GALVESTON (Houston Chronicle) – Landry’s founder Tilman Fertitta is restoring a little of Galveston Island’s history.
The Houston Chronicle reports that construction has begun on Fertitta’s $60 million Galveston Island Historic Pleasure Pier, an amusement attraction much like the one that opened in 1943 at 25th St. It was destroyed by Hurricane Carla in 1961.
The new attraction will be built at the same location, jutting out 1,000 feet over the Gulf. The site was most recently home to the Flagship Hotel.
Plans call for 16 rides (including a roller coaster and Ferris wheel), carnival games, souvenir shops, food vendors and the state’s first Bubba Gump Shrimp Co. restaurant.
Pleasure Pier is slated to open in May.

AUSTIN (Texas State Affordable Housing Corporation) – The Texas State Affordable Housing Corporation’s (TSAHC) first-time homebuyer programs now include grants to help buyers cover down payment and closing costs.
Homebuyers who qualify for TSAHC’s Professional Educators, Homes for Texas Heroes or Home Sweet Texas Home (click here for a list of who qualifies under each program) can receive a grant of 5 percent of the loan amount. The grant can be applied toward down payment and closing costs.
In addition to qualifying for one of these programs, the person must be a first-time homebuyer, or not had an ownership interest in any residence during the last three years; meet the income and home purchase price limits; complete a HUD-approved homebuyer education course before closing on the loan; and reside in Texas.
Eligible homebuyers can apply directly through an approved participating mortgage lender in their area. For a list of participating lenders, visit TSAHC’s website or call TSAHC at 888-638-3555.

By David S. Jones, Senior Editor, Real Estate Center at Texas A&M University
Jan. 12, 2012/Release No. 13
COLLEGE STATION, Tex. (Real Estate Center) – Some people never throw tax records away. Others do not keep them long enough.
Knowing what to hang on to, why certain records are needed and how long they should be saved can save storage space and prevent problems should you be audited by the Internal Revenue Service (IRS).
“There are tax and nontax reasons for keeping records,” says Dr. Jerrold Stern, professor of accounting in the Kelley School of Business at Indiana University. “For tax purposes, income sources and amounts need to be identified through W-2 wage statements, 1099 forms — interest income, mutual fund income and stock transactions — and other documentation.”
Writing in the January issue of Tierra Grande magazine, the quarterly magazine from the Real Estate Center at Texas A&M University, Stern notes that records also may be needed for insurance purposes or to obtain a loan.
“Expenses need to be documented to support deductions in the event of an IRS audit,” says Stern, also a Center research fellow. “Documentation can be in the form of a cash receipt, credit card statement or cancelled check. Interest and penalties may be levied if deductions are disallowed for lack of records.”
Keeping tax records is helpful to guide the preparation of future tax returns and for filing an amended tax return, he says. The IRS can furnish copies of prior-year tax returns if necessary.
“Records associated with tax returns should be kept at least until the statute of limitations runs out,” writes Stern. “The statute of limitations is the time during which the IRS is allowed to audit a tax return.”

HOUSTON (Houston Business Journal) – Three Texas cities are among the top U.S. cities favored by foreign real estate investors, according to a survey released Tuesday by the Association of Foreign Investors in Real Estate.
Houston held onto last year’s ranking at No. 7. Austin moved into the eighth spot from eleventh place last year. Dallas ranked No. 13, after not placing on the list since 1995.
The top five cities for foreign investment in 2012 are New York, Washington, D.C., San Francisco, Boston and Los Angeles.
Sixty percent of survey respondents said they plan to increase their U.S. investments this year, down from 72 percent last year.
Fifty-nine percent said the U.S. offers the most stable and secure real estate investments worldwide — the highest level of respondents’ confidence in the U.S. since 2006.
Multifamily complexes remain the most popular investment property type for foreign buyers, according to the survey. Apartments are followed in popularity by industrial, office, retail and hotel properties.

(Houston Business Journal) – Metrostudy President Mike Inselmann predicts 2012 will bring about a 10 percent increase in both single-family home starts and existing home sales in Houston.
Speaking Wednesday at the 2012 Houston Housing Forecast, Inselmann predicted the number of home starts will rise from 18,000 in 2011 to as much as 20,500 this year.
He also also predicted sales of existing single-family homes will increase by at least 10 percent, rising from 2011’s 54,000 to as much as 59,400 this year.

COLLEGE STATION (Real Estate Center) – Texas gained 227,800 nonfarm jobs from November 2010 to November 2011 according to the Center’s latest Monthly Review of the Texas Economy. That represents an annual growth rate of 2.2 percent compared with 1.2 percent for the United States.

The state’s nongovernment sector grew at an even faster rate, adding 292,700 jobs (3.4 percent) compared with 1.7 percent for the nation’s private sector.

Texas’ seasonally adjusted unemployment rate fell to 8.1 percent in November 2011 from 8.3 percent the year before. The nation’s rate decreased from 9.8 to 8.6 percent.

All Texas industries except the information industry and the state’s government sector had more jobs than the same time a year ago. The state’s mining and logging industry ranked first in job creation, followed by the professional and business services industry and the leisure and hospitality industry.

Abilene, Wichita Falls, Killeen-Temple-Fort Hood and College Station-Bryan were the only metro areas that had fewer jobs in November 2011 than in November 2010. Victoria ranked first in job creation followed by Corpus Christi, McAllen-Edinburg-Mission, Lubbock and Laredo.

The state’s actual unemployment rate in November 2011 was 7.5 percent. Midland had the lowest unemployment rate followed by Amarillo, Odessa, Lubbock and San Angelo.

Consumers have a great deal of choice when it comes to kitchen countertops. There are options available from moderately priced to expensive; there are natural surfaces and manmade; the range is wide. The principal choices, from least to most expensive, are the following:

Laminate. This is the most popular category. Many colors and patterns are available, and the price is in the range of $15 to $40 per linear foot of countertop. Most consist of a core material with a surface veneer applied. Formica is one common brand name. The disadvantages are the surfaces can scratch or burn and are not easily repaired.

Ceramic tile. Like laminate kitchen countertops, ceramic tiles are available in a wide range of colors. In addition, tile comes in various sizes, textures, and finishes, and the grout that seals the joint between the individual tiles can also be tinted to add emphasis or highlights. Ceramic tiles can be installed by capable do-it-yourselfers, which can make them even more affordable. Costs vary from $10 a square foot or less to $50 or more, depending upon the tile selected and the installation costs. I’d recommend buying glazed tiles (they’re less likely to stain or scratch) and an epoxy grout. Disadvantages are that tiles can break (though repairs are relatively easy) and the grout will need to be renewed periodically.

Wood surfaces. The range of colors is much narrower than with laminates or ceramic tile, but most people who opt for wood kitchen countertops do so because they like the color of a natural finished wood. Maple is most often used as a counter surface, but cherry, birch, mahogany, and other woods are other choices. Most often wooden counters are so-called butcher-block surfaces, consisting of glued up strips of solid wood. They can stain, dent, or burn, but usually sanding and resealing will restore a uniform finish. Wood is also vulnerable to variations in humidity (producing swelling and even changes in shape), so careful sealing near sources of water and moisture are critical. The surface should also be periodically treated with a wax or varnish suitable to food-preparation surfaces. Costs are moderate, in the range of $50 to $100 per linear foot, and do-it-yourselfers may well be able to install these surfaces successfully.

Solid surface. These synthetic surfaces are manufactured of polyester or acrylic resins and mineral fillers. They are available in many colors, textures, and patterns, some of which resemble other materials, including wood, stone, and even glass. Thicknesses vary. One advantage of such solid surfaces as Corian and WilsonartGibraltar, two of the common brand names, is that scratches and nicks can be buffed out using an abrasive pad. These surfaces are unlikely to stain, but can be scarred by knives or discolored by exposure to heat. Installation is best left to the professionals. The price range is broad, from roughly $50 to $200 per linear foot.

Stone. Granite is the most popular stone countertop, but marble, soapstone, and others are also available. Stone kitchen countertops are extremely durable, but also very unforgiving—one slip with that antique China teapot of Grandma’s and it’ll be reduced on contact to a pile of shards. Stone is unlikely to nick, scratch, or scorch, though coffee, cooking oils, and liquids with natural pigments can produce staining, especially with marble counters. Soapstone requires periodic sealing to maintain its good looks, so granite is the closest to being a care­free stone surface. While stone is a great option if you want your kitchen counters to last forever, it’s also an expensive route to take, as the prices range from about $100 to $250 a linear foot installed. And the installation is best left to the experts.