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South Padre Area Market Report 2007
1123 Views :: 29 Comments :: :: South Padre Island, Economy

South Padre Area Market Report 2007
Now is a good time to buy the newer products on South Padre Island or look for bargains.

The newer products on South Padre Island are selling well, but the older (1980s) products are not selling as well - yet, there are some great bargains if you know what to look for. The South Padre Island market follows the national trends more so than any other on the Texas coast. So when the national market picks back up, look for a boom again in South Padre.

Why? South Padre Island is an internationally known "branded area" with Texas' only tropical-like climate, white sands and blue water. With plenty of room for growth on the north-end and several new spectacular high rise developments that re-define our skyline - and "The Shores" residential area that rivals any coastal development nationwide.

Without the large land track sales and sales from some of the new developments, the overall sales volume for 2007 is much lower than 2005 and 2006 - clearly a side effect of the national woes prompting buyer hesitancy in our market.

Sales in Dollars for the Island decreased from $205 million in 2006 to $142 million in 2007. The median price showed a slight decrease from $234K to $230K.
Click here to visit South Padre Island's Sales Statistics Page.

Over 3 million hits on our site have given us enough data to get to know our buyers better. Compared to 2006 our website has received more visitors inquiring about real estate in the area. Many visitors to our site come from the state of Texas, out of state visitors come from California, New York and Florida reflecting the amount of interest in lower priced oceanfront property.

Baby Boomers begin their retirement wave in 2008, and we have seen many who are looking to retire and purchase a home on the Island. Many retirees look for the tropical climate and take into consideration the fact that they can sell their current home, purchase an affordable one near the Gulf and still have money to put aside for their future living expenses.

While South Padre has seen a decrease in sales this past year and is currently a buyer’s market, once national housing market recovers we expect it to balance out in the long term. We recommend owners to hold on to their property and for those interesting in buying, look for motivated sellers willing to reduce their asking price.

These factors from experts will help you evaluate the demand and supply of our area:

  • Population and Job Growth: South Padre is located within the Rio Grande Valley which is made up of four different counties and three main cities: Brownsville, Harlingen and McAllen. The metro area boasts a population of 2.5 million people. Job growth is expected due to the federal government funding 3 billion to develop the southern border security fence.
  • Months’ supply of Inventory: The current month supply for South Padre Island is very high at 30 months.
  • Investor Share of Market: many Mexican nationals have invested on the island as well as strong investors such as Randall Davis who is developing the Sapphire Condominium Tower.
  • Planned New Construction: Several new developments are planned throughout the Island. The north-end of the island is being developed and on Jan. 9th, the Laguna Madre Water District approved an agreement with six developers to extend water utilities up to tract 14.
  • Proximity to Waterfront: The water is easily accessible, only blocks away from either the Bay or the Gulf. Since the Island’s width reaches 3 miles at its widest point, most property is built just a walk away from either the Gulf or the bay.
  • Desirable Climate: Year- round tropical climate.
  • Local Economy: Rio Grande Area relies on agribusiness and tourism as well as international business due to its proximity to Mexico.
  • Hospital and medical services: It has three major hospitals within a 20 minute drive: Brownsville Valley Regional Hospital, Valley Baptist Center and Harlingen Medical Center.
  • Recreation and Parks: Schlitterbahn, a water park located on South Padre, as well as other activities such as fishing, bird watching, kayaking, surfing, wind-surfing, horseback riding among others will keep any family member busy while visiting the Island.
  • Culture and Ethnicity: Its proximity to Mexico allows any visitor the opportunity to visit this country and enjoy a day of shopping within its markets.
  • Entertainment: Diverse dining: Mexican, Japanese, Mediterranean, Italian, New American fare and late-night activities include dance clubs and various bars available.
  • Affordability: It is still possible to purchase property on the island for less than 200K.

Texas Gulf Coast Online now offers more statistical data for our users! Visit one of the pages below and learn more about the buyer demographics, market fundamentals, market analysis, analysis reports and factors in the community that affect each area on the Texas Gulf Coast!

Analysis Reports Analysis Tools Reports & Videos
Buyer Demographics Analysis
Market Fundamentals Defined
Location and Community Factors		 Sales ChartsMarket Analysis Summary

View Interactive Sales Charts by Market Area

Tip: Look for hurricane resistant - systems built - low cost - modular homes to make their way onto the Island.
read more about systems built homes here..

South Padre Island Area Market Comparison Report
Dates:  01/01/2007 to 12/31/2007
   01/01/2006 to 12/31/2006
Property Types:  All
Areas:  Bayview,Laguna Vista,Long Island,Port Isabel,South Padre Island
  Jan 1 - Dec 31, 2006 Jan 1 - Dec 31, 2007 Difference Percentage
Price Range Units Dollars Units Dollars Units Dollars Units Dollars
Residential 632 167,346,873.00 450 118,608,441.00 -182 -48,738,432.00 -28.80 -29.12
Long Island Village - Sea Cottage 42 5,390,550.00 38 5,415,450.00 -4 24,900.00 -9.52 0.46
Multi-Family 16 6,368,000.00 11 2,915,137.00 -5 -3,452,863.00 -31.25 -54.22
Lots/Farm/Acreage 97 19,794,720.00 54 10,413,010.00 -43 -9,381,710.00 -44.33 -47.40
Commercial - Industrial 10 3,789,000.00 4 13.00 -6 -3,788,987.00 -60.00 -100.00
Totals: 797 202,689,143.00 557 137,352,051.00 -240 -65,337,092.00 -30.11 -32.24

Residential sales for the area dropped about 30% in 2007 
(Keep in mind these numbers do not reflect some of our major new construction projects such as the Sapphire Oceanfront Highrise, Ocean Tower Highrise and The Shores Residential Development. As we've noted before, the newer class of products on the Island are selling much better than the 1980s class of product. It's a buyers market right now and there are some very good bargains if you know what to look for!)

Residential Sales
2006
2007
Difference
Total New Listings During This Time Frame

1,228

2,170
942
Median Sold Price

$215,000

$213,500
(1,500)
Average Sold Price
$261,020
$254,478
(6,542)
Average Days on Market
219
214
(5)
Rating
Comments
By Mark @ Friday, January 18, 2008 6:42 AM
30 month supply of homes on the market? That's a disaster! That can only mean prices are going to come down HARD. It looks like we're entering a recession, and vacation properties are the first to fall in such a situation. I strongly suspect rental prices will also fall, after the last couple years of record prices. That's going to make it even less desirable for sellers to hold onto their properties, considering that very few owners ever earn enough from renting their property to pay all their bills.

The big question now is how long will the national economic downturn last, and how bad will it get? Few economists think we will begin to pull out of this mess before the middle of '08, and many in the housing industry believe things won't stabilize until deep into '09. Any seller that decides to hold onto their property may be in for a LONG wait, especially if they hope for any price appreciation.

Your comment that SPI seems to be a victim of the national slow down really caught my attention. In years past you realtors have been telling us that the SPI market is unique, and doesn't necessarily follow national trends. Now you seem to be disputing this? What has changed your thinking on this?

Regarding planned new construction, that's a double edged sword. In the current market I can't imagine much new construction, because as you said, there is already a 30 month supply on the market, and many other sellers waiting on the sidelines. Any new construction is only going to extend the misery for sellers. On the other hand, new construction is good because it shows that others believe the island is a good long term investment, so it would be good to see.

I do know that when the USA has economic problems, the problems in Mexico are much worse. Since much of the investment in SPI comes from Monterrey, I would expect that to amplify any downturn in the SPI market.

It seems like there are also a lot of drug violence problems on the border, making travel more difficult for Mexicans. Last week the Mexican Army had the city of Reynosa virtually isolated, not allowing anybody to come or go without a thorough search. That kind of thing has to have a negative impact on SPI tourism.

It looks like web site traffic has fallen steadily since last spring. That's sad, but don't take it as an indication that there is anything wrong with our web site - you do a GREAT job! It can only mean that buyer interest has fallen, and as you stated before, buyer interest tends to lag actual buying by a few months. Put together, that's not a good sign for the near term future of the SPI market.

One of the fears I have always had about that island is the long distance from major medical facilities. You say they are only 20 minutes away, but that has to be in a speeding ambulance with the lights flashing, originating from Port Isabel, right? That's a real deterrent to aging baby boomers. I also hear stories about those border hospitals being all clogged up with illegal immigrants. I've also heard of many people having to go to Corpus Christi or San Antonio for common specialty medical services which are not available in the valley. SPI is probably best suited for "active" baby boomers, in reasonably good health. (Otherwise, Corpus or Galveston is probably your safest bet, though not as nice.)

I sure would like to see a small hospital built in Port Isabel, but I don't see that happening anytime soon. There just doesn't seem to be enough full year residents to support a major medical facility. I seem to remember a small clinic on the island, but that looks like more of a place for spring breakers to go with a bad case of sunburn. (I've never been there, so I really can't say for sure. Why don't you publish an article about local medical services, that would be good for potential buyers to better understand.)

I don't always agree with your perspective, but I do think you have a wonderful web site, and I appreciate all your hard work. You have a BEAUTIFUL island, I cannot imagine anything closer to paradise.
By Irma from McAllen @ Sunday, January 20, 2008 7:37 AM
Good comments, but I respectfully disagree that the situation in Mexico is going to get worse than in the USA. Look at the CNN article below, which says the Mexican real estate market is actually IMPROVING. I do however agree with your conclusion that island prices are going to come down much further. Much of the island is owned by Mexicans, and right now it looks like Mexican properties are a much better investment.

http://money.cnn.com/2008/01/20/news/international/bc.apfn.la.fin.mexico.housing.ap/index.htm?cnn=yes

Thanks for the nice web site to exchange views about this beautiful island!
By Jo Anne @ Sunday, January 20, 2008 5:51 PM
Anybody who thinks that new border fence is going to increase island property values needs to look at the bigger picture. The whole border security situation is tightening up, making it more difficult to cross. (Soon Americans will need a passport or birth certificate just to return home, a driver's license isn't going to work for much longer.) ANY extra border crossing hassles will discourage our friends in Mexico from investing in our island. From what i can see most of the property owners from south of the border drive their own private cars, so they are going to be extra sensitive to more problems at the border, especially after a long drive.

A lot of people promote Progresso as a day trip for island tourists. But, if the USA requires a passport to get back, I guess that kind of eliminates Progresso as a tourist destination for a lot of people, doesn't it?

It also looks like many of the gringos that visit the island also drive to the island from far away, so higher gas prices will also discourage tourism. 2008 looks like it will be bad for tourism and property values, though good if you're looking for a rental bargain.
By BigMac @ Wednesday, January 23, 2008 12:28 AM
People in general feel nervous and discouraged about the local real estate. Truth is there arent any tropical beaches left that are affordable. This is the last one. Baby Boomers from expensive markets will show, and where else can you get a shot to hit a home-run through legislation? Legalize gambling, Oil benefits, Foreign Trade, New Bridges? Who knows whats gonna happen in on Padre. Place is on the map these days.
By Eric @ Tuesday, January 29, 2008 9:31 AM
I'm now hearing on the news that we're going to be facing $4 gas by summer time. That is going to kill tourism this summer, since most people drive from a long way away. That 30 month supply of island property on the market is scary. The latest numbers for the entire nation are a 9.6 month supply of homes, with an 11% year over year price decline, the worst in almost 40 years. It seems like whatever happens to the nation, it's going to be 3X worse here. When times are hard, people cut back on vacations, and vacation properties are the first to be sold. Get ready for a difficult year.
By David @ Wednesday, January 30, 2008 2:38 PM
So with realestate values in such bad shape, what is the concensus for the price of a small condo in the new Sapphire complex, considering that the lowest listed price is $495,000 ?
By JamesRoe @ Thursday, January 31, 2008 12:34 AM
The last tropical beach that can be developed in America has a bad outlook. YEAhhh right.
By Ken M @ Thursday, January 31, 2008 6:20 AM
I'm not close to the situation, but it is my perception that the developer of those new expensive Sapphire condos is dragging their feet on the construction because they haven't been selling as briskly as they would have hoped. They're in a tricky position; they have to keep building to fulfill their existing contracts, but since new contracts are scarce, they have little incentive to quickly push forward. I know they have had some unforeseen problems, such as beach setback matters, but if they had buyers, that building would have been completed a LONG time ago.

I agree that SPI is one of the last great beachfront areas in the USA with room for development, and reasonably priced. However, the economy is rapidly deteriorating, and we have a rough year ahead of us.
By kenya @ Thursday, January 31, 2008 10:42 AM
Sapphire is over 80% sold. Their completion date is estimated for August '08 and will begin to close some contracts in April.

Currently, the lowest price of a unit available is $500K.
By George W @ Friday, February 01, 2008 7:36 PM
Sapphire may be 80% sales contracted, but some nervous buyers will walk away and not complete the sale. Just watch.
By Bill B @ Sunday, February 03, 2008 10:46 AM
It looks like summer rental rates are already coming down, and it is still winter time!. Below is a direct quote from the Service 24 web site. I've seen "off-line" deals before, but never for an upcoming summer season. I'm not sure, but it suggests that rental companies are telling the property owners: "Agree to cut your rates, or somebody else is going to undercut you". Again, I'm really not sure, but that's what it looks like to me. Does anybody else have any insight into this? (Like maybe a property owner that is getting squeezed by their rental agency?")

From the Service 24 web site, 2/3/08:

"LOW SEASON SPECIALS

To get this RATE, please CALL OUR OFFICE at 956-761-1487 or 1-800-828-4287 from 9AM to 6PM CT.Special offer will not be honored if Reservation is made thru the Internet.

Open 7 Days of the Week.

Please mention this discount to our agent.
Get up to 25% off on bookings for occupancy during LOW SEASON DATES, MINIMUM 5 NIGHTS. GET 10% ON OTHER DATES, MINIMUM 5 NIGHTS. Some units may not participate in this special.
By Maria F. de Houston @ Sunday, February 03, 2008 11:05 AM
Las compañías de la renta sólo quieren tener un negocio bueno. Ellos mantienen los precios altos, para parecer bueno, y entonces lo baja si un cliente demanda. Los gringos no saben cómo negociar. Pero, se parece a precios de renta se bajan.
By Maurice @ Monday, February 04, 2008 10:09 PM
I really like the statistics on this web site. Only 14 properties on the island sold during the entire month of January. Based on those free "real estate for sale" books in all the stores, it looks like there were at least 100 agents competing for those 14 properties. I pray that all you agents get through this year OK.
By Juan @ Friday, February 15, 2008 12:50 PM
There are not enough recent sales on the island to satisfy a statistics professor, but the few condos that have recently sold do seem suggest the market is softening considerably. In Jan 2007 just 11 condos were sold on the island, average price of $280K. In Jan 2008 a total of 12 condos were sold, average price of $248K.

That is about an 11% average decrease in overall sales prices, in just one year. Either prices are coming down fast, or buyers are favoring lower cost condos. I really don't know for sure, because I don't have the individual MLS data, but the situation looks serious.

A couple more years of declining real estate prices like the past year, as some economists are suggesting is possible, and you would lose 1/3 of the value of your island condo, not including taxes & maintenance fees. In other words, if you need to sell, do so NOW, and take whatever you can get.
By LARRY MARK POLKY,ESQ. @ Monday, February 18, 2008 5:53 PM
With interest rates on a 30 year fixed mortgage..at 5.75..and total sales dollars on the Island exceedng $200,000,000 due to 170 units averaging $600,000 each at the "Sapphire" due to close by September 1,2008...expect a "frenzy" of buyers this summer....hold onto your socks!
By Juan @ Tuesday, February 19, 2008 4:48 AM
Larry, I'm having a hard time understanding your logic, and I want to understand it better. How is the closing of those Sapphire condos going to attract a "frenzy" of other new buyers this coming summer? Keep in mind most of those condos have been pre-sold, so closing them is just balancing the books.

Are you suggesting that those new Sapphire condos are soaking up the available buyers, depressing the rest of the island market, and that finishing that Sapphire development will force buyers to elsewhere on the island? It seems to me like that Sapphire place is in a class by itself, far above what the average buyer can afford. I don't see much obvious impact on other sales on the island, now or in the future.

I agree that interest rates are new historic lows, but that only works for people with above average credit. I think the availability of credit is more important than the current price of credit.
By Robert @ Tuesday, February 19, 2008 8:57 AM
From what I hear, the Sapphire still has 35% of its units still available.
By LARRY MARK POLSKY,ESQ. @ Tuesday, February 19, 2008 4:51 PM
robert and juan...to answer your concerns...
people from all over the country WIIL ONLY LOOK at "sales statistics"..and they will ONLY SEE..that for 2008... total sales dollars on the island will have increased by 50% from 2006 and 2007...the median price will be well over $350,000....the
Sapphire has 226 total units times 75% sold by 10-15-08..that's 170 sold units...averaging $600,000 each...My logic is flawless...GET READY FOR THE "RIDE"...
By Juan @ Tuesday, February 19, 2008 4:58 PM
That's a tough position for a developer to be in. If they haven't sold 35% of those condos, then they're going to have a hard time making anywhere near the amount of profit they had hoped for. Maybe that's why they have been dragging their feet with the construction. You can be sure that if all those units were pre-sold that building would have been completed already.

It sounds like they are caught between a rock and a hard place. If they delay construction anymore, presumably until the economy turns around, then they risk existing contract holders walking away. If however they decide to lower the price on the empty units, then the existing contract owners will want to renegotiate for a lower price.

Another problem with delaying construction until the economy turns around is that those contractors need to be paid, and without income, the developer has to make interest payments on building services already rendered. Just imagine the millions they have already poured into that project, and none of it is generating any income.

It will be interesting to see if they start quietly lowering prices. If they do, you know they're desperate.

Another option is that they could scale down the scope of amenities, and turn it into a more conventionally priced condo complex. That might allow them to fill the whole place much faster, and still walk away with some profit.

However, what it looks like they are doing is holding the prices up, delaying construction, and waiting for the economy to turn around to fill those empty units. Does anybody disagree with that?
By robert @ Tuesday, February 19, 2008 6:42 PM
Prices are being cut, up to 15%, but no one wants to talk about it. For those who are not successful, deal direct with the builder. This should ensure that the project will be sold out by August 2009.
By Juan @ Tuesday, February 19, 2008 8:36 PM
That's fascinating. A 15% discount off list is probably not far from actual property depreciation over the last year or so. How do they handle it? "Deal directly with us, avoid agents, keep you mouth shut, and we'll give you a 15% discount" ????

I don't have much confidence in that approach. If you cut out the realtors, you cut off half your business, maybe more, and word gets around fast. The idea of asking new walk-in customers to keep their mouths shut about deep discounts does however make a lot of sense, and is probably workable, if they handle it discretely.

However, if 35% of those units still aren't sold, their 15% discounts can't be working very well. There seems to be a much deeper and pervasive problem here, and I think it's the economy. Forget about anybody that tells you that SPI is immune from the problems of the national economy - it isn't true. Prices are falling here, just like everywhere else.

Since you need $500K just to get your foot in the door of Sapphire, only very well off people are going to be buying condos there. If the rich people aren't buying, who presumably have the money to do so, that says a lot about how bad the economy really is. Maybe the rich folks are waiting on the sidelines for the market to show signs of a bottom. The developer knows it, so they're starting to offer deep discounts so they can finish selling those units and get out of there ASAP.

15% on a $600K condo is quite a concession. That works out to $90K, enough to buy a small off beach condo! They wouldn't be giving away deals like that unless they absolutely had to. I'm just amazed that the rich folks are starting to cut back their spending so much. I suppose it doesn't feel to good to lose about 15% of your net worth in the stock market during the past couple months, as many upper income folks have.

What's most amazing about this market is that island property prices haven't fallen more than they already have. With a 3 or 4 year supply of condos on the market, you would figure that sellers would have dropped their prices much more. Perhaps the strong rental market is helping keep the boat from not sinking any faster. With some rental income, sellers can afford to hang on longer in hopes for a better price. Of course if tourism falls this year, due to a soft economy and $3 gas, you're going to start seeing some deep rental discounts, and that can only further hurt property values.

To me it looks like most the buyers are on the sidelines waiting for better deals, while most of the sellers are keeping their prices stubbornly high - and the poor real estate agents are caught in the middle with huge inventories, going hungry due to the lack of business. A slow summer tourist season, the most likely scenario, probably will depress property prices even further.

Keep a long term perspective, and you won't go crazy.
By Juan @ Tuesday, February 19, 2008 8:45 PM
One possible flaw in your "sales surge, buy fast" theory. I don't think those Sapphire statistics show up on MLS, do they? I think I read that somewhere on THIS website. It's all private transactions with the developer, and MLS has nothing to do with it, right? The outside world really doesn't have access to Sapphire sales statistics, and I strongly suspect the developer would like to keep it that way, right?
By LARRY MARK POLSKY,ESQ. @ Wednesday, February 20, 2008 9:29 AM
juan and john..come on guys..look on alice's MLS website...you will see 4 SAPPHIRE listings....each of thje 226 Sapphire sales will be reported as they close..closings are slated to begin on May 1,2008..thru October 15,2008.....unit prices have increased bu 30% since October 1,2005....there is a discount of approximately $25,000 for buyers at this time..which translates to 5%....and if you care to look on the MLS..there is a Bridgepoint 3BR..3Bath..at $995,000 on the 19th floor..1n a 24 year old building..with far less amenities! The decveloper cannot shortcut ANY promised amenities...because that would create 226 potential deceptive trade practice actions for the 226 buyers...and finally..do your due diligence..go to the Sapphire sales office..as I have..and see if my information is accurate...call Alice..and see if the Sapphire's sales will be reported..unrtil you take the time and effort to make a few calls..you are merely speculating.. and I am confident in my factual representations...
By Juan @ Wednesday, February 20, 2008 5:29 PM
You're a good thinker Larry, I enjoy reading your viewpoints, and challenge your thinking.

I really don't know how/if those Sapphire sales will be reported by MLS, I was only conveying something that I thought I read earlier on this web site. You could be right, all those high-dollar sales would look very good to outside buyers that don't dig too deep into the numbers. We know there are always naive buyers out there. It's probably a valid point, though neither of us can predict how much it will impact actual sales.

I do however think the developer still has the opportunity to do whatever they want before the actual closings. I recall another developer doing something like this, turning a senior citizen subdivision into a "family friendly" place. The developer doesn't care what they sell, they only care about the bottom line. If the Sapphire developer feels they can sell the rest of those condos and make more total money if they lower the prices & amenities for everybody, they're going to find a way to do it. (At this point I have no reason to believe that is their game plan.)

I sure would hate to see any agents spinning the closing of those Sapphire condos as a valid reason why potential customers should pay more for other properties on the island. That would be a dirty and deceptive tactic. Those Sapphire units are in a class by themselves, and really only represent a small segment of the island market.

My personal opinion is that those Sapphire units will follow the lead of those expensive Isola Bella units. If you ever walked by that place, most of the Isola Bella units are shuttered most of the time. Few rich people have any need rental income. These kind of people don't seem to follow the crowd, so there is little reason to expect their buying habits to significantly influence the rest of us.
By LARRY MARK POLSKY,ESQ. @ Wednesday, February 20, 2008 5:45 PM
juan...you are definitely coming around....the Isola Bella is not a condotel...the Sapphire is...and is connected to the Sheraton(literally)...and as such...the vast majority of it's buyers are doing so for income...in so far as the sales statistics...
there is no deception to prospective Island buyers...so long as the sales dollars are real...remember..nothing will fire a buyer's "frenzy" like a 50% increase in sales dollars for 2008...even if it represents a "high end" project... .I'm an optomist..you're a pessimist...reality lies somewhere
in between!....
By Juan @ Wednesday, February 20, 2008 6:38 PM
Larry, you're correct, I'm a pessimist. I wouldn't make a very good real estate salesman at all!

The truth is I love SPI, and the island has a lot going for it. From what I can see, it is THE most beautiful place in Texas. Nothing brings me more joy than to go for a walk on the beach in the morning as the sun is coming up, and see a storm in the distance dropping rain.

The food is great, and most of it is reasonably priced. If you can't find anything good to eat on that island, then you don't belong on this planet.

There are lots of activities to keep you busy, and the weather is usually great. In the evening you can sit back and relax, have a beer, and watch the sun go down on the other side of the island.

The water is always warm, and if you don't like the open gulf, a pool is always close by!

If you really want an adventure, come for spring break and watch all the teenagers. They're really not so bad, and they'll make you feel ten years younger.

The beach is great, you can set up a cabana and stay there all day. Build yourself a sand castle, get buried up to your neck under sand, read a book, or whatever amuses you. Life doesn't get much better than that.

There certainly is a wide selection of places to stay, in all price ranges. You can bring your RV, stay at a basic hotel, or go all the way and rent a nice beach house.

Like to go fishing? SPI and Port Isabel have a wide variety of opportunities, from fishing off a pier to chartering your own boat.

It's hard to beat SPI, and for most visitors it is just a drive away.

There now, do I sound like a pessimist, or a walking advertisement?
By Goddess Mary @ Wednesday, February 20, 2008 10:22 PM
Larry, Bridgepoint is the most beautiful building on the island, at least from the outside. On the inside some of the condo floor plans are however rather awkward, due to the unique contours of the outside structure. Still, I would love to own a penthouse suite. The floor plans in Isola Bella condos are MAGNIFICENT, but the outside looks like Bozo's abandoned circus tent, like something you would see in Vegas.
By Drake @ Wednesday, March 05, 2008 11:07 AM
I guess the 3 million dollar renovation of the gulfpoint condo's came at the right time. Even newly renovated they will be bargains with not only some of the nicest grounds on the island but also beach access...about a 3rd the price of the next door Sapphire resort...

If any place needed a renovation it is the Gulfpoint. But if staying under 300K is the budget then it is now a great alternative. Each owner has had to shell out between 25 and 50K just for the Special Assessment. They see the big picture, this place has potential other places in much higher price ranges just do not offer, especially in a slowing economy and island condo prices on the decline.
By Alamar @ Wednesday, March 05, 2008 8:02 PM
Don't worry Drake, prices are already falling quite substantially at all condo complexes, including the yet to be finished Sapphire.

Just look at any of the Craig's list for any Texas City and you will see many ads of people wanting to get out of their contracts with the Sapphire.

Real Estate is falling fast, not just in South Padre, but all over the country.

Buyer Beware !
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