Texas Real Estate Market News: August 2007

Tuesday, August 21, 2007

RECON August 21, 2007

RECON

Real Estate Center Online News

August 21, 2007

Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source.

TEXAS FORECLOSURE RATES DOWN

COLLEGE STATION (Real Estate Center, RealtyTrac Inc.) – Foreclosure rates may be on the rise, but recent information from RealtyTrac Inc. shows Texas MSAs were not among the top ten foreclosure areas in the United States for the first half of 2007. Among the other findings:

Fort Worth–Arlington ranked 13th and Dallas ranked 17th among the top 100 MSAs by number of foreclosure filings.
Texas foreclosure filings were down more than 13 percent compared with the first half of last year, as were all of the major Texas MSAs except Fort Worth–Arlington, which was up 5 percent.
The number of properties filed upon statewide was down 8 percent from the first half of 2006.
Houston–Baytown–Sugar Land was the only Texas MSA to register an increase in the number of properties filed upon, and that increase was 1 percent.

“The decline in filings and properties with filings reflects the continued steady increase in Texas residential property values, the continued stable economy and employment and the fact that Texas did not rely on extreme, exotic loan terms to the same extent as other, higher-priced markets,” said Dr. Jim Gaines, research economist with the Real Estate Center at Texas A&M University.

Gaines says a great deal of the national foreclosure market is concentrated in a handful of states, primarily the previously hot markets in California, Florida, Nevada and Arizona, as well as as Michigan, Ohio and Indiana, where the pullback in the automotive industry has resulted in job losses.

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MOSAIC'S SECOND TOWER

HOUSTON (Houston Business Journal) – With the first tower now more than 50 percent sold, Phillips Development & Realty LLC of Tampa, Fla., has broken ground on the second Mosaic residential tower near the Museum District.

Each 33-story building at 5925 Almeda Rd. will have 394 condominiums on top of seven stories that include lobbies, parking garages and retail space.

The average unit size is 980 square feet, and the average price is $350 per square foot with a maintenance fee averaging 39 cents per square foot. The penthouse costs $500,000, and the least expensive unit is $165,000. The combined sales value of all units is estimated at more than $300 million.

Development for both towers will cost $203 million. Phillips secured a $141 million loan from Chicago-based Corus Bankshares Inc.

Atlanta-based Wood Partners was a development partner on the first tower. Miami-based Developer Sales Group is handling Mosaic's condo sales. Adam Brackman of Wulfe & Co. is handling retail space leasing in Mosaic. Retail tenants in tower one include Unity Bank and a Yapa prepared food store. Fit Gym of Houston will operate Mosaic's fitness center.

Tower one will be ready for occupancy this fall. Move-in for tower two will be during the spring of 2009.

VISTA'S SUPERCENTER

FORT WORTH (Dallas Business Journal) – More than 23 acres in the Vista Crossroads will be sold to Wal-Mart.

The retail giant will anchor the retail project with a 175,000-square-foot supercenter, according to Peter Aberg, a partner with the seller, Legacy Capital Co.

Legacy will build a new exit ramp and service road at US 287 and Avondale-Haslet Road as part of the sale.

Dallas-based Legacy is selling the remaining acreage to Hunter Equities, a Dallas developer.

FRONT DOOR ACREAGE SOLD

FORT WORTH (Star-Telegram) – Hunter Equity has purchased 150 acres at the front door of the 9,000-home Sendera Ranch subdivision.

The land is adjacent to the 23 acres that Wal-Mart is purchasing from the same seller, Legacy Capital Co.

Company officials plan to hold the property at US 287 and Avondale Haslet Road until they decide how best to develop it. One of Hunter’s most recent projects is the 91-acre Hunter Plaza on I-635 in Irving. It includes a 24-Hour Fitness, Best Buy and homes.

Legacy Capital Co.'s focus is building infrastructure and then selling the site-ready land to a developer, said Steve Saxon, a Legacy Capital partner.

The I-35W corridor of far north Fort Worth is the Metroplex's fastest-growing area of residential development. The area is also near the fast-growing neighborhoods east of Eagle Mountain Lake.

HOUSTON HOUSING MARKET HOLDING UP

HOUSTON (Houston Association of Realtors) – Despite reports of difficulties facing mortgage companies across the country, the greater Houston existing real estate market held up in July.

Home sales rebounded from two consecutive months of declining sales, with signs of moderate weakness turning up only on home sales in the $80,000 to $150,000 range.
Total property sales for the month increased 1.1 percent over July 2006 to 8,114.
Nearly $1.7 billion in properties were sold, a 5.3 percent increase over last year’s nearly $1.6 billion.
The median price for a single-family home was $155,100 (a 0.5 percent decrease), and the average single-family home price came in at $209,339 (a 1.8 percent increase).
Almost 53,000 homes were available at the end of July, a 16.1 percent increase over the same month last year and the 13th month with a year-over-year increase.
Month-end pending sales increased 8.1 percent to 5,520.
Total sales for single-family homes were at 6,856, 1.6 percent higher than July 2006.
Homes were on the market in Houston an average of 76 days.
The overall median price in the townhouse-condo segment in Houston was up 1.2 percent for July, with the median sales price for the month being $122,000. The average sales price for which a townhouse or condo sold in the greater Houston area was $159,401 in July 2007, 8.2 percent more than the same month last year.
In the greater Houston area, 660 townhouse and condo units were sold last month, versus 681 properties in July 2006, or a 3.1 percent decrease in year-over-year sales.

RREEF-ER MADNESS

AUSTIN (REBusinessOnline) – The Villas on Guadalupe, one block north of the University of Texas campus, has been purchased by RREEF on behalf of an institutional client.

The 150-unit student housing complex is at Guadalupe Street and Hemphill Park. Amenities include a courtyard pool and hot tub, a fitness center, a clubhouse and access–controlled parking.

Part of Deutsche Bank’s Asset Management division, RREEF, which was represented by CB Richard Ellis, purchased the property from Principal Enterprise Capital.

ALLSTATE RATES RISING

HOUSTON (Houston Chronicle) – Allstate Texas Lloyds is raising home insurance rates 5.9 percent statewide, and some coastal residents, including those in Harris and Montgomery Counties, will see an additional average 2 percent raise.

According to company officials, the increase is to help cover the cost of reinsurance, which is insurance the company buys for itself to help pay for claims in the event of a catastrophe.

Because Allstate dropped windstorm coverage in counties that touch coastal waters last year, residents of Galveston County and a portion of Harris County will not be hit with the extra 2 percent increase.

The rates will change on policies as they come up for renewal, Allstate said. Rising construction costs also contributed to the rate increase.

About 700,000 of Allstate's 917,000 Texas policyholders are insured by Allstate Texas Lloyds.

BLACKROCK'S GOLD STAR

DALLAS (globest.com) – New York City–based BlackRock Inc. has purchased the 490-unit Jefferson at Park Central from Irving-based JPI.

The 95 percent leased, seven-year-old complex near the Medical City of Dallas features a parking garage and 13,000 square feet of retail leased to Luna de Noche restaurant and FedEx/Kinko.

The Class-A complex is a mix of townhouses, apartments and flats consisting of one-, two- and three-bedroom floor plans in midrise buildings. Units range from 592 to 1,596 square feet with monthly rents ranging from $850 to just over $1,600.

According to tax rolls, the 39-building complex on almost 14 acres at 7927 Forest Ln. is assessed at roughly $42.3 million.

Apartment Realty Advisors of Dallas brokered the sale.

CYPRESSWOOD SOLD TO SOLID GOODS

HOUSTON (globest.com) – Solid Goods Corp. has purchased the 270-unit Villas at Cypresswood from Georgia-based Davis Development.

The three-year-old, 96 percent occupied Class-A complex at 9844 Cypresswood Dr. has a mix of one-, two- and three-bedroom units. Rents range from $819 to $1,539 per month.

Johnson Capital Partners of Arizona LLC secured a $22.4 million Freddie Mac loan for California-based Solid Goods, which will self-manage the property.

LANCASTER DISTRIBUTION CENTER PLANNED

LANCASTER (Dallas Morning News, globest.com) – A joint venture will build a 776,000-square-foot bulk distribution center on 47 acres it recently purchased from Irving Klein Trust.

The project at I-35E and West Street marks the second joint-venture spec in North Texas for Atlanta-based companies Cousins Properties Inc. and Seefried Properties Inc.

Alliance Architects Inc. of Dallas is the project’s designer, Pacheco-Koch is the civil engineer and La Terra Studio Inc. is the landscape architect. Seefried will develop, manage and lease the distribution center.

PORTFOLIO SALE INCLUDES TEXAS

HOUSTON, ABILENE AND CORSICANA (REBusinessOnline) – A joint venture between KBS Real Estate Investment Trust (KBS), Hackman Capital Partners and Calare Properties has purchased an 11.4 million-square-foot industrial portfolio for $516 million.

The three Texas buildings in the 24-property portfolio include a more than 245,000-square-foot light manufacturing facility in Houston, a just over 728,000-square-foot property in Abilene and a 1.4 million-square-foot warehouse property in Corsicana.

The portfolio was sold by Equity Industrial Partners Corp.

HINES EYES LAKE TRAVIS

LAGO VISTA (Austin Business Journal) – Hines Interests LP, a Houston-based international real estate firm, has purchased 875 acres in Lago Vista from a group of families in the Rogers Ranch Group.

According to Lago Vista City Manager Bill Angelo, the plan is to turn the property into an upscale residential development that could include about 2,000 homes. The acreage is located between FM 1431 and Lake Travis, outside the city limits.

CARMEL'S MAMMOTH PURCHASE

HOUSTON (Houston Chronicle) – Carmel Village Retirement Residences has purchased four six-story office buildings totaling more than 378,000 square feet for $31.6 million from Mammoth Equities.

The four buildings, part of a six-building office park on more than 12 acres, range from 81,000 to more than 108,000 square feet. The two other buildings are separately owned.

The buildings at 2600, 2616, 2626 and 2656 South Loop West near Reliant Park were renovated in 2003.

Mammoth was represented by Voit Commercial Brokerage's Irvine office along with Grubb & Ellis. Voit also represented Carmel.

PHOENIX, BALCH SPRINGS EXCHANGE

BALCH SPRINGS (globest.com) – Using a 1031 exchange, an Oregon-based private investor has purchased the 296-unit Stoneleigh on Cartwright for $22.5 million.

After selling a multifamily property in Phoenix, Dr. M.T. Aliniazee bought the 93 percent leased complex on more than 30 acres at 500 W. Cartwright Rd. using 80 percent loan-to-value financing. New York–based Arbor Commercial Mortgage LLC funded the ten-year, 6 percent fixed-interest Fannie Mae loan.

The seller, Dallas-based developer Seneca Investments Inc., developed the Class-A Stoneleigh on Cartwright in 2003. The 21-building complex has one-, two- and three-bedroom units ranging from 615 to 1,234 square feet. Monthly rents range from $680 to $1,200.

Hendricks & Partners' Dallas office represented the seller. Woodmark Real Estate Services Inc., with headquarters in Dallas and Washington, D.C., will lease and manage the complex

DALLAS BUYER LANDS PARCELS

BRAZORIA COUNTY (Houston Chronicle) – Approximately 1,000 acres stretching 2.5 miles on the west line of Texas 288 to the northwest corner of 288 and County Road 51 has been sold.

The land at the southwest corner of Texas 288 and FM 1462 includes parcels from The Hamill Foundation, Edwin Roark and BMW Group

Land Advisors Organization Houston represented the buyer, a Dallas-based investment group.

@ THE CENTER

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The Woodlands E-Neighbor - August 21, 2007

THE WOODLANDS COUNTRY CLUB OPENS NEW EAST COURSE CLUBHOUSE - The Woodlands Country Club's East Course Clubhouse has reopened to rave reviews. The entire building has been renovated, with a new main dining area with unique bar and fireplace and three large flat screen TVs. Knickers restaurant now offers picturesque views of the 18 th green and driving range, opening to a new outdoor deck that features comfortable lounging areas along with table seating. Other highlights include luxurious men's and ladies' locker rooms, a new pro shop and beautifully appointed seating areas throughout the club. The public is welcome to take a tour of the newly renovated clubhouse. For more information about memberships at The Woodlands Country Club, call Wanda Murphy at 281-863-1433.

Also new at the East Course Clubhouse is Debbie Matwijiw, who has come on board as food and beverage manager. Matwijiw and her staff have created a new menu that includes delicious club fare as well as some lighter dishes to tempt the palette. The East Course Clubhouse is also available for catering and special events. Send e-mail to Dawn Prestwood at dprestwood@thewoodlandscc.com for more information.

FIRE DEPARTMENT BREAKS GROUND FOR NEW FACILITY - Firefighters and community leaders gathered last week to officially break ground for The Woodlands Fire Station No. 6, to be located at 1100 Windsor Lakes Blvd., and the Emergency Training Center, to be located at 16135 I45 South. The joint groundbreaking marked the beginning of a year-long construction project which will sustain fire/rescue response time in the College Park area and provide a training facility to meet emergency preparedness and development needs in the region. Funding for the facilities is provided through a partnership between the Town Center Improvement District (TCID), The Woodlands Fire Department and the Community Associations of The Woodlands, forming Economic Development Zone No. 4 to construct and equip a fire station and emergency training center.

In the photo, members of the TCID Board of Directors join with The Woodlands Fire Department Board of Directors at the groundbreaking. From left to right: Peggy Hausman, Alex Sutton, Frank Robinson, Nelda Blair, Claude Hunter, Joel Deretchin, Bruce Tough, Jeff Long, Tom Campbell, Ted Stanley, Fire Chief Alan Benson and Community Associations General Manager, Don Norrell.

THE WOODLANDS WILDFLOWER FESTIVAL POSTER CONTEST UNDERWAY - Attention all artists! Entries are now being accepted for The Woodlands Wildflower Festival Poster Contest. The contest is held annually in conjunction with The Woodlands Wildflower Festival, a popular community tradition that will be celebrated on Saturday, October 27, 2007 from 10 am - 2 pm at Cochran's Crossing Shopping Center. The deadline for poster contest entries is Friday, September 28, 2007, and winners will be notified by Wednesday, October 3, 2007.

Contest entries should portray a scene from nature in the spirit of the Wildflower Festival. Draw a favorite scene from nature on heavy, unlined white paper, canvas or poster board, no larger than 11" X 17". No writing should be included on the front of the artwork. Preferred drawing materials are watercolors, oils, pen and ink, pastels, crayons, colored pencils or markers. Entries should be labeled on the back with name, address, phone number and age (for children's entries only). Entries may be turned in at The Woodlands Homefinder Center at 2000 Woodlands Parkway, open daily from 8:30 am - 5:30 pm. For more information, call 281-719-6333.

Entries will be judged and prizes awarded in the following categories: up to seven years, 8-13 years, 14-18 years, and adult (age 19 and over). First place prizes of $100 will be awarded in all three children's categories. The adult first place winner will receive $300. The grand prize winner in the three children's categories will be used on the official tee-shirt that is sold at the festival, and the winning adult entry will become the official poster sold at the festival. Proceeds from tee-shirt and poster sales benefit The Woodlands Lions Club. Pictured is last year's adult winner, Kerstin Lord, with her artwork.

ST. LUKE'S EXPANDING ITS PRESENCE IN THE WOODLANDS - St. Luke's has two new projects underway in The Woodlands - a new 12,000-square-foot medical center for minor emergencies, located in The Woodlands Crossing Shopping Center, and a new 91-bed patient tower at St. Luke's Community Medical Center-The Woodlands. The $10 million minor emergency center is slated to open this fall and will be staffed by two board-certified, fellowship-trained emergency medicine physicians. It will be open 24 hours a day, 7 days a week for minor emergencies such as sprains, strains, suspected broken bones, minor burns, nose bleeds, influenza, severe chest pain and upper respiratory problems. "We wanted to offer another avenue that will help expedite care for less serious emergencies," said Debra Sukin CEO of St. Luke's. The peak wait time at St. Luke's CMC-The Woodlands is currently 2-5 hours.

The new, four-story patient tower being constructed on St. Luke's Way is slated for completion in fall of 2008. It will nearly double the in-patient capacity of the hospital, bringing the total number of beds at St. Luke's CMC-The Woodlands to 181.

AUTUMN GROVE COTTAGE NOW OPEN FOR ALZHEIMER'S CARE - AutumnGrove Cottage recently opened a 16-private bed Alzheimer's and dementia care residence at 5000 Alden Bridge Drive, located across the street from Buckalew Elementary School. The one-story cottage is designed to have the look and feel of a residence rather than a medical facility. The cottage provides an alternative to traditional institutional care by offering residents the benefits of customized care plans in a smaller, more intimate homelike setting. Other features include home-style meals served in a spacious dining room, a scenic outdoor courtyard and a living room. For more information, call 713-870-1393 or visit www.autumngrovecottage.com.

THE BRACELET OF BORDEAUX LAUNCHES FIRST-EVER BOOK-DVD - The Bracelet of Bordeaux, a children's mystery adventure, will soon become a new breed of entertainment product with its launch at Barnes & Noble and Borders bookstores across south Texas late this month. For the first time in the history of the film and book industries, a full-length feature film and novel will be packaged together, debuting simultaneously as a Book-DVD combo. The movie was filmed on location primarily in The Woodlands. The Bracelet Magical Mystery Bookstore Tour will begin with a kick-off event on August 25, from 1-5 pm at Barnes & Noble in The Woodlands Mall. Some of the main cast members and book author will sign autographs, and the movie's star dog, Rufus, will "sign" books with his paw print stamp. For more information, visit www.thebraceletofbordeaux.com.

LAURA WILKINSON EARNS TWO NATIONAL TITLES - Diver Laura Wilkinson of The Woodlands, 2000 Olympic Gold Medalist, is again racking up titles in her quest for the 2008 Summer Olympics in Beijing. She recently won two national titles off the platform at the Senior National Diving Championships in Stanford, California. She took the women's platform with 422.3 points, 79.35 ahead of second-place Cassandra Cardinell of Bloomington, Indiana. She also paired with teammate Jessica Livingston to win in synchronized platform diving. Way to go, Laura!

CHAMBER ANNOUNCES NEW VICE PRESIDENTS FOR 2007-2008 FISCAL YEAR - The South Montgomery County Woodlands Chamber of Commerce has announced its Vice Presidents and their responsibilities for the new fiscal year which begins August 27th. Pictured from left to right are: First row, Karen Hoylman, Chamber President and CEO and Bev Earl, Chairman of the Board; Second row, Debbie Buckalew Campbell, VP & Treasurer and Karen Smith, VP Business Opportunities; Third row, Amy Milstead-Ellzey, VP Committed & Motivated Volunteers and James Stilwell, VP Government Affairs; Fourth row, Lou Ann Tiger, VP Financial Viability and Ray Sanders, VP Chairman's Appointment; Fifth row, Bret Strong, VP Legendary Leadership and Ron Bourbeau, CEO, Economic Development Partnership; and Sixth row, Kenny Speight, Immediate Past Chairman and Gary Gelfman, VP Visibility & Image. In the inset photo is Bruce Tough, VP Economic Development.

CINDY AVANTS JOINS LIFESTYLE FITNESS CENTER - Cindy Avants has joined the team of fitness professionals at Lifestyle Fitness Center, a private membership fitness facility exclusively for adults, located at 9110 Forest Crossing Drive. Avants has a rich background of experience and training in personal wellness. Her studies blend the disciplines of Physical Fitness, Nursing, Human Services and Christian Spirituality to benefit the overall wellness of her clients, according to Scott Bauer, principal of Lifestyle Fitness Center. She is a certified personal trainer and group fitness instructor and enjoys teaching a variety of group fitness classes. Her specialty is yoga, having received 150 hours of instruction from YogaFit Training Systems Worldwide. For more information, call 281-292-4883 or visit www.lifestylefitnesscenter.com.

Students attending Conroe ISD schools in The Woodlands will go "back to school" on Monday, August 27.
The following community pools will continue to be open on weekends in September from 12-6 pm on Saturdays (and Labor Day Monday, September 3) and 1-6 pm on Sundays: Lakeside, Bear Branch, Harper's Landing, Sawmill, Forestgate, Ridgewood and Cranebrook.

The Friendship Center of Montgomery County prepares 800 meals a day for local seniors with only three full-time and two part-time employees.

OH WOW! IT'S A LUAU! - The Woodlands Children's Museum presents "Oh Wow! It's a Luau!", a last hurrah of summer on Thursday, August 23, 2007 from 4-7 pm. There will be games, food, activities and special guests including Puffy Pine Cone, lovable mascot of The Woodlands from 5-6 pm, along with other famous mascots. The Woodlands Children's Museum is located at The Woodlands Mall on the upper level. For more information, visit www.woodlandschildrens
museum.org.

MARKET STREET FALL FASHION SHOW TO BENEFIT THE WOMEN'S SHELTER - The Market Street Fall Fashion Show benefiting the Montgomery County Women's Shelter will be presented by Aztec Tents & Events in Market Street's Central Park on Thursday, August 23, 2007 at 7 pm. Don your favorite hat and be among the first to see Market Street's fabulous fall looks, shop vendor tables, and visit with special guest Thumbelina, the "World's Smallest Horse". Seating is limited and by reservation only. Tickets are $25. To reserve your seat, contact the Market Street Concierge Desk at 281-419-4774.

"WORLD'S SMALLEST HORSE" TO ALSO APPEAR AT MARKET STREET - Thumbelina, at 17.5 inches tall and 57 pounds, will make an appearance at the fashion show on August 23 to help auction a VIP package, which includes a private photo and family time with the tiny horse. Thumbelina will also appear at Market Street on Saturday, August 25 from 8 am - noon to benefit the Montgomery County Women's Shelter and other children's charities. The visit in The Woodlands is part of the Thumbelina 2007 Children's Tour on a mission to raise $1 million for children's charities. Her appearance on the 25 th is free and open to the public. Thumbelina has been officially recognized in the Guinness Book of World Records as the World's Smallest Horse.

TOWN CENTER THEATRE ANNOUNCES PREMIERE OF NIGHT AND HER STARS - Town Center Theatre, The Woodlands' first professional theatre company, will be presenting the regional premiere of Richard Greenberg's riveting drama Night and Her Stars at Bock Auditorium in The Woodlands from Friday, August 24 through Saturday, September 15. The play is the second in Town Center Theatre's inaugural season, following the acclaimed musical Quilters. Performances are Friday and Saturday at 8 pm and Sunday at 4 pm (no performances the weekend of September 7-9). There will be one Thursday night performance at 8 pm on September 13. Tickets are available for $25 for regular patrons and $20 for students and seniors age 55 and over; discounts are available for subscribers and groups of 10 or more. For tickets, call 832-592-9697.

CHAMBER'S CHAIRMAN'S BALL SET FOR SATURDAY, AUGUST 25 - The South Montgomery County Woodlands Chamber is hosting its annual Chairman's Ball on Saturday, August 25, 2007 at The Woodlands Waterway Marriott Hotel. The theme is Rhinestones & Wranglers, so clean up those cowboy boots and put on your Stetson for a salute to Kenny Speight, outgoing Chairman of the Chamber. Sponsorships and reservations are still available. A table of 10 is $750 and individual reservations are $75 per person. For more information, visit www.woodlandschamber.org.

WEEKEND FUN AT THE WOODLANDS MALL - Two special events are planned for this weekend at The Woodlands Mall. On Saturday, August 25, when the Pepsi Street Motion Tour comes to the mall, car lovers can get a first-hand look at one of the custom cars from the DUB magazine 2007 Custom Auto Show and concert. Visitors can get in on the automotive action, check out a cool car, spin the Pepsi Prize Wheel and register to win tickets to the Sunday, August 26 DUB concert at Reliant Center. The car will be in the JCPenney Court from 11 am - 6 pm.

On Saturday and Sunday, August 25 & 26 from 1-5 pm, It's Kids Time Tour will make its only Houston stop at The Woodlands Mall. This special event offers two days of family fun, prizes, sports clinics, interactive games, live performances and more, including giveaways. Focusing on fun for families with children aged 7-16, activities include: YuGiOh Interactive Corner where kids can catch the latest YuGiOh cartoons, play trivia, win prizes, check out newly released card packs or battle professional duelists; Spelling Bees; Dance Demos; GameZone; Konami Dance Dance Dance Revolution; RadioShack booth and Mini Concerts featuring up and coming vocalists. It's Kids Time Tour will be held in Future Court near JCPenney. For information, visit www.sppkids.com.

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Friday, August 17, 2007

RECON August 17, 2007

RECON

Real Estate Center Online News

August 17, 2007

HOME CONSTRUCTION RECORDS DROP

WASHINGTON (U.S. Census Bureau, foxnews.com) – The Commerce Department’s New Residential Construction Index for July reported that construction of new homes and apartments dropped 6.1 percent last month to a seasonally adjusted annual rate of nearly 1.4 million units.

This number is down 20.9 percent from the pace of activity a year ago and represented the slowest pace since January 1997.

The July drop in housing construction followed a 2.1 percent rise in June, driven primarily by apartment construction.

Applications for building permits, considered a good barometer of future activity, fell by 2.8 percent in July to an annual rate of almost 1.4 million units.

Housing construction fell in all parts of the country except the Midwest, which posted a 2.6 percent increase in July. Construction starts were down 11 percent in the South, 3.7 percent in the West and 1.3 percent in the Northeast.

TRAINING, SEMINAR REGISTRATION OPEN

COLLEGE STATION (Real Estate Center) – Fall means the start of classes, even for real estate professionals. Registration is open for an array of upcoming training sessions and seminars from the Real Estate Center at Texas A&M University.

The 21st Annual Legal Seminar on Ad Valorem Taxation will be held Aug. 29–31 at the Hyatt Regency in San Antonio. The seminar, which will provide a wealth of information on a variety of legal topics influencing ad valorem taxation, is being presented in cooperation with the State Bar of Texas Property Tax Committee. The cost is $385.
The Commercial Real Estate Summit will be held in Fort Worth Sept. 26–27. This 15-hour MCE program will cover current commercial real estate issues including an economic forecast, public policy, impact fees, demographics, water issues, urban/public land oil and gas activity, and Fort Worth development. Also included are the required MCE legal update and ethics courses. The early registration fee is $175 for SCR members or $200 for non-SCR members.
Instructor training for Legal Update and Ethics MCE courses will be conducted in Grapevine on Nov. 1, El Paso on Nov. 9, Austin on Nov. 19, Houston on Dec. 3, San Antonio on Dec. 17 and College Station on Jan. 8. These sessions will certify instructors to teach the new courses, which go into effect Jan. 1, 2008. The early registration fee is $75 per course.
An Educators Conference will be held in College Station on Jan. 7, the day before the instructor training for the Legal Update and Ethics MCE courses. Center researchers will be on hand to update core and MCE instructors. The early registration fee is $20.

Information on each of these courses is available on the Center’s website.

RENAMING, RENOVATING BEAL CENTER

DALLAS (Dallas Morning News) – Granite Properties will spend $6 million renovating the former Beal Bank Center on the Dallas North Tollway.

The 1980s-era complex includes 12- and 13-story brick and glass office towers and a two-story building. The buildings total more than 342,000 square feet.

Locally based architecture firm Omniplan designed the renovations, which include new metal roofs for the towers and a redesign of the ground floor porte cocheres.

The currently 65 percent leased center will be renamed Tollway Towers.

COLE CREEK'S NEW TRIO

HOUSTON (Trammell Crow Company) – Work has begun on three new distribution facilities in the Cole Creek Business Park, bringing almost 427,000 square feet to Trammel Crow Company’s park.

The 252,000-, 80,000- and 94,930-square-foot buildings make up phase three of the Cole Creek development at the northwest corner of West Little York and Fairbanks North Houston. Completion is scheduled for March 2008.

The new buildings are owned by Trammell Crow Company and ING Clarion. The development team includes Powers Brown Architects; Cobb Fendley Associates; Haynes Whaley Associates; Redding, Linden, Burr; Rosenberger Construction; and Wong & Associates.

CB Richard Ellis will handle leasing.

ADAM'S MARK REBRANDED

DALLAS (Dallas Business Journal) – Two months after Oxford Lodging Advisory & Investment Group announced it was buying downtown’s Adam’s Mark Hotel, the hotel is being rebranded as a Sheraton Hotel.

Starwood Hotels and Resorts Worldwide, which owns Sheraton Hotels & Resorts, will oversee the hotel's management and branding.

The Adam's Mark Dallas, located on Olive Street near Pearl Street, boasts 1,840 rooms and 240,000 square feet of convention space.

NORTH TEXAS HOSPITAL BOOM

DALLAS (Dallas Morning News) – To serve fast-growing southern Denton County, North Texas’ largest hospital system plans to build a $160 million, 130-bed hospital in Flower Mound, Lewisville or Coppell.

Texas Health Resources’ (THR) new hospital is just part of more than $2.5 billion worth of hospital construction and expansion that has been announced in North Texas by various companies, said Nancy Williams, president of the Health Industry Council of the Dallas–Fort Worth Region.

THR's hospital, a joint venture with 100 local physicians, will be called Presbyterian Hospital of (the chosen city). According to Will Behrmann, THR's director of planning and business development, the physicians' preferences will determine the location.

The full-service hospital will complement the 255-bed Presbyterian Hospital of Denton, in which THR currently holds a 20 percent interest.

COPPERFIELD'S COPPER LAKES

HOUSTON (globest.com) – Construction has begun on the 374-unit Falls at Copper Lakes Apartments in the city’s far northwest.

Austin-based Duval Copperfield Partners Ltd. is developing the $35 million, Class-A complex on almost 22 acres at Hwy. 6 and Huffmeister Road.

The complex will have 48 three-bedroom units ranging from 1,282 to 1,426 square feet. The remaining will be two-bedroom (1,082 square feet) and one-bedroom (856 square feet) units. All units will have attached garages.

Live Oak Capital Ltd. arranged the 94 percent loan-to-cost financing of $33.4 million. Amegy Bank of Texas provided $28.5 million of the total funding in a three-year senior loan at a variable rate of 200 basis points above LIBOR. KeyBank Real Estate Capital supplied the three-year mezzanine of $4.95 million.

Blazer Residential Inc. is the general contractor. The project’s architect is Mucasey & Associates. Both are from Houston.

AUSTRALIAN TRUST'S INDUSTRIAL PICKUP

SAN ANTONIO (San Antonio Express-News) – Locally based Santa Barbara Development Services has sold 11 industrial buildings totaling just over one million square feet to DB RREEF, an Australian real estate trust. The two companies will partner to develop new buildings throughout the city.

DB RREEF Trust bought the buildings, which are located in various industrial parks, including Cornerstone Industrial Park (near I-10 and Loop 410), Alamo Downs Business Park (near Loop 410 and Culebra Road), Interchange Park (near Loop 410 and I-35) and Tri-County Business Park in Schertz.

Also included was a 360,000-square-foot rail-served warehouse that is under construction at the East Kelly Rail Port at Port San Antonio. Santa Barbara Development has additional ground leases at this location, where, on Oct. 1, the partnership will break ground on the first of two 270,000-square-foot warehouses.

The partnership also has 14 buildings planned on the industrial park land and plans to break ground on the first three next month.

All buildings will be built on a speculative basis.

Santa Barbara Development partnered with New Mexico–based Titan Industrial Development to develop the properties bought by DB RREEF.

VERDE BUILDING BEGINS

PFLUGERVILLE (Austin American-Statesman) – Verde Corporate Realty Services, based in El Paso, is developing a one-story, 144,000-square-foot, Class-A industrial building in the $50 million Verde Springbrook Corporate Center industrial park.

The Austin office of Verde is handling the marketing and leasing. The building is projected to be completed by year’s end.

The 63-acre park is in the new Texas 45 North corridor. It will total one million square feet at buildout.

METRO HOME PRICES IMPROVE

WASHINGTON (National Association of Realtors) – Home price trends are improving in metropolitan areas, but existing-home sales during the second quarter were below a year ago in most states, according to the latest quarterly survey by the National Association of Realtors.

In the second quarter, 97 out of 149 metropolitan statistical areas show year-over-year increases in median existing single-family home prices, including nine areas with double-digit annual gains. Fifty had price declines, and two were unchanged.

Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate of 5.9 million units in the second quarter, down 10.8 percent from a 6.6 million-unit pace in second quarter 2006.

The national median existing single-family home price was $223,800 in the second quarter, down 1.5 percent from second quarter 2006, when the median price was $227,100.

Total existing-home sales in the South were at an annual rate of 2.3 million units in the second quarter, down 10.7 percent from the second quarter of 2006. The median existing single-family home price in the South was $185,000 in the second quarter, 1.6 percent below a year earlier.

The strongest price increase in the South was in the Beaumont–Port Arthur area, at $127,700, up 11.8 percent from a year ago.

MORTGAGE RATES INCREASE

NEW YORK (CNNMoney.com, Real Estate Center) – Mortgage rates rose for the first time in four weeks, Freddie Mac reported yesterday.

The government-sponsored loan buyer said the average rate on a 30-year fixed-rate loan increased from 6.59 percent to 6.62 percent for the week ending August 16. Last year at this time, 30-year mortgage rates averaged 6.52 percent.

Five-year adjustable-rate mortgages (ARMs) averaged 6.35 percent this week, up from 6.33 percent last week and 6.18 percent a year ago.

One-year ARMs averaged 5.67 percent this week, up from 5.65 percent last week, the same level they were at this time last year.

Because mortgage rates have fluctuated slightly in recent months, Dr. Jim Gaines, research economist with the Real Estate Center at Texas A&M University, does not think the increase establishes a definite trend. However, he says the Federal Reserve's decision to cut discount rates on loans to banks by half a percentage point could portend a future decline if it lowers its federal funds rate at its September meeting.

IT TAKES A BAYLOR VILLAGE

WACO (Waco Tribune-Herald) – Nearly 700 Baylor students are moving into the new Brooks Village, which replaced the old, demolished Brooks Hall.

The $43 million complex is just over 252,000 square feet, with 370 students in the dormitory-style Brooks College and 312 sophomores, juniors and seniors in the apartment-style Brooks Flats.

Brooks College houses the new Robbins Chapel. Both have state-of-the art classrooms. Also included in the village are faculty offices and a faculty apartment, giving students more daily interaction with their professors.

The furnished Brooks Flats have complete kitchens and are single- or double-occupancy bedrooms in apartments housing between two and four people.

Brooks College will cost between $535 and $624 per month. It costs between $395 and $522 per month to live in one of Baylor’s other dormitories. Brook Flats will cost between $677 and $763 monthly.

Currently, 39 percent of Baylor students live on campus, compared to 29 percent in 2001.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

Tuesday, August 14, 2007

RECON August 14, 2007

RECON

Real Estate Center Online News

August 14, 2007

BRIDWELL RISING

WICHITA FALLS (Wichita Falls Times Record News) – Crews have begun preparing the site for Bridwell Tower, United Regional Health Care System’s 179,000-square-foot expansion project that will begin construction later this month.

The tower, the first part of a three-phase consolidation plan, will stand across from the current 11th Street campus. It will house a floor for surgery, as well as areas for pediatrics, obstetrics and outpatient services.

The city/county hospital board has approved a budget of $70.4 million to build, furnish and equip Bridwell Tower. All three phases are being funded largely by $60 million of proceeds from a United Regional bond.

The board also approved a contract with McCarthy Building Companies of Dallas, with roughly $45.3 million of the Bridwell Tower budget set aside for construction. The hospital expects local subcontractors to pick up about 40 percent of the construction work.

Construction on Bridwell Tower should take about two years.

TRADING TRACES

HOUSTON (svn.com) – Traces Loft Apartments, a 256-unit apartment community near Beltway 8 at 5110 Azalea Trace, has been sold to California-based Smoketree Apts LLC.

Built in 1983 on almost nine acres, the 18-building complex near Sam Houston Race Park, Willowbrook Mall and the HP offices was more than 90 percent occupied. The one-bedroom, one-bathroom units have monthly rents ranging from $550 to $600. The property closed at a 7.5 percent cap rate.

Sperry Van Ness in Houston represented Smoketree. The seller, New York–based TLA Partner LP, represented itself.

GROUNDBREAKING AT ALMEDA

HOUSTON (globest.com) – Local developer Michael Stevens Interest Inc. is breaking ground on a 252-unit apartment complex on just over ten acres at 9000 Almeda Rd.

The complex is in the Texas Medical Center, near downtown on Loop 610. The estimated total development cost is $25 million.

Cushman & Wakefield of Texas Inc. represented the seller, Carolyn Rosenstock Ellis of Houston.

RADISSON SPA TREATMENT

SAN ANTONIO (San Antonio Business Journal) – A joint venture between Seattle-based Dow Hotel Co. and Prudential Insurance Co. of America purchased the Radisson Hill Country Resort and Spa from FFI Real Estate USA LLC.

Built in 2002, the 227-room hotel at 9800 Westover Hills Blvd. features three swimming pools, four food and beverage outlets, two retail shops and a 6,000-square-foot day spa.

Dow Hotel will manage the property.

H-E-B TO ANCHOR VILLAGE

MISSOURI CITY (Houston Chronicle) – Weaver Davis & Jacob Realty Group has purchased 28 acres at the entrance to Sienna Plantation and sold a 16-acre portion to H-E-B.

H-E-B plans to build a more than 113,000-square-foot store anchoring the planned Sienna Village center.

The land was purchased from Sienna/Johnson, developer of the master-planned Sienna Village, which includes 90,000 square feet of retail space on 12 acres. Construction of the retail center is set to begin this fall with grand opening slated for late next summer.

MAKING USE OF LAND

KATY (globest.com) – Local developer Simpkins Group has purchased 213 acres surrounding the 1.3 million-square-foot Katy Mills Mall from Maryland-based Mills Corp.

Simpkins Group plans to develop the infrastructure-ready acreage at I-10 and Katy Fort Bend Road into pad sites. CB Richard Ellis' Houston office will market the pads, which will be sold for a mix of commercial and retail uses.

Chicago-based Wrightwood Capital Corp. provided $22.5 million in financing. Live Oak Capital Ltd. in Houston arranged the 36-month loan.

FROM DETROIT TO DALLAS

DALLAS (Dallas Business Journal) – Comerica Inc., currently based in Detroit, will lease the first five floors of the 60-story Bank One Center building at 1717 Main St. for its new corporate headquarters.

The building, completed in 1987 for Mercantile National bank, will be renamed Comerica Bank Tower. Some Detroit employees will begin relocating to the building next month.

The lease on Comerica's current Texas headquarters — Thanksgiving Tower at 1601 Elm St. — expires in mid-2008.

CB Richard Ellis Inc. and the Staubach Co. advised Comerica on the lease transaction.

SEAHOLM PROJECT GROUNDWORK BEGINS

AUSTIN (Austin Business Journal) – Construction has begun in the Seaholm District — the old power plant's site — to transform the area into a mixed-use development.

Improvements initially will include the realignment of Sandra Muraida Way and the addition of a traffic circle, water and wastewater lines and a water quality biofiltration meadow.

CROSSWELL BUYS LAND

BAYTOWN (Houston Chronicle) – Crosswell Development has purchased more than 34 acres at North Main and Archer in Baytown from Jack R. Lee, trustee.

Claire Sinclair Properties represented the seller. Crosswell Development was self-represented.

INDUSTRIAL ENERGY

DALLAS (Dallas Morning News) – Siemens Energy has leased 162,500 square feet of industrial space at 1011 N. 28th St. at Dallas–Fort Worth International Airport.

CB Richard Ellis negotiated the lease.

ACUTE CARE PURCHASED

HOUSTON (Houston Business Journal) – Hospital Partners of America Inc. has sold two local acute-care facilities to Medical Properties Trust Inc. for $100 million.

The campuses are part of Twelve Oaks Medical Center and are licensed for a total of 524 beds.

The River Oaks campus consists of an eight-story, 199,000-square-foot structure and an under-construction five-story, 110,000-square-foot building to be called River Oaks Physician Plaza.
The Sharpstown campus is a four-story, 156,000-square-foot facility.

North Carolina–based Hospital Partners of America will lease back the buildings, becoming Alabama-based Medical Properties Trust’s third-largest tenant.

BEHRINGER SQUARED

FRISCO (PRNewswire) – Behringer Harvard has entered into a joint venture with Fairway Equities to purchase and develop an approximate 48-acre portion of Frisco Square, a master-planned development in the city's town center.

Included in the purchase is 43,500 square feet of office space, 114 high-end multifamily units and 57,000 square feet of retail and restaurant space, as well as a 16,000-square-foot retail building and a 48,000-square-foot office building, both of which are under construction.

The purchase includes entitlements for a total of 1.6 million square feet of office space, 560,000 square feet of retail, 300 high-end multifamily units and 800 hotel rooms.

In 2007, Forbes named Frisco, which is about 25 miles north of Dallas, the seventh-fastest-growing suburb in the United States, with population expected to more than triple to nearly 230,000 by 2030.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

The Woodlands E-Neighbor - August 14, 2007

24 WATERWAY AVENUE TOPPED OUT - A "topping out" ceremony was held on Thursday, August 9, 2007 at 24 Waterway Avenue (pictured), a new 308,206-square-foot mixed-use building on Waterway Square in The Woodlands Town Center, according to Dan Leverett, vice president of commercial for The Woodlands Development Company.

24 Waterway Avenue is the largest mixed use Class A speculative office building constructed to date by The Woodlands Development Company. The building includes 12 office floors totaling 268,263 square feet with 39,943 square feet of restaurant and retail space on the ground floor. In-building parking, high quality finishes and building materials and panoramic views of Waterway Square and The Woodlands Waterway® are highlights of the building design. 24 Waterway Avenue was designed by Elkus Manfredi of Boston, MA and constructed by Harvey Builders of Houston.

24 Waterway Avenue is located in the Waterway Square District, at the north end of Waterway Square Park, a one-acre public plaza with unique water features and greenspaces that will be the "centerpiece" of The Woodlands Town Center when it opens in the spring of 2008.

HUBBEL AND HUDSON, HMT AND GPM, INC. PLAN MOVE TO 24 WATERWAY AVENUE - Several new tenants including Hubbell and Hudson, HMT, and GPM, Inc. have already announced plans to occupy 49,000 square feet in 24 Waterway Avenue (rendering pictured), a mixed-use building on Waterway Square in The Woodlands Town Center when it is completed early next year, according to Dan Leverett, vice president of commercial for The Woodlands Development Company. Additional leasing is underway, and the building is 60% committed, Leverett said.

Hubbell and Hudson, a new world-class specialty market, will open a 23,000-square-foot store at 24 Waterway Avenue. Hubbell and Hudson Market will offer an upscale selection of locally grown premium produce, artisan bakery items, rustic pastries, boutique wines and cheeses and premium and dry aged meats. The store will also serve chef-prepared foods and feature an authentic European deli, best-in-class sommeliers, cheese mongers and chefs. Hubbell and Hudson Bistro will serve informal upscale dining throughout the day, and have a coffee bar and full service bar for patrons. The new store is expected to open in early 2008.

HMT, a provider of products and services for the maintenance and repair of aboveground storage tanks for the petroleum industry, has leased the entire fourth floor (18,585 square feet) at 24 Waterway Avenue. The company outgrew its facility in Tomball, TX and moved to temporary offices at 2002 Timberloch Place in The Woodlands last February. HMT plans to relocated approximately 40 employees to 24 Waterway Avenue in February of 2008. The move is a consolidation of departments within the company.

GPM, Inc., the asset management company for George P. Mitchell (pictured), is moving its corporate headquarters to 12,416-square-foot offices at 24 Waterway Avenue. George P. Mitchell is the founder of The Woodlands, and GPM, Inc. has been located in The Woodlands since 1984. In addition to the GPM, Inc. corporate offices, the space will also serve as the headquarters for the Cynthia and George Mitchell Foundation and other Mitchell affiliated companies. The firm expects to move to 24 Waterway in early 2008.

FRIDAY DEADLINE FOR HOMETOWN HEROES NOMINATION - The deadline for nominating 2007 Hometown Heroes is Friday, August 17, 2007. The honor will be bestowed upon individuals and businesses or institutions that serve as outstanding role models for volunteerism and dedication to The Woodlands community, according to Susan Vreeland-Wendt, director of marketing for The Woodlands Development Company.

The 2007 Hometown Heroes will be inducted into the Hometown Heroes Hall of Fame at "A Hero's Journey: The Woodlands 2007 Celebration of Excellence" benefiting Interfaith of The Woodlands, to be held Saturday, October 13, 2007 at The Woodlands Waterway Marriott.

A Selection Committee of one Hometown Hero from each year will choose the five honorees for 2007. Nomination forms are available in The Villager newspaper; at The Woodlands Homefinder Center, located at 2000 Woodlands Parkway; Interfaith of The Woodlands, located at 4242 Woodrush Drive; or online at www.thewoodlands.net. All nominees must be current residents of The Woodlands, or businesses/institutions based in The Woodlands. Completed nomination forms should be mailed to: Hometown Heroes Selection Committee, The Woodlands Homefinder Center; P.O. Box 5050, The Woodlands, Texas 77387-5050. Forms can also be fax to 281-719-6159 or emailed to svreeland@thewoodlands.com.

For more information about the Gala or gala sponsorships, contact Meghan Warren Interfaith's special events coordinator, at mwarren@woodlandsinterfaith.org or call 281-615-8223.

THE WOODLANDS SYMPHONY ORCHESTRA PREPARES FOR 15TH SEASON - David Chan (pictured), Concertmaster of the Metropolitan Opera Orchestra, will launch The Woodlands Symphony Orchestra's year-long celebration of its fifteenth season as guest performer and violin solo artist for their opening performance, October 6, 2007 at the Nancy Bock Performing Arts Center at the McCullough Junior High School campus.

Mr. Chan, an active soloist, recitalist and chamber musician, made his Carnegie Hall debut during the 2002-2003 season. Beginning his musical education at age four, Mr. Chan won numerous musical competitions, gaining international recognition at age seventeen by winning top prize at the Tchaikovsky International Competition in Moscow.

Several concerts are planned for the 15th season including "Family Holiday Pops", the "Messiah" with The Woodlands Symphony Chorus, and "Exhibition in Music" with award-winning artwork from Conroe ISD students and original music compositions by students from the Shepherd School of Music at Rice University. For the complete story, click here.

...AND SPEAKING OF MUSIC, THE WOODLANDS CONCERT BAND NEEDS YOU - Rehearsals for new and returning band members will begin on Thursday, August 16, 2007 for The Woodlands Concert Band (WCB) with the first performance scheduled for mid-October. The WCB does not require auditions to join. The WCB accepts members who play everyday to performers who haven't picked up their instrument in 30-years. For more information, visit www.woodlandsband.com.

On August 17-19, 2007, Texas shoppers get a break from state and local sales taxes on certain items under $100 as part of the "tax free weekend".
The International Association of Administrative Professional Woodlands Area Chapter (IAAP-WAC) was chartered three years ago to provide administrative professionals who work or live in The Woodlands area with information, education and networking opportunities.

The Woodlands Repertory Theatre is a community theatre and is part of the Class Acts Production family, a non-profit organization dedicated to providing professional-quality, musical theatre performance opportunities for all ages.

THE WOODLANDS REPERTORY THEATRE PRESENTS SOUTH PACIFIC - The Woodlands Repertory Theatre presents South Pacific, a timeless musical written by legendary Rodgers and Hammerstein. South Pacific will be presented August 16-18, 2007 at 7:30 pm and also August 18 th at 2:30 pm at the Nancy Bock Performing Arts Center at the McCullough Junior High School campus. Tickets can be purchased online at www.thewoodlandsrep.org or call 936-273-3395 for more information.

HAPPY PEOPLE WORK, TOPIC FOR IAAP-WAC AUGUST MEETING - Angela Huffmon (pictured) will be the guest speaker at the August meeting of the International Association of Administrative Professionals Woodlands Area Chapter (IAAP-WAC) that will be held on Thursday, August 16, 2007 at Perry's Steakhouse & Grille in Sterling Ridge Village Center.

Huffmon's topic will be "Don't be Afraid to Use the WHIP (Working Happy Increases Productivity)". All administrative staff and their managers in The Woodlands area are invited to attend the monthly meetings. For more information, visit www.iaap-wac.org. For dinner reservations, please contact Monte Dean at mdean@reliant.com or 713-497-4553.

FUEL RETURNS TO THE YMCA - FUEL returns to the YMCA on Friday, August 17 th from 7 - 10 pm with a back to school jam. The South Montgomery County YMCA, in collaboration with several local churches, invites all junior high students to the re-energized FUEL at the Shadowbend Place location.

Activities will include climbing wall, live music, basketball, video games on a 25-foot screen, huge inflatable games, skits, speakers, games, late night concert, and much more. The event is FREE and is open to all junior high students. A special prize will be given out to the person who brings the most new friends.

BACK-TO-SCHOOL EVENT AND HEALTH FAIR FOR TAMINA COMMUNITY THIS FRIDAY - On Friday, August 17, 2007, with sponsorship from the South Montgomery County YMCA, Ritz Wiltz, executive director of Children's Books on Wheels and the Montgomery County Women's Center will collaborate for the annual Tamina "Back-to-School Bash & Health Fair" to be held at the Tamina Community Park from 3 pm - 6:30 pm.

There will be various agencies, resources, information and materials to help students and their families launch a successful school year. All are invited to attend this free event. There will be free snow cones and cotton candy. Children's Books on Wheels is a nonprofit community outreach organization promoting literacy to underserved and rural communities of Walker and Montgomery County.

Montgomery County Women's Center provides shelter, advocacy and counseling to victims of domestic violence and sexual assault. The 24-Hour Crisis Hotline is 936-441-7273.

For more information, call Rita Wiltz, Children's Books on Wheels at 281-844-7596 or Donna Wick, outreach program manager for MCWC at 281-292-4155, ext. 228.

Friday, August 10, 2007

RECON August 10, 2007

RECON

Real Estate Center Online News

August 10, 2007

OLAJUWON'S BIG SCORE

BAYTOWN (Houston Chronicle) – Hakeem Olajuwon has paid more than $20 million for 1,250 undeveloped acres in Chambers County.

The former Houston Rockets center, who has been a real estate investor for the past decade, plans to re-sell the land to home builders and commercial developers.

The acreage is along both sides of I-10 East in a working-class area close to new schools, job centers and a stretch of the Grand Parkway currently under construction. The property includes all four corners at I-10 and FM 3180 and three corners at I-10 and Grand Parkway.

When Beltway 8 was being built, this east side area, with its cluster of petrochemical plants and flood-prone plains, was the last area to be developed, according to Ralph Howard, CEO of Houston-based real estate consulting firm Situs Cos. As its density increases, however, more big-box retailers are expected to target this part of town.

PLAZA BECOMES LEGACY

WHITE SETTLEMENT (globest.com) – Boston-based Lindahl Group has purchased the Plaza, a Class-C apartment complex at 400 Ralph St., from LNR Property Corp., formerly Lennar Partners Inc., of Miami Beach, Fla.

The 89 percent leased, 144-unit, 41-year-old complex on ten acres has one-, two- and three-bedroom units averaging 823 square feet. Leases range from $580 to $780 per month. The Plaza, which is directly across the street from Lockheed-Martin Corp.'s assembly plant, will be renamed the Legacy.

Apartment Realty Advisors in Dallas assisted in negotiations.

SHADY VALLEY, 1031-STYLE

PANTEGO (globest.com) – Shady Valley Square Apartments at 3206 Green Tee Dr. has been sold to Wehner Management Co. of Los Angeles.

The 95 percent leased, 114-unit complex was built on about seven acres in 1969. The mostly one- and two-bedroom units average 1,018 square feet with rents ranging from $400 to $616 per month.

Wehner’s first area purchase is part of a 1031 exchange of a multifamily property in Los Angeles. Ryan Wehner, a Los Angeles broker, represented the firm. Hendricks & Partners in Dallas represented the seller, Sherron & Associates of Seattle.

Devonshire Real Estate & Asset Management Group of Dallas will manage the complex.

EXCHANGING DENVER FOR ARLINGTON

ARLINGTON (globest.com) – Tealwood Apartments has been purchased by a California investor using 1031 exchange proceeds from an office building sale in Denver.

The 20-year-old Class-B complex on just over five acres at 6400 Tealcove Dr. was 90 percent leased at sale time. Its one- and two-bedroom units average 643 square feet with rents ranging from $500 to $750 per month.

Tealwood Arlington Associates Ltd., which built the complex in 1985, was represented by Don Luckadoo Co. Wildwood Realty Partners represented the buyer. Tealwood, Luckadoo and Wildwood are all based in Dallas.

BARFIELD REDUX

AMARILLO (Prudential Ada Realtors) – The historic Barfield Building is being renovated by developer Todd Harmonn and will become 44 luxury loft apartments above first-floor retail and restaurants.

Averaging 1,270 square feet, 34 units will feature two bedrooms and two baths, and the remainder will have one bedroom and one bath. The $8.5 million restoration of the 87,500-square-foot, ten-story structure also includes replacement of all mechanicals and the addition of 6,400 square feet of Trex decking and a rooftop swimming pool.

Corgan & Associates of Dallas and general contractor Key Construction of Fort Worth are overseeing the high-rise restoration. Construction is scheduled for completion late next year.

The Barfield was designed in 1926 by renowned Texas architect Wyatt C. Hedrick, whose historical portfolio resides at the University of Texas School of Architecture.

HSM WRANGLES VALLEY RANCH

COPPELL (globest.com) – HSM Equity Partners, with backing from New York City–based NDC Capital Partners, has purchased the more than 117,000-square-foot Valley Ranch Centre from Regency Centers Corp.

The 88 percent leased Class-A retail center was developed in stages between 1989 and 1997 on more than ten acres at 820 S. MacArthur Blvd. Among its retailers are Pizza Hut and Baskin Robbins. Washington Mutual is on a pad site.

Wachovia Securities provided funding for the Dallas-based buyer. Staubach Co., also of Dallas, represented the Florida-based seller.

BAYOU CITY BLENDING

HOUSTON (Houston Business Journal) – As part of a nationwide growth plan that calls for more than 300 stores by the end of 2010, Emerald City Smoothie has 15 franchise locations planned in the area over the next five years. The Seattle-based company currently has 47 locations across the United States.

AFFORDABLE HOUSING'S NEW VIEW

SAN ANGELO (eah.cc) – Edgewater Affordable Housing LP (EAH) is hosting the grand reopening of the 160-unit Nueva Vista apartments today.

Renovations by EAH totaled over $24,000 per unit. Updates include xeriscaping, new covered parking, a swimming pool with controlled access gate and covered pavilion, playgrounds and outdoor barbeque grill areas. The interior renovation includes new Energy Star appliances and solar screens.

UAH Property Management will manage the property formerly called Country Village. House of Faith will offer after-school programs and social activities. Ed Harris and Associates will provide homebuyer and credit counseling.

Funding partners include NA, Citibank Texas and the Texas Department of Housing and Community Affairs.

PROSPERA'S TWO-IN-ONE COMBO

DECATUR (globest.com) – Prospera Cos. has broken ground on a $9.5 million hotel and retail project.

The project, on five acres at 1405 S. US 81, includes a 71-room La Quinta Inn & Suites and almost 26,000 square feet of retail space. The retail center, Prospera Plaza, will be completed in December, with the hotel following in February.

The locally based developer is planning two more hotel and retail combinations in the next year.

NORTH TEXAS EXISTING HOME SALES DOWN

FORT WORTH (Fort Worth Star-Telegram) – The number of existing homes sold last month indicates that the local housing market is continuing to cool.

Last month, the 29-county area had 8,549 home sales, down 3 percent from the year before, according to data from the Multiple Listing Service. For the first seven months of the year, 52,940 homes were sold, down 6 percent from the year before.

Jim Gaines, research economist with the Real Estate Center at Texas A&M University, said the numbers are a sign that the North Texas market is returning to a pre-boom pace. However, he pointed out that job growth is still going strong, and the median price of homes in July was $155,000 — a 1.3 percent increase over a year ago — indicating that the core of the market is still solid.

Home sales this year will most likely be down from last year's record, he said. He expects that drop-off to be 5 percent to 10 percent.

NEW USE FOR OLD PACIFIC

DALLAS (Dallas Morning News) – Before the end of the year, Lockey Capital Group will begin converting the mostly vacant 1600 Pacific office building into more than 300 apartments.

The 33-story, glass-and-stone tower, one of four downtown properties the developer purchased from 3J Development LLC, will be the third major residential project on downtown's Thanksgiving Square. The project has been approved for U.S. Department of Housing and Urban Development funding.

Built in 1964, the tower has almost 500,000 square feet of space. Dallas' BGO Architects Inc. did the current redesign of the building, which includes an outdoor pool deck on the fifth floor.

Andres Construction is the general contractor, and The Focus Group will handle leasing and management duties. Lockey Capital is part of Lockey Investment Group, a Dallas-based investment advisory firm.

WATTERS CREEK, PART DEUX

ALLEN (globest.com) – Site work has begun on phase two of the 68-acre mixed-use Watters Creek.

The second phase, which will include an eight-screen, 1,300-seat Studio Movie Grill, will be completed late next year or in early 2009.

The 1.1 million-square-foot Watters Creek is being developed by Trademark Property Co. of Fort Worth, Developers Diversified Realty Corp. of Cleveland and Coventry Real Estate Advisors of New York City.

INDUSTRIAL ENTITLEMENT

AUSTIN (Forbes.com) – Lowe Enterprise Investors (LEI) has purchased an industrial building and fully entitled land at 8520 Tuscany Way in the Tuscany Center at Walnut Creek.

The nearly 82,000-square-foot building at the corner of Springdale Road and US 290 is fully leased to Gtech Corp. and Glazer's Wholesale Drug Co.

Up to three buildings totaling just over 333,000 square feet can be developed on the more than 19 acres included in the sale. Two buildings are slated for construction, one just over 72,000 square feet and the other 89,600 square feet.

The seller, McShane Corp., developed the property in 2002 and is maintaining an ownership interest by partnering with Lowe. McShane will continue to serve as the property’s development manager.

Cadence McShane, the construction division of McShane, will serve as the designer and builder for the development, expected to be complete by spring 2008.

LEI, which also owns the historic Driskill Hotel, handled the $9 million purchase on behalf of its Los Angeles–based Lowe Enterprise Real Estate Income and Growth Partners investment fund.

MORE AFFORDABLE HOUSING IMMINENT

MESQUITE (multi-housingnews.com) – Red Capital Markets Inc., the investment banking entity of Red Capital Group, has secured low-income housing tax credits for the construction of Villas at Mesquite Creek, a new affordable-housing property.

The complex, a mix of 252 one-, two- and three-bedroom apartments in 12 three-story buildings, is slated for completion next July. All units will be reserved for households earning no more than 60 percent of Area Median Income (AMI).

The developers and general partners are affiliates of One Prime LP, the general contractor is Integrated Construction & Development, and the property manager will be Alpha-Barnes Residential Services.

MEDICAL TOWER'S NEW PROVOST

CORPUS CHRISTI (Corpus Christi Caller-Times, San Antonio Business Journal) – Provost Partners, a Dallas-based private equity group, has purchased the Corpus Christi Medical Tower at 1521 S. Staples St.

The 97 percent leased, eight-story tower was built in 1985. Tenants include Cardiology Associates, Radiology Associates and Corpus Christi Urology Group.

According to the Nueces County Appraisal District, the just over 105,000-square-foot building's value is $3.5 million.

Houston-based Transwestern represented the seller, Medical Plaza Associates. Financing was secured by Holiday Fenoglio Fowler and Robert B. Ausdal & Co.

MINORITIES GAINING GROUND

WASHINGTON (U.S. Census Bureau) – According to a recent report from the U.S. Census Bureau, nearly one in ten of the nation’s 3,141 counties has a population that is more than 50 percent minority.

In 2006, eight counties where minorities were not previously the majority pushed the national total to 303. Three of those counties — Winkler, Waller and Wharton — are in Texas.

Leading the nation in minority growth was Harris County, which gained 121,400 minority residents between 2005 and 2006, bringing its total minority population to 2.5 million, 63 percent of its total. Its minority population ranks third nationally.

Los Angeles County, Calif., had the largest minority population in the country in 2006 at seven million (71 percent of its total). However, Starr County in Texas had the highest percentage of minorities based on total population at 98 percent.

For more information, including a breakdown by minority group, read the Census Bureau’s report.

MLS CONSOLIDATION FAVORED, SURVEY SAYS

WASHINGTON (National Association of Realtors) – Data sharing, security and consolidation of Multiple Listing Services (MLS) are top concerns for Realtors and MLS executives, according to the 2007 REALTOR® MLS Technology Survey.

Respondents to the fifth annual survey, which describes MLS trends and technology practices, showed strong interest in expanding MLS service territories.

Nearly one-third of respondents favored a statewide MLS, up from 19 percent last year.
Twenty-seven percent said a market area or Metropolitan Statistical Area (MSA) would be ideal, while 21 percent preferred a larger market region within the state.
Nearly one-third of respondents have reciprocal data-sharing agreements with other MLSs, and another 23 percent have considered data sharing.
Nearly two-thirds said their MLSs make use of a RETS interface, allowing brokers, third-party software vendors, Realtor associations and MLSs to share real-time data, regardless of the type of software they use. This is up nearly 47 percent from 2005.
Three-fourths of respondents believe their MLSs have taken security issues more seriously this year than in the past, but only 42 percent said their organization has a written security policy.
Twenty-seven percent of MLS respondents said they are currently using two-factor authentications, such as a key FOB or USB device, which are more secure methods for users to access MLS systems than the traditional user ID and password combination.

MLS service regions commonly expand through consolidations, which the survey also shows are on the rise. Thirty percent of those surveyed said their MLSs had already consolidated with one or more MLSs, up from 15 percent last year, and another 38 percent are considering consolidation.

The most popular places for MLS to place listings are realtor.com, their local public MLS site and the local Realtor association website. The most commonly shared property information that MLSs send to third parties are photos, amenities, address and tax information.

TWO-CAR GARAGE . . . AT LEAST

WASHINGTON (National Association of Realtors) – People may be paying more at the gas pumps these days, but, according to a recent survey by the National Association of Realtors (NAR), that has not kept oversized garages from being a high priority among homebuyers.

Since the last survey in 2004, oversized garages saw the biggest growth in terms of what buyers consider "very important," increasing 16 percentage points to 57 percent. Among buyers who purchased homes without this feature, 56 percent said they would have paid more for an oversized garage, compared with only 6 percent in the 2004 survey.

Also considered "very important" by homebuyers were:

air conditioning (75 percent),
a walk-in closet in the master bedroom (53 percent),
hardwood floors (28 percent),
granite countertops (23 percent),
cable/satellite TV-ready (46 percent) and
energy efficiency (65 percent among new-home buyers, 39 percent among buyers of existing homes).

For more information on these and other findings, read the NAR’s summary of its "2007 Profile of Buyers’ Home Feature Preferences."

@ THE CENTER

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To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

Tuesday, August 7, 2007

RECON August 7, 2007

RECON

Real Estate Center Online News

August 7, 2007

THEY COME TO AMERICA

WASHINGTON (National Association of Realtors) – Nearly one in five Realtors has sold a home to an international client in the past year, according to new research by the National Association of Realtors (NAR). Among the other findings reported in the 2007 NAR Profile of International Home Buying Activity:

In 2006, most international homebuyers purchased single-family homes or townhomes. Like most domestic homebuyers, they financed their purchase.
Twenty-two percent of international buyers purchased condos or apartments, versus 12 percent of U.S. buyers.
Twenty-eight percent of foreign buyers bought their houses with cash, compared with 8 percent of U.S. buyers.
The median sales price of homes purchased by international buyers was $299,500, which is significantly higher than the U.S. median of $221,900 during the same period.
Forty-seven percent of all international buyers purchased homes exclusively for vacation, while 22 percent were motivated primarily by investment.
A third of all international buyers are from Europe, but buyers from Asia and North America (outside the United States) each represent about one-fourth of the total market. Sixteen percent of all international buyers are from Latin America. By individual country, most buyers come from Mexico (13 percent), the United Kingdom (12 percent) and Canada (11 percent).
Twenty-six percent of sales to foreign buyers in 2006 were in Florida, while 16 percent were in California and 10 percent were in Texas. The South attracted 49 percent of international buyers last year, while the West attracted 31 percent.

US ONCOLOGY CONSOLIDATING

THE WOODLANDS (globest.com) – US Oncology signed a long-term lease that will consolidate its employees in a $35 million build-to-suit midrise at 10101 Woodloch Forest Dr.

The health care services company, employing about 800 to research and treat cancer, will move from two buildings at 16825 N. Chase Dr. in the Greenspoint area to a 200,000-square-foot, eight-story, Class-A building.

Groundbreaking on the new headquarters building will occur by year’s end with move-in scheduled for early 2009.

JUMBO INTEREST-RATE HIKE

NEW YORK (CNNMoney.com) – Wells Fargo has raised the interest rate on big-ticket mortgages, and other lenders are following suit.

The company, one of the nation’s biggest mortgage lenders, raised its interest rate on 30-year, fixed-rate, non-conforming loans from 6.875 percent to 8 percent. The jump means the monthly bill for a $600,000 mortgage would hit $4,403, compared to $3,942 previously, an increase of $461.

Non-conforming loans, also known as jumbos, are loans of more than $417,000, the limit observed by Freddie Mac and Fannie Mae. Neither of the government-sponsored enterprises buys loans above that cap.

BEUCLER BUILDING NEW BRAND

FORT WORTH (globest.com) – Dallas-based Beucler Properties LP has purchased the first of three sites in North Texas to build a new Class-A brand of garden-style apartments.

Beucler will break ground next month on 19 acres at the corner of North Tarrant Parkway and Park Vista Boulevard for a 308-unit complex with the working name Park Vista Apartments.

The land was bought off-market from Lazy F. Inc. of Arlington and Quadrand North Tarrant Partners LP of Dallas. The project is funded with equity from an in-place platform with institutional partners. B&A Architects Inc. and White-Conlee Builders Ltd., both from San Antonio, will oversee design and general contracting, respectively.

Beucler is also scheduled to close by year's end on 23.5 acres for another Class-A project in south Fort Worth and will close early next year on a Class-AA development in Phillips Creek Ranch.

Each project, regardless of brand, exceeds $20 million in costs, with its Class-AA costing about $35 million on average.

NAI Huff Partners in Fort Worth along with Beucler's broker, Steelwood Property Co. in Austin, assisted in the transaction.

In Houston, the company recently broke ground at FM 1960 and I-45 on a 280-unit project with the working name Hollow Tree Apartments. Its units are scheduled to be available next May, the same time as the Park Vista project.

Beucler currently has 2,500 units built or planned. Also under construction is a Class B-plus project in San Antonio.

LEASE ROLL PROMPTS WESTCHASE PURCHASE

HOUSTON (globest.com) – Prompted partly by a 15 percent annual lease roll, Younan Properties Inc. has purchased the more than 202,000-square-foot Westchase Bank Building from a local seller.

The Los Angeles–based buyer paid $26 million for the Class-A office building at 9801 Westheimer Rd. and plans to invest $1 million more in upgrades.

Tenants of the fully leased building include URS Corp., Cumulus Media Inc. and World Cinema. According to Younan Chairman and CEO Zaya Younan, lease rates are, on average, 25 percent below the market, which is $28.92 per square foot in Westchase.

Cushman & Wakefield of Texas Inc. represented the seller of record, 9801 Westchase Ltd. of Houston. Younan will manage the 25-year-old asset, and PM Realty of Houston will handle leasing.

TWO FOREST PLAZA UPGRADE PLANNED

DALLAS (globest.com) – Parmenter Realty Partners has purchased the 11-story Two Forest Plaza office building from CMD Realty Investors Inc. of Chicago.

Transwestern will manage the more than 196,000-square-foot, 64 percent leased building at 12201 Merit Dr.

The Miami-based buyer secured a $19.7 million loan to buy and upgrade the Class-B property. CB Richard Ellis/Melody's South Florida office and CBRE's institutional group arranged the financing through Paris-based Societe General.

TEMPLE INLAND'S TIMBER SOLD

AUSTIN (Business Wire) – Temple-Inland Inc. has sold more than 1.5 million acres of timberland to an affiliate of the Campbell Group for almost $2.4 billion.

Just over 1.1 million acres are in East Texas, with the balance in Louisiana, Alabama and Georgia.

The net cash proceeds are anticipated to be approximately $1.8 billion. Temple expects to pay a special dividend, currently estimated at $1.1 billion, or $10.25 per share, to its common stockholders.

The transaction includes a 20-year fiber supply agreement for pulpwood and a 12-year fiber supply agreement for sawtimber. The Campbell Group and its investors have also agreed to continue Temple-Inland's conservation standards and focus on environmental stewardship.

Goldman, Sachs & Co. and Citigroup Global Markets Inc. were financial advisors and Sutherland, Asbill & Brennan LLP were legal advisors to Temple-Inland during the transaction.

Legal advisors for The Campbell Group LLC, headquartered in Portland, Oregon, were Morrison & Foerster LLP and Schwabe, Williamson & Wyatt.

CLASS-B BALCONES SOLD

AUSTIN (globest.com) – A Los Angeles-based investment group has purchased the 312-unit Balcones Club Apartments from Equity Residential Properties Trust.

The buyer plans to renovate the 23-year-old, Class-B complex that sits on nearly 13 acres at 9218 Balcones Club Dr. It includes a mix of one- and two-bedroom units ranging from 464 to 1,150 square feet. Monthly rents range from $506 to $859.

Apartment Realty Advisors represented the Chicago-based seller.

BUSINESS CENTERS SOLD

SAN ANTONIO (San Antonio Express-News) – GE Real Estate has sold two business parks totaling more than 18.5 acres to a Los Angeles–based investor.

Sentinel Business Center and Blossom Business Center were owned by the Connecticut-based company through Watch Omega Holdings LP, according to state and county records.

The more than 328,000-square-foot, 31-year-old office/warehouse Sentinel Business Center is on Starcrest Drive near Jones Maltsberger Road. Thirty-six tenants occupy the 99 percent leased, six-building complex, according to GMH Capital Partners. Tax rolls appraise the complex at $6.3 million.

Blossom Business Center, near Wetmore Road and Broadway, is appraised on the tax rolls at more than $3 million. It was built in 1983 and totals more than 137,000 square feet in two buildings. At sale time, it was 96 percent leased to 27 tenants, according to GMH.

GMH, a Pennsylvania-based real estate company, represented the seller.

CONCHO RIVER TRIFECTA

SAN ANGELO (San Angelo Standard-Times) – The city’s capital improvements program includes several projects along the North Concho River. One is nearing completion, one is underway and a third is in the bidding phase.

The $1.4 million El Paseo de Santa Angela extension, which connects the original section of the Paseo with Celebration Bridge, is nearing completion. The project includes a series of waterways and pathways between the San Angelo Museum of Fine Arts and the Bill Aylor Sr. Memorial RiverStage. The project’s dedication ceremony will take place this fall.
The $200,000 renovation of San Angelo’s city park should be completed by spring. Improvements to the park, which dates back to 1903, include a Victorian-style pavilion, a new playground, walkways and adult fitness stations.
The $5 million Rio Concho Sports Complex and Community Park is in the bidding phase. Among the park’s plans are 12 lighted multipurpose fields, two lighted little league fields and a tee-ball field. Construction could begin by the end of the summer.

NEW HOME STARTS LEVELING

SAN ANTONIO (San Antonio Business Journal) – According to Metrostudy’s second-quarter report, the 3,890 single-family home construction starts from April through June of this year represented a 27.4 percent decline from the same time last year.

For the 12 months ending June 2006, there were 18,861 single-family starts. For the same period ending in June, construction started on 16,382 homes, a 13.1 percent decline.

However, for the past three consecutive quarters, the number of new-home closings (3,991) has outpaced the number of new-home starts, Metrostudy reports.

"Artificial demand stimulated by speculator investors and lax subprime lending standards during much of 2005 and all of 2006 caused the market to appear bigger than it was, and it was ultimately oversupplied," said Jack Inselmann, vice president of the U.S. Central Division of Houston-based Metrostudy.

There is now a 2.2-month supply of new home inventory (3,106) compared to the 1.5-month inventory (1,974) supply at the same time last year. The supply-demand level is more or less at equilibrium when there is about a 1.7-month supply of inventory, Inselmann says.

EXEL RENEWS

HOUSTON (Houston Chronicle) – Exel has renewed its almost 104,000-square-foot lease of the building at 8501 North Loop East.

Holt Lunsford Commercial represented the landlord, Teachers Insurance and Annuity Association of America. Samuel H. Brown Inc. represented Exel.

TEED UP AT PORT A

MUSTANG ISLAND (Kemper Sports) – The 18-hole Newport Dunes, an Arnold Palmer Signature Course, is scheduled to open next spring.

The course, designed by the Arnold Palmer Design Company, is part of the first phase of the emerging 1,800-acre Newport Beach resort community being developed by Texas Gulf & Harbor Ltd. The development will eventually include residential villages, hotels and a marina.

Illinois-based golf management and development company KemperSports will operate Newport Dunes.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

Texas Real Estate Market News

Tuesday, August 21, 2007

RECON August 21, 2007

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Friday, August 17, 2007

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Tuesday, August 14, 2007

RECON August 14, 2007

The Woodlands E-Neighbor - August 14, 2007

Friday, August 10, 2007

RECON August 10, 2007

Tuesday, August 7, 2007

RECON August 7, 2007

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