Category: Editorial

Dealing with Deed Restrictions

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BY: Omar Izfar, Attorney, WILSON CRIBBS+GOREN

 

 

 

 

 

Private covenants and restrictions, often simply called “deed restrictions,” run with the land, bind future owners, and usually affect what you can do with your property. Deed restrictions for residential neighborhoods contain a variety of rules that impact development, such as land use controls, setback, lot size, and frontage rules.

I often see extremely old deed restrictions that don’t adequately address the needs of the current property owners, yet they are still in effect and enforceable. As cities continue to urbanize and developers find infill opportunities, outdated restrictions clash with modern development goals. Modifying these deed restrictions can be challenging and often requires professional assistance.

Restrictions on commercial property, unlike restrictions for residential neighborhoods, are typicallymore recently drafted and often easier to amend, but may still contain land use restrictions and other provisions that interfere with new development plans.

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Interview With Artist – And Real Estate Talent – David Adickes

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BY RAY HANKAMER
rhankamer@gmail.com

RH: Welcome to RED News, David. You have been the Dean of the Houston Art Community for decades now, but most people don’t know that you have had a shrewd eye for real estate deals over the years. Before we get into that, though, can you give our readers a summary of your career in painting and sculpture, including your early studies?

David Adickes: Yes…I studied painting in Paris with Fernand Leger, one of the modern biggies, for two years: 1948-50. I returned to Houston and had shows at several galleries and museums, including the Museum of Fine Art. The first big sculpture I did was for real estate developer Joe Russo at his Lyric Center building, The Cellist.

Joe was unsure if he had done the right thing putting this large sculpture up. (I wired it to ‘play’ classical music for about twelve hours a day.) About the same time, other building owners had put up large expensive sculptures by Miro and Dubuffet, one of which cost $1 million, so Joe commissioned a Houston poll to see where his The Cellist ranked of these three. It topped the list with 85% approval, so he was happy!

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UH Bauer College Institute for Regional Forecasting – Robert W. Gilmer, Ph.D., Speaker

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BY RAY HANKAMER
rhankamer@gmail.com

Takeaway: Houston’s economy is on a solid footing moving forward, although there is lingering weakness in office and in multi-family as Harvey occupancy dissipates.

Bullets:

  • Houston has moved into a new growth cycle, although oil prices are subject to international political risk, and improved technology can find and produce more oil with fewer rigs and fewer jobs
  • Oil jobs are returning, but slowly and the industrial sector has still not gotten over the loss of oil fieldrelated shrinkage of manufacturing space; there is no anticipated return of oil & gas employment to the previous peak
  • Global growth is accelerating and with it the growing need for oil & gas
  • Most of the big refining and chemical plants are complete or nearing completion; their feasibility was based on lower-cost oil & gas; jobs in that construction sector are shrinking

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Leverage for Lending: Texas’ market creates new opportunities

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BY BRANDI SMITH

When oil prices started to drop a few years ago, they pulled Houston’s economy down with them. It took a big toll on the city built on black gold. Late in 2017, a barrel of crude started to
become more valuable, helping Texas’ largest city bounce back.

That rebound is being noticed in just about every sector of the economy, including commercial real estate lending.

“We’re starting to see an uptick in transactions, in buyers and investors looking and more actively approaching properties,” says Bill Dampier, vice president of commercial lending for City Bank. “I think the increase in the price of oil has re-energized the market. It has given investors more optimism in regard to kicking the tires and looking for good buying opportunities.”

Beyond the city limits of Houston and even the borders of Texas, Dampier says there is a lot of capital out there, which means competition among investors. Additionally, it’s likely interest rates will only continue to climb and real estate isn’t getting any cheaper. That means finding a deal might take a bit more effort than it has in the past.

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The sky’s the limit:

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BY BRANDI SMITH

Taking flight with Pro Aire Aerial Photography

If a picture is worth a thousand words, the images captured by Pearland, Texas-based Pro Aire Aerial Photography are virtually priceless. However, they don’t comewith the price tag you’re
probably expecting.

“A lot of people don’t realize how inexpensive it is,” says owner Deana Waddell.

A couple times a week, she’s up in a plane, photographing properties all over the greater Houston area from an average height of 1,500 feet, though flying even higher
is an option for larger properties.

“It’s really as simple as opening up the window,” Waddell explains. “We use our high-resolution cameras and telephoto lens to capture all angles to enhance a property.”

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O’Connor & Associates Land Forecast Luncheon

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BY RAY HANKAMER
rhankamer@gmail.com

Speaker: Kirk Laguarta / Land Advisors

Bullet Points:

  • Large master-planned communities of the future will be near the Grand Parkway and beyond.
  • Developers who used to access the huge sums needed from banks now access them from equity investors who have a medium- to long-term horizon. These investors are from the money centers and are yield-driven.
  • Some large developers have been acquired by or have very close relationships with their sources of their funding. The developers have in some cases traded potentially higher
    profits for lower risk.
  • The Houston economy has many ‘drivers’ and lot development has continued apace even through the periods when oil prices dropped. This give assurance to investors.

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