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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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Houston Ranks In Top 3 U.S. Condo Markets

Houston Ranks In Top 3 U.S. Condo Markets | Texas Coast Real Estate | Scoop.it

While the national condo market is recovering, analyzing condo sales activity in the top 25 condo markets by total sales reveals some very different patterns at the metro level measure. Similar to the impact it had on the rest of the market, the interest-rate rise in the second half of 2013 caused condo sales to cool off somewhat, and by June 2014 only 14 of those same markets were exhibiting increases year over year. As of June 2014, Denver led the pack with condo sales that were 16.9 percent higher than a year ago, followed by Houston (15.5 percent) and Naples, Fla. (10.8 percent). Examining a variety of real estate transaction-related data reveals that cash sales have had the largest impact on changes in condo sales. This should not be a surprise given that the cash share of condo sales was 53 percent in the first half of 2014. In fact, in some of the markets, condo cash sales almost exclusively account for all sales. For example, three of the top 25 condo markets had condo cash sales that exceeded 85 percent. Via: http://www.corelogic.com/blog/authors/sam-khater/2014/09/the-long-term-rise-of-condo-sales.aspx#

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Oil Spill Money Helps Texas Protect Coast

Oil Spill Money Helps Texas Protect Coast | Texas Coast Real Estate | Scoop.it

Money paid by BP and Transocean to settle criminal penalties arising from the 2010 Deepwater Horizon oil spill has helped Texas close the largest conservation land purchase in the state’s history: Just over 17,000 acres of undisturbed coastal prairie in Calhoun County for $50 million.

The Texas Parks and Wildlife Foundation (the non-profit fundraising arm of the state’s parks department) will raise the balance of the funds — about $15 million after the oil spill funds are applied. The foundation would initially be a joint owner of the land, alongside other non-profit conservation organizations; eventually, the plan is for the land to be donated to the department itself.

Conservationists and environmental advocates hailed the purchase as a significant move to protect the state’s coast, which experts estimate is losing hundreds of acres of rural land each day. Conserving rural lands, they said, is crucial not only for preserving open spaces in Texas, but also as a way to protect water resources. Along the coast, keeping land undeveloped can serve as a “natural buffer” against sea-level rise and storm surges — often a much cheaper way to ensure hurricane protection than costly infrastructure like seawalls.

http://www.texastribune.org/2014/08/21/texas-announces-land-conservation-purchase-bp-doll/

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Experts dispute Perry on border crime stats

Experts dispute Perry on border crime stats | Texas Coast Real Estate | Scoop.it

A surge of military and law enforcement personnel will head to the Texas-Mexico border to combat what Gov. Rick Perry describes as a violent crime wave by “criminal alien defendants,” but criminal justice experts say certain border areas are more secure than Texas’ top cities — a view echoed by local realtors whose sales have suffered partly from news reports about border violence. Experts polled by PolitiFacts Texas were unable to substantiate crime statistics cited by Perry as support for sending 1,000 Texas National Guard troops to the border, and in fact, called the numbers “ridiculous.”

That’s good news for South Padre Island, which has seen depressed real estate sales following the economic recession and Hurricane Dolly in 2008.  Sales volume is improving but prices still lag Galveston and North Padre Island, and inventory stands at a two-year backlog, according to statistics compiled by the Texas A&M Real Estate Center.

Alice Donahue, a longtime South Padre Island realtor, says sales have been steadily improving from last year at approximately 29% for the area.

“We are seeing more inventory this summer but time on the market has been reduced on certain properties, specifically beachfront homes, South Padre Island Golf Course Homes and Long Island Village,” said Donahue of Alice Donahue Real Estate. “Prices are still lower than we have seen since the downturn and it is still a buyers’ market here but I have noticed a marked increase in Mexican National buyers since the cartel crisis, which I do not believe is a threat to our area as has been perceived in the past.”

To read the Scripps article on Perry, click the link: http://www.caller.com/columnists/matthew-waller/data-shows-safe-border-regions-before-natl-guard-deployment_99075946

For more on PolitiFacts analysis: http://www.politifact.com/texas/statements/2014/jul/29/greg-abbott/greg-abbott-attributes-3000-murders-immigrants-her/

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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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What Slowdown? Eight Housing Markets That Are Speeding Up

What Slowdown? Eight Housing Markets That Are Speeding Up | Texas Coast Real Estate | Scoop.it

Buyers should prepare themselves: These markets are shaping up to be even more competitive than they were in 2013. Read MoreThe post What Slowdown? Eight Housing Markets That Are Speeding Up appeared first on Redfin Real Estate Blog.

Source: Redfin Real Estate Blog » Real Estate News & Analysis
URL: http://blog.redfin.com/?p=22962
Keywords: Featured Posts,Real Estate News & Analysis,featured,research-special-report

The post What Slowdown? Eight Housing Markets That Are Speeding Up appeared first on Redfin Real Estate Blog.

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Housing prices rise, inventory shrinks in Corpus Christi – report

Housing prices rise, inventory shrinks in Corpus Christi – report | Texas Coast Real Estate | Scoop.it

The Corpus Christi Caller-Times reports that the coastal city’s robust housing market shows no signs of slowing, but affordable homes are in short supply. The inventory of vacant homes in Corpus Christi is one fourth the size it was just three years ago, but asking prices have climbed 19 percent over the same period, said Warren Andrich, president and CEO of the Corpus Christi Association of Realtors.

“All things point to a continued favorable housing market,” Andrich told the South Side Business Council.

There are 1,860 houses available in the city as of Thursday, down 74.5 percent from 2011 when there were 7,300 houses on the market. In that time, thousands of job seekers have converged on the Coastal Bend, lured by opportunity from the Eagle Ford Shale energy play. Economists have speculated as many as 10,000 jobs will spring from it over the next five to seven years.

And that has helped drive up home prices.

The average sale price for a home in Corpus Christi was about $190,000 in June, up from $157,000 in June 2009, Andrich said. That’s a 21-percent increase.

“It’s supply and demand,” Andrich said. “We live in a place people want to come, so the demand is high.”

http://www.caller.com/news/building-our-future/realty-chief-discusses-hot-housing-market_93494936

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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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