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Sales Center Mosaic Experience Center 5925 Almeda Road Houston, TX 77004 305-921-4582 Hours: Monday – Saturday 10 a.m. – 6 p.m. Sunday 12 p.m. – 5 p.m. www.kallistoinvestment.com |  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Houston Missed the Real-Estate Boom of East And West Coasts, but Now It's Payback Time By THADDEUS HERRICK: Wall Street Journal, November 6th 2006 HOUSTON -- This sprawling city missed the real-estate boom that sent home prices soaring on the East and West coasts. Now, with much of the nation's housing market in retreat, it has yet to feel even a tremor. In September, local sales of single-family homes and condominiums were up 17.7% from a year earlier, logging their 32nd straight month of increase, according to the Houston Association of Realtors. The median price of an existing single-family home: $143,400, up 3%. By contrast, nationwide sales of residential real estate fell 14.2% in September, according to the National Association of Realtors. Home prices nationally were down 2.2%, retreating in such former hot spots such as Washington, Boston and San Francisco. The national median sales price for September for existing single-family homes was $219,800, according to the Houston Association of Realtors. Houston's gains are nothing like those seen in the past decade in the Northeast and California, but that may be the secret to Houston's success and the reason a bubble is unlikely to develop here. Land here is abundant, and the city has some of the least-restrictive land-use and construction rules in the nation. Those factors help supply to keep pace with demand and keep prices within reach of a broad range of potential buyers. "We haven't had a bad year in the past decade," says Lorraine Abercrombie, chairwoman of the local Realtors group and marketing director for Greenwood King Properties. Houston's model is in stark contrast to cities such as Boston and San Francisco, which have strict zoning, exacting building codes and laws governing historical preservation. Some economists, including Edward Glaeser of Harvard University, say excessive regulation in such cities has slowed construction to the point where demand has outstripped supply, fueling a run-up in home prices. In the once-sizzling markets where home prices are falling, housing costs are double, triple or even quadruple those of Houston. The danger, says Dr. Glaeser, is such places have priced out today's highly skilled "knowledge workers," forcing them to live in a more affordable locale where their contribution to the economy might not be as great. "These are places where only the elite can live," Dr. Glaeser says. Not so Houston. Confined by neither oceans nor mountains, the Houston metropolitan area has plenty of room to spread out. What is more, the city has no zoning, weak historical-preservation rules and few tools to preserve open space. The result is unfettered growth. For that, too, there is a price to be paid. Houston lacks the historical charm of a city such as Boston and the natural beauty of a place such as San Francisco. In recent years an increasing number of Houston residents have warned that the city's affinity for strip malls, freeways and endless subdivisions may be putting it at a disadvantage in attracting talented workers. Even so, Houston's economy is humming, thanks in part to a sustained boom in oil and gas and the city's burgeoning medical industry, which attracts patients from all over the world. In addition, the Hurricane Katrina evacuation in 2005 brought tens of thousands of refugees here, pushing up retail sales and lowering apartment-vacancy rates. Most of the Katrina refugees weren't wealthy enough to buy homes, however. The Houston metropolitan area has added 420,000 jobs since 1995, according to the Greater Houston Partnership while the 10-county metropolitan statistical area topped 5.2 million people in July 2005, up about 11% from the 2000 Census count, according to the Texas State Data Center. Affordable housing has played a significant role. James Gaines, an economist at the Texas A&M University's Real Estate Center, says a Houston developer can be "cutting roads and building houses" within a year of buying 500 acres. The same project would take a developer in Florida three years and as many as eight years in California, substantially pushing up the price, says Dr. Gaines.  The Houston Association of Realtors reported total property sales -- everything from single-family homes to country homes to lots listed on the Multiple Listing Service -- numbered 7,163 in September, up 17.8% from a year earlier. Sales of new and existing single family homes were up 19.3% to 5,954. The pace of home sales is also picking up. The trade group says the area has a 5.5-month supply of unsold homes, down slightly from August. The national outlook isn't so bright, with some economists forecasting that sales of new homes are unlikely to start rising again before early 2008. A joint survey by consulting firm Global Insight and Cleveland bank holding company National City Corp. showed that 67 metropolitan areas experienced price declines in the second quarter this year, and not just those that enjoyed the boom. The Midwest, for example, showed the highest concentration of falling prices. The survey also showed slower home-price increases nationally in the past year, with the most rapid slowdown coming in high-price markets such as California, Florida and the Northeast corridor. Nearly 70% of the 317 metropolitan areas surveyed showed a decline in appreciation during the period. Texas had six markets where home prices rose at a rate of between 6% and 12% and another nine markets where prices increased 12% or more, the survey showed. Richard J. Dekaser, chief economist for National City, says, "It's like revenge of the nerds." |
A MOSAIC OF MARKET STRENGTH Mosaic of Houston Property Reaches 100+ Reservations HOUSTON -- Representatives from Mosaic of Houston on Hermann Park announced today that reservations for first tower units have passed the 100 mark. As many speculate about the type of landing the national housing boom will make, Mosaic of Houston and the Houston market have taken off. By passing 100 reservations in just under four weeks, Mosaic of Houston is proving what many had suspected: Houston is a great place to invest. "This area is positioned well for continued long-term growth and is a good choice for those looking to evade deflating markets around the nation," said Brad Minsley, Acquisition Manager and Partner for Phillips Development and Realty. Houston ranks in the top two percent of undervalued metro markets according to the Global Insight/National City Housing Valuation Analysis. With a median housing price of $150,000 Houston is positioned 17.3 percent under market value. "Investors and Houstonians alike have responded favorably to the Mosaic project. Our goal is to offer residents an upscale living experience, retail space and a metropolitan lifestyle at their doorstep - all at a more attainable price," said Donald E. Phillips, Managing Director of Phillips Development & Realty. "We are experiencing what many suspect about Houston: the market here is strong. Houston's energetic and vibrant community has truly embraced the urbanite concept that Mosaic delivers." |
What, Exactly, Are You Waiting For? Price Point and Undervalued Market Keep Houston Hot The 4th Quarter of 2006 proved to be a strong one for The Mosaic of Houston, the largest residential high-rise built in Houston to date. With over 250 reservations received in just under 90 days Mosaic has proven itself in the Houston marketplace. In addition to the 792 residential units and 22,500 square feet of retail space on the ground floor, Mosaic has one of the most comprehensive incentive programs on the market today supporting the national attention this project has received. Very Important Broker Program (VIB) highlights include: “FLY & BUY” program: receive up to $1000 credit for all your clients at closing if they’ve traveled more the 100 miles from their residence to purchase. Commission or Referral Fee: Receive escalated commission or referral fees based upon volume of sales. Personal Purchase Incentives: All Realtor members receive a 2% discount on up to two of your own personal purchases. Loyalty program for your clients: Your clients will receive 1% off of their first purchase, 2% off their second purchase and 3% off their third purchase through March 2007. Closing Cost Contributions: Receive up to $2000 in contributions toward closing costs if our in-house preferred lenders and title companies are used. Prices from the low 200’s – Under valued market – Investor Friendly Visit www.MosaicHouston.com now to learn more. |
Developers rush to meet demand as high-rise condo sales soar By Deborah Tedford: Houston Business Journal Not even the sky’s the limit for Houston’s high-rise condo market. In just a little more than two decades, the demand for high-rise homes in the Bayou City has jumped from $6 million in total sales to more than $250 million, says Edith Personette, owner of Personette & Associates a firm specializing in the sale of high-rise condominiums. “Almost all of the buildings are sold out. There aren’t any buildings sitting empty in Houston, Texas,” she says. Using the Houston Association of Realtors’ Multiple Listing Service figures, Personette’s office calculates about 870 of 4,380 total units in the city’s high-rise projects are for sale. That figure includes several projects that only recently became ready for move-in and others — including Mosaic, Cosmopolitan and 2727 Kirby — that are in early stages of construction. All but six units have sold at The Briarglen, a 68-unit, Galleria-area project where residents started moving in last month, and just four of 72 units are available at Empire, a newly completed luxury building on Hidalgo at Post Oak. Molly Ann Kaplan, a high-rise specialist with John Daugherty Realtors, says there is sometimes a waiting list for clients who want to buy into one of the buildings in the trendy Galleria area. “I had a client wait to move into Montebello for about three months,” Kaplan recalls. “At the Houstonian Estates, there are only three apartments listed, and one is going to go sale-pending this week.” Right price Houston buyers can find a high-rise home no matter the size of their pocketbooks. The Bayou City boasts nearly five dozen mid- and high-rise condominium projects, including renovated buildings and new construction. Their prices range from $59,000 for a small unit at 2016 Main — built in 1964 as one of the city’s first high-rise projects — to $8 million at 2727 Kirby, according to MLS figures from Personette’s office. It’s just like the difference between River Oaks and the suburbs,” Personette says. “You can buy from $200,000 to multi-millions, depending on the amenities.” For more information about DSG or the Mosaic property, visit www.DeveloperSalesGroup.com or www.MosaicHouston.com. About DSG |
Mosaic Of Houston Offers Residents Innovative Technology (Houston) – Mosaic of Houston on Hermann Park, the largest residential mixed-use high-rise built in Houston to date, is set to bring high-tech amenities to its residents. Mosaic has reached an agreement with Connexion Technologies to establish a fiber-optic infrastructure that will deliver telephone, cable television and high-speed Internet service to its towers at lightning speed. Phillips Development & Realty (PDR), Wood Partners and executive sales team Developer Sales Group, LLC are behind this innovative mixed-use property. “Ultimately we enter into these partnerships with our residents in mind,” said Donald E. Phillips, Managing Director of PDR. “This technology will allow us to provide optimal, streamlined service for our customers. We feel confident this high-speed network will meet their current and future technology needs.” By providing fiber-optic wiring directly to each unit, Mosaic residents and retailers will enjoy more than 1,000 times the bandwidth provided by traditional cable - this means more speed. Additionally, wireless Internet access will be provided at multiple common areas throughout the property. The cost of telecommunications services will be included as part of the residents’ association dues. By bundling services into a single amenities package, residents will experience a 30% savings as compared to traditional costs of telecommunications services. According to Glen Lang, Chief Executive Officer of Connexion Technologies, fiber-optic technology is more reliable and faster than traditional wiring. The addition of this infrastructure will not only accommodate the growth of future technology, but studies also show it will significantly increase the value of the property. A recent study conducted by an independent research firm states that fiber-optic infrastructure increases lot values by an average of $4,000 to $15,000, compared to traditional copper wiring or coaxial cables. The high cost of creating this infrastructure had previously limited the number of pre-wired communities nationwide, but research shows a rapid increase in the past four years. According to a study by the Fiber to the Home Council, the number of wired homes under development has increased 100-fold in the past four years, from 35,000 homes in 2002 to more than 4 million homes this year. For more information about DSG or the Mosaic property, visit www.DeveloperSalesGroup.com or www.MosaicHouston.com. Reservations can be made conveniently online. About DSG |
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Copyright © 2007 [KALLISTO INVESTMENT & REAL ESTATE N.V.] DESIGN BY: SIS MERCADO. All rights reserved. | Aruba Contact: Ing. Frank Mejia +297-736-3542 Aruba: +297-583-7566 Fax: +297-583-7567 Venezuela contact: Hector M. Mercado Aruba Celular: +297-561-2885 Phone / Fax: +58-212-753-2356 Office: +58-212-753-2356 Direct line: +58-212-753-1246 +58-412-907-8725 USA Contact: Hector M. Mercado +1-305-921-4582 +1-407-982-1955 |
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