-by Maria Scinto

A report predicted that Houston be Underground in the next few decades.

What does this
mean? Is it going to fall into a giant sinkhole? Well, I
certainly hope not.

Actually, I’m talking about Forbes
reporter Matt Woolsey’s prediction that by 2017 Houston will enclose
a major portion of its downtown. This isn’t too far-fetched,
seeing as how there’s already the 7-mile-long Tunnel under Houston’s
downtown streets that connects offices, banks, hotels, restaurants, stores, theaters, etc. Perhaps Matt is envisioning something more along the
line of Montreal in Canada.

See the picture from Quebec Tourism, which shows current underground shops in Montreal.

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In Texas, we like our land and our property rights just as much as steak and BBQ.

While the Surfside Beach houses themselves aren’t
floating in the Gulf (yet), the prime beachfront on which they
sit is slipping away. Due to the 1959 Texas Open
Beaches Act, some of the homeowners in the town of Surfside Beach (about an
hour south of Houston) are told that they must move their
houses since they are now blocking public beach land.

The pictures shows an example of beachfront erosion of Riggings Condos at Kure Beach along the Pacific Ocean.

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By Maria Scinto

Our builder spotlight focuses on Taylor Woodrow, in
business for over 85 years constructing upscale "lifestyle
communities". A lifestyle community will integrate shopping, schools and recreation. Dee likes Taylor Woodrow because they’re one of the best high-end home builders in Texas, but they also have a some affordable communities.

Taylor Woodrow builds in Austin and Houston, Texas. They also have communities in California, Arizona, Florida, Spain, and Ontario, Canada.

Taylor Woodrow prices range
from the affordable MarBella in the Galveston Bay area, where
just $160,000 will buy you a single family home in a community that has its own recreation center with pool and water park, nature
preserve, miles of hiking and bike trails, and acres of lakes.

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The Texas Gulf Coast is fast becoming a mecca for retirees and second home owners interested in "affordable" beach living. As Texas real estate prices and population growth increase, affordability is a key issue throughout our state.

According to KHOU.com, "Bruce and Debbie
Reinhart, whose company, Kahala Development, is also responsible for
Beachside Village, are working with national builder David Weekly Homes
to finish developing one of the area’s oldest subdivisions". Looks like 23 homes will be completed.

You may remember that David Weekley created the affordable homes at the Mueller Austin redevelopment in East Austin that looked the same as the market-rate homes on the outside. They seem to be onto something, so perhaps other builders will follow suit.

Here’s a question for you…As the Gulf Coast becomes a popular retirement and second home buyers, is it bound to become similar to the East and West Coasts?

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The Houston Association of REALTORS released their market stats, noting a small decrease in home sales, but increased average sales prices as well as units sold in the luxury home market. I thought this was interesting because Houston, like other areas of Texas, are becoming getaways for affordable luxury homes.

Click on the the chart to view all of the latest Houston market statistics. The number of homes sold decreased 1.2% from last year, which isn’t detrimental to the real estate market there. This shows that, although the market slowed, we’re not seeing the huge deflations that California, Florida and Arizona experienced.

In fact, like Austin and most of the large cities in Texas, Houston home values are on the rise. Read the full report: Houston Real Estate Market Information. Read about affordable luxury homes in Texas.

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The real estate industry is making a backlash against the national news media for "overblown" hype around the supposed "real estate bust" for 2007. Texas REALTORS® have especially been trying to make it clear that, while the national market has cooled, Texas has always been considered one of the best places to buy.

Austin, Dallas, and Houston are particularly great real estate markets and were reported among the Top 10 U.S cities to boom in 2008. Here’s some of the recent acclaims for Austin:

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There’s a lot of investors and commercial construction experts looking for senior housing projects in Texas. The Baby Boomer Generation has started to retire. Many look to Texas for affordable living space in a warm climate.

Dallas, Houston, and San Antonio are some of the most popular Texas cities for second homes or retirement besides the coast. i read today that a Dallas-based company refinanced a 649-unit portfolio for three upscale senior housing projects.

Due for completion in late 2007, the Class A portfolio includes a
senior housing community and two traditional multi-family properties.
Amenities at the properties include clubhouses, fitness centers,
40-seat movie theatres, business centers, game rooms, pools and
libraries.

Among the properties are the 237-unit Conservatory at Alden Bridge,
located in the Houston suburb of The Woodlands; the 190-unit
Conservatory at Champion Forest, in the Houston suburb of Spring; and
the 222-unit Conservatory at Plano in the Dallas suburb of Plano.

Link: $93M Financing Upgrades 3 Texas Seniors Projects.

Read about the Baby Boomer Generation’s impact on real estate. See the previous story…Retirees flock to Texas.

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I was speaking with an out-of-state investor yesterday about Houston and how great the market is there.

Our team is located in Austin, but we know many areas of San Antonio and Houston just as well. Since he wanted to ‘flip’ properties, I explained that the Houston market can be better than Austin since it’s much larger and more affordable.

One downside to any market is when real estate agents, mortgage brokers and/or appraisers get together to dupe a bank by committing mortgage fraud. A story on MyFoxHouston.com illustrated how the "straw buyer" technique was used in the most recent conviction in Houston.

Link: MyFox Houston | Houston Real Estate Agent Guilty of Bank Fraud.

Check out our previous article on a Texas Mortgage Fraud Case. Also read Mortgage Fraud Makes a Comeback

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The Texas Gulf Coast has been growing despite setbacks the past few years. Bolivar Island is seeing growth that is spilling over from those interested in Galveston Island.

Galveston has a been a hot destination for baby boomers and real estate investors for the past few years since it’s one of the most affordable beach getaways in the nation.’

According to the investor who purchased the acreage know as Cade Ranch, "I think Bolivar will continue to be attractive to Beaumont, Port
Arthur and towns east of Houston".

Picture provided by KFDM news. Read more: Dallas Real Estate Company Buys Near 3,000 Acres Near High Island

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Investor Steven Johnson, recently launched his CashOffersToday.com website, where he can make a cash offer on a home within 23 hours. Steven been a full-time investor for many years wholesaling properties in Central Texas, including Houston, Austin and San Antonio.

Out-of-state investors sometimes ask if they can really wholesale in a hot market like Texas. The answer is always yes, but you have to buy the right deal.

One of Steven’s current deals is a property in Port Arthur for $35k and rents of $800 (picture) through the Katrina Evacuee Voucher Program. He will probably flip that home to a rental investor within the next week or so.

Other investors like Paul of PaulPaysCash.com in Georgia are seeing that marketing themselves on a professional level has been paying off. 

If you want to be like Paul of Georgia or Steven in Houston, read the investment books we’ve reviewed in the left column. They provide excellent advice on getting started as a real estate investor or taking an investment business to the next level.

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