FAZIO PREVIEWS HIS NEW GOLF COURSE IN CARLTON WOODS CREEKSIDE - Golf course designer Tom Fazio recently visited The Woodlands for an exclusive preview of the new 18-hole Championship golf course he is designing in the gated community of Carlton Woods Creekside. Over 300 members and guests from The Club at Carlton Woods previewed the course with him. Carlton Woods Creekside is the 500-acre expansion to Carlton Woods in The Woodlands’ newest Village of Creekside Park, located south of Spring Creek. The Tom Fazio Championship golf course, the seventh golf course in The Woodlands, is scheduled to open in the fall of 2005.

Special features of the course include unique elevations from natural marshes to gently rolling terrain, Tif Eagle greens, Zeon Zoysia grass on the tees, fairways and Carrizo Zoysia grass roughs. “The new Fazio Championship course in Carlton Woods Creekside is the first course in the Houston area to be grassed completely with Zoysia grass,” said William E. Langley, CCM, managing director of The Club at Carlton Woods. “The entire course is also sandcapped to provide excellent drainage and easier maintenance.”

Sales of existing homes were at the second-highest pace on record in May as mortgage interest rates continued to decline, according to the NATIONAL ASSOCIATION OF REALTORS®.

Total existing-home sales—including single family, townhomes, condominiums, and co-ops—slipped 0.7 percent in May to a seasonally adjusted annual rate of 7.13 million from a record of 7.18 million in April. Sales were 3.5 percent above the 6.89 million-unit level in May 2004. Aside from the last two months, the previous record was a sales pace of 7.02 million in June 2004.

David Lereah, NAR’s chief economist, says low interest rates, population factors, and job growth are driving home sales. “Most of the stars continue to be correctly aligned for the housing market,” he says. “An ongoing problem is the tight supply of homes available for sale, which is pushing gains in home prices.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.72 percent in May, down from 5.86 percent in April; the rate was 6.27 percent in May 2004.

The national median existing-home price for all housing types was $207,000 in May, up 12.5 percent from May 2004 when the median price was $184,000. The median is a typical market price where half of the homes sold for more and half sold for less.

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The first phase of East Shore encompasses three distinct addresses – East Shore Drive, Colonial Park and Charleston Park – each with its own blend of classic architectural styles and pedestrian-scaled waterfront parks. The benchmark
for design on East Shore will be American Colonial, American Classical and American Coastal styles expressed in seven variations that reflect Spanish, English and French influences. It’s the best of the Old and New Worlds in a sophisticated, urban setting.

Builders will be releasing elevations and floor plans in the near future. We will keep you informed about these exciting developments as they unfold.

NEW STORES TO OPEN IN MARKET STREET - Starbucks Coffee and Jamba Juice, a smoothie and juice café, have recently opened in Market Street in The Woodlands Town Center near Cinemark. The following new restaurants and bar are set to open: Cru - a Wine Bar (opening August), Extreme Pizza (opening August), Jasper’s Restaurant (opening August) and Potbelly Sandwich Works (opening June 1). Retail will also be coming soon to Market Street: Maggie’s (opening August), The Magic Moon (opening August), Just Add Water (2006) and Tickled Pink (opening August).