Clay Business Development Manager Charlie Christ made the presentation at the meeting. “We are developing Stonegate with a focus on distribution space from 17,500 sq. ft. to 148,000 sq. ft. on parcels from three to 25 acres and a total of 40 acres are available,” noted Christ.

Clay Development Engineer, Danny Martin noted “the site has been cleared and final plat approval is expected within the next month. The first project will be a dock high, 148,000 sq.ft. spec building, , located on the southern end of the park. Katy Area EDC President Lance LaCour noted how excited he is about the project. “We have been working for quite a while with several industrial developers to facilitate a spec building project such as this. We are excited and pleased that Clay Development is moving forward with the development of Stonegate and this new, state-of the art, 148,000 sq. ft. building. There have been several projects that have located elsewhere because quality industrial building space like this has not been available in the Katy Area,” noted LaCour. “This project will definitely fill a need and will help the Katy Area EDC’s target market efforts to locate distribution and light manufacturing companies in Katy ISD”.

Other features of the Stonegate Business Park include excellent access to US 90 and I-10, regional detention and deed restrictions with professional management.

Clay also has acquired a larger 175 acre tract, named the Pederson Road Business Park, located directly north of Stonegate and north of US 90, adjacent to the Union Pacific Rail Industrial Lead Track. Clay Development’s plans call for 17 lots ranging in size from 3 to 15 acres( with the ability to increase the size of the lot to 50 acres )with deed restrictions and provision of regional detention. Charlie Christ and Danny Martin noted in the meeting that they are working closely with Waller County Commissioners Court, Union Pacific Railroad and TXDOT to create a new rail crossing to align with the Stonegate Business Park entrance. Christ noted that “with the assistance of the County and the EDC, we feel we will have a great rail served site and park to offer prospective industrial projects”. LaCour echoed Christ’s comments and noted that this is the only large, available, rail served tract in Katy ISD. “Having a business park like this will enhance our efforts to recruit quality companies that need rail, noted LaCour.”

City of Katy UPDATED BEAUTY! FIVE bedrooms, THREE baths! Kitchen w/ new countertops, tile backsplash, appliances and a die-for Kohler sink! HVAC 5 yrs old. Sunny breakfast room has bay window & plate rail. Living area has remarkable built-ins and STONE FIREPLACE. Fresh paint, new carpet, wood-look floors. Bathrooms remodeled w/ tile surrounds. Hardwood staircase. 3 bdrms down, 2 bdrms up. A 10x 3′9″ vault in the office. Sprinkler system, warming drawer/convection oven, under counter lights! Must see! Zoned to Zelma Hutsell Elementary, an Exemplary School in KISD.

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KANSAS CITY, Mo.–(BUSINESS WIRE)–President Bush signed into law Wednesday a weighty housing and economic recovery bill designed to encourage homeownership, revamp the housing finance industry and reduce foreclosures.

The Tax Institute at H&R Block reports that the legislation will have a positive impact on taxpayers by making it easier to buy a first home and deduct real property taxes even if homeowners do not itemize.

Refundable tax credit up to $7,500 available to first-time home buyers.

The law provides a one-time refundable tax credit of $7,500 or 10 percent of the home’s purchase price, whichever is less, for qualifying homes purchased April 9, 2008, through June 30, 2009. Income limitations apply.

A credit reduces a tax payer’s bill dollar-for-dollar. However, as Jackie Perlman, a research analyst at The Tax Institute at H&R Block notes, “This is a ‘recapture credit,’ which must be paid back over time, so it essentially operates as an interest-free loan.”

For example, a first-time home buyer who purchases a home on October 1, 2008, for $100,000, will be able to claim a $7,500 tax credit on their 2008 tax return but must repay $500 every year over 15 years starting in 2010.

Additional deductions on property taxes save tax dollars

Homeowners who take a standard deduction rather than itemize will be able to claim an additional standard deduction for real property taxes on their home. The maximum deduction is $500 ($1,000 if married filing jointly) effective for the 2008 tax year.

“This deduction can reduce the tax liability for homeowners who don’t itemize,” said Perlman. “For instance, a retired couple who have lived in their home for 20 years may not have enough interest on their mortgage or other deductions to justify itemizing. Now, they can still benefit by deducting their real property taxes.”

The housing bill also triggered changes in the low-income housing credit for building or rehabilitating low-income homes and modifies Section 121 – exclusion of capital gains on the sale of a principal residence.

In addition, this legislation outlines new tax incentives for areas affected by Hurricanes Katrina, Rita or Wilma. If a tax payer took a casualty loss due to one of the 2005 hurricanes but later received a grant as reimbursement, they are able to amend a previous tax return to alter the year they have to claim the grant funds as taxable income.

Houston, TX - Formation Development Group announces the ground breaking of The Solana at Cinco Ranch. When complete in the third quarter of 2009. the project will feature concierge services, mutiple dining venues, a wine bar, and a terrace club activity room, among other amenities. The development of The Solana at Cinco Ranch marks the first time that independent living for seniors, along with assisted living, is being provided in the fast-growing master planned community in West Houston. Its developer, Formation Development Group, says research shows strong demand by Cinco Ranch residents seeking luxury senior living accommodations for themselves or for their aging parents.

The Solana at Cinco Ranch will be located at 24001 Cinco Village Center Boulevard in Katy, Texas, next to LaCenterra, Cinco Ranch’s Main Street-styled center of shops, boutiques, and restaurants. It will offer 126 independent living and 32 assisted living rental apartments.

Independent living accommodations will include one bedroom, one bedroom plus den and an extra half bath, and two bedroom two bath apartments. All independent living accommodations will include walk-in closets, high-end finishes, and full kitchens with granite countertops. Many will have studies or home offices, balconies or patios, and some will offer private courtyards, private garages or carports.

Assisted living residents can choose from studio, one- and two-bedroom apartments with kitchenettes. Every apartment at The Solana at Cinco Ranch will be equipped with a wireless emergency call system, individual climate control, and television, phone, and data cabling. In all, the community encompasses 183,000 square feet; it will be a combination four-story and two-story structure.

“As important as its attractive physical design is the spectrum of included amenities and services that each resident will receive,” said Mark Spiegel, president of Formation Development Group, which has developed a variety of senior living communities nationwide.

“We’ve designed The Solana at Cinco Ranch lifestyle to complement what Cinco Ranch is all about,” Spiegel said. “We’ve paid close attention to incorporating special features that we know are important to today’s seniors and their families.”

Cuisine will be chef-prepared and dining venues will range from The Signature, a high-end restaurant-style dining room, to a cafe and wine bar, patio dining, and a club room with billiards, large screen televisions and an outdoor terrace. A cyber center, high-speed internet, theater, woodworking shop, art studio, Wii video game center, and concierge services and security are among the community’s many amenities.

Health, fitness, and activity programs are also a major focus. Wellness programming will be overseen by a Registered Nurse and the community will offer a fitness center, a wellness and therapy center, a spa with massage therapy, and landscaped courtyards featuring an easy-entry heated pool, a putting green, and a bocce court.

Luxury sedan and community bus transportation services will be available to residents, along with transportation by golf cart to shopping, dining and entertainment at LaCenterra.

Spiegel says market research shows strong demand for the kind of luxury senior living that The Solana at Cinco Ranch will offer. “Many Cinco Ranch residents wish to remain here in retirement while continuing to enjoy the upscale, convenient way of life that’s emblematic of Cinco Ranch as a whole,” he said. “In addition, a number of people who live in Cinco Ranch are interested in having their parents relocate near them and they want to be sure their parents experience the Cinco Ranch lifestyle, too. We’re very proud to fulfill these needs.”

Monthly rents will start at $2,795 for independent living and $3,995 for assisted living. An onsite leasing office is scheduled to open by late this summer and the community is expected to open in September, 2009. For more leasing information or other details, call (281) 395-9600 or visit www.thesolana.com.

The Solana at Cinco Ranch will be managed by The Arbor Company, an Atlanta-based firm with more than two decades of experience in managing senior living residences. Project debt financing is being provided by Texas-based Guaranty Bank. The general contractor is Spawglass Construction Corp of Houston. Architectural services are provided by Three Architecture of Dallas, and the interior designer is StudioSIX5 of Austin, Texas.

The Solana at Cinco Ranch is the first project in a new joint venture relationship between Formation Development Group of Alpharetta, Georgia and a US-based institutional investment firm. The equity firm, along with Formation Capital and the principals of Formation Development Group, have committed $56 million of equity to the program.

The Houston-Galveston Area Council will hold five public meetings in August to explain the four new “managed lanes” that will open in October in the middle of the Katy Freeway.

The lanes will be open to high-occupancy vehicles and buses for free during rush hours and to toll-paying drivers at any time. In other places, the arrangement is called High Occupancy Toll, or HOT, lanes.

The meetings start at 6 p.m.:

•Aug. 14: Kendall Branch Library, 14330 Memorial, Houston
•Aug. 19: Katy Elementary School cafeteria, 5726 George Bush, Katy
•Aug. 21: Memorial Church of Christ, 900 Echo, Houston
•Aug. 26: Cinco Ranch Library, 2620 Commercial Center, Katy
•Aug. 28: Heights Branch Library, 1302 Heights Blvd., Houston

A gem! What a pretty house! Like New (no kids, no pets, no smokers)! All neutral colors! 3/2/2 with Big eat-in kitchen with tons of counter and cabinet space. New Dishwasher (07). Washer and Dryer hookups are inside. Efficient plan with no wasted space! Low utility bills ($126 balanced billing). Pretty landscaping. Walk to community center! Seller will pay $2000.00 of Buyers closing costs!

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Katy residents looking to help save the environment by recycling their soda cans and milk jugs have a new location to drop off their materials.

The city has placed a large green-and-yellow container from Abitibi Bowater for aluminum and plastic recycling at the back corner of the Social Services building, 905 Ave. C. Two other containers for paper recycling are also available at the same location.

The city of Katy does not offer curbside recycling, said Jamie Wolman, community specialist for the city’s parks department.

“We are hoping this effort will be an indication of how interested our citizens are in recycling,” said Wolman, adding that the recycling effort is a pilot program.

In addition, residents can now recycle outdated phone books through a partnership between Abitibi, Consolidated Communications, Wal-Mart and Keep Katy Beautiful.

A paper recycler has been placed on the northeast corner of the Katy Mills Wal-Mart parking lot and will be available until Sept. 1.

For information, call 281-391-4726.

The average price of a single-family home rose by 4.5 percent last month to $228,448, surpassing the previous high of $218,583 in June 2007. The median price of a single-family home rose 1.3 percent last month to $162,000, surpassing its previous high of $160,000, also from last June.

Sales of all property types for June 2008 totaled 7,237, reflecting a 15.1 percent drop compared to June 2007. Total dollar volume for properties sold during the month was recorded at $1.6 billion versus $1.8 billion one year earlier, a 10.7 percent decline.

“We’re not out of the woods, however the Houston real estate market continues to show positive indicators that others around the country consider enviable,” said Michael Levitin, HAR chairman and principal of HTownRealty.com. “Single-family and townhome pricing now exceeds levels seen even during the 2007 record year and the Days on Market figure has improved steadily each month this year. A number of brokers, particularly those specializing in Inner-Loop listings, have recently announced record months for sales performance, underscoring the point that real estate is local.

June Monthly Market Comparison

All listing categories combined, Houston’s overall housing market saw a continuation of mixed results in June. While both average and median single-family home sales price rose on a year-over-year basis, total property sales and total dollar volume tumbled.

The number of available homes, or active listings, at the end of June was 53,792 properties, a 2.0 percent increase over June 2007. The figure was up 487 properties from May 2008.

Month-end pending sales – those listings expected to close within the next 30 days – totaled 4,456, which was 20.6 percent lower than last year and strongly suggests the likelihood of another sales decline next month. The month’s inventory of single-family homes for June came in at 6.7 months, a slight increase from May’s 6.6-month figure. This compares to the June 2007 single-family homes inventory of 6.2 months.

* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

Single-Family Homes Update

The average sales price for single-family homes reached a new high of $228,448 in June, up 4.5 percent from the same period last year when it was $218,583. That’s the biggest pricing increase since February 2008. The overall median price of single-family homes in June was $162,000 compared to the national single-family median price of $206,700 reported by the National Association of REALTORS®. These data continue to illustrate the higher value and lower cost of living that prevail in the Houston market.

Additionally, total June sales of single-family homes in Houston came in at 6,113, which was 14.7 percent lower than June 2007. Positive year-over-year sales activity continued in Houston’s low-end single-family home market, with a 29.3 percent increase among homes priced below $80,000.

HAR also reports existing home statistics for the single-family home segment of the real estate market. In June 2008, existing single-family home sales totaled 5,252, which was a 12.6 percent decrease from June 2007. At $211,653, the average sales price for existing homes in the Houston area rose 3.1 percent compared to the same period last year. The median sales price of $154,900 for the month increased 1.9 percent on a year-over-year basis.

The Days on Market (DOM) statistic for June dropped to 76 from 79 a month earlier, slightly exceeding the 72 days registered in June 2007. The DOM is at its lowest level since last September.

Townhouse/Condo Update

At $179,331, the average price of a townhouse/condominium in the greater Houston area reached a record high in June, increasing 11.9 percent from one year earlier. The median price rose 5.4 percent to $136,750 from June 2007 to 2008.

The number of townhouses and condominiums sold in June reached the highest level since August 2007, but was down from one year earlier. In the greater Houston area, 638 units were sold last month versus 708 properties in June 2007, translating to a 9.9 percent decrease in year-over-year sales.

Houston Real Estate Milestones in June

Highest average single-family home sales price ($228,448);

Highest median single-family home sales price ($162,000);

Highest average sales price for townhouses/condominiums ($179,331);

Largest number of single-family home sales since August 2007;

Largest number of townhouse/condominium sales since August 2007;

Sales of single-family homes below $80,000 rose by 29.3 percent;

Lowest Days on Market since September 2007.

A new upscale outdoor mall featuring national and local retailers is headed to the Katy area. Simon Property Group, the owners of Katy Mills Mall, is planning to build a 1.1-million-square-foot mall on the north side of the Katy Freeway near the Grand Parkway and Mason Road.

According to plans on the company’s Web site, www.simon.com, the first phase of the mall development will feature an open-air, town center-type of shopping center.

Scheduled to open in 2012, the outdoor mall will include traditional and fashion department stores, big-box stores, specialty retailers and restaurants.

Officials have not said when construction will begin.

Condition, Condition, Condition!!! Original owner has babied this house for 28 years. Double pane windows, Hardiplank & 4 side brick,sprinkler system, water softener, covered patio, storage shed. Trane a/c, ducts replaced, new insulation, recent frieze carpet, Kitchen appliances, cabinets refinished, all nickel hardware, 6 panel doors, tile floors, jetted tub w/ cultured marble surround. Back entrance to Peckham Park walking trails/fitness center several doors down. City of Katy = great police!

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