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Would you buy a home in L.A. if you made $250K a year?
 August 31, 2008 Common Sense wrote:
 "My wife and I earn around $250K per year, are in our mid-30s and have a newborn child. In any other planet, we should be able to own a very nice house. However, in Los Angeles, the only thing we can properly afford would be a starter home at $750K. Maybe that gets you a 2-bed, 1/2-bath crack house, and our combined salary puts us in the top 3% in annual wages in the U.S.

"This just doesn't make sense and will be a big reason why Los Angeles will experience a BLOODBATH in housing prices falling for the next several years -- that is, unless the entire city is inhabited by multimillionaires.

"In the meantime, we'll keep renting our excellent 2,000-square-foot apartment, paying nothing, taking awesome vacations, going to excellent restaurants, etc. and saving, saving and saving (A LOT). We'll enter the market when home prices fall to planet Earth (2-4 years)." A few minutes later JayC wrote:

Wife and I make ~$250K/year, live in apartment on Westside, and child is on the way. The problem isn't that we don't make enough or that our expectations are too high (as Realtors might say). I've been living in L.A. my whole life and I DO know what people who make $250K/yr SHOULD be living in. It may not be Beverly Hills, but it sure is more than a 1,500-sq-ft fixer in Sherman Oaks.

I'd rather pay $1800/mo to rent a town house than pay $5000K/mo to rent money from the bank that owns the house I 'bought.'

I'll put the question to the readers: If you made $250,000 a year, and could afford a down payment, would you buy a home in L.A. right now? If so, where, and for how much, and what do you think you'd get?

Peter Viles

Rent vs. own for college students

Many colleges are back in session and the bills are coming due. Wondering if you could have cut some corners?

Home-search website Cyberhomes recently looked at 15 top football schools, including USC, to see whether parents would be ahead buying a house nearby and collecting checks or paying rent to someone else. They found that it made more financial sense to rent in only four of the college towns.

Los Angeles is one of those markets. A monthly mortgage payment on a single-family home in the area, according to Cyberhomes' research, is $3,163, versus only $2,270 for rent.

After USC, other school markets where renting beats buying include the University of Oregon and Fresno State. So which of the college markets look best for buyers? Penn State, the University of Oklahoma and the University of South Florida.

YANCEY-HAUSMAN PURCHASED

HOUSTON (Houston Business Journal) – An international investment group assembled by real estate developer Arnie Altsuler has purchased Yancey-Hausman Interests Inc., a locally based commercial real estate services firm.

The acquisition group consists of four oil and gas professionals from Moscow, an energy professional from the United Kingdom, Altsuler and company cofounder Craig Hausman.

The company will now be run by Altsuler as CEO and Hausman as president. The firm will keep its name, and Altsuler says the 60 employees in Houston and Austin have been asked to stay.

COASTAL PARK ACHIEVES LEED

HOUSTON (Houston Business Journal) – Iowa-based Principal Global Investors has received LEED precertification for the 137-acre Bay Area Business Park at Red Bluff and Bay Area Blvd.

The two-phase park is currently being built and will be certified as having sustainable buildings with less environmental impact than traditional facilities.

Phase one will be 1.2 million sf of state-of-the-art industrial space in three buildings and will be completed next month. Phase II is expected to bring an additional 1.1 million sf.

Stream Realty Partners LP is leasing, managing and developing the business park.

Houston
The city’s 693,540 sf of positive net absorption during second quarter 2008 pushed the yearly growth total into the black at 324,924 sf. Class-A office space had the most quarterly growth, registering 746,833 sf of positive absorption, while Class-B buildings recorded 85,300 sf of positive absorption. Meanwhile, Class-C properties posted 138,593 sf of negative absorption. Overall vacancy remained flat at 12.5 percent. More than 8.8 million sf of new office space is under construction throughout the city, with 2.3 million sf expected to deliver during the second half of 2008.

Houston
Nearly 1.6 million sf of positive net absorption was posted in second quarter 2008, bringing the annual growth to nearly 2.3 million sf. The lion’s share of the quarterly growth occurred in warehouse-distribution properties, which had 1.2 million sf absorption. Overall vacancy increased by 70 basis points to 6.7 percent. New space deliveries totaled nearly 4.6 million sf, the majority being warehouse-distribution product.

Houston
Occupancy decreased from 89.9 percent to 89 percent. Rent increased by 3.2 percent, going from $726 to $750.

TEXAS' EXISTING HOME SALES DOWN

TEXAS (Real Estate Center) – A total of 23,847 existing homes were sold in Texas in June, a 15.9 percent decline from June 2007, according to MLS data compiled by the Real Estate Center at Texas A&M University. The median price rose 0.6 percent to $155,900 during the same period, and the state finished the month with a 6.8-month inventory on existing homes.
Houston

• 6,811 homes sold (14.3 percent decrease)
• Median price of $161,300 (1.5 percent increase)
• 6.9-month inventory

HOUSTON (globest.com) – Crow Holdings Realty Partners IV LP has purchased the 313-room Doubletree Hotel Houston Intercontinental Airport at 15747 John F. Kennedy Blvd.

The seller, Driftwood Hospitality Management LLC of Florida, invested $6 million in renovations before selling the 27-year-old hotel.

HOUSTON (globest.com) – Transocean has leased an additional 95,000 sf at Greenway Plaza, bringing its total space in the Class-A complex to 300,000 sf.

Transocean leased the last two available floors in the 11-story, 241,294-sf Four Greenway Plaza, and floors three and four in the 31-story, 912,011-sf Five Greenway Plaza.
The company plans to move into the extra space in August or September.
Studley Inc. represented the tenant, while Dallas-based Stream Realty Partners LP represented building owner Crescent Real Estate Equities LP.

NDI SELLS INDUSTRIAL PORTFOLIO

HOUSTON (Nelson Duffie Interests Inc.) – A 512,000-sf industrial portfolio consisting of 21 buildings throughout the greater Houston area has been purchased by Jaymar Houston Ventures LLC.
The portfolio, which was approximately 96 percent occupied at closing, consists of:

• 6125 West Sam Houston Tollway
• 6830 N. Eldridge
• 8807–8815 Emmott
• 9230 Keough
• 6450 and 6460 Langfield
• 16623 Aldine Westfield
• 9401 Winkler
• 5900 and 6000 Berry Brook

CB Richard Ellis represented the seller, NDI Houston Industrial Partners Ltd., a partnership sponsored by Nelson Duffie Interests Inc.

HOUSTON (globest.com) – California-based GH Capital LLC has purchased the 256-unit Garden City Apartments at 9601 W. Montgomery Rd.

Seller KMR-Garden City LP listed the 98 percent leased complex for $10.5 million.

The 1970s complex has 29 buildings with one- to five-bedroom units. Floor plans average 843 sf with monthly rents at about $763.

Hendricks & Partners brokered the transaction.

TVO BUYS CITY WEST

HOUSTON (globest.com) -- City West Apartments at 2828 Hayes Rd. have been sold by Sentinel Real Estate Corp. to TVO Realty Inc. of Chicago. Apartment Realty Advisors represented the seller. A sales price was not disclosed.

About $5,000 per unit in upgrades are planned by the new owner.

Built in 1995, City West consists of 26 buildings and is 98 percent occupied. One-, two- and three-bedroom units range from 679 sf to 1,454 sf, while rents go from $759 to $1,375 per month. TVO will manage the property.

NEW SPEC OFFICE SPACE FOR HOUSTON

HOUSTON (HFF) – The Houston office of HFF (Holliday Fenoglio Fowler LP) announced that it arranged a construction loan and secured joint venture equity totaling $27.3 million for the development of West Pointe Center, a 166,367-sf, Class-A speculative office building.

HFF worked with White Rock Commercial of Dallas to secure the three-year construction loan with Wachovia Bank NA. GE Real Estate provided joint venture equity.

Due for completion in 2009, West Point Center will be a LEED-certified building with three stories of office space totaling 166,367 sf. The property is on a 10.8-acre site at the northeast corner of Beltway 8 and the Sam Houston Tollway and West Rd.

HOUSTON'S THE PLACE TO LIVE, WORK, PLAY

WASHINGTON (Kiplinger.com) – Houston ranked first on Kiplinger's list of ten best U.S. cities in which to live, work and play. But the Bayou City wasn't the only Texas town to make the list — Austin landed at number six.

According to Kiplinger.com, cities were selected based on their strong economies, jobs, reasonable cost of living and abundance of fun activities.

Kevin Stolarick, research director at the Martin Prosperity Institute, said the formula that was used "highlights cities not just with strong past performance, but also with all the ingredients for future success."

For example, Stolarick said one key to a bright future is a healthy shot of creative people. People such as scientists, engineers, architects, educators, writers, artists and entertainers are catalysts for vitality and livability in a city.

ARCHSTONE HITS A HOMER

HOUSTON (globest.com) – Colorado-based Archstone-Smith has purchased the Class-A Lofts at the Ballpark from Sentinel Real Estate Corp.

The 98 percent leased, 375-unit complex is located at 610 Saint Emanuel St. It consists of three buildings on 4.3 acres, and is adjacent to Minute Maid Ballpark.

The one- and two-bedroom units range from 677 to 1,661 sf. Rents range from $927 to $1,949 per month.

ARA represented the local seller.

HARBOR WALK APARTMENTS SOLD

HUMBLE (globest.com) – Houston-based Midway Development and Chancellor Properties have sold the 300-unit Harbor Walk Kings Harbor Apartments to Francis Property Management Inc. of California. The new owner has changed the name to Harbor Cove Apartments.

The 14-building Class-A complex at 4630 Magnolia Cove Dr. was 95 percent leased at time of sale. It includes a mix of one- and two-bedroom units ranging from 696 to 1,267 sf. Monthly rents are $718 to $1,248.

Francis Property was represented by International Realty Concepts Inc. in Houston. The seller was represented by Apartment Realty Advisors' Houston office.

DEER PARK'S SENIOR LIVING, SHOPPING

DEER PARK (Houston Chronicle) – Two developers are investing $17 million in a project that will include senior housing and a shopping center.

Work is slated to begin this fall on the 264-unit senior housing project called Providence Town Square and on an adjacent 11,440-sf strip center.

The 14-acre development near Center St. and Pasadena Blvd. is being developed by Rob Johnson Interests and Blazer Building.

GEORGIA GULF IN, BISON OUT

HOUSTON (globest.com) – Atlanta-based Georgia Gulf Chemical & Vinyls LLC is subleasing 141,533 sf in the 1.5 million–sf Railwood Industrial Park.

Georgia Gulf Chemical & Vinyls LLC, a subsidiary of Georgia Gulf Corp., was represented by Grubb & Ellis Co.'s Houston office. The building, located at 933 Spikewood Dr., is owned by locally based Weingarten Realty Investors.

Meanwhile, former tenant Bison Building Materials has moved into 274,291 sf at 7611 Railhead Ln.
 

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