Mike Wong Realtor, GRI

When: MARCH 25, 2009

Time: 7:30 - 9:00 AM

Where: OCEAN PALACE
11215 Bellaire Blvd
Houston, TX 77072

The Board of Directors of the Greater Sharpstown and International Management Districts will host Harris County Sheriff Adrian Garcia for a public meeting to discuss safety and security in our community and the business district.

The public is invited to voice thier concerns and ideas to continue to make Houston safe and one of the best places to live, and our China Town one of the best places to visit.

A little over a week ago I began to rapidly recieve a disturbing email message that spread across the asian community like wild fire concerning multiple robberies in southwest Houston's "Asiatown". The details were alarming describing gangs of 6 to 15 gunmen targeting popular businesses and thier customers. According to the emails some police officers were overtaken and locked into rooms, reports of multiple businesses hit in a week, each following email containing more details and alarming stories.

By the time a string of the e-mails hit Houston City Hall the list of businesses had grown to 9 places reportedly robbed. Houston's China Town was gripped with fear and it was affecting business and normal activity in the area. The problem is there was no evidence of all the stories being true.

Police officer Lilly Yep, who works the Asiatown beat, says investigations of robberies cited in the e-mails proved the email reports "bogus." "From my knowledge, it's rumors," she said. "It's a case of someone sending 15 e-mails and then each of those people sending 15 more." Yep suggested the cyber gossip might be the work of disgruntled employees.

A manager of Tan Tan at Bellaire and Ranchester, one of the purportedly robbed restaurants, said the rumors caused thier business to drop by 20 percent.

Houston police said only three restaurant robberies were reported in the area in recent months. On Jan. 7, two men robbed Thuan Kieu Com Tam located at 10792 Bellaire, targeting seven customers. The pair struck again the next day at Tau Bay at 8282 Bellaire, but later were arrested. Another robbery occurred Jan. 23 at Le Viet, a west Houston Vietnamese restaurant about three miles from the Asian business district's heart. Two gunmen robbed about 12 customers of valuables while management huddled in a cooler calling police.

In response to the growing concern and anxiety in the area, the Houston Police Department is deploying thier specialized crime prevention task force to the area of Bellaire and Beltway 8. The Asian American Real Estate Association is participating with the Greater Sharpstown Management District, City Council Members, Houston Police Department, and Community Leaders to discuss the situation and how to assist the area.

Just wanted to say hello to my fellow agents at home and here with me in Orlando! I arrived in the beautiful city late this afternoon and I'm just settling into my hotel. Seems like it takes longer to unpack than it did to pack! Maybe because I'm in a strange room and don't know where I want to put my stuff.

So far so good. Ive got a nice comfy room to myself. Some of my fellow agents at the same hotel are complaining about cleanliness and accommodations here. For the same rate everything works for me. Of course being a germ-aphobe I went across the street for some disinfecting wipes. Next time Im packing my own, I bought a mini can of lysol for $6. As a matter of fact 4 bottles of soda, a snack pack of cookies, lysol, listerine, and soap costed $26! Maybe I need to open a convenience store across from a hotel district when I get home.

Im at the International Plaza Resort & Spa. Cleaned everything up according to some travel tips I read somewhere about the tv remote being the dirtiest thing in a hotel room. Also wiped down all handles and switches as advised and now I feel better.

Obviously my internet access is up and running fine. I ordered room service, the angus burger and a cheesecake for dessert. As expected its going to be hotel priced room service. Burger was ok, but they're better in Texas! The service here is excellent from the front desk, room service, and guest services. They have a really nice workout facility and the rooms are quiet and comfortable.

The rooms are not huge, but they are functional and more than enough for me alone. Ive got a pool view and there is plenty of room to walk around outside in the complex made up of several buildings. There are alot of places nearby to shop and dine, all within walking distance.

Before I knew it and settled into my room it was 8pm Orlando time and I was starving after just grabbing a quick snack for lunch before departing Houston. So I settled for room service rather than wandering around the hotel and getting more hungry.

Now that Im here Im working on a commercial deal that has been in the works for a month now and finally the ball is rolling. Its amazing how technology is today. I can be in a hotel in Orlando, FL and communicate with documents to negotiate and proceed on a real estate transaction in Sugar Land, TX.

Its also Murphy's Law of real estate, or it's at least always been my luck. As I was winding things down last week at the office to spend a week in Orlando, it was quiet before I left. On the plane my voicemail got 3 calls regarding commercial deals that have been waiting months for! I love it!

There is is ladies and gentlemen, just when you least expect it, deals start moving. What is better than accomplishing a deal 963 miles away! Now I'm getting back to work!

I'll keep updates here about Keller Williams Family Reunion 2009 from Orlando, FL. Im excited about KW Commercial Division Launch and courses!

According to a report today in the Houston Chronicle the foreclosure market is driving down the Houston home prices over the past month. According to the Houston Association of Realtors: one in three homes sold last month had previously been in foreclosure. The increase of foreclosure inventory contributed to the 8.5 percent drop the median price of a single-family home.

HAR reports falling prices for the fourth straight month, the price fell to $127,850 in January compared to $139,720 a year earlier. Foreclosure sales made up 34 percent of all single-family home sales during the month, compared to 25 percent a year ago.

There were 44,178 properties for sale on the Multiple Listing Service at the end of the month. Demand for rental properties was up in January, too. As more Houstonians opted to rent, leases of single-family homes rose 4.8 percent and those of townhomes and condominiums were up 25.6 percent.

What does this mean to my clients and blog readers? Now is a great time to invest or purchase with home prices at the most affordable levels and interest rates lower than ever. President Barack Obama's $787 billion economic stimulus package would give eligible first-time home buyers an $8,000 tax credit that wouldn't have to be repaid unless the owner sells the home within three years.

My investors are buying foreclosures in Sugar Land that are absolute steals, and turning them into rental income property to take advantage of the current demand and prices. So they are purchasing homes below market value gaining instant equity, renting them out for income, and gaining equity appreciation. I'll follow up with another blog giving a typical scenario.

Mike's Neighorhood Market Report for Lakefield (February 2009)

Currently there are 9 homes on the market for February.
3 available
1 option pending
1 pending sales
4 rentals available

1 rental represented by Mike Wong of Keller Williams

4 home in the neighborhood is currently available for rent. Average monthly rate is $1,265 for the neighborhood.

Listed price ranges from $135,000 up to $199,000 for current homes on the market.

Since Jan 1, 2008:
There have already been 10 homes sold in Lakefield.
Average square footage of sold properties is about 1823 sf.
Actual sold price ranges were from $109,000 up to $220,000
Average home sales price was $186,505

Here are the current available homes in Lakefield:

3 bedroom, 2 bathroom, 1990 square foot home. Listed at $135,000

3 bedroom, 2 bathroom, 1810 square foot home. Listed at $149,000

4 bedroom, 2.5 bathroom, 2161 square foot home. Listed at $184,900

3 bedroom, 2 bathroom, 1327 square foot home for lease at $1325
Fresh paint inside with new carpet and upgrades. Move in ready!

If you have any questions please feel free to call Mike at 713-935-5800 to schedule an appointment to view any of the available homes above.