march + april 2021
Will New Orders Kill Oil and Gas
Memorial Home Sales And Prices Soar Texas’ “Wild West” Mantra World Renowned Conductor Coming Here Annual Intown Real Estate Report
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5326 Fayette Street
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MLS# 25491489 | 713.932.1032
Hunters Creek Village · $2,250,000
Heights · $839,000
West University · $1,349,000
Four Leaf Towers · $319,000
Braes Heights · $1,099,900
22726 Arbor Stream Dr.
Katy · Under Contract in 4 Days! Janice Ratliff | 713.819.0801
Galleria Area · $850,000
4222 Windy Orchard Dr.
Richmond · Under Contract in 3 Days!
Janice Ratliff | 713.819.0801
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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.
Those Whom You Trust It is more than just a profession, it is a calling. Schedule a free consultation today - www.motamedilaw.com 832-582-5867 952 Echo Lane, STE 320, Houston, TX 77024
Areas of Practice: Landlord/Tenant [Commercial & Residential] | Contracts | Corporate Law Probate | Wills & Estate | Property Law | Consumer Law | Torts
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/ march + april 2021
contents
Send comments, thoughts or ideas to intownmagazine@gmail.com
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CONTRIBUTORS
Lindsay Mowad William Hanover Marene Gustin Evans Attwell Philip Berquist Minnie Payne
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Memorial Villages magazine is published bi-monthly by SNS Media. Articles are welcome and will be given careful consideration for possible publication. Memorial Villages magazine does not assume any responsibility for unsolicited materials. Materials submitted will be returned if accompanied by a stamped, self-addressed envelope to Box 980757 Houston, TX 77098. You can also e-mail intownmagazine@gmail.com. Copyright 2021 by Intown magazine. All rights reserved. Content may not be reprinted or reproduced without permission from Intown magazine.
6 | Mv | March + April 2021
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
Publisher’s Letter The Great “Wild West” 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 The low and no state income taxes have a national power grid had zero power outages. fueled growth and prosperity in Texas as we see Some 500,000 Texans, still weeks later as of from our record real estate sales year after year. this writing, are without drinkable water. Some People and companies have been relocating 30 were left dead here and over 80 in our state to Houston and the Lone Star State in record numbers for decades due to the job opportunities, capitol. This lack of regulation, low taxes, and norelatively low cost of living, and no state income tax. Texas’s most recent prize catch was attracting zoning laws has served us well in most instances, with some notable exceptions. While the “wild the forward-thinking entrepreneur, Elon Musk of west” mentality has spurred our growth it has also Tesla fame. created communities with strip clubs, churches, As Chinese culture taught us, with the “yin” and schools in the same neighborhood. Now we goes the “yang”, as the world watched the see the problems of short-sightedness and budget steep price of a laissez-faire attitude toward regulation. It appears some things need regulation shortfalls that affect many key areas including police, fire, and schools. Oh and the power grid. and independent accountability. Not agencies 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.
LOUISIANA CRAWFISH SEASON IS HERE!
4302 RICHMOND AVE HOUSTON, TX 77027 8 | Mv | March + April 2021
PRIMARY & SPECIALTY CARE RIGHT IN YOUR NEIGHBORHOOD Introducing Kelsey-Seybold Clinic – Memorial City
OPENING JANUARY 4, 2021! #HelloMemorialCity “We’re excited to be joining this growing and vibrant community and look forward to caring for our neighbors.” – Jessica Stull, M.D. Internal Medicine Managing Physician
• Adult Primary and Specialty Care • Internal Medicine
Kelsey-Seybold Clinic – Memorial City 929 Gessner Road, Suite 1450 Houston, TX 77024
• Specialists in Cardiology, Pulmonary Medicine, and Surgery joining us soon • On-site laboratory services • Free parking in Garage 5
24/7 Appointment Scheduling: 713-442-0000 Learn More at: kelsey-seybold.com/MC Welcoming NEW PATIENTS and accepting MOST HEALTH PLANS, including Aetna, Blue Cross Blue Shield, Cigna, Humana, and UnitedHealthcare.
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 By Virginia Billeaud Anderson
F
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 Ocean Energy Management (BOEM)
Talos Energy’s GOM Mississippi Canyon Operations. Talos Website Image by David Duncan
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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 permitting delays and costs uncertainty. Yes, Krohn said, there’s no reason not to. W&T doesn’t
Talos Energy’s Gulf of Mexico Operations. Image from Talos Energy facebook 2019. Image by David Duncan
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 se-
curity and destroy American jobs.” If indeed Biden’s open-ended suspension doesn’t affect existing operations or permits for existing leases, the 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 reduc-
President Biden signing January 27 climate change executive order. Image from npr.org website. Credited Getty Images March + April 2021
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W&T Offshore’s Gulf of Mexico Operations. Image from 2019 Annual Report
tion 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 times in
12 | Mv | March + April 2021
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 GREATER HEIGHTS
MEMORIAL MEMORIAL CLOSE-IN
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.
MEMORIAL WEST
river oaks tanglewood WEST UNIVERSITY
Photo: TK Images
March + April 2021
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Greater Heights
real estate
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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 ex10 Magnolia Woods Dr. | Kingwood List Price $3,300,000 | MLS #91653116
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
13246 Snow Lane | Lake Conroe
List Price 1,075,000 | MLS #91218580
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
isted 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, turnof-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.
Memorial Villages
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dyllic Historically speaking, The Memorial area has always been one of the most desirable areas in Houston to live and invest in real estate. It has retained its value through Houston’s good times and bad and has been a haven for families and businesses since the 1950’s. As an example, my grandparents bought a home off Memorial Drive back in the 50’s for $55,000 before Loop 610 was built. They sold their home in the 80’s for around $450,000. The lot alone is now worth almost $2 million dollars! Boasting picturesque tree-lined streets, award-winning schools, acclaimed restaurants, shopping, and some of the best medical facilities in the world, its location is ideal for those wanting a short commute to all points in Houston while giving the feeling of living in a secure and heart-warming small town. Having grown up in the area and attending Hunter’s Creek Elementary, where my Aunt Genevieve also attended, it was one of the happiest times of my life biking up and down the safe streets, playing in the parks, and exploring the trails along the creeks and bayous. This is most certainly evident in all of The Villages that make up part of the area: Hunters Creek, Piney Point, Hedwig and Bunker Hill. These neighborhoods have minimal commercial intrusion with many lots ranging from ½ acre to 3-4 acres each. Regardless of your style, familial status, or working situation, there is something here for everyone. According to HARMLS, there were 180 sales of single
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by Amanda & Rich Anhorn
In recent years, portions of the Heights have been designated as historic, which has preserved the original character of the neighborhood. 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-$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.com
12315 Woodthorpe | Memorial Hollow List Price $1,295,000 | Coming Soon
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
by Genevieve Rowland
20614 Autumn Shore Dr. | Katy
List Price $995,500 | MLS #15810960
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
family homes in 2020 throughout the 4 villages South of I-10, with a low of $585,000, a high of $6,300,000 and an average of $1,959,822 ($363.42/SF) with an average size of 5,383 sqft. Only 55 of these homes were built since 2000. New construction is most prevalent in the area, but there are still many ranch, traditional, colonial and contemporary style homes that have been or will be remodeled by their new owners. The Luxury market this year amazingly strong. According to HAR (Houston Association of Realtors) on Feb 10th, home sales skyrocketed 27.7% year over year to 6088 in January. The year over year increase in luxury sales over $750K was 73.9%!!! Low interest rates, people wanting more from their homes with the changing working environment, savings due to lack of travelling, and experience real estate advisors, have all helped contribute to the success. People demand more in their homes now more than ever, and The Villages can most certainly deliver! March + April 2021
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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
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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
Memorial Close-In
by David Michael Young
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 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
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Memorial West
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by Amy Bernstein
emorial West encompasses a wide variety of neighborhoods that are located North of I-10. Some of the most popular neighborhoods inside the Beltway are Frostwood, Memorial Forest, Memorial Bend, Tealwood, Sandalwood and Fonn Villas. The area also extends outside the Beltway to Memorial Glen, Gaywood, Nottingham, Nottingham Forest, Wilchester and beyond. It is convenient to City Centre, Town and Country and Memorial City Mall and a short commute to the Energy Corridor. Memorial West is also home to one of Houston’s largest parks, Terry Hershey Park. Amy Bernstein, a local neighbor, with Bernstein Realty is a top producing real estate agent who has listed and sold homes in the Memorial West area for more than 35 years. Bernstein Realty welcomes the opportunity to be of service, please contact us for all your real estate needs at 713.932.1032.
2021
Built before 1999 # Active LIstings 108
Avg List Price $724,623
Avg Sq Ft 2,982
# of SOLD 34
Avg List Price $694,605
Avg Sq Ft 2,982
Built after 2000 # Active LIstings 73
Avg List Price $1,628,421
Avg Sq Ft 4,876
# of SOLD 8
Avg List Price $1,344,191
Avg Sq Ft 4,810
# of SOLD 418
Avg List Price $723,713
Avg Sq Ft 2,965
Built after 2000 # of SOLD 74
Avg List Price 1,412,089
Avg Sq Ft 4,707
2020
Built before 1999
For full Real Estate report, go to houstonintown.com
THE HOUSTONIAN ESTATES
121 N Post Oak Lane UNIT 1805 Houston, TX 77024
Outstanding two-bedroom plus small study area and 3 full baths in the premier Houstonian Estates. Tenants will enjoy the ultimate in privacy with a 24/7 concierge and valet service. Tenants will also enjoy the tennis courts, pool and rooftop fitness center. This unit is the ultimate in corporate leasing with all the amenities of a fully furnished unit with all the comforts of home. The gourmet kitchen boasts Calacatta marble island and soapstone counters, breakfast bar, custom Valencia cabinetry from Italy, professional appliances & access to a comfortable balcony with additional dining space. The second balcony off the living room offers more amazing views. The master suite is outstanding with plush carpeting, incredible views of Tanglewood, dual baths with travertine floors, walkin shower, soaking tub & dual closets. (MLS 35104284)
FOR SALE
by Appointment
Joanne Naponic | Broker/Owner JoanneNaponicProperties.com | (713) 515-3805 | joannenaponic@gmail.com
INTOWN
F CUS
River Oaks
real estate
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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 include the subdivisions of Tall Tim-
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bers (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
by David Michael Young
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 Willowick, 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 david@youngrealtyhouston.com 713-320-6453
Tanglewood
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by Patricia Tello
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.
West U
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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. • 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 sqft.
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
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 University has been named one of the best neighborhoods in Houston! 77005 Stats (Per MLS) • Jan 1-February 28, 2020 20 Single Family Homes Sold Ave. Sales Price: $1,734,291 Ave. SF: 4,141 | Ave. Lot SF: 7,946 1 Lot Sold Ave. Sales Price: $675,000 Ave. Lot SF: 6,000 • Jan 1 - March 1, 2021 24 Single Family Home Sold Ave. Sales Price: $1,572,912 Ave. SF: 3,928 | Ave. Lot SF: 6,456 2 Lots Sold Ave. Sales Price: 757,500 Ave. Lot Size: 5,550 Caroline Bean is a Broker Associate and Top Producer with Compass Real Estate | P: 713-206-4114
OYSTER BAR HAPPY HOUR MON-FRI: 4pm - 7pm • SAT: 3pm - 7pm OYSTER BAR ONLY
HAPPY HOUR: 11am - 2:30pm M-F MON-FRI: 11am - 2:30pm, 4-10pm • SAT: 11am - 10pm
Reservation Required Thurs, Fri & Sat Evenings, Last Reservation 9pm
BRUNCH: SAT: 11am - 3pm • Starting 3/21, SUN: 11am - 3pm HAPPY HOUR: MON-FRI 4-7pm • ALL DAY SAT: 11am - 7pm
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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 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 Hitch20 | Mv | March + April 2021
cock 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. 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
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
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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Financial Focus
Age is Just a Number
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our financial life has many stages. In financial planning, the government directly impacts your progress as you reach certain ages. As we start a new year, the Linscomb & Williams Wealth Management Team offers a quick refresher.
Age 50:
Catch-Up Contributions
tional $6,500 annually into your 401(k), 403(b), or other employer-sponsored plans annually. These catch-up contributions can make 50 feel like “the new 40”.
One of the most straightforward boosts to your retirement savings becomes available in the year of your 50th The Rule of birthday. Once you reach this threshold, you can potentially take a bigger tax deduction by increasing investments into your pre-tax retirement accounts, such There are further financial benefits as a Traditional IRA or 401(k), or a taxat your disposal in your 50s – Who says free Roth IRA. Upon reaching age 50, getting older doesn’t have its perks? You you can add an extra $1,000 per year to these accounts. You can add an addi- can also make withdrawals from your employer-sponsored plans with fewer tax
(Age) 55:
by Jessica Banitt, CPA, CFP®
Wealth Advisor, Linscomb & Williams
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penalties, if you retire early, or are laidoff from your job. Normally, when making a withdrawal from a 401(k), 403(b), or other retirement plan, federal income taxes are due. But, on top of income tax, a 10 percent tax penalty is due for early withdrawal (i.e.,before age 59½). But individuals over 55 are exempt from the 10 percent penalty. Remember that the Rule of 55 only applies to employer-sponsored plans like a 401(k) – not IRAs. You’ll have to wait until you turn 59½ to make withdrawals from an IRA without penalty. Be sure to consult with your financial advisor before making a withdrawal from your retirement accounts of any type.
Age 62 & 67: Important for Social Security
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find that many of our retired clients who no longer claim itemized deductions on Full Retirement Age their income tax return find this QCD strategy particularly advantageous as a For most people not yet retired, your way to save income taxes, and in certain full retirement age is likely between 66 cases, reduce their Medicare Premiums. and 67, depending on your year of birth. The five-year spread between when you first become eligible for Social Security Putting It All benefits and your full retirement age can make a big difference and carry pros and cons. Our team here in Houston is often asked about Social Security –how much Getting older isn’t all bad news. As will I receive, how do I start receiving the saying goes, “Age is just a number”. benefits, will it be there for me, etc. Discuss your situation with an experiWhile it’s easy to find general rules of enced fiduciary financial advisor so you thumb online, we encourage you to talk don’t miss or mis-use the tools available to a fiduciary financial advisor (who has for your financial planning. With proper no conflict of interest in giving you ad- planning, like a fine wine, your wealth vice) to see what age makes sense for you. will only get better with time.
Together
Age 72:
When Required Minimum In our 50 years of helping families Distributions (RMDs) Begin plan their retirement income, we see repeatedly that Social Security is usually an Recent legislation raised the age when important pillar of support during your retirement. The longer you wait to start you must begin taking RMDs from a your benefit, the more you will receive as Traditional 401(k) or IRA from 70½ to 72. The government requires you to a monthly payment. begin taking money out when you reach this age, whether you need the funds or not. When You First Become RMDs are calculated on the first day of every calendar year, and are based on Eligible for Social Security your account balance on the last day of You are eligible to begin receiving So- the prior year. Money withdrawn as an cial Security benefits once you turn 62. RMD is typically taxable. This may not Age 62, however, is considered an “early” be an issue if your tax bracket is considstart and your monthly check amount erably low. If not, or if this money will will be reduced from the full retirement bump you into a higher tax bracket, talk benefit. Depending on how long you to your financial advisor about donating live, starting early can cost you tens of your RMD to an eligible charity in the thousands of dollars in the long run. We form of a Qualified Charitable Distridon’t know how long we’ll live, so that bution (QCD), a special IRS exemption part is guesswork. What is not guess- that can help you reduce your taxes. We work is this: You can receive significantly more in monthly benefits if you wait until you’re near or have reached your full retirement age.
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Linscomb & Williams is a Houstonbased wealth management firm established in 1971.
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As the world’s largest and most productive real estate company KW Luxury International’s Group of quality luxury consultants have a powerful network of over 160,00 global associates to sell or find your next home. Strength in numbers with the boutique service experience you deserve.
Keller Williams Memorial 950 Corbindale Rd #100, Houston, TX 77024 Phone: (833) 533-6400 Fax: (713) 467-6226
