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City of Houston

City of Houston. Trustee Sales 2/2/2005. Overview. The Houston area market is stable with a slight up trend. The average DOM for properties is between 30-60 days The lower-medium priced homes (80-170k) are still moving The upper end homes (200k+) are sitting unless they are priced very well.

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City of Houston

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  1. City of Houston Trustee Sales 2/2/2005

  2. Overview • The Houston area market is stable with a slight up trend. • The average DOM for properties is between 30-60 days • The lower-medium priced homes (80-170k) are still moving • The upper end homes (200k+) are sitting unless they are priced very well. • The condo market is not great unless you are in a condo area (Downtown or near the Universities) or if you can buy them 35-45% below market. • Like most major urban cities the downtown and the areas surrounding downtown are experiencing a boom • Everything seems to be cheaper there; the buy price, the sell price, the rehab price and the profit. • Like most markets some areas are hot (Sugarland, West University, Pleasantville) and some areas are stagnant (Lower end suburbs farther away from Houston)

  3. Trustee Sale Overview • Approximately 1200 properties were scheduled • Approximately 40% went to sale • A property can go to sale after 2 months of non-payment • I counted as many as 9 auctions going on simultaneously • The main auctioneer (Rex Kessler) had over 300 properties. He had two people (one on his left and one on his right) reading properties at the same time • They read the properties from oldest loan to newest. I heard them read a property on a loan from December of 2004. Obviously no one bid because there was no equity. • A lot of homeowners bid, especially on the newer loans where the investors are not bidding on. • Generally, you can add 15-20% above the projected tax assessors value of the property on the list • The people working at the court house are very friendly and will help you locate different auctioneers • It is very difficult to find some of the smaller auctioneers. They just walk in and start reading. You really have to be on it • You don’t have to qualify and after the sale you have from 5 minutes up to an hour and a half to pay. They also don’t seem to frown too hard if you change your mind and don’t want the property. If you change your mind the property will be re-read that day at the end of the sale

  4. Properties that went to sale 2/1/05

  5. 2122 Bunzel • 1132 sq ft – 3+2 – 6136 lot – built in 1975 • Opening bid 25k • Sold 3rd party for 48k • I value the property between 85-100k • Lower/Middle area • Similar sized houses are renting for 600/month • PROPERTY NEEDS: Roof Windows Garage door Landscaping Most likely all the interior

  6. 2379 Briarwest #76

  7. 3107 Pebble Trace

  8. 6311 Pinole Forest

  9. 7335 Wovenwood • 1674 sq ft – 4+2 – 9700 lot – built in 1977 • Sold 3rd party for 74.1k • Opening bid was 20k • Tax assessor value is 97.8k • I value the property at 98-105k • Located at the end of a cul-de-sac • Middle to working-middle area • PROPERTY NEEDS: • Windows • Basic cosmetic

  10. 11022 Thackery Lane

  11. 13202 Santa Teresa • 2056 sq ft – 3+2 – 13,990 lot – built in 1969 – with pool • Sold 3rd party for 83k • Tax assessor value ? • I value the property at 125+k • IT WAS ACTIVE ON THE MLS FOR 117k • Foreclosure! *priced To Sell 'as-is'!* Nice Home Featuring: Pool + Pool Bath, Covered Enclosed Patio, Raised Tiled Entry, Kitchen W/ Tile Backsplash, Large Den W/ Brick Fireplace, Cedar Closet, More ... Needs A Little Tlc! Buyer's Pre-approval Letter Required W/ Offers + Seller's Addendum! • Middle class area

  12. 19643 Teller

  13. 2711 Cotton Wood • COMP FOR TELLLER • 2592 sq ft – 4+2 – 12.073 – built in 1994 • Active for 165.5k • MLS-ELEGANCE AWAITS YOU!! Fabulous one story red brick beauty with thousands in updates to include: incredible hardwood floors in den, dining, entry and study, designer paints & papers, custom built-ins, plantation shutters, tiled island kitchen and breakfast, gorgeous cul-de-sac lots! A RARE FIND! YOU MUST SEE THIS • Better street by ½ notch • Better house by 1.5 notches

  14. 20919 Lake Park Trail • 1848 sq ft – 3+2 – lot 7255 – built in 1995 • Sold 3rd Party for 95k • Tax assessor value 133.4k • I value the property at 135-145k (Not a strong number) • Middle class area • Has newer windows and roof • Sits on semi-busy street • PROPERTY NEEDS: Minor cosmetic only • (SEE COMP PHOTO ON NEXT PAGE)

  15. 20926 Green Field Trail • COMP FOR 20919 LAKE PARK • 2047 sq ft – 3+2 – 13,827 lot – built in 1996 • Pending for 155k • Similar house but on quieter, slightly better street.

  16. Other Information After talking with Darrel Mayfield (The realtor I set up the meeting with before I arrived) I came up with some useful rehab numbers. He also buys, fixes and sells houses in the area (about 1-2 a year) and has experience with managing and completing projects. He just finished rehabbing a 2600 sq ft house where he had to redo the foundation, completely gut and remodel the kitchen, added another bathroom, put on a new roof and cleaned and finished the rest of the house (Floor to ceiling) and they spent 45k. He said for Houston that is a major rehab They normally spend 6-12k cleaning, paint and carpet houses that are 15-1600 sq ft They also did a 1550 sq ft house with paint, carpet, textured the walls, cleaned and replaced most of the roof for 9k

  17. Other Information (Cont.) • Houston has up to 95% financing for investors • They seem to use the subdivision areas a lot more than we do when valuing a property. Even at the trustee sales the auctioneer reads the address, city and subdivision name • The two major times for the sales are from 10-1 and 1-4 but the smaller auctioneers will walk in anytime during those times and start reading • They do not read postponements, but people will call out names of properties they are interested in before the sale starts to find out if a specific property is going. It seems the auctioneers have patience but there is a limit before they start reading the sales

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