Texas Coast Real Estate
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Scooped by Michael Stuart

What thrived and dived during the Texas coast recession?

What thrived and dived during the Texas coast recession? | Texas Coast Real Estate | Scoop.it

What thrived during the Texas coast recession is a story how two developers came out smelling like a rose.

Lessons learned from two “high-end real estate project developers” that thrived during the worse recession and storms to hit the Texas coast in history. A silver lining from the unfortunate times the region experienced from 2008 to 2012, and a testimony to enduring value.

At TexasGulfCoastOnline.com we have a criteria list we use to determine the rare and remarkable projects on the Texas coast.

Here is how we pick them:

  • The properties being built, as well as the location, have to be rare and unique.
  • The owners and developers of the projects must be reputable and solidly financed.
  • An impressive amenities package must be offered both in the individual homes as well as the community – and must exceed what is already available in the local area.
  • A good marketing plan and sales operation team must be in place to ensure the project’s success.
  • The project must not have major erosion and insurance issues.
  • The project should have energy efficient and storm resistant features.
  • The project design and price range should fit with the buyer profile for the area, and its surrounding properties.
  • The project and personnel must be in good standing with the local community.
  • The project must have sound market fundamentals such as rental income vs. price and supply vs. demand, predicting a safe investment.

The only two high-end developers and their projects that thrived during the hard times:

The projects that didn’t do so well and why :
  • Laguna Harbor, Port Bolivar – highly leveraged | project stalled
  • Biscayne, Crystal Beach – lack of interest by owner | project stalled
  • Beachtown, Galveston – east side location price mismatch | project stalled
  • Palisade Palms, Galveston – east side location price mismatch | auctioned
  • Emerald By Sea, Galveston – highly leveraged | bank owned
  • Diamond Beach, Galveston- highly leveraged | bank owned
  • Point West, Galveston – detached ownership and remote location | project stalled
  • Palmilla Beach Resort and Golf Club, Port Aransas - detached ownership, golf course | project stalled
  • Sapphire South Padre – highly leveraged | bank owned
  • South Padre Island Golf Club – detached ownership, golf course | project stalled

Projects that completely failed and the main reasons why:

  • Avocet, Crystal Beach – lacked leadership and highly leveraged
  • Sanctuary at La Costa Grande, Port Lavaca – detached ownership, remote location and marketing gimmicks
  • Tortuga Dunes, Mustang Island – federally uninsured location in CBRA zone
  • Pirates Cove, Port Isabel – priced too high for location

Winning High-end Real Estate Project Takeaways
  • Great development leadership
  • Good location / value
  • Solid Market Fundamentals
  • Strong Financial Backing
  • Commitment to local community
  • High-rises & Inclusive Resorts

Losing High-end Real Estate Project Takeaways

  • Inexperienced developer
  • Location price mismatch
  • Problem with Market Fundamentals
  • Highly leveraged project
  • Environment issue
  • Coastal Golf courses
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Scooped by Michael Stuart

Vacation home buying: All you need is love and the right lifestyle area

Vacation home buying: All you need is love and the right lifestyle area | Texas Coast Real Estate | Scoop.it

Advice about purchasing a second home — like the Vacation Home Tip Sheet below – kind of reminds me of a horoscope; it includes common sense rules that could apply to any buyer and any home. My list of important criteria for buying the perfect Texas beach home is a little different, and it goes like this:

1. Love something about the area where you are considering buying a second home. To buy, use and maintain a vacation home, there has to be a compelling reason and an emotional attachment that keeps you coming back year after year. Otherwise, it’s not worth the hassle even if you can rent it to cover the mortgage.

2. Buy in an area close to your primary residence or family. The bulk of second homes are within two hours of buyers’ primary residences.

3. Know your second hometown well enough to pick out what we at Texas Beach Homes call “the lifestyle area” that best suits your needs. Take the time to dig into each neighborhood before you plunk down your money. Sometimes homes in your preferred area aren’t frequently available so you’ll have to be patient and work with a local realtor to spot listings when they come up.

4. Stay in the area with your family and see what it’s like to live there during the season when you plan to visit. Are the people friendly? Is the ambience conducive to relaxing or adventuring or whatever is your purpose for getting away from your primary home?

And, of course, follow the tips in the Vacation Home Tip Sheet. But first, make sure you have love, proximity and the right lifestyle area for your new beach home.

Read more Vacation Home Tip Sheet

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