I ♥ Cherryhurst

Amongst my colleagues at John Daugherty, Realtors, I am considered young in the business. Maybe so, but there's an opportunity being young did afford me recently: stepping into the shoes of a first-time homebuyer. This, my husband Chad and I accomplished at the end of last year, when we stumbled upon and purchased our first home in Cherryhurst, an adorable subdivision tucked quietly inside of Montrose.

It was an uncertain time in the economy. Houston was just starting to feel what we did of the recession, which they say has maybe turned a corner now. If it is in fact turning a corner, Houston did not experience it like the rest of the country did. We had a mild case of the recession. But at the time, interest rates were low--not as low as they got, the house fit the bill and we were eager to become homeowners. Fortunately, we were eligible for the $7,500 first-time homebuyer tax credit that is paid back over the course of 15 years. Unfortunately, we missed the cut--by seven days--for the new-and-improved $8,000 first-time homebuyer tax credit that never has to be repaid!

We already knew we liked Cherryhurst. Its location cannot be beat. It has culture and an urban vibe with a twist of traditional neighborhood feel. Cherryhurst is about four streets wide by five streets tall with Cherryhurst Park at its center, offering tennis, a community center, a field to throw a football or run the dog (future dog for us...one day!?) and a playground. While we haven't made use of the park on a regular basis yet, we have enjoyed walking to nearby restaurants (our favorite: Hugo's), shops and bars--something you can't often do in Houston, whose walk score is the definition of average at 51/100. Montrose ranks second within Houston for walkabilty, with Downtown ahead at numero uno.

While I could go on about how I ♥ Cherryhurst, learning a few things about the home-buying process would probably be more worthwhile to my loyal readership. So, here are a few tips:

• Get organized with your lender sooner than later. You don't want to fall in love with a home you can't afford. You also don't want to drag on getting your loan approval and have your earnest money up for grabs if you don't end up getting the loan approved in the time prescribed.
• Don't worry about bothering the sellers during the option period. The option period is your time to bring in all kinds of specialists, not just the inspector himself. Get everything suspect checked out and know what you are buying.
• Try to keep it friendly with the sellers. You never know when you'll need to ask them a question about the house down the road.

Buying your first home is both exciting and scary. Trust your instincts and you will make the right the decisions. And expect to keep learning about home ownership every day.

Gruene Opportunity

June 1. Summer is here in my book. I love summer!

Two weeks ago I went to an information session about a new development in the Gruene Historic District of New Braunfels, one of my favorite places to visit during the summer as a kid. Although I haven't been to Gruene in probably 12 years, I can picture it pretty well from my memories: The Gristmill, Gruene Hall, that little ice cream shop, the General Store where they sell delicious homemade fudge and, of course, Hunter Junction with the hilarious t-shirts. It's one of those treasured Texas towns where time seems to have stopped just enough. My favorite thing to do in Gruene--hands down--was (and is) to float the river in an inner tube: hours of relaxation, Vitamin D and good times with friends and family. I may just have to schedule a float trip this summer. But, back to the real estate relevancy of this post...the Van Horn River Lodge.

The Lodge is going to be a "boutique condo-hotel" with only 40 units. It will rise three stories over the banks of the Guadalupe River, just a four-minute walk away from the slow bustle of the town. The great thing about the condos is that you can rent them out when you are not using them. The Lodge doubles as a hotel with a great room anchoring the condominiums. Services will include a reception desk, housekeeping, conference space, maintenance and more. The terraced pool, decks, nature trails and a riverfront park (almost 200 yards long) will all be "common" property of the owners. Owners and guests can rent "play" items for the river and town, like tubes, kayaks and bicycles, and the operations will be run by an on-site general manager.

The look and feel will be "mountain lodge" with all units enjoying a riverfront view. Prices start in the upper $300s. There are 2 floorplans, the "Encino" and the "Cypress," both two bedrooms with around 1,200 square feet of living space plus balconies.

You can reserve a unit now with an initial deposit of around $10K. When 80% has been reserved, construction will begin. At the info session two weeks ago, 12 units had already been reserved. If you're interested in learning more, feel free to send me a line at emilyc@johndaugherty.com.

Here's to a great Summer of '09!