1St Stage & Market Report (Houston Area)

Metas de la 1era Visita: Evaluación Posibilidades del negocio de la construcción.
• Factibilidad económica • Estudio preliminar del mercado inmobiliario en Houston • Posibles Zonas para construir • Introducción a las operaciones • 1era Reunión Inversionistas (todos presentes) • Definición de la persona que inicialmente llevará a cabo las operaciones • Definir acciones a seguir

FACTIBILIDADECONÓMICA
• • • • • • Estimación de Costos Escenarios Márgenes – Rendimientos Inversión Inicial Herramientas Crediticias Elaboración del Modelo de Negocio

Admin. & Man. (anual) Constr. Type Nacho's: HCAD 2007 Value Footage Land 60.089,00 BluePrints Improvement 200.362,00 Engineer Total 260.451,00 Lots 20% 312.541,20 Construction Length Edgar's: HCAD 2007 Value Realtor Entitlement Land120.674,00 Sale ($/ft2) Improvement 371.584,00 Sale ($) Total 492.258,00 Interest 9% 536.561,22 Property Tax Loan

Premisas:

Nacho's $ 60.000,00 Single Home 2.856,00 Ft 0,50 $/ft2 0,50 $/ft2 $ 55.000,00 70,00 $/ft2 6 Months 3% 300,00 109,43 $/ft2 $ 312.541,20 11,00% 3,10% 55%

Edgar's $ 60.000,00 Single Home 3.266,00 Ft 1,00 $/ft2 1,00 $/ft2 $ 120.000,00 75,00 $/ft2 6 Months 3% 300,00 164,29 $/ft2$ 536.561,22 11,00% 3,10% 55%

Caso Royal Oaks
Margin Return Return W/L Return W/L Adjusted Loan $ 204.315,10 Lot, Engineer, Prints Admin. & Man. Cosntruction Realtor/Entitlemet Tax & Interests $ -126.532,00 $ -15.000,00 $ -244.950,00 $ -16.396,84 $ -16.235,64 $ -419.114,48 21,89% 28,02% 54,68% 53,09% 48,75%
58%

$ 117.446,74

4% 4%

30%

Lot, Engineer, Prints
Admin. & Man.Cosntruction Realtor/Entitlemet 4%

30,19% 3,58% 58,44% 3,91% 3,87% 100%

Tax & Interests

Sale $ 536.561,22
Inversión requerida por Proyecto: $ 221.207,21 Proyectos en Progreso: 4 Inversión del 1er año: $ 884.828,85 Retorno: $ 469.786,96

Caso Terraces
Margin Return Return W/L Return W/L Adjusted Loan $ 141.776,80 Lot, Engineer, Prints Admin. & Man. Cosntruction Realtor/Entitlemet Tax &Interests $ $ $ $ $ $ -57.856,00 -15.000,00 -199.920,00 -9.676,24 -10.660,52 -293.112,76 6,22% 6,63% 12,84% 12,42% 48,37% 19,74% 5,12% 68,21% 3,30% 3,64% 100%
68%

$

19.428,44

3%

4% 20% 5%

Lot, Engineer, Prints
Admin. & Man. Cosntruction Realtor/Entitlemet

Tax & Interests

Sale $ 312.541,20
Inversión requerida por Proyecto: $ 156.439,39 Proyectos en Progreso: 4 Inversión del 1eraño: $ 625.757,55 Retorno: $ 77.713,76

Mercado Inmoviliario: Press Release
• • • • • 2007 CONCLUDES AS THE SECOND BEST YEAR ON RECORD FOR PROPERTY SALES IN HOUSTON Fourth consecutive decline in sales in December Average and median single-family home prices continue to rise Total year-to-date property sales were down 5.0 percent The number of available homes (active listings) at the end ofDecember was 49,566 properties, which was an increase of 14.1 percent versus last December. The figure was a decrease of 1,741 properties from November 2007, reflecting a continued slowdown in the pace of new listings. The industry considers this a positive indicator for the market, as lower inventories generally support pricing levels. The overall median price of single-family homes in December was$153,630, an increase of 2.4 percent compared to December 2006 The average sales price for single-family homes was $216,433 during December, up 5.7 percent versus the same period last year. It was the highest figure since June 2007. Houston's 2007 median price of $152,000 is 30.1 percent less than the national single-family median price of $217,600, according to statistics released by the NationalAssociation of REALTORS® (NAR).

• • •

All Categories Total property sales Total dollar volume Average single-family sales price Median single-family sales price Active listings Pending sales Months inventory*

October 2006 6,831 $1,252,153,640 $188,598 $146,120 46,673 4,883 5.5

October 2007 6,244 $1,211,282,271 $199,397 $145,390 53,407 4,562 6.2

Percent Change -8.6% -3.3% +5.7%...