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Luxury Buyers Are Spending Mega Bucks in These Markets

Luxury Buyers Are Spending Mega Bucks in These Markets | Texas Coast Real Estate | Scoop.it

The high-end residential real estate market remains strong point and plays a big role in the housing recovery. Nearly half – 48 percent – of all wealthy consumers recently reported that they plan to purchase a luxury home within the next 12 months, according to a survey of consumers with a net worth of at least $5 million conducted by Coldwell Banker Previews International program and the Luxury Institute. For affluent individuals under the age of 35, the percentage of those planning to buy a luxury home in the next year jumps to whopping 81 percent. This group of affluent Millennials also reported the highest average purchase price of all age groups at $7.8 million, according to the survey.

So where are luxury buyers’ targeting their home search? Coldwell Banker’s survey identified the following 10 U.S. cities as having the highest number of luxury home sales valued at $1 million or more during the last 12 months through June 2014:

  1. San Francisco: 2,485 (the number of home sales valued at $1 million-plus)
  2. Los Angeles: 2,170
  3. New York: 2,145
  4. San Jose, Calif.: 1,119
  5. Houston: 981

Via: http://realtormag.realtor.org/daily-news/2014/10/03/luxury-buyers-are-spending-mega-bucks-in-these-markets

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Business owners expect windfall after Schlitterbahn opens on Padre Island Corpus Christi

Business owners expect windfall after Schlitterbahn opens on Padre Island Corpus Christi | Texas Coast Real Estate | Scoop.it

This will be a project that the island, the entire community, will be proud of  said Jeff Henry Schlitterbahn.

Attractions:

  • Four “Master Blaster” uphill water coasters;
  • Three children’s areas;
  • A “Shoot The Chute” log ride, a first of its kind among Schlitterbahn parks;
  • A “Boogie Bahn” inland surfing ride;
  • Three heated swim-up bars for adults;
  • Two wave pools.

The $40 million resort on Padre Island will be the fifth water park for Schlitterbahn, whose deal with the city includes almost $120 million in grants during the next 25 years.

Family shot at Schlitterbahn

Schlitterbahn expects 300,000 visitors to come to the park each year.

The project also includes some lodging. Terri Adams, Schlitterbahn’s chief operating officer, said the park will feature “a number of” Treehaus luxury suites. She would not say if the company plans to negotiate with a hotel company for more beds or build a hotel itself.

Maybeth Christensen, executive coordinator of the Padre Isles Property Owners Association, said businesses generally continue to support the project, hoping it will touch off economic growth.

Corpus Christi in 2012 hosted 7.1 million visitors, who spent $1.1 billion on tourism-related purchases and services, said Colette Rye, communications director for the Corpus Christi Convention and Visitors Bureau. Some of that money eventually is used to make local improvements.

 

Jim Lee chairs the Department of Decision Sciences and Economics at Texas A&M University-Corpus Christi, and is studying the financial impact the water park and a host of other major development projects will have on the region.

Lee said he recognizes the project will be a boon to further development for an island community that still is without a full-scale grocery store.

“It’s a classic dilemma in economic development: More economic development often means an intrusion on nature,” Lee said. “Most residents choose to live on the island for its special lifestyle that is connected with nature. Ultimately, I think it boils down to the concept of smart growth, which is to preserve the quality of our lifestyle while allowing for more development.”

The project will be positive for the area in the long run leading to business growth of all kinds. It’s going to give the island a boost, especially in the summer time, making the island a destination place and first class resort for the Texas coast.

via Business owners expect windfall after Schlitterbahn opens on Padre Island

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