Jeremy Larkin

I'm looking for some suggestions for custom home builders for a client of mine. Any suggestions out there? My client is looking to build a home on Lake Conroe in the $700-$900k range. Any help would be appreciated.

My business partner wrote an excellent article as it relates to the Houston new homes and construction market. I just wanted to pass this along to my fellow active rainers. New Homes Market Insight: Builder Price Reductions.

According to Houston Association of REALTORS® (HAR) For the full-year 2008 Houston housing market, the numbers showed mixed results. There was a 17.3 percent decline in volume of total property sales and total dollar volume tumbled 15.9 percent, which matched the market’s 2005 full-year total dollar volume. However the average sales price for a single family home in 2008 was $208,266, or a 1.0 percent increase on a year-over-year basis, with the median single-family home price of $152,000 flat compared to 2007.

“Lower mortgage rates are a good first step to reviving the real estate market, but many consumers are looking to Washington for the full scope of the economic stimulus plan before committing to major spending,” said Vicki Fullerton, HAR chairman. “This wait-and-see approach has kept Houston’s rental market strong, and even with December’s lower home prices, we’re maintaining an even keel when you compare Houston to the national picture.”

Wondering what your home is worth? Find out here.

Key Points:

The following statistics compare year end 2007 with year end 2008.

• Total home sales (all property types) fell 17.3% from 83,736 units sold to 69,220 units sold
• Total sales volume (all property types) fell 15.9% from $16.6Bil to $13.9Bil
• Average single-family home price increased 1% for the year from $206,393 to $208,266
• Median single-family home price for the year remained unchanged at $152,000
• The number of available properties, or active listings, at the end of December fell 11.7 percent from December 2007 to 43,748. That’s 3,606 fewer active listings than November 2008 and is considered an indication that inventory levels are balanced. The month’s inventory of single-family homes for year end 2008 came in at 5.7 months, down 3.1 percent from one year earlier. (6.0 months of inventory is considered an equilibrium market; higher indicates a buyer’s market, while lower indicates a seller’s market)

Notes From Icon Realty 

We here at Icon Realty would like to comment that although we as a company saw a decrease in overall sales, our resolve has never been stronger. We are optimistic as to how 2009 will unfold as it relates to Houston area real estate market. Houston has one of the best job markets and lowest cost of living sectors in the entire country which should should fuel an influx of relocation business from around the country and world. Here recently we have helped many families relocate from outside of the United States, mostly due to oil companies relocating their employees, and conducting business here in the Houston area, more specifically The Woodlands area. It’s not just oil companies, but many other career fields and companies as well including technology and health care fields. 

Here in late December early January we have seen a significant increase in activity in the single family resale market. Once again we believe this is partially fueled by the booming relocation business, and partially fueled by the lowest interest rates we‘ve ever seen since we have been in business (including investment interest rates). Our country is going through unbelievable change right now with a new presidency. With that, a change in direction and ideologies. We here at Icon Realty are optimistic that this new regime will correct previous wrong doings by our banking system and set up our financial markets to realize everyone's dream of homeownership. In addition, we will ready ourselves and adapt as needed to meet and exceed whatever changes are thrown our way by the new President and his Congress.

Although 2008 was a slower year by our standards, but we here at Icon Realty are very proud of our accomplishments.  This year we launched our brand new website Icon Real Estate - Houston North - www.houstonicon.com. The owners of Icon Realty have put a tremendous amount of effort into this website and it is continuously evolving. Our goal is to make our website the #1 source for Houston area real estate knowledge for our clients and potential new clients alike. We are still in the beginning stages of achieving that goal, but we have big plans this year to continue moving forward to meet and exceed our goal. We here at Icon Realty are on the cutting edge of real estate technology and want to share our knowledge and tools with our clients. Please check our home buying blog often as we add new content as often as possible.

Our family did grow this year, and would like to take a moment to introduce a few new members to our team. Our new managing partner Jeremy Larkin, and our new agents Meghan Tompkins, Jason Harrelson, and coming soon Denise Rider. We feel these new members will make a big impact in the greater Houston area real estate this upcoming year as they share the same goals and values of Icon Realty. We are proud to call them part of our team.

Here’s to a bright and prosperous 2009!

About Icon Real Estate

Icon Real Estate is an independent real estate brokerage servicing Suburban North Houston, including The Woodlands, Conroe, Spring, Cypress, and the surrounding area. Primary services include home buying help, new home buyer representation, home selling, leasing, investment property, and property management.

Check out our new homes and builders database! Browse home builders or browse new home communities by school district, area, or price range. Keep an eye on our home builder discounts and closeouts blog, where we keep an up-to-date list of killer deals and huge price reductions around Houston.

Investors, sign up today for our investment opportunities feed, and be the first to receive notification of all types of unique investment opportunities in the greater Houston area.

Information obtained from the Houston Association of Realtors Monthly Market Press Release. Accuracy is not guaranteed, and is subject to change. For more information, see http://www.har.com.

Property sales throughout the greater Houston area ended 2008 as they began, with lower volume following two consecutive record years. Overall property sales fell 16.0 percent last month when compared to December 2007, and sales of single-family homes were down 13.5 percent, according to new monthly data compiled by the Houston Association of REALTORS® (HAR). However, the figures show dramatic improvement from November, when both total property and single-family sales volume declined by more than 30 percent.

The average price of a single-family home in Houston dropped 10.4 percent last month to $192,135 compared to December 2007, but rose 1.0 percent to $208,266 on a year-to-date basis. At $145,000, the median price of a single-family home in December fell 6.1 percent year-over-year. The median price represents the figure at which half of the homes sold for more and half sold for less. On a year-to-date basis, the median price was unchanged at $152,000.

Sales of all property types in Houston for December 2008 totaled 5,126, off 16.0 percent compared to December 2007. Total dollar volume for properties sold during the month was $960 million versus $1.2 billion one year earlier, a 24.5 percent decline.

Rental properties remained in high demand in December, with leases of single-family homes up 26.2 percent and townhouses/condominiums up 24.6 percent on a year-over-year basis. This continues to suggest that many consumers are opting to rent property instead of purchase until they’re convinced of meaningful improvement in the economy.

"Lower mortgage rates are a good first step to reviving the real estate market, but many consumers are looking to Washington for the full scope of the economic stimulus plan before committing to major spending," said Vicki Fullerton, HAR chair and Broker of Record at RE/MAX of The Woodlands & Spring. "This wait-and-see approach has kept Houston’s rental market strong, and even with December’s lower home prices, we’re maintaining an even keel when you compare Houston to the national picture."

Wondering what your home is worth? Find out here.

Key Points:

The following statistics compare the subject month with the same month of the previous year.

• Total home sales (all property types) fell 16.0% from 6,099 units sold to 5,126 units sold
• Total sales volume (all property types) fell 24.5% from 1.27B to $960Mil
• Average single-family home price dropped 10.4% for the month of December from $214,343 to $192,135
• Median single-family home price fell 6.1% for the month of December from $154,500 to $145,000
• The number of available properties, or active listings, at the end of December fell 11.7 percent from December 2007 to 43,748. That’s 3,606 fewer active listings than November 2008 and is considered an indication that inventory levels are balanced. The month’s inventory of single-family homes for December came in at 5.7 months, down 3.1 percent from one year earlier and the lowest level of 2008. (6.0 months of inventory is considered an equilibrium market; higher indicates a buyer’s market, while lower indicates a seller’s market)

At $192,135, the average sales price for single-family homes dropped 10.4 percent from December 2007, when it was $214,363. The median price of single-family homes in November was $145,000, off 6.1 percent from one year earlier. That compares to the national single-family median price of $180,800 reported by the National Association of REALTORS®. These data continue to demonstrate the higher value and lower cost of living that prevail in the Houston market.

Lease Property Update

Demand for single-family and townhouse/condominium rentals increased again in December. Single-family home rentals rose 26.2 percent in December compared to a year earlier, while year-over-year townhouse/condominium rentals were up 24.6 percent.

Other Notables:

• Single-family home rentals increased 26.2 percent;
• Townhouse/condominium rentals increased 24.6 percent;
• Lowest month’s inventory of single-family homes for all of 2008 (5.7 months);
• Fewest single-family active listings since December 2005 (27,612)

Icon Real Estate is an independent real estate brokerage servicing Suburban North Houston, including The Woodlands, Conroe, Spring, Cypress, and the surrounding area. Primary services include home buying help, new home buyer representation, home selling, leasing,  investment property, and property management.

Check out our new homes and builders database! Browse home builders or browse new home communities by school district, area, or price range. Keep an eye on our home builder discounts and close-outs blog, where we keep an up-to-date list of killer deals and huge price reductions around Houston.

Investors, sign up today for our investment opportunities feed, and be the first to receive notification of all types of unique investment opportunities in the greater Houston area.

Information obtained from the Houston Association of Realtors Monthly Market Press Release. Accuracy is not guaranteed, and is subject to change. For more information, see http://www.har.com.

Foreclosure Auction Opportunity Houston Area!

I have stumbled upon a unique opportunity for our investors. If you have ever wondered how a foreclosure auction works read on and if possible join us at the Hilton Houston Westchase, Saturday December 20th, 1pm. The auction is being hosted by Hudson & Marshall. From what I can tell there will be approximately 100-125+ properties of all property types up for auction. Read on for more details of how this works and a list of available properties that will be up for auction.

I'm going to go over the details of how this auction will work and what you will need in order to attend and hopefully make a winning bid.

In order to view the list of properties available in this auction go to: http://www.hudsonandmarshall.com/PropertyListings.aspx?aId=21

The auction will take place at:

Hilton Houston Westchase

9999 Westheimer Rd.

Houston, TX 77042

713-974-1000

Registration begins at 11 am up to 1pm

Essentially, we will have to do a little bit of homework first on these properties before attending the auction. When looking at the list of auction properties and something catches your eye, send it over to me for analysis. I would even go through this list if you'd like and make some suggestions of properties to keep an eye on if I'm asked to do so. I have quickly looked over the list and have a couple that I believe would be worth further investigating.

Here is what you will need when we attend the auction:

• Our list of targeted homes
• A pre-qualification letter (this can be easily obtained through one of my contacts of needed)
• Picture ID
• Social Security number
• Proof of certified funds (cashiers check or money order for $2500) per property that you plan on purchasing
• Articles of incorporation, trust documentation, or other proof of signing authority (this is for those taking title in a company name or trust only)
• Properties are sold as-is and where-is
• There is a 5% buyer's premium added to all winning bids

Registration for Hudson & Marshall live auctions is available at the door, we will want to make sure we arrive in plenty of time to register before the auction begins. We will need to show a cashier's check (made payable to yourself), certified funds or cash in the amount of $2500 per each property you plan on purchasing. During the registration process you will be given a bidder card with your registration number printed on it. This card identifies you as an eligible buyer. Before the auction the auctioneer will make announcements. This is how the auctioneer corrects, updates, adds, or deletes properties from the brochure before the bidding starts or relays any important information, so listen carefully.

In addition, there is an opportunity to purchase and bid on these properties prior to the auction on the Hudson and Marshall website. I called to verify but the 5% buyers premium is still added if you purchase the property prior to the auction. Let us know and we will get involved with the presale process as well. It appears all properties will have a reserve that will need to be met, but from what I can tell most, if not all, decision makers will be present at the auction.

I am very excited about this opportunity. My partner Johnny Schiro and myself (Jeremy Larkin) will be attending this auction. Please contact one of us at our office at 281-296-6226 or Jeremy's cell at 832-622-8100 or Johnny's cell at 281-627-2486

Icon Realty Group, LLC is an independent real estate brokerage servicing Suburban North Houston, including The Woodlands, Spring, Conroe, Magnolia, Tomball, Cypress, and the surrounding area. Primary services include residential home sales, leasing, investing, and property management. To learn more about us and the services we offer please go to our website at http://www.houstonicon.com/About.aspx