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Mexican Investors Are Making Island Developments Possible
1020 Views ::
4 Comments ::  :: South Padre Island, Economy |
While the nation experiences a housing slump on South Padre Island, several new developments are taking shape.
Once completed, the shores will include beachfront and bayside homes, a private marina, and upscale shopping. It's part of a build up on the island made possible in part by buyers from Mexico. Other new developments like the Sapphire Oceanfront Condominums and Ocean Tower Oceanfront Condominiums are re-defining the Island's skyline on the south and north ends of the Island with High Rises on par with Miami's best offerings.
 “If we in fact didn't have Mexico, at least half of the condominium projects (or) beachfront condo projects we have today wouldn't be there,” said real estate developer Richard Franke.
South Padre has long been a favorite of the wealthy from Monterrey. The Mexican city is a two-hour drive from the Texas border and many Mexican citizens own property, businesses and have bank accounts on both sides of the border.
It is difficult to get an exact dollar amount when it comes to money from Mexico invested in South Padre Island. What is clear everyone says, it is significant and that those investors from south of the border are critical to this region’s economy.
“There's more people coming in opening up businesses, coming in and doing investments in property,” said South Padre restaurant owner Eduardo Paez. “It's a big increase from past years.” The owners of three sushi restaurants in McAllen are part of that trend. They're originally from Monterrey. Even so, there's concern about a slowdown in this booming border area.
“Most of the people from Mexico could buy no matter what the conditions are, but they're influenced by the economy by the ups and down in the market,” said Franke.
In the meantime there's hope buyers from across the border will cushion the blow in a declining real estate market and that our newer class of products will attract new buyers.
By: Angela Kocherga 11 News
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| Tips To Add Curb Appeal To Your Property:
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5. Garden Landscaping: A quick and easy way to add a burst of color to your yard is to do some basic gardening and home landscaping. One of the easiest is perennial gardening because it can add years of shrubbery, foliage and color. | 
After |
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 | The Sapphire is to be built according to plans and specifications by Ziegler Cooper Architects, with discretionary design modifications to enhance the building by the developer during the construction process.
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Click here to learn more and Check out the video! |
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| Comments | |
By
David @
Thursday, September 06, 2007 5:09 PM | |
It's really the Dubai money. |
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By
Mike Stuart @
Thursday, September 06, 2007 9:00 PM | |
All that money the Federal Government is starting to spend to build the new high-tech border security fence should help the local economies around South Padre Island and create some new demand for beachfront homes. |
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By
David @
Friday, September 07, 2007 10:25 AM | |
I doubt the thousands of people making $6 an hour to build the fence will be looking for a beach home. I am curious as to why you'd think that will be an economic stimulant. |
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By Josh Garskof - Money Magazine @
Monday, September 10, 2007 10:38 PM |
Adding a new bathroom will enhance your quality of life - and the value of your property - like few other home improvement projects will. Put in a master bath, and you won't have to take turns with the kids every morning. Install a powder room, and dinner guests won't have to traipse through your private terrain.
While you can't count on recouping the cost of any upgrade right away in today's weak housing market, over the long term adding a bathroom can boost your home's value by some 20 percent, says Paul Emrath, an economist at the National Association of Home Builders. |
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