Having sold one gorgeous 2-bedroom unit in this building, with another one active and available - I'm a fan! What a gorgeous building.
Amazing, old World charm and refinement define the Royalton at River Oaks. Impeccable elegance, rich architectural detail, luxurious amenities and superior service can all be found here. This Houston landmark with its majestic steel crown is a 33-story condominium which towers over Houston's skyline. The building is strategically situated on 2.7 acres one mile west of downtown at 3333 Allen Parkway.
The Royalton at River Oaks is ideally situated for things to do and for things to see. Located just east of the Galleria area, The Royalton is just moments away from quaint, upscale restaurants and exclusive boutiques and shops. Additionally, the property offers quick access to the 610 Loop and Interstate 45 via Allen Parkway. Downtown is just 5 minutes away.
Spectacular views abound from all sides of the Royalton. To the north you will see the splendor of Buffalo Bayou and Memorial Park. To the south lies Montrose and Houston's famous sporting arenas. To the east is the picturesque downtown skyline, and your west view encompasses River Oaks and the Galleria.
There are 253 residences.
Call or email me if you want me to email you some gorgeous condo's in the Royalton to view! 832/721-9979 or Robyn@RobynJonesHomes.com.
 Grand Entrance. Under the historic porte cochere, a valet and doorman welcome residents and guests. |
 Concierge Service. The friendly, professional concierge staff waits to assist with transportation, dinner reservations, theatre tickets and other service requests. |
 The Ballroom. A large, well-appointed club room is ideal for all occasions and is equipped with comfortables seating and a pool table. |
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 Fitness Center. The fitness center offers residents a variety of workout equipment including circuit machines, free weights, and cardio equipment. |
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 Infinity Edge Pool. The dramatic pool and oversize Jacuzzi spa soothe stress away. The pool is surrounded by a sundeck ideal for sunbathing, reading or enjoying a cook-out. |
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 Garden Terrace. Impeccably manicured grounds and central fountain form the garden terrace. A perfect meeting place for small groups of family or friends, or as an outdoor respite to enjoy in solitude. |
 Private Theatre. A screening room is available for residents and their guests to enjoy movies in a private settings. |
 Wine Cellar. The Royalton provides a climate-controlled room for wine storage. |
 Crown Room & Catering Kitchen. A formal dining room and kitchen offers a stylish and easy solution for large parties and celebrations. |
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Courtesy Transportation. Thursday through Saturday evenings enjoy complimentary transportation. Simply call the concierge to make a reservation. |
 Personal Storage. Climate-controlled, secure storage rooms remove the anxiety of keeping precious belongings off-site. |
NAR Home Buyer and Seller Survey Shows Rise in First-Time Buyers, Long-Term Plans
ORLANDO, November 08, 2008
The latest consumer survey of home buyers and sellers shows first-time buyers have risen in market share and plan to own their homes longer than buyers in the past. The study was released here today at the 2008 REALTORS® Conference & Expo.
The 2008 National Association of Realtors® Profile of Home Buyers and Sellers is the latest in a series of large national NAR surveys evaluating demographics, marketing, preferences and experiences of home buyers and sellers.
Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it's a trend he expects to grow. "First-time buyers are much more flexible in entering the market because they aren't concerned about selling an existing home," he said. "Given low home prices, plentiful supply and affordable interest rates, it's been an optimal time for entry-level buyers with a long-term view.
"Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves - that, in turn, should free more existing owners to make a trade in 2009."
The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year's survey and 36 percent in 2006. "Although modest, this is a meaningful gain for the 12-month period ending at the close of June, and more recent independent data show a stronger uptrend in first-time buyers who are helping to reduce excess inventory," Yun said.*
According to the NAR study, the median age of first-time buyers was 30, down from 31 in 2007, and the median income was $60,600. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.
The median downpayment by first-time buyers was 4 percent, up from 2 percent in 2007; the number purchasing with no money down fell from 45 percent in 2007 to 34 percent in the current survey. "The study covers transactions through the middle of 2008, so we can assume the downpayment numbers have shifted recently because credit tightened and no-downpayment loans all but disappeared around the close of the survey," Yun explained.
Of first-time buyers who made a downpayment, 69 percent used savings and 26 percent received a gift from a friend or relative, typically from their parents. Another 7 percent received a loan from a relative or friend, while 16 percent tapped into a 401(k) fund, stocks or bonds. Ninety-two percent chose a fixed-rate mortgage.
NAR 2008 President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said consumers rely heavily on the expertise of real estate agents to navigate the market. "This is the biggest transaction most people are ever involved in, so the qualities they're looking for in a real estate agent include reputation, honesty, integrity and knowledge of the market," he said. "Both buyers and sellers want agents to provide context, advice and know-how. The vast majority would use their agent again or recommend their agent to others."
Only 1 percent of sellers chose an agent based on his or her commission. Forty-six percent report the real estate agent initiated a discussion of compensation, while 24 percent of sellers brought up the topic and the agent was willing to negotiate the commission or fee. Thirteen percent of sellers did not know commissions and fees are negotiable.
Nearly nine out of 10 home buyers and sellers would definitely or probably use the same agent again or recommend him or her to others, consistent with the 2007 findings. The survey shows that 81 percent of home buyers and 84 percent sellers used a real estate professional, comparable to 2007.
Thirty-eight percent of sellers found their agent as a result of a referral, while 26 percent used the agent in a previous home purchase. Similarly, 43 percent of buyers relied on referrals to find an agent, while 18 percent of repeat buyers used an agent from a previous transaction.
The percentage of buyers who purchased a home in foreclosure jumped to 6 percent of transactions in the 2008 survey from 1 percent in 2007. Another 38 percent of buyers considered purchasing of a home in foreclosure but did not, primarily because they could not find the right home.
Commuting costs factored greatly in neighborhood selection, with 41 percent of buyers saying they were very important and another 39 percent saying transportation costs were somewhat important. "Since fuel costs began rising in the latter part of the survey period, it's reasonable to assume they've become even more important to home buyers since," Yun said. "We've heard from our members that commuting costs are playing a bigger role in buyers' decisions."
Environmentally friendly features also were important, cited by 90 percent of buyers. Heating and cooling costs were of primary importance, followed by energy efficient appliances and energy efficient lighting.
Buyers searched a median of 10 weeks and viewed 10 homes. Of buyers who used an agent, 61 percent chose a buyer's representative. Nearly nine out of 10 consider their home a good investment, and almost half see it as a better investment than stocks. Fifteen percent of buyers own two or more homes.
The typical repeat buyer was 47 years old, earned $88,200, purchased a home costing $236,000 and plans to stay in that home for 10 years. Repeat buyers made a median downpayment of 15 percent, but 10 percent paid cash for their property.
The median age of home sellers was 47; income was $91,000. Three-quarters were married couples, had been in their home for six years and moved a median distance of 19 miles. Their home was on the market for eight weeks; 5 percent of sellers who also purchased a home reported selling their home in a short sale.
Forty-two percent of sellers offered incentives to attract buyers, such as assistance with closing costs or home warranty policies. The typical home sold for 96 percent of the listing price, and 86 percent of sellers were satisfied with the selling process. Fifty-two percent of sellers were trading up to a larger home, while 22 percent were downsizing.
The study found that 81 percent of sellers used full-service brokerage, in which real estate agents provide a range of services that include managing most of the process of selling a home from listing to closing. Nine percent chose limited services, which may include discount brokerage, and 9 percent used minimal service, such as simply listing a property on a multiple listing service. All of these types of services are provided by Realtors® as well as non-member agents and brokers. The results are identical to findings in 2007 and comparable to findings in 2006.
Primarily, sellers want agents to price their home competitively, market the property, find a buyer and sell within a specific timeframe.
Home buyers are consistent in their expectations of real estate agents. Buyers thought the most important agent services are helping find the right house, and negotiating sales terms and price. Because agents often are chosen based on a referral, or were used in a previous transaction, two-thirds of buyers contacted only one real estate agent in the search process.
Buyers used a variety of resources in searching for a home: 87 percent used the Internet, 85 percent used a real estate agent, 62 percent yard signs, 48 percent attended open houses and 47 percent looked at print or newspaper ads. Fewer buyers rely on a home book or magazine, home builders, television, billboards and relocation companies. Buyers most commonly start their search process online and then contact a real estate agent.
When asked where they first learned about the home purchased, 34 percent of buyers said a real estate agent; 32 percent the Internet; 15 percent from yard signs; 7 percent from a friend, neighbor or relative; 7 percent home builders; 3 percent a print or newspaper ad; 2 percent directly from the seller; and 1 percent a home book or magazine.
Eighty-seven percent of home buyers who used the Internet to search for a home purchased through a real estate agent, in contrast with 72 percent of non-Internet users who were more likely to purchase directly from a builder or from an owner they already knew in a private transaction.
Local metropolitan multiple listing service Web sites were the most popular Internet resource, used by 60 percent of buyers, followed by Realtor.com, 48 percent; real estate company sites, 46 percent; real estate agent Web sites, 43 percent; for-sale-by-owner sites, 19 percent; and local newspaper sites, 11 percent; other categories were smaller.
Sixty-one percent of buyers are married couples, 20 percent are single women, 10 percent single men, 7 percent unmarried couples and 2 percent other. Twenty-six percent are non-white, 9 percent were born outside of the United States, and 4 percent primarily speak a language other than English.
Seventy-eight percent of all respondents purchased a detached single-family home, 9 percent a condo, 8 percent a townhouse or rowhouse, and 5 percent some other kind of housing.
Fifty-five percent of all homes purchased were in a suburb or subdivision, 17 percent were in an urban area, 16 percent in a small town, 10 percent in a rural area and 2 percent in a resort or recreation area. The median distance from the previous residence was 12 miles.
The level of for-sale-by-owner transactions was 13 percent, up slightly from a record-low market share of 12 percent in both 2007 and 2006. The level of homes sold without professional representation has trended lower since reaching a cyclical peak of 18 percent in 1997.
A large number of these properties were not placed on the open market - 45 percent were "closely held" between parties who knew each other in advance, such as family or acquaintances.
Factoring out properties that were not placed on the open market, the actual number of homes sold without professional assistance is 7 percent - the rest are unrepresented sellers in private transactions. This matches the results in the 2007 study and marks a downtrend from 10 percent sold on the open market in 2004.
The median home price for sellers who used an agent was $211,000 vs. $153,000 for a home sold directly by an owner, but there were important differences between the two. Unassisted sellers were more likely to be in a rural area or small town where sellers are more likely to know potential buyers. In addition, the home was more likely to be a mobile or manufactured home, and the owner's income was lower than that of sellers using agents.
The most difficult tasks reported by unrepresented sellers are selling within the planned length of time, getting the right price, preparing the home for sale, and understanding and performing paperwork.
NAR mailed an eight-page questionnaire in August 2008 to a national sample of 133,000 home buyers and sellers who purchased their homes between July 2007 and June 2008, according to county records. It generated 10,053 usable responses; the adjusted response rate was 7.9 percent. All information is characteristic of the 12-month period ending in June 2008 with the exception of income data, which are for 2007. Because of rounding and omissions for space, percentage distributions for some findings may not add up to 100 percent.
Foreclosures are not always the best deals to be had. In fact, many times the best deals are to be had with an anxious seller who is willing to let some equity go or willing to go tot he bank and ask for a short sale. Once the home has been through the foreclosure process, the reo department hires a realtor who runs the comps and prices at or around market. Many times the repairs to the foreclosures exceed the market value and the banks are not willing to make the necessary mark downs until the time triggers the next price reduction. In this market, one needs a Realtor who will truly dig up the best values (if that is what they are looking for), rather than relying on the tags of "short sale" and "foreclosure". After all, good deals are to be had - they may just not be the obvious ones!
These are my favorite feedbacks from my most difficult listings!! I promise they are accurate and unedited! And as harsh as some of these feedbacks are - my sellers were totally unphased! So, here they are!
Property #1 (after $2,000 worth of staging, cleaning and repair):
Place has potential but is difficult to show. The kitchen was very dirty, dirty dishes, food boxes on counter, in the downstairs bedroom there was a rifle in plain view, (very easy for a child to get to) cigarette butts on the floors, various pieces of clothing/underwear all over the floor.
Clients did not even go upstairs. Home did not show well. It had the smell of cigarette smoke and really needs carpet cleaning and repainting. The grass in back was overgrown.
Great view. clients did not care for smell of smoke and cigarette burns in carpets. Needs paint touch ups and cleaning. Clients stayed there for showing and kids were jumping off second story into pool.
Hi Robyn, Not sure what to say....Home was very unkept and dirty. We do realize its a short sale. Being on the golf course is awesome...but I believe my client was creeped out with all the doors closed and not sure what we would find. Laundry everywhere. and a few bedside lamps were on...as if someone was there...somewhere. creepy. Thank you for allowing me to show. I do not believe my client is interested.
This one fell out of their favorites today. Just does not show well. Price sure is looking favorable though. The reduction was necessary. Hope you don't need to go lower, but the carpet is bad, house smells so much like smoke, and the seller was present. It's got some promise, but not for my client, as they have put three others in Cinco higher on their list.
It was so smokey my people didn't even want to go upstairs.
Thanks for the oppportunith to show Robyn. We scheduled 10a-12noon 24 hours ago. The seller called and cancelled due to sleeping teenagers and we rescheduled for 12-2. We arrived at 12:40pm - the seller and family were still there making it tough to actually look at the home.
Great location on the golf course. No interest by this buyer due to interior condition.
Client did not like the condition of the home. Smelled like smoke. House smelled of smoke. Young men still sleeping at the time of the showing. Kitchen looked like something out of a fraternity house. Left immediately after we woke someone up sleeping in the master bedroom.
Nice backyard. Buyer did not like the color of tile, kitchen cabinets and thought the home was a bit run down- needed paint touch-ups and carpet cleaning. thanks,
Smelled like smoke, bannisters were sticky, carpet and paint worn, nice balcony overlooking pool and golf course.
Should've shown it when it was all cleaned up and staged. Buyers chose another. Looked too much maintenance to be done when I took them!
PROPERTY #2 (Where my client refused to tone down the metallic faux finished walls):
The house is very nice however my client and I were unable to view the entire home due to the fact that the owners had someplaces blocked off with pet gates and some of the doors apparently were locked. It was very unfortunate b/c my client really liked the home.
My client said they felt uncomfortable b/c it appeared that someone was home. This was definitely not the house for this buyer.
The interior of the house is just very unique in décor and will take a certain buyer. It was very dark and the faux finished walls are very “glitzy” and the dark brown and painted trim work and doors are not appealing to most people. So in my opinion, you have a far out location, interior unique, and the exterior needs some nice landscaping and color.
Wow - we all get them - the difficult home seller and the house that "needs work". And by difficult, I don't mean high maintenance or opinionated I mean - "Pre-foreclosure, mid-way through an acrimonious divorce with assets being hidden, sons who are drug dealers and in and out of jail and the house smells bad and looks worse" type of difficult sellers. What to do? What to do with them? How do you market a house like this?
Well, I actually know - from experience. First thing we did was hire a stager. She was there 5 days (bless her heart) and when she came back on the 6th day (to drop the last few finishing touches off) she called me almost in tears. The house looked almost the way it did when she started (minus the bright blue paint she had toned down to a more sophisticated grey tone and the repaired burnt slats on the upstairs balcony). We then had a repair man come in to repair the broker drawer fronts, holes in the walls, leaks, lighting that had been pulled out from the wall, etc. Wow - it looked great until the kids punched the front glass out of the front door, knocked some of the slats out of the stair rails and added a lovely variety of holes throughout the home. Preparing this house and showing it was like trying to carry water upstairs in a sieve.
Oh and my feedback (which is so inspiring I have decided to devote my next blog to the good, the bad and the ugly of feedback) - it ranged form "I think there was a naked girl in the master bedroom, to sellers were having a party and refused to leave house and it was distracting with the teenage boys diving off the second story balcony into the pool - to my favorite - it was creepy, all of the bedroom doors were shut and it felt like someone was hiding in the rooms, so we decided to leave without opening them. The feedback almost took on a life of its own. I would forward it to my buyers agent and my husband (who is licensed as well) and we would try to discuss it with the owner. Well, you know he'd remind us - "kids will be kids and that is why I'll be glad to get rid of this house." Whew - not sure what to do with that one.
But I sold this house. Not once, but twice! The first sale was terminated when they came by for their pre-closing inspection, not only to find that many of the repairs were undone - but to find that 2 hours before closing there was no moving truck and nothing was packed. We pushed closing back 4 times and by the 4th day - we were smacked with a big, fat termination notice. The only thing that could improve that situation, was the fact that I was dealing with this from a gorgeous beach house in Savannah, GA where I had gathered family and friends to celebrate my fathers 70 birthday (the closing was supposed to have taken place before I left). Not only did I spend every second dealing with this closing crisis and trying to avoid the house being foreclosed on while we negotiated getting the owner out of the house, but my husband left early to try to salvage the deal (to no avail) - and since there is always that one extra, little cherry on the sundae - my buyers agent, rushing over to try to salvage what was left of the walk through and closing, pulled into the driveway and crashed right into the already irate buyers car. Wow.
But, since the universe always rights itself - two of my favorite clients ended up buying this home and fully renovating it. Because they had been so familiar with what was going on - they weren't surprised when he had trouble getting out by closing, and when he finally did leave he left a house full of furniture and junk, and of course, didn't complete any repairs. And even with that - they love their new house. They pulled all of the carpet out and re-painted. It looks amazing. So go figure - all's well, that ends well.
Robyn Jones Homes is a boutique firm with offices in Katy/Houston, San Antonio and Los Angeles. Robyn has been designated a FIVE STAR realtor by Texas Monthly Magazine 2011 and Robyn Jones Homes is a
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