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Saturday, March 17, 2012
Three-alarm fire breaks out at popular White Elephant Flea Market in Channelview
That massive three-alarm fire broke out at a popular antiques shop, burning nearly everything inside. It took fire several departments most of the morning to put out the fire at the White Elephant Flea Market along the East Freeway near Carlang in Channelview.
Harris Co. fire marshals say the roof collapsed and the building is destroyed. Firefighters are still putting out hot spots. Officials say they are not ruling out that this fire is suspicious as two buildings on the property were burglarized and three people were seen walking away at around 3:30 this morning, the same time this fire started.
It looked like an inferno. Ferocious flames fighting their way through the roof and windows of the business. The fire attacked the large white tin building as volunteer firefighters struggled to get control of the raging flames. With this blaze blaring and glowing, it didn't take long for worried workers to find out.
"I ran to tell my husband, 'Hon, hon, the flea market is burning,'" said Estella Gonzalez.
"Everything is gone," said one business owner. "Thirty-five thousand. My business is big, you know."
We spoke with one man who has worked at the flea market for years.
"I've been here for five years and that is what I do," said worker Diego Mata. "But now that I'm seeing this, it's like really horrible. It hurts me, you know, because I've been here all of my life, since I was a child. My parents used to be bring me here."
Mata says the booth he works at sells uniform clothing for work and they often leave all of their merchandise inside the building.
For at least two hours, the fire tore through the building before firefighters were able to put it out. And now about 100 booths with jewelry, antiques and other treasures are gone and business owners are left with nothing.
Estella Gonzalez, who had a quinceanera planning business, says her family relied on her earnings.
"I think we lost something like $5,000, $6,000," said Gonzalez. "I'm pretty depressed. This was an investment that we had planned on some earnings we had and now they are gone up in smoke."
Like Gonzalez, many booth owners say they did not have insurance. The owner of the White Elephant Flea Market says the building was insured, but he can only hope for the best.
"We've got some insurance. I doubt if it will cover it, just like normal, we always come out losers," said the owner.
With the signature statue still standing through the devastation, business owners say they are hoping to be able to do the same.
"I don't ever give up. I'm a fighter," said Gonzalez.
According to the The White Elephant Flea Market website, the business has been at the same location for 39 years with more than 400 booths, selling anything from furniture to jewelry. The owner says it is too early to know right now if he can rebuild.
Firefighters are using saws to get to existing hot spots as fire marshals are investigating if this fire was an accident or intentionally set.
No one was injured.
(Copyright ©2012 KTRK-TV/DT. All Rights Reserved.) Get more Local »channelview, local, samica knight
Saturday, May 21, 2011
Investing in The Houston, Texas Real Estate Market
The Greater Houston Partnership recently released an overview of the Houston, Texas economy - marking a bright spot during the midst of turmoil in the US economy has experienced in the third quarter of 2007.
As nationwide problems with sub-prime mortgages continue to make front page news and have been depressing stocks of major financial organizations, Houston area residents question: how is the Houston area market faring? Much better than many other parts of the US is the answer, thanks in part to strong oil prices, a robust and diversified job market and a housing market that is still continuing to make advancements. In addition, Houston area real estate continues to be a good investment option with strong job growth and a fast-growing economy.
Houston Economy
While during the 1980's the Houston area economy was pre-dominantly reliant upon the energy industry, currently the energy sector contributes for about 40% of the region's GDP. Today, the Houston economy is based on a broad spectrum of industries including: Oil and gas exploration, basic petroleum refining, petrochemical production, Medical research, health care delivery and high-technology (computer, aerospace, environmental, etc.) The Houston economy is highly diversified, with over 50% of the workforce employed in sectors that are marginally, if at all, affected by changing energy prices.
The most widely followed series on the Houston economy is the establishment employment data, released each month along with the unemployment rate. The Houston economy is good and rental rates are expected to increase. The Houston economy is particularly tied to trade. The Houston economy is global in reach with its world renowned energy business, medical center, sea port, and the NASA Space Center.
Houston Texas Real Estate Statistics
The Houston Texas Real Estate market has also been experiencing gains, while much of the rest of the US has been suffering. This is thanks in part to the good balance between supply and demand and the near absence of the speculative excess in real estate prices that were seen on both coasts of the US over the past 10 years. The number of Houston home sales pending at the end of July 2007 and expected to close within 30 days was up 8.1% from a year earlier - a good sign for the market.
Houston Area Real Estate Investment Opportunities
Within the $80,000 to $150,000 real estate market, Houston's MLS system shows moderate weakness for the second half of 2007, terming the decline "clearly the result of the mortgage and lending issues."
Specific Houston Area Neighborhoods have seen price declines and additional inventory on the market for homes of this type. Savvy Houston real estate investors have begun to buy additional distressed and foreclosed homes at attractive NPV's and cap rates. They are taking advantage of distress in the sub-prime sector (e.g. good buying opportunities), while realizing that strong regional job growth rates are providing for increased rental and housing demand. This mix can create an attractive real estate investment portfolio for people looking to generate recurring cash flow within this market.
For a free listing of attractive Houston-area, real estate investment options, please contact Paige Martin or visit http://www.houstonproperties.com.
Paige Martin is a member of the prestigious Martha Turner Properties' Circle of Excellence, an award given to honor the company's top producers. Paige is a member of the Houston Association of Realtors, Texas Association of Realtors, and the National Association of Realtors. Her website, http://www.HoustonProperties.com, features over 500 pages of Houston real estate information and details on over 40,000 properties of Houston Texas Real Estate for sale as well, as free tips on how to quickly sell Houston homes. Paige Martin, Realtor, Martha Turner Properties.