10 November 2011

Venetian Estates News - November 2011

What’s Up-What’s Down

...in the Neighborhood?
There have been two recent sales – Leona Drodz’ home at 103 Capri and Dr. Mike Marko’s home at 602 Lombardy. Leona has been living in the Rockport area for some time. The new owners will demolish the home and rebuild a one-story on the pretty treed lot! Dr. Marko moved to Bourne to be closer to his children. I’ll have all the new neighbor info for you next month!

Most of you know that the Hamilton home at 123 Sorrento burned a few weeks ago. The demolition had already been scheduled by the new owner so after the fire was extinguished the SLFD gave the contractor the OK to complete the job. This lot is truly spectacular! Many of us have admired it from the water over the years but when I showed it for the first time to my client I was blown away! With approximately 280 feet of water frontage, the views from the lot are truly spectacular. Renowned builder Steve Fuqua is designing a beautiful home specifically for this lot. (Of course, a purchaser may tweak the plan or design an entirely new one.) Please plan to attend the post-demolition party on November 3 and bring friends who may be considering purchasing in Venetian. We will be showing off the glorious views and showcasing a rendering of Steve Fuqua’s home design!

I am excited to present my other new listing at 122 Tuscany. The property is located in the cul-de-sac and directly on the center of Lake Venice. The views and southerly breezes are magnificent. It features a rare combination of privacy and incredible lake views. I will not be surprised if a new home is built on this one-of-a-kind lot...

I will also not be surprised if the future purchasers of 123 Sorrento and 122 Tuscany turn out to be existing VE residents! Who knows the value of these awesome lots more than those of us who have lived in the neighborhood? If you are interested in learning more about these properties please call or email me.

Get ready for the 2nd Annual Venetian Estates TURKEY TROT! This was the brainchild of Catherine Bell (915 Piedmont) last year and it was a huge success. (See photos of last year on my blog, http://www.venetianestatesnews.com/2010/11/thanksgiving-morning-in-ve.html ) Meet in our office (Frost Bank Bldg) parking lot on Thanksgiving morning at 8:00 AM. The “walking fee” is $10 per family and 100% of the proceeds will go to Child Advocates of Fort Bend.

...in the Area?
VE is not the only neighborhood seeing demolition and reconstruction: the home at 818 Sugar Creek Blvd. was recently demolished. This is interesting because the home was designed by architect Karl Kamrath, a devotee to Frank Lloyd Wright's architecture. He and his partner Fred Mackie introduced Wright's style of modernism to Houston in the 1950s. H.A. Lott (builder of the Astrodome) built the home for himself in 1975. The home was 4425 square feet situated on a 36,000-SF hillside waterfront lot overlooking the golf course. It had been recently updated and originally went on the market for over $1 million. I actually showed the home to two clients, and the lot was spectacular. The home was on the market for 255 days and sold for $800,000. (That’s land value!)

What’s Good; What’s Bad?
As a long-time resident of VE I understand the mixed feelings about homes being demolished. To date five homes have been torn down, and two more are expected to be demolished in the near future. Land values in VE are continuing to rise. Our neighborhood, built around gorgeous lakes and only minutes from the heart of Houston, cannot be duplicated. Land values justify new construction, and these new homes should prove to be sound investments. They should also help in maintaining values of homes that have been extensively updated and remodeled. Bottom line: Both rebuilding and remodeling are good choices!

Call me if you would like to tour any available homes/lots in the neighborhood. Whether considering a new home or a fabulously updated one, we have true gems on the market!

08 November 2011

Market Update

There are presently seven homes in Venetian Estates actively on the market. The prices range from the mid $400,000's to almost $1,000,000. FBRE has two "quiet" listings available to be shown upon request. The home located at 103 Savoy Street is in "option pending" and the buyers' inspection should be completed this week.

Twelve homes in the neighborhood have sold and closed so far this year. Land value prices on several of these homes range from a low of $260,000 to well over $500,000. MLS recorded home sales this year have been as high as $770,000.

Many extensively remodeled homes, several new homes, and homes presently under construction often exceed values of well over $1,000,000. If you would like a more complete analysis of the area please contact Susan Friedman at Susan@fbre.net or 281-242-2200.