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    Real Estate Round-up

    Old palace theaters saved in the South: Will Houston join in before everything'sgone with the wind?

    Ralph Bivins
    Nov 15, 2010 | 12:11 pm
    • The Alabama Theater sits vacant and is considered in danger.
      Photo by Ralph Bivins
    • Saenger Theatre in New Orleans is an example of what can happen when an oldpalace is saved.
      Photo by Ralph Bivins
    • The Plaza Theater in El Paso was resorted just when it looked lost.
      Photo by Ralph Bivins
    • Houston used to be full of hopping theaters, including the Majestic (shown herein 1937).
    • Saenger Theatre
      Photo by Ralph Bivins
    • Saenger
      Photo by Ralph Bivins
    • Saenger Theatre
      Photo by Ralph Bivins
    • Saenger Theatre
      Photo by Ralph Bivins
    • The Plaza Theater in El Paso
      Photo by Ralph Bivins
    • The Bellaire Theatre is another example of Houston's need to fight for its past.
      Photo by Ralph Bivins
    • Bellaire Theatre
      Photo by Ralph Bivins

    Pace Concerts founder Allen Becker, a legend in Houston’s entertainment scene, understands the importance of great amusement palaces.

    Becker and his partners have a mission to save some of the great theaters of the South.

    Becker knows too many urban theaters have slipped into dark and decay. People don’t go downtown into huge theaters to watch Gone with the Wind on a big screen. Suburban multi-screen movie theaters edged out the big dinosaurs long ago.

    Some of the great theater buildings from the past remain as empty shells. Some have been destroyed. Many of the theater buildings are gems that only need to be polished to shine again, if only we can keep the wrecking ball away. Houston’s great art deco shrine from the 1930s, the Alabama Theater on Shepherd Drive, sits vacant and is considered to be endangered by preservationists.

    NOLA’s Treasure

    Becker is chairman of ACE Theatrical Group, which is starting a major redevelopment in New Orleans — rebuilding of the Saenger Theatre.

    The Saenger opened in 1927 as a playhouse for Vaudeville shows, before it became the city’s main theater for movies. It’s been boarded up since being damaged by Hurricane Katrina.

    Work will begin in December to restore the Saenger — a $50 million project that developers say will retain and preserve the design and craftsmanship that made the Saenger a place of wonder. The plaster and terra cotta ornamental elements will be restored.

    The original carpeting and seat upholstery will be duplicated. Missing light fixtures will be replaced with replicas that will match the originals. Materials that were applied in a series of remodeling efforts over the years will be removed to produce a look that is consistent with the original 1920s design.

    Martinez + Johnson Architecture of Washington, DC, is overseeing the restoration.

    In the end, the 80,000-square-foot theater at 1101 Canal Street will have 2,800 seats and it will have a constant stream of shows and programming, says David Anderson, president of Houston-based ACE Theatrical Group and the Saenger Theatre Partnership.

    A production of Lion King will open at the Saenger in early 2012, Anderson says. The rear wall of the theater will be torn down in order to expand the backstage area and make it sufficient for Broadway shows.

    A restored theater like the Saenger, which is receiving some government grants and tax assistance, and can inject a lot of economic benefit into a community, Anderson says. Cities spend hundreds of millions to build sports stadiums that are dark over 300 days a year. A theater may be dark only 60 or 80 days a year, he says, generating a more consistent activity and sustained tourism than sports facilities.

    “These theaters are community treasures. They were built in the 20s in the downtowns. But they fell into disrepair when there was flight to the suburbs and the suburban multiplexes came in,” Anderson says.

    ACE Theatrical has redeveloped a number of classic theaters, including the Empire and Majestic theaters in San Antonio, Boston Opera House, Warner Theater in Washington DC and the Orpheum Theatre in Memphis. The Saenger redevelopment will revitalize a portion of New Orleans that has been struggling to thrive after Hurricane Katrina.

    “New Orleans needs this and it’s going to be fantastic,” Anderson says.

    Documenting a Resurrection

    Houston filmmaker Jeffrey Mills has been creating a documentary, Before the Curtain Rises. The film, which Mills hopes to be able to air on PBS, will focus a lot of attention on the old Texas-based Interstate Theatres chain and the restored Plaza Theater in El Paso.

    The Plaza opened in 1930 and was the hub of downtown entertainment for years before being shuttered in the face of competition from drive-in movies and suburban theaters. The Plaza remained vacant for decades and was about to be demolished to make way for a parking lot, before the community protested and saved it. After a $38 million County Council-backed renovation, the El Paso theater reopened in 2006.

    Through a non-profit group, Documentary Alliance, Mills is raising money for the completion of the film. The documentary would be instructional for the next generation of people who will be accustomed to downloading movies over the Internet and may never go out to see a movie. For more on the documentary, see www.interstatetheatres.com.

    Big movie palaces aren’t needed for film exhibitions any more. But perhaps redevelopment projects like the Saenger and the Plaza can show us why these theater buildings need to be saved and how they can be adapted for other uses.

    Ralph Bivins, former president of the National Association of Real Estate Editors, is editor-in-chief of RealtyNewsReport.com.

    unspecified
    news/real-estate

    housing news

    This is how much longer Texans must save for a home than in 2016

    Amber Heckler
    Jul 6, 2026 | 4:00 pm
    House fund
    Photo by Kostiantyn Li on Unsplash
    It would take more than 7 years for a Texas household making over $84,000 a year to save enough money for a down payment on a home.

    It's no secret that purchasing a home in 2026 has become an ever-shifting financial goalpost that requires a lot more money than it used to. And a new study has just revealed it takes 9 months longer for Texas residents to save for a down payment than it did a decade ago.

    SmartAsset's new report, "Where the Down Payment Burden Has Grown Most," analyzed typical home values in each state in 2016 and 2026, and compared them with median household income to estimate how many years of savings would be required to afford a 20 percent down payment (based on the assumption that households set aside 10 percent of their annual income). The analysis also evaluated how long a minimum-wage earner in each state would need to save for a down payment in 2026.

    For Texans making the state's median household income of $84,084 in 2026, it would take 7.2 years to save enough money for a down payment on a house with the state's typical home value of $302,187.

    In 2016, it would have taken a little less than 6.5 years based on a median household income of $56,565 and typical home values at $181,155.

    Texas ranks 41st nationally in SmartAsset's comparison of states with the highest increases in the amount of time needed to save for a down payment from 2016 to 2026. The report's findings proved how "saving for a down payment has become a moving target" for many Texas residents and Americans as a whole.

    "As rising home prices outstrip wage growth, the amount of time buyers may need to set aside enough money has changed sharply in many parts of the country," the report said. "In some states, rising incomes have helped offset higher home values. In others, buyers may face a substantially longer path to ownership than they did just one decade ago."

    Homebuying prospects for minimum wage earners
    For a minimum wage earner residing in Texas, it would take 40.1 years to save enough money for a down payment at current home prices. Texas and 19 other states have a $7.25 hourly minimum wage, which amounts to just over $15,000 a year.

    SmartAsset further confirmed that it's "essentially impossible" to save for a down payment on a minimum wage income alone regardless of which state you live in.

    "Even in Missouri, the most favorable state, a minimum-wage earner would need 17 years to save enough for a home down payment," the report added. "In Utah, that timeline exceeds 70 years."

    The top 10 states where the "down payment burden" has grown the most are:

    • No. 1 – Idaho
    • No. 2 – Rhode Island
    • No. 3 – New Hampshire
    • No. 4 – Maine
    • No. 5 – Utah
    • no. 6 – Montana
    • No. 7 – Washington
    • No. 8 – New Jersey
    • No. 9 – New York
    • No. 10 – Massachusetts
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    news/real-estate

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