New Year's Forecast

It's time to ring in a New Year and for many people, this could mean a lot of things. For me, it always symbolizes a fresh start and a new beginning. I try to shake off the bad from the previous year, learn from my mistakes, and make the next day and next year even better. A New Year in real estate could also mean a lot of things so let's take a look at what could potentially happen in 2011.
1)  The real estate market is tied to the economy and the economy is tied to jobs. More jobs mean better consumer confidence and a better real estate market. The bottom line is that we need more job creation and the sooner we get it, the better everyone will be.
2)  In some price points like the luxury market, prices will continue to fall, but deals can and will be made. Buyers will continue to have an advantage and the only question is will they use that buying power.
3)  Homes that show great and are priced right will continue to win the day. These types of homes in moderate price ranges will not be on the market very long. As demonstrated in 2010, the best homes are on the market for less than 30 days so don't drag your feet when you find one of these.
4)  Creative deal making will continue to be the norm. Everything from trading properties to sellers carrying financing will be explored and more. Be prepared to think out of the box when it comes to selling or buying a home. On the selling side, a lease purchase is going to become more and more popular.
5)  Relocation isn't what it used to be. Corporate relo departments are pushing their employees to rent, rent, and rent some more. This source of business has been hit hard just like the other sectors of the real estate industry and it makes more economic sense for relocation employees to rent than buy.
6)  The best news of the upcoming economic year is that it looks like interest rates may remain stable. This should be good news to buyers as they strive to keep the lowest monthly payment. Couple this with the extended tax cuts and it will be good news for everyone.
7)  Short sales will soon eclipse foreclosures as more and more homeowners try to sell their upside home and ask the bank to take the loss. The question here is "will there be any changes in an effort to get these homes sold more quickly and easily?"
Finally, the big "if" for the coming year is the banks. Will they start lending to small business again? Will the average Joe be able to get credit? Will they help more home owners in trouble with their mortgage? Will they attempt to sell their foreclosures at better discounted prices and will credit cards at 22 and 27 percent interest continue to be a bad deal for America?

To purchase Austin, Houston, or Colorado Real Estate feel free to contact Austin, Houston, & Colorado Realtor, Zachary Miller at Miller & Associates:  12400 W Hwy 71 Austin, TX 78738  800.965.3013 x 1 for immediate assistance.

EarthQuest Planners' Dream Dwarfs AstroWorld

EarthQuest Planners' Dream Dwarfs AstroWorld

When AstroWorld was dismantled five years ago, many residents shed tears at losing the longtime Houston icon.
A small group has since been studying and drawing plans for an upscale Disney-styled entertainment complex that would be seven times larger than Houston's original park.
They want to build it on 500 wooded acres — which they own — adjacent to U.S. 59 in Montgomery County, just a short drive from the airport and downtown Houston.


But the plan is now two years behind schedule. Organizers say this is because their vision has slowly evolved from a 50-acre dinosaur park to EarthQuest — an elaborate ecofriendly entertainment zone that teaches environmental stewardship.
The $500 million project was also stalled by the sluggish economy, but now organizers are hoping to have financing by year's end and construction completed by 2013.
"In the last 60 days, things have loosened up. We're looking at five investor groups to see who's a fit," said John Marlin, a Dallas real estate investor who owns the site. "I feel the wind is at our backs."
The organizers will not disclose those investors' identities, except to say some are domestic and others are international, with some not requiring any debt service.
The project's original creator and limited partner, Don Lessem, a paleontologist who was scientific adviser for the film Jurassic Park, agreed: "I'm confident, but I'll be on pins and needles until we have a signed contract."
Chris Brown, an ex-Disney veteran with Contour Entertainment which is doing the design, cites three economic studies that found the entertainment complex would be viable.
The studies noted: Houston is the fourth largest metropolitan area but the only one in the top 11 that doesn't have a theme park; major entertainment centers are situated on either coast but not in the country's central corridor; 18 million people live within a four-hour drive of the proposed site; and the Houston area has a relatively strong economy with a young population.

'Global destination'Jim Gaines, a Texas A&M real estate expert, said such an investment can be a gamble but also bring a good return.
In the current economic climate, he added, an entertainment investment can look more appealing when compared to stocks and bonds.
The project's organizers have already invested $30 million in the land and schematic drawings. This includes $7.5 million in bond money obtained through the East Montgomery County Improvement District. The district, funded by a 1.5 cent sales tax, was created in 1994 to improve the areas's quality of life and create jobs, with 1,200 expected to be employed at this park.
"Based on letters of interest for commitment on different financing, we are very optimistic," said Frank McCrady, the district's CEO. "People who fund a project like this are not looking at the economy now, but at a 20-year return."
The entertainment center is being designed as "global destination" and not just a compilation of roller coasters and spin rides, organizers stressed.
"Like Disney, the unique underpinning will be the story that we're telling — the whole issue of how to sustain our planet," said Brown. "We've made no mistake in doing this in Houston, the energy capital where companies are researching alternative energy sources."

Plans call for:A theme park with 50 attractions that can take visitors on rides through a fiery volcano or let them encounter life-sized dinosaurs.
A 12-acre water park made from a retreating glacier
An animal park featuring creatures form Africa, South America and Texas, along with a breeding center for threatened species
A "green gadget garage" which retools trash into go-carts, playgrounds, miniature golf courses, Ferris wheels and arcade games.
A hotel and conference center that includes forest cabins and suites built as treehouses.
The centerpiece would be a $100 million, nonprofit center where scientists conduct research and visitors would enjoy theaters incorporating smell, touch and 3-D glasses and interactive games on preserving the planet.
cindy.horswell@chron.com

To purchase Austin, Houston, or Colorado Real Estate feel free to contact Austin, Houston, & Colorado Realtor, Zachary Miller at Miller & Associates:  12400 W Hwy 71 Austin, TX 78738  800.965.3013 x 1 for immediate assistance.

Dinosaur Park....Coming Soon

Dinosaur Park...Coming Soon

By: Pat Martins

If you are a Kingwood resident who always makes a left-hand turn onto Highway 59 South when looking for entertainment venues and great shopping – that may be changing in the not too distant future. In a couple of years with the opening of EarthQuest, you will find that East Montgomery County, specifically the New Caney area will be exploding with new options.

What is EarthQuest? Well it will be much more than just a dinosaur museum or themed amusement park. It is a massive project encompassing a variety of entertainment venues including both gated and free entry areas, retail stores, an outlet mall, a multitude of dining options, hotel facilities, convention center, corporate office space, research facility, and "green" single and multi-family homes. Oh yes, did I mention the zoo?

If you were one of the lucky few who attended the East Montgomery County Improvement District’s (EMCID) Open House on December 8, 2008, you saw a 3D representation of the designer’s vision. I sat down with Mr. Frank McCrady, CEO of EMCID to talk about this behemoth project and get the current status on how plans are proceeding.

As revealed in previous articles, the EarthQuest Project will be divided in two parts, both geographically and financially.  EarthQuest Ventures will be the for profit entity operating the theme park and assorted entertainment venues.  EarthQuest Institute is the non-profit entity overseeing the museum and various education components operating in conjunction with the “green” vision of this endeavor.  Geographically, The EarthQuest Resort will be located off of highway 59 between FM 1485 and FM 282 on the west side and FM 1485 and Roman Forest Blvd on the east side in New Caney, Texas.

Let’s take a visual tour of the layout for EarthQuest.  Starting on the far west side inside the gated EarthQuest theme park, there will be a zoo where visitors will be able to ride through and observe animals in a natural habitat setting.  Keeping with the “green” theme, you will not be driving through this area in your SUV but riding a train like passenger vehicle boasting energy efficiency instead. 

As we move east you will come to the center point of the theme park; a massive mountain structure which will feature three very distinctive environments.  One side of the mountain will focus on the artic / ice element, the second will focus on volcanic / heat element and the third will feature a rainforest aspect.  Each side of this mountain will contain a roller coaster type ride thematically appropriate for the element.

Surrounding this gigantic mountain there will be individual “worlds” which focus on the four basic elements – Earth, Water, Fire and Air. 

Each world will include themed rides and educational attractions which both entertain and educate park visitors.  Here is where the Disney comparison comes in.  EarthQuest should not be thought of as a place you visit for “distraction”, but as precisely the opposite.  People will visit EarthQuest for entertainment “attractions” and the educational element that will be infused. 

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To purchase Austin, Houston, or Colorado Real Estate feel free to contact Austin, Houston, & Colorado Realtor, Zachary Miller at Miller & Associates:  12400 W Hwy 71 Austin, TX 78738  800.965.3013 x 1 for immediate assistance.