march + april 2021
Will New Orders Kill Oil and Gas Residential Real Estate Boom: Annual Real Estate Report Symphony Welcomes Renowned Conductor Wild West Attitude Still Prevails
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Publisher’s Letter
The Great “Wild West” s a Texan, I enjoy the “Wild West” mentality that leaves us devoid of so many rules and regulations that can stifle business growth. However, that “can do, will do” entrepreneurial business-friendly climate has its drawbacks. Most of us found out the hard way (with the exception of a few supposed leaders) while shivering in the cold and thirsty. Many were not that fortunate. The low and no state income taxes have fueled growth and prosperity in Texas as we see from our record real estate sales year after year. People and companies have been relocating to Houston and the Lone Star State in record numbers for decades due to the job opportunities, relatively low cost of living, and no state income tax. Texas’s most recent prize catch was attracting the forward-thinking entrepreneur, Elon Musk of Tesla fame. As Chinese culture taught us, with the “yin” goes the “yang”, as the world watched the steep price of a laissez-faire attitude toward regulation. It appears some things need regulation and independent accountability. Not agencies handpicked by a Governor but truly independent regulatory oversight. That is not what we have with our PUC (Public Utility Commission ) or ERCOT (Electric Reliability Council Of Texas). Many of the people running those groups have resigned as the fall guys. However, the blame is squarely on our state government for not winterizing our power plants. There was plenty of notice that this could happen and being on our own separate grid backfired as El Paso who is on a national power grid had zero power outages. Some 500,000 Texans, still weeks later as of this writing, are without drinkable water. Some 30 were left dead here and over 80 in our state capitol. This lack of regulation, low taxes, and no-zoning laws has served us well in most instances, with some notable exceptions. While the “wild west” mentality has spurred our growth it has also created communities with strip clubs, churches, and schools in the same neighborhood. Now we see the problems of short-sightedness and budget shortfalls that affect many key areas including police, fire, and schools. Oh and the power grid.
6 | Intown | March + April 2021
WORTHWHILE CONVERSATIONS
REQUIRED MINIMUM DISTRIBUTIONS OR MAXIMUM CONFUSION?
Chairman & CEO, J. Harold Williams, CPA/PFS, CFP®, discusses the importance of a wellcoordinated retirement plan to navigate the rules of Required Minimum Distributions and maximize after-tax cash flow with Wealth Advisor, Lantz Bowman, CFP®. “MAXIMUM CONFUSION?” – WHAT ARE WE TALKING ABOUT HERE? The IRS specifies Required Minimum Distributions, or “RMDs”, that you must withdraw from IRAs, 401(k)s, and other retirement accounts at certain ages. People seem to know these rules exist and that penalties for mistakes are hefty, but most don’t know the details. In 50 years of talking with families, we’ve observed that many people worry significantly about this area of their planning.
WHAT KIND OF DETAILS? We hear many questions…I’m turning 72 (the new updated magic age); When must I take my first required minimum distribution? Should I delay my first distribution to year 2, as allowed by the rules? Do I have to wait until the day I’m actually 72 to start my distributions? Can I wait until I’m 72 to take distributions from an inherited
IRA account? I’m still working past 72 and in a 401(k) plan – do I have to withdraw money from it? Can I roll over my RMD amount into a Roth IRA after paying the required taxes?
WOW, THIS IS STARTING TO SOUND LIKE A “MINEFIELD”… It CAN be complicated. The key is to do the necessary homework, because these RMDs are just one piece of the retirement puzzle, and should be part of a well-coordinated plan. Our Wealth Planning Committee is a group of attorneys, CPAs, MBAs, and other professionals who meet regularly. They discuss and analyze how to meet RMDs while maximizing a family’s after-tax cash flow. Committee Chairman, Phillip Hamman, CFA, CFP®, likes to say, “The RMD rules ARE complicated, but they offer excellent planning opportunities.” Families unable to invest the time for homework should seek help.
ANYTHING TO WATCH OUT FOR? Most important: Seek independent and unbiased advice from an advisor obligated to act as your fiduciary, rather than someone with an agenda to sell financial products. This fiduciary business model is what we follow at Linscomb & Williams. We are ready to sit down for a nocost, no-obligation, exploratory conversation either virtually or at our office. Imagine the peace of mind from eliminating confusion about this and other important areas of your finances.
For more information, or a copy of our Form ADV, Part II, with all of our disclosures, call Grant Williams at 713 840 1000 or visit www.linscomb-williams.com.
Linscomb & Williams is located at 1400 Post Oak Blvd., Ste. 1000 in Houston, TX For more information call 713 840 1000 or visit www.linscomb-williams.com. Linscomb & Williams is not an accounting firm.
Intown’s Classical Music Critic, the Hon. Philip Berquist Honorary Consul of the Republic of Croatia for Texas
Classical Music Update
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International Star Conductor to Lead
opened an email from the Houston Symphony Orchestra recently and was very pleasantly surprised. Despite the limitations that we are all so well aware of as a result of COVID-19, HSO is bringing in a major international talent to be guest conductor for a series of concerts at the end of March, 2021. Esa-Pekka Salonen is that star conductor. In my opinion this is the first guest conductor of that status in many seasons. Salonen, from Finland, has enjoyed a very successful career, both as conductor and composer. Now in his first year as Music Director of the San Francisco Symphony, he also is Principal Conductor and Artistic Advisor of the Philharmonia Orchestra in London. He is also Conductor Laureate of the Swedish Radio Symphony Orchestra and the Los Angeles Philharmonic, which he led from 1992 until 2009. In March, 2019 I got to hear him in person conducting the Philharmonia in New York at the David Geffen Hall, formerly known as Avery Fisher Hall. It was a mixed program, beginning with Oceanides by the Finnish master, Jean Sibelius, Salonen’s own Cello Concerto and Anton Bruckner’s majestic Symphony 7. It was a wonderful experience. By the way, what is there about Finland? It is a country with a population of 5.5 million, about the size of Harris County. It has produced not only Jean Sibelius, perhaps my favorite composer, but also Einojuhani Rautavaara. Notable conductors include Leif Segerstam, Pavo Berglund, Osmo Vanskä, Magnus Lindberg, Susanna Mälkki, and Jukka-Pekka Saraste among many others. An article about Segerstam (also a composer with over 350 symphonies) will be featured in INTOWN later this year. Finland also has produced some of the greatest bass opera singers of our time such as Martii Tavella, and Matti Salminen, two of the greatest Wagnerian basses ever. Let’s not forget Formula One driving champions, Keke Rosberg, Mika Häkkinen, Kimi Räikkönen (Rosberg’s son, Nico, was born in Germany but holds dual citizenship and also won the F1 championship recently), and Vattali Bottas. Finland is simply an amazing country with a very diverse and talented populous. Back to Salonen. He was born in Finland in 1958. A talented horn player, he went on the study conducting with Jorma Panula. Some of his classmates include Vänka, Sarasate and Lindberg, each mentioned above. His list 8 | Intown | March + April 2021
of recordings with major orchestras from around the world is immense. One of my favorite recording of his, with the LA Phil, is Bernard Herrmann - The Film Scores for several Alfred Hitchcock collaborations such as “Vertigo,” “Psycho,” and “North by Northwest,” “Taxi Driver” and several others. With Maestro Salonen on the podium, the program is especially varied featuring Bach, Salonen himself and Beethoven. The first three Bach selections are particularly interesting, as they are transcriptions by twentieth century masters in their own right, conductor Otto Klemperer, and composers Anton Webern and Luciano Berio. As to his composition, FOG, it was written as a 90th birthday tribute to famed architect Frank Gehry. It is a ten minute fantasy based on the Bach E major Prelude from Partita in E, written in 2019.
Esa-Pekka Salonen, conductor Yoonshin Song, violin Bach-Klemperer: Bist du bei mir Bach-Webern: Ricercata a 6 voci Bach-Berio: Contrapunctus XIX Bach: Prelude for Violin Partita No. 3 in E major Salonen: FOG Beethoven: Symphony No. 1 For ticket information: (888) 684-3582
Among Gehry’s notable creations is the Walt Disney Concert Hall, home of the Los Angeles Philharmonic in LA. The concert information for the Houston Symphony Orchestra is as follows: • Friday, 26 March, at 8:00 p.m. • Saturday, 27 March, at 8:00 p.m. (Livestreamed at 8:00p.m.) • Sunday, 28 March, at 2:30 p.m.
The Desert Island Question Now, let’s have some fun. There is an age-old question for music lovers - if you were stranded on a desert island (and had electricity and a CD player or phonograph) what ten albums would you feel that you could not live without? For this issue, I propose that we stick to classical music. Please email me with your suggestions listing the composer, chosen work, conductor and orchestra. For example, Beethoven, Carlos Kleiber, Vienna Philharmonic (this may very well be on my list!). In the next issue of INTOWN Magazine, I will publish the most interesting selections from our readers and also my personal list. In future months, the categories of jazz, pop and “etc.” will be asked for. Please submit your “Top Ten Classical Recordings for My Desert Island” via email to: classicalmusicberquist@gmail.com I look forward to hearing from you!
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COVER STORY
Will New Orders Kill Oil and Gas Two Houston Oil Companies Suss-Out Biden’s Pause on Oil and Gas Leasing in the Gulf of Mexico
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By Virginia Billeaud Anderson
ollowing a toned-down swearing-in with Gaga and J-Lo, President Biden began to sign executive orders, one of which temporarily suspends oil and gas leasing in the Gulf of Mexico. Biden’s January 27 order directs the Interior Secretary to pause on new oil and natural gas leases on public lands and offshore waters, and review leasing and permitting practices. Where lawful, the Secretary can adjust royalties or take other appropriate action to account for corresponding climate costs. Wondering if Biden’s order sucker punches Houston oil companies leasing in the Gulf, I peeked at two of them. Onshore federal leases, Keystone, and mega-majors like Chevron are beyond this article’s scope, its focus is Houston independents operating in the Gulf. In November 2020, the Bureau of
Talos Energy’s GOM Mississippi Canyon Operations. Talos Website Image by David Duncan
10 | Intown | March + April 2021
Ocean Energy Management (BOEM) conducted a sale of Gulf of Mexico federal offshore oil and gas leases in New Orleans. Lease Sale 256 generated over $120 million in high bids, spread over 93 tracts that covered 517,733 acres. It was the 131st GOM sale to be held since the government began offshore leasing in 1954. W&T Offshore, a Houston-based independent that has been exploring and producing oil and natural gas in the GOM since 1983 was among 23 companies with high bids. W&T bid $518,000 for 8,800 acres on two offshore blocks for a five-year lease term and 12.5% royalty. A puny shopping trip, compared to the year before when W&T snatched 83,800 acres in a GOM Lease Sale. That same year the company acquired, not at auction, 119,500 federal Gulf acres and an onshore processing facility.
BOEM typically took up to 90 days to accept or reject a high bid, and Biden signed his order within 90 days of the sale, so it wasn’t a dumb question to ask W&T if Biden’s order waylaid their leases. Al Petrie in Investor Relations replied the Bureau awarded their leases before Biden issued his order, W&T is registered as Lessor. Nothing else, however, is certain. People are calling, Petrie said, but they don’t have answers, and they don’t know if the executive order will delay drilling permits. The company intends to cooperate with the administration, and is encouraged by the fact that the Bureau issued some drilling permits after Biden signed. In October 2020, an analyst asked W&T’s CEO Tracy Krohn if they planned to participate in the November Lease Sale, the implication being a Biden victory could unleash permit-
Talos Energy’s Gulf of Mexico Operations. Image from Talos Energy facebook 2019. Image by David Duncan
ting delays and costs uncertainty. Yes, Krohn said, there’s no reason not to. W&T doesn’t routinely frack nor flare gas in the GOM, and has a proven safety record. The country needs the energy, and the government needs the royalties. If W&T sounded cautious, Houston’s Talos Energy’s seemed to suss-out business as usual. Two days after Biden signed, Talos which did not shop in the November Lease Sale but which has 1.5 million leased GOM acres in its inventory, told investors the order pauses new leasing activities but has “no impact on existing operations or permits for existing leases, which are continuing to be reviewed and approved. Talos does not expect any material near-term impact to its current production or its ability to conduct development, exploitation and exploration activities.” The company expects to continue development efforts across the industry’s 11.7 million acres of active federal GOM leases. Talos’ CEO Timothy Duncan added, “Despite the current regulatory environment, we do not see any impediments to continuing to execute our business - providing reliable, secure,
affordable, domestic energy resources to supply our society while operating in a safe, environmentally and socially responsible way. Undoubtedly oil and natural gas play a crucial role in our daily lives, supplying the growing demand for energy to generate electricity, fuel cars and airplanes and power domestic manufacturing, demand best supplied
with our own domestic resources, rather than importing from abroad, which would increase emissions, increase consumer costs, decrease government revenues, reduce security and destroy American jobs.” If indeed Biden’s open-ended suspension doesn’t affect existing operations or permits for existing leases, the
President Biden signing January 27 climate change executive order. Image from npr.org website. Credited Getty Images March + April 2021
| Intown |11
W&T Offshore’s Gulf of Mexico Operations. Image from 2019 Annual Report
fact that W&T and Talos squirreled away many GOM leases means they can continue to explore and develop and produce for a long time. Future lessors on the other hand are vulnerable to carbon reduction regulatory changes. Perhaps more stringent measures related to approval of drilling permits, exploration plans, development plans, oil spill-response submissions and decommissioning plans. Although it’s impossible to know what’s coming, I personally would go to the bookie with this last item. Decommissioning relates to cessation of operations, plugging and abandonment and removal of production facilities and pipelines. Trump loosened up Obama-era financial assurance requirements (bonds) for decommissioning, however Biden mentioned “abandoned wells” three
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times in the speech he made before signing. He related abandonment to new well-capping jobs, nevertheless his words might be a clue to hardball protocol on decommissioning. None of this told me what happened to GOM Lease Sale high bidders whose leases were not yet awarded the day Biden paused leasing. So I contacted BOEM’s Public Affairs office, which sent a link to Biden’s executive order which I already had, and a lame reply, “For Lease Sale 256, all leases not yet awarded will have to go through a review process by higher authority.” Surely the high bids became meaningless. One imagines BOEM’s staff is flummoxed, a new director appeared in February, and the upcoming March GOM Lease Sale 257 got cancelled. Meanwhile acting Secretary de la Vega “reviews” leasing and permitting and presumably entertains stricter carbon capture lease terms and higher royalties. Interior Secretary Bernhardt split January 20, and Interior nominee Deb Haaland, awaits confirmation. President Biden called climate change an existential threat. Transitioning from fossil fuels will create “millions of clean energy jobs in wind, solar and carbon capture.” He predicted a million jobs in the automobile industry alone. Biden pledged to spend $2 trillion to convert to carbon-neutral energy sources. Opponents say the notion that anything but a truly diverse energy portfolio can power up our entire residential, commercial, transportation, and industrial network is half-baked.
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Resilient and Optimistic by David Michael Young
D Bellaire BRIARGROVE GREATER HEIGHTS
espite an incredibly challenging year for the people of planet Earth, Houston’s economy, and especially our real estate market, have remained amazingly resilient and optimistic. Single-family home sales in 2020 surpassed 2019’s record volume by more than 10 percent, even as the supply of homes withered to the lowest levels of all time. COVID helped push our real estate market from several angles. People now spend more time working and schooling from home, so they want more space – a home office, a game room, an outdoor living area, and a pool for the kids. More people and companies are moving to Texas than to any other state except for Florida. Hewlett Packard recently relocated to Houston from Silicon Valley. A strained economy is keeping interest rates at record lows. It all adds up to more home sales. The outlook for home sales in 2021 is favorable as January and February have already proven to be much more active in online traffic and person showings than the last few months of 2020. We could be on track for another record year of home sales.
14 | Intown | March + April 2021
MEMORIAL CLOSE-IN
river oaks tanglewood WEST UNIVERSITY
Photo: TK Images
Val Arbona
REALTOR, CLHMS, CRS
RE/MAX Vintage (713) 562-4903 valarbona.com
David Michael Young Broker Associate, CLHMS, CNE, GREEN
Compass RE Texas
(713) 320-6453 www.youngrealtyhouston.com
Beverly Smith
CLHMS Lake Conroe Specialist
Coldwell Banker Realty
(713) 569-2113 www.lakeconroebeverlysmith.com
Carrie Ousley CIC, CISR
Luxury Home Insurance (281) 224-0762 www.carrieousley.com
10 Magnolia Woods Dr. | Kingwood
13246 Snow Lane | Lake Conroe
Grand 12,708 SF estate on 3.85 acre lot in guard gated Deer Ridge Estates with guest house and pool house. Grounds include huge pool, secluded hot hub, many covered patios, two kitchens, fountains, fire pits, palapas and a walking trail through the woods. David M. Young | Compass RE Texas | 713-320-6453
Lake Conroe Waterfront with approximately 240' of water frontage with a boat slip and a boat ramp. This 4.94 acres is unrestricted with trees and a 1000 square foot cabin with electricity, kitchen and bathroom, 2 bedrooms and a bunk room that sleeps seven. Open water with views from the vista out over the lake and deeper water depths off the bulkhead.' Beverly Smith | Coldwell Banker Realty | 713-569-2113
List Price $3,300,000 | MLS #91653116
List Price 1,075,000 | MLS #91218580
Real Estate Professionals Serving the Houston Luxury Home Community w w w. g r e a t e r h o u s t o n l u x u r y. c o m
Mariana Saldana Broker Associate
Keller Williams Realty Metropolitan
(832) 338-4040 www.uptownrealestategroup.com
Ken Jacobson
Lisa Fay
CMPS NMLS# 215044 Branch Manager
CLHMS, GRI, ABR, The Woodlands Specialist
(281) 369-5535 www.kenjacobson.com
(832) 447-7718 lisafayrealestate.net
Republic State Mortgage
Coldwell Banker Realty
CHUBB • PURE • CINCINNATI • AIG • VAULT • BERKLEY ONE
Luxury Home Insurance
CARRIE OUSLEY, CIC, CISR
VICE PRESIDENT 281.224.0762 | www.carrieousley.com carrie.ousley@hubinternational.com
Th e G r e at e r H o u s t o n L u x u ry H o m e C o n n e c t i o n w w w. g r e a t e r h o u s t o n l u x u r y. c o m
Donielle (Don) Davis Designated Broker
Don Davis Luxe Realty
(936) 494-5500 www.dondavisrealtygroup.com
Dan Monson
Branch Manager/ Mortgage Banker/NMLS 302692
Sente Mortgage
(713) 480-1061 dan.monson@sentemortgage.com
Genevieve Rowland
REALTOR, MCNE, CLHMS Multimillion Dollar Producer, ILHM
Marilyn Arendt
(281) 904-7014 www.rowland-properties.com
Broker/Owner
Naponic Properties
(713) 515-3805 JoanneNaponicProperties.com
Michelle Hinton
Broker - Owner
Realtor®, CRS, MCNE, CLHMS
(281) 433-9113 mma@castle2sell.com
(832) 795-2246 www.hintonhometeam.com
Marilyn Arendt Properties
Keller Williams Memorial
Joanne Naponic
Compass Real Estate
12315 Woodthorpe | Memorial Hollow
20614 Autumn Shore Dr. | Katy
Zoned to Memorial HS, this 5/2.5 Mid-Century Modern meets Resort Spa boasts awe-inspiring architecture and new luxurious designer appointments at every turn: Resort pool & outdoor living, Home office w/private entrance, custom cabinetry, wine room, chef ’s kitchen, & more. Genevieve Rowland | Keller Williams Memorial | 281-904-7014
Elegantly updated (2018) Southern traditional in gated Kelliwood Lakes, with majestic trees, serene lake view, pool and 4 car garage. Six bedrooms, including master and second bedroom down. Impressive gourmet kitchen open to living areas with views of back yard. David M. Young | Compass RE Texas | 713-320-6453
List Price $1,295,000 | Coming Soon
List Price $995,500 | MLS #15810960
INTOWN
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Bellaire
by Neil Silverman
T
he City of Bellaire, referred to as the “City of Homes” due to its mostly residential character, was established in 1908 and incorporated in 1918. An Enclave Community surrounded by the city of Houston, Bellaire enjoys all that Houston has to offer with the comfort of knowing we can depend on our first-class municipal services and public safety departments, truly setting Bellaire apart. Bellaire boost a population of 18,425 with just over 6600 homes and has a land mass of 3.6 square miles. There are almost 20 parks that offer an assortment of amenities and vary in size, 1 Public Library, 4 Tennis Courts, Aquatics Center, Evergreen Pool, Recreation Center with basketball and fitness room, and multiple baseball and softball fields In 2019, Bellaire saw the completion of the Municipal Facilities project including the construction of a new City Hall and Civic Center and a new Police and Municipal Court building. Neil Silverman, a local neighbor for over 25 year, with Bernstein Realty who list and sells homes in Belaire, welcomes the opportunity to be of service, please contact him for all your Real Estate needs at 713.7259750.
Briargrove
2020
Built before 1999 # Active LIstings 34 # of SOLD 118
Avg List Price $672,500 Avg List Price $690,450
Avg Sq Ft 2,377 Avg Sq Ft 2,885
Avg List Price $1,345,000 Avg List Price $1,183,000
Avg Sq Ft 4,615 Avg Sq Ft 4,564
Avg List Price $731,000 Avg List Price $738,000
Avg Sq Ft 2,635 Avg Sq Ft 3,182
Avg List Price $1,312,000 Avg List Price $1,498,000
Avg Sq Ft 4,627 Avg Sq Ft 5,009
Built after 2000 # Active LIstings 30 # of SOLD 138
2021
Built before 1999 # Active LIstings 48 # of SOLD 14 Built after 2000 # Active LIstings 43 # of SOLD 10
by Melinda Gordon
2020
# of SOLD 42
Avg List Price $835,700
Avg Sq Ft 2,700
Built after 2000 # of SOLD 22
Avg List Price $1,480,600
Avg Sq Ft 4,700
2021 Trends
# Active LIstings 9
Avg List Price $791,433
Avg Sq Ft 2,500
# Under Contract 10 # of SOLD 3
Avg List Price $882,880 Avg List Price $927,233
Avg Sq Ft 2,636 Avg Sq Ft 3,015
# Active LIstings 5
Avg List Price $1,958,000
Avg Sq Ft 5,280
# Under Contract 2 # of SOLD 3
Avg List Price $1,935,000 Avg List Price $1,653,317
Avg Sq Ft 5,516 Avg Sq Ft 4,700
Built after 2000
18 | Intown | March + April 2021
B
Briargrove is only minutes from Galleria and Uptown shopping and luxury hotels
Built before 1999
riargrove is a wonderful neighborhood conveniently located 12 miles from Downtown and 2 miles west of The Galleria in Houston as far south as Westheimer as far north as Woodway, just west of Fountainview, the north section boarders Tanglewood. There are many grocery stores, wonderful local restaurants, and shops within walking distance. Briargrove Elementary is a highly ranked HISD school. The community has just over 900 homes total with a very strong HOA which provides 24 hr. security patrol. Briargrove homes
sit on spacious lots of 7,000-10,000 sq ft. The neighborhood has a community playground with a pool which offers a swim team (the Barracudas) in the summer months. You can always find neighbors in front of their homes handing in their Adirondack chairs! Melinda Gordon, a local neighbor, a Top 5 Producer at Bernstein Realty, who lists and sells homes in Briargrove, welcomes the opportunity to be of service, please contact her for all your real estate needs at 713-256-9145
Photo: TK Images
Built before 1999
Greater Heights
T
he Heights, a diverse smalltown community “Inside the Loop” was developed in the 1890’s by its founders Oscar Martin Carter and Daniel Denton Cooley who were the principles of the Omaha and South Texas Land Company. These midwestern investors were drawn to the higher elevation of the area and purchased 1,700 acres of land. With electrification, the developers could expand further from downtown Houston with the use of the city’s street car system. The Heights became the city’s first large, planned community and existed separate from Houston until it was annexed in 1918. Today the Heights has much to offer its residents, including one of Houston’s grandest boulevards, home of a 3 mile walking trail, majestic trees and public art sculptures. The Heights architecture ranges from Texas Victorians, turn-of-the-century bungalows and new development. Other amenities the Heights offers are exemplary schools, acres of parks, miles of trails, an exploding restaurant scene, live entertainment, antique stores and offbeat boutiques. In recent years, portions of the Heights have been designated as historic, which has preserved the original character of the neighborhood.
by Amanda & Rich Anhorn
If you have bought or are thinking of purchasing a home in the Heights then you’ve made a wise decision. In fact, a recent CNN survey ranked the Heights the #4 big city neighborhood in the country. 2020 was a challenging year for everyone but the real estate market in the Heights had a slight increase from 2019 production. Single family homes range from $310,000-1,995,000 with standard lot sizes ranging from 4,400 square feet up to 7,500 square feet. The amount of single- family sales for 2020 was close to 1,400 transactions with an average price per square foot of $250. Townhomes mostly exist on the outer boundaries of the Heights and range from $260,000-
Memorial Close-In
B
etween Memorial Park and the Memorial Villages lies one of Houston’s most coveted neighborhoods – Memorial Close-In. Here you will find some of Houston’s most expensive homes, most on lots of a half acre to over 3 acres. Subdivisions include Stablewood, Bayou Woods, Pine Wood Estates, Sherwood Forest and Saddlebrook. The area is zoned to top schools in Spring Branch ISD and the streets are monitored by 24 hour security patrols. Though this area has some townhomes and patio homes, and even one hi-rise condo tower, the area is defined by its large estate homes. Here are some stats: Active Listings - 21 homes ranging from $1,250,000 to $30,000,000 Average - $7458,185 ($623/SF) - 9,983 SF house / 49,000 SF lot 2020 Sales - 27 homes ranging $809,000 to $7,700,000 Average - $2,725,000 ($418/SF) - 6,639 SF house / 31,283 SF lot
$650,000. In 2020 there were 144 transactions with a price per square foot of $185. Lots are still in high demand but year by year there are becoming more scarce in the Heights with prices ranging from $250,000-$1,250,000 with an average price around $60 a square foot. In 2020, there were 56 lots that sold. If you’re in the rental market there is a wide variety to choose from including garage apartments which start around $725 a month to luxury homes up to $8,000 a month. Amanda & Rich Anhorn | Greenwood King Properties | Top Producer 2004-2020 713.255.5123 | anhorn@grenwoodking. by David Michael Young
2019 Sales – 12 homes $1,077,000 to $5,400,000 Average - $2,627,333 ($409/SF) - 6,387 SF house / 30,284 SF lot David Michael Young, Broker Associate Compass RE Texas david@youngrealtyhouston.com / 713-320-6453 March + April 2021
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INTOWN
F CUS
River Oaks
real estate
R
iver Oaks is undisputedly Houston’s premier larger subdivision. With a buy-in price of $1 million and previous non-MLS sales in excess of $30 million, this genteel neighborhood is home to many of Houston’s wealthiest families. Established in the 1920s by Houston’s famous Hogg family and anchored by the exclusive River Oaks Country Club, the River Oaks subdivision of roughly 1,300 homes was primarily built out in the 1920s and 1930s. Most of these homes were designed and built by renowned architects and builders, and have been preserved over the years by consecutive owners. The River Oaks Area would also
by David Michael Young
include the subdivisions of Tall Timbers (acreage lots west of Willowick), Homewood (acreage lots on Lazy Ln), Royden Oaks (~10,000 SF lots west of River Oaks), Oak Estates just west of that, Avalon Place (~10,000 SF lots east of River Oaks), and Glendower Court (<6,000 SF lots east of Avalon Place). These deed restricted subdivisions are served well by the high-end retail shops and fine restaurants in Upper Kirby, the River Oaks Shopping Center and Highland Village. Many of the highest priced homes are not listed in MLS, but according to HARMLS, there were 107 sales of single family homes in the River Oaks Area in 2020 ranging $760,000 to $5,100,000 and averaging $2,391,903 ($477/SF) – 12% lower than 2019. There are also 8 luxury high rise condominium towers in the broader River Oaks Area, including The Huntingdon, 2727 Kirby, Regency House, The Wil-
lowick, Lamar Tower, Inwood Manor, Chateau Ten and The River Oaks. 29 condos sold in these buildings in 2020, ranging $256,500 to $3,095,000 and averaging $879,081 ($410/SF) – 7% lower than 2019. David Michael Young, Broker Associate Compass RE Texas
LOUISIANA CRAWFISH SEASON IS HERE!
4302 RICHMOND AVE HOUSTON, TX 77027 20 | Intown | March + April 2021
Tanglewood
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anglewood remains one of Houston’s most sought after and affluent neighborhoods. It is home to the Houston Country Club and the Tanglewood Road Promenade. The Tanglewood subdivision is surrounded with restaurants, education opportunities, entertainment venues, shopping and more. See below for more information on the surrounding resources for the Tanglewood subdivision. Tanglewood Real Estate Overview: • Currently there are 51 homes for sale in Tanglewood. • The average price of the homes for sale in Tanglewood is $ 3,247,470. • The average square feet of the homes in Tanglewood is 5,125 sqft.
West University
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estled just to the west of Rice University, West University Place is one of the most desirable neighborhoods in Houston. Stretching just over 2 miles, West U has managed to retain its small-town feel in the middle of a big city. Developed in 1917, the neighborhood still exhibits some of the original bungalow designs but has also made way for newer constructions. West University has shown some of the strongest appreciation in land value over the past 10 years in the city of Houston. Most commonly known for its street names – resembling universities across the country, the neighborhood has strong educational ties. This makes the “Neighborhood City” an ideal spot for living, working and raising a family. The community manages neighborhood parks, pools, recreation center, library, and much more. No wonder West Uni-
by Patricia Tello
• There are currently 8 homes for lease in Tanglewood subdivision. • The average rent in Tanglewood is $11,406 at an average price of 2 per square foot. Tanglewood has 1,203 single family properties with 5,125 Median Square Feet. The median year built is 1978. The home values ranges between $980 - $3280 K and you can view the square feed price change data since 1998. The median sold price/sqft is $362.46 while the median appraised value is $ 361.45/ sqft. Patricia Tello, Realtor® Uptown Real Estate Group, Inc by KW + 281-814-8538 Mobile USA + 56 9 66617884 Mobile Chile by Caroline Bean
versity has been named one of the best neighborhoods in Houston! 77005 Stats (Per MLS) • Jan 1-February 28, 2020 20 Single Family Homes Sold Average Sales Price: $1,734,291 Average SF: 4,141 Average Lot SF: 7,946 1 Lot Sold Average Sales Price: $675,000 Average Lot SF: 6,000 • Jan 1 - March 1, 2021 24 Single Family Home Sold Average Sales Price: $1,572,912 Average SF: 3,928 Average Lot SF: 6,456 2 Lots Sold Average Sales Price: 757,500 Average Lot Size: 5,550 Caroline Bean is a Broker Associate and Top Producer with Compass Real Estate P: 713-206-4114
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For full Real Estate report, go to houstonintown.com March + April 2021
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FINANCIAL FOCUS
Money Lessons
By Evans Attwell Senior Vice President, Frost Bank
Teaching kids about money
I
f you are a parent or grandparent, it may give you pause to know that research shows children tend to copy their parents’ habits and attitudes about money. Are you passing on good money skills to the children in your life?
Although many parents are diligent about teaching safety and good manners, too often money skills are a blind spot. To be sure, in some families, money is an uncomfortable, even taboo, topic. Many other parents simply don’t talk about money with their children because they don’t know where to start or they expect their children’s school to do the job. Still, what parents say and do is the single biggest influence on their how their children will deal with money. So, how do you help your children become financially savvy, responsible and eventually capable of being independent? For starters, say the experts, unlike a birds-and-bees or don’t-do-drugs talk, money skills must be methodically taught to kids, experienced hands-on and modeled daily by parents.
money lessons early—as soon as your child can count—is important. But, say early childhood experts, treating your young child like a miniature adult is a mistake. To make an impression that sticks, you’ll want to find fun, meaningful and age appropriate ways to start and expand your child’s money education. As just one example for preschoolers, you might work the idea of money into their imaginary games, such as playing pretend restaurant or pretend shopping.
Show them the way
Because you are your children’s most influential teacher, your actions Some research suggests that lifetime have the most power to help or hurt. money habits are set by the age of sev- Remember that children tend to mimic en, and assuming that is true, starting what you do even more than what you
Start early
22 | Intown | March + April 2021
Evans Attwell Senior Vice President Frost Bank
Would you like to talk to a financial professional? say, and they are always watching and learning, even when your actions don’t match your words.
Allow them to make mistakes
Although it’s important to give your children advice and guidance, it’s equally important to allow them to make some of their own decisions about money—good and bad. Even by taking responsibility for small amounts of real money, children learn powerful lessons from personal experience, perhaps even more from mistakes. Need a little coaching of your own? Look for resources online and in print that offer creative, age-appropriate ideas for teaching money skills to children.
Contact Evans at 713.388.1367 or evans.attwell@frostbank.com. Investment and insurance products are not FDIC insured, are not bank guaranteed, and may lose value. Brokerage services offered through Frost Brokerage Services, Inc., Member FINRA/SIPC, and investment advisory services offered through Frost Investment Services, LLC, a registered investment adviser. Both companies are subsidiaries of Frost Bank. Investment management services, financial planning and trust services are offered through Frost Wealth Advisors of Frost Bank. Additionally, insurance products are offered through Frost Insurance. Deposit and loan products are offered through Frost Bank, Member FDIC. Frost does not provide legal or tax advice. Please seek legal or tax advice from legal and/ or tax professionals.
WE ’RE IN THE PEOPLE BUSINESS. W E J U S T H A P P E N TO B E A B A N K .
Unmatched service. Sound advice. And peace of mind knowing your money is well cared for. Now, how can we help you today? Visit us at our River Oaks Financial Center, 2443 Westheimer or call at (713) 388-1059.
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March + April 2021
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10 Magnolia Woods Dr/Kingwood $3,400,000 MLS# 91653116
1207 Sterrett St/Downtown $989,900 MLS# 83001999
1302 Riverine Ct/Spring Branch $667,500 MLS# 24538430
49 Briar Hollow Ln #1805/Park Square $500,000 MLS# 24421282
20614 Autumn Shore Dr/Kelliwood Lakes $995,500 MLS# 15810960
2619 Newman St/Upper Kirby $799,900 MLS# 56369829
4019 Driscoll St/Montrose $749,900 MLS# 66254848
38 Blooming Grove Ln/Parkway Villages 1716 Rosewood St #C/Rice-MuseumDist $650,000 MLS# 26183074 $589,000 MLS# 27087722
21307 Ganton Dr/Kelliwood Greens $499,900 MLS# 97753921
David M Young Broker Associate
713-320-6453 David.Young@Compass.com www.youngrealtyhouston.com Proven Performance – Year After Year Over 18 years experience working with buyers and sellers of residential real estate in the Greater Houston Area.
2200 Willowick Rd #2J/River Oaks $498,000 MLS# 3560042
