job growth.

“The Houston housing market shows absolutely no sign of letting up,” says HAR Chairman Danny Frank with Prudential Anderson Properties.

May 22, 2013

Andres Duany, Godfather of New Urbanism, to Headline NAREE Journalism Conference

Acclaimed New Urbanism Architect Andres Duany to Address NAREE’s “Designs on the New Urban Grid” Conference in Atlanta in June

ATLANTA  – New Urbanism visionary Andres Duany, one of world’s most influential architects and urban planners, will address the National Association of Real Estate Editors’ 47th Annual Real Estate Journalism Conference in Atlanta in early June.

NAREE’s conference – “Designs on the New Urban Grid” -  will bring scores of journalists from around the country to Atlanta June 5-8 to focus on housing, commercial real estate and urban planning.

“Duany is the godfather of the New Urbanism movement,” said RealtyNewsReport editor Ralph Bivins, NAREE conference advisor. “He has changed the way communities are being built and the way cities will be designed in the future. In short, his ideas have changed America – and the world.”

Duany will speak Friday, June 7 at the substantive one-hour “NAREE Symposium: The Next Evolution of New Urbanism” at the Hilton Atlanta.

David Bodamer, editor of National Real Estate Investor, will moderate the symposium, which will include two noteworthy New Urbanism developers: Jackie Doak, chief operating officer of Dart Realty (Cayman) Ltd.; and Steve Nygren, president, Serenbe.  Doak will discuss The New Resort Town of Camana Bay, a 500-acre mixed-use development in the heart of Grand Cayman built using New Urbanism principles. Nygren is developing the Serenbe eco-village, a 1,000-acre sustainable community south of Atlanta.

Duany – hailed by The Atlantic magazine as “The Man Who Reinvented the City” – is co-founder of DPZ Architecture in Miami. His New Urbanism principles prescribe the antidotes to urban sprawl and auto-dominated lifestyles with focus on walkable, sustainable communities.

“We are honored to have Mr. Duany speak at our conference,” said NAREE President Kris Hudson, a Wall Street Journal reporter. “Attendees will be enriched by this opportunity to learn more about New Urbanism, in conjunction with other real estate topics.”

Along with speakers addressing home building, hotels, luxury housing, mortgages, and online real estate, the NAREE conference will carry the new urban design theme with speakers and tours including:

  •  Marianne      Cusato, the designer who created the Katrina Cottage as a cost effective      substitute for FEMA trailer housing victims of Hurricane Katrina in New      Orleans. She designed the Katrina Cottage during a Duany-led charette in      Biloxi, Miss.
  • Mark      Toro, partner of North American Properties, will host a NAREE tour of the      Atlantic Station mixed-use project in Midtown Atlanta.
  • Matt      Bronfman, CEO, Jamestown, will host a tour of Ponce City Market, the      largest adaptive re-use project in Atlanta’s history, with a redevelopment      of a massive Sears warehouse.
  • A      Saturday walking tour of Serenbe, including its 25-acre organic farm and      Farmer’s Market in the main village. Serenbe’s streetscapes are lined with      blueberries and connect with country walking paths.
  • Matt      Hudgins, a contributing writer to the New York Times, will lead the      “Workplace Debate: Downtown vs. the Suburbs” with panelists John McColl,      Cousins Properties; Robert Bach, Newmark Grubb Knight Frank; Rob Metcalf,      Jones Lang LaSalle and David Kitchens, Cooper Carry.

“NAREE 13 will bring journalists from the Los Angeles Times to the Chicago Tribune, the Washington Post and Boston Globe to Tweet, blog, report and write about the driving forces of where the next generation will live, work and play,’ said Mary Doyle-Kimball, NAREE Executive Director. “ I expect Mr. Duany will tell us not only about his vision of the future but also what might be done to re-make the sprawl in the suburbs. Just as millions left the farm in the post-World-War II era, millions are flocking to the urban core today.”

Equipping journalists to better report and interpret the real estate design and development is a vital component of the NAREE conference, Doyle-Kimball said.

The NAREE University sessions, covering digital media, blogging, Twitter and other journalism topics, will provide invaluable peer learning opportunities.  NAREE University peer faculty will include contributors and journalists from the Orlando Sentinel, Wall Street Journal, Commercial Property Executive, the Cleveland Plain Dealer, the San Diego Union-Tribune, Sarasota Herald-Tribune, MSN Real Estate, Unique Homes magazine, AOL Real Estate, Chicago Tribune, Atlanta Journal-Constitution and Los Angeles Times.

Visit www.naree.org for more information.

 

April 26, 2013

Korean Capital Flees to Houston with $480 Million Purchase of Hines Tower

By Ralph Bivins

HOUSTON – The 46-story BG Group Place in downtown Houston is being acquired by Invesco Real Estate, with backing reportedly from Korean institutional investors, for $480 million, according to Real Estate Alert, an investment newsletter.

Invesco is believed to be acting on behalf of the National Pension Service of Korea, the newsletter reported. Korean money is been reallocated and invested in U.S. realty in a fast pace recently because of political unrest and nuclear threats.

The sellers of BG Group Place, Hines and Calpers, were represented by Eastdil Secured. The 973,000-sf tower is expected to close for $485 per square foot, the second-highest sales price ever in Houston, Real Estate Alert reported. The record sales price in Houston was set when H&R REIT paid $524 sf of $442 million for the 845,000-sf Hess Tower in 2011. The highest dollar price was set when the 1.8-million-sf One and Two Shell Plaza traded for $550 million last summer, Real Estate Alert said.

The tower is 92 percent leased with BG Group occupying 354,000 sf.  KPMG and the BakerHostetler law firm are major tenants also. The building, completed in 2011, is located at 801 Main Street.

The BG Group Place building is LEED Platinum. Urban Land magazine recently reported that investors pay more for sustainable buildings, rather than “brown” properties. http://urbanland.uli.org/Articles/2013/Apr/BivensHouston

In developing BG Group Place, Hines blessed Main Street as a viable location for new office development in the current era.  Years ago Main Street had been ceded to transit domination, making Main Street little more than an elongated bus stop surrounded by low-end retail and grease-coated restaurants. But Main Street has enjoyed a revival in recent years.

Hines has proposed to build another Main Street tower on Block 69, just a couple of blocks from BG Group Place, at the southeast corner of Main and Texas Avenue.

April 2, 2013

Shorenstein Taps Transwestern to Lease Redeveloped Exxon Building in Downtown Houston

By Ralph Bivins

HOUSTON — Transwestern has been retained by Shorenstein Properties to lease the ExxonMobil building at 800 Bell, a 1.2 million-sf office tower in downtown Houston.

A major renovation is being planned by Shorenstein, which paid $50 million to buy the building a few months ago. There has been speculation that Shorenstein will attempt to connect the building to Houston’s downtown tunnel system, which is de riguer for Class A buildings in today’s office market.

The property includes a 45-story office tower and a seven-story parking garage covering two city blocks on the corner of Travis and Bell Streets.

800 Bell was built in 1962 as the headquarters of Humble Oil & Refining Co., a predecessor to ExxonMobil. ExxonMobil will vacate the building in 2015, giving Shorenstein the opportunity to deliver significant improvements via an extensive redevelopment, details of which will be released soon, Transwestern said.

ExxonMobil will be moving to its huge 3.25 million sf corporate campus, which is being built now on 400 acres north of Houston, near The Woodlands.

With the high-quality office space to be newly constructed, 800 Bell offers an exciting opportunity in the CBD with its unique corporate identity on the Houston skyline and one of the largest blocks of contiguous space offered in Houston in more than 30 years.

“Shorenstein has a reputation for delivering successful signature redevelopment projects, such as Market Square in San Francisco, which includes the headquarters of Twitter, Yammer and One Kings Lane. We are excited to see what Shorenstein has in store for 800 Bell and downtown Houston,” said Transwestern’s Eric Anderson, executive vice president.

Anderson, David Baker, executive vice president, and Paul Wittorf, vice president, will market and lease the property.

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