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Happy Holidays South Padre's Looking Up for 2009
1191 Views ::
8 Comments ::  :: South Padre Island, Economy |
Happy Holidays South Padre's Looking Up for 2009
The Island is forcasted to have a great year for 2009 - and we wish you all the very best!
 2008 was a rocky year for South Padre Island and the Texas Coast, with the uncertain economic times and Hurricanes Ike and Dolly creating havoc on our coastal economies, but we are recovered and are looking better than ever. There is a newness with the remodeling and opening of our grandest high-rise ever - the Sapphire Tower - and we are seeing investors make there way back onto the Island with an eye for the future with exciting new products.
Our traffic and leads are up and we are seeing more buying activity starting now - than all year. With the trillions of dollars about to be pumped into the housing, financial and other industries from the federal government, we should see restored consumer confidence push the huge pent-up-demand for our coastal products off the wait-and-see-list and into a buying mode, as everyone realizes that we are past the bottom and on the way back up. The best deals left should get taken this winter.
 In a year that has been full of ups and downs, I want to take a moment and personally thank each of you for visiting our AliceDonahue.com websites, our offices and our affiliates across the Texas coast - and especially for trusting in us to help you purchase your dream home. I know that you could have picked many other brokerages, but you chose us and we want to let you know that we'll always be here for you!
Our success is based on your loyalty and trust, so we have you to thank for all the success we've had over the years and for helping us create TexasGulfCoastOnline.com, which has been a real blessing for us, and we hope for you as well.
We have great plans for 2009, be sure to check back and see,
I wish you joyous sunsets and a blessed & happy new year!
Alice
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Mike Stuart @
Tuesday, December 23, 2008 3:49 AM |
A massive beach-building project for South Padre Island is set to get under way soon, according to Jerry Patterson, commissioner of the Texas General Land Office.
"More than 400,000 cubic yards of sand - or enough to add about 60 feet of width to South Padre Island's most eroded beaches - is on the way," Patterson said. "the new beaches will be ready for tourists by March."
The project is the result of a partnership between the land office, the U.S. Army Corps of Engineers and the town of South Padre Island. |
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Guita Mendoza @
Wednesday, December 24, 2008 10:01 AM |
!2009 is much better! No can be worse que 2008. remember when we no has water or electricidad and army was give free food y toothbrshes at Sclitterban. It all be wrong at the same time. I prayer for 2009 -
Dios te salve, María, llena eres de gracia,
el Señor es contigo.
Bendita tú eres entre todas las mujeres,
y bendito es el fruto de tu vientre, Jesús.
Santa María, Madre de Dios,
ruega por nosotros, pecadores,
ahora y en la hora de nuestra muerte.
Amen |
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Karl Finegold @
Friday, December 26, 2008 11:31 AM |
It's hard to say how 2009 will turn out. Many experts predict the overall housing market will begin to improve in mid-2009, but I suspect a recovery in the vacation home market will lag that by quite a bit. Though many investors/develolpers got wiped out in 2008 and probably won't return to the island for a few years, we could see the island recovery led by retirees who still have money, and desire the warm tropical environment. Perhaps the character of the island will slowly begin to cater more toward retired folks, as they start to grab all the bargains that the poor economy has left behind. That could lead to more demand for condos that have ELEVATORS, given that many older people have trouble climbing stairs. Perhaps we could also see increased demand for good 24 hour medical care that doesn't require helicopter transport. That would be a positive change for ALL island residents.
One more thing:
They need to dynamite the so called "Leaning tower of Padre" asap. It's a painful symbol of what's wrong with the current island real estate environment: Greedy developers, pitiful construction, and lack of demand. Trying to sell condos on this island with that eyesore still standing is like trying to sell fresh restaurant salsa in the middle of a tomato/jalapeno salmonella scare.
Best Wishes to everybody for a better 2009. Nothing can change the natural beauty and attractiveness of South Padre Island.
Karl Finegold
Caravan Ventures |
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Mary S. @
Sunday, December 28, 2008 8:12 PM |
Ya, 2009 is looking good for Mexican SPI property owners. Exchange rate was 9.6 pesos/dollar this past summer, now's it 13.6, or somewhere in that area. Unfortunately that means fewer Mexicans will vacation here in the coming summer, and that's a LOT of lost tourist dollars. Mexicans will also be more tempted to sell their SPI property, because the peso devaluation makes their SPI property worth about 40% more than it was just this past summer. (talk about a great investment, eh?) But, all that property on the market will likely depress island prices even more. This current market could get even better for buyers.
On the other hand, mortgage rates are at an all time low. Hey Alice, why don't you talk about that? Know of any brokers that are actually loaning money with these low rates? I bet there are a few out there..... Even if you've got to give up your first born to get a mortgage, those lower rates are bound to attract some new buyers. And those gas prices are low again, surely that will help counteract some of the peso problems. I remember this past summer some of the condo rental agencies were offering gas cards for out of town visitors. That's a problem we no longer have to worry about, at least for the short term. That could also help with boat charter/fishing prices. And don't forget they're rebuilding the beaches. It will probably be a rough year for tourism, and an even rougher year for property owners, but all is not lost |
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John O'Leary @
Wednesday, December 31, 2008 12:20 PM | |
I have purchased property on the north end, tract 40. Could anyone tell when or how to go about getting infrastructure or roads to this tract? When I purchased the property I thought maybe 2-3 years. It's been almost 2 years and I don't see much movement. |
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Ginger @
Sunday, January 04, 2009 6:21 AM |
With 480 existing properties for sale on the island (per MLS), what incentive does the local government have to provide new infrastructure to support any new development? Right now they can force you to pay property taxes on your undeveloped property, and you don't get a nickel's worth of useful services in return. Pure profit for them. Unfortunately that's the risk you take when you buy undeveloped property with no municipal infrastructure. In this economy it's going to take YEARS for new buyers to soak up the existing inventory. Don't feel as if you're being cheated, because the local government is not crooked. With the soft economy the local government needs every nickel of your tax money just to stay alive until the "good times" return. That's why undeveloped property out in the boonies is so cheap right now, because there is little prospect for developing it anytime soon. If you've got a long term perspective you could make a lot of money, but investing in undeveloped land right now is not for short term investors.
Another thing you'll notice all around the country is that even with voter approval for new municipal projects, many such projects are not getting started because actual bond money is too hard to come by/and or too expensive. (interest rates are too high) A healthy muni bond market is essential for growth.
On the bright side, if you can hang onto that property for ten years, I think you'll make a nice profit, even considering the ongoing tax burden. The island is a beautiful place, with lots of potential.
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Mr. Islander @
Thursday, January 29, 2009 4:38 PM |
Look at how much they expanded the beach in front of the Florence Condos! This beach renurishment project is fantastic, just what the island needed. It looks like they just got rid of 20 year's worth of erosion. I applaud whoever took the initiative to do this work.
http://www.spadre.com/southpadrebeachcam.jpg
(The picture at this link changes daily, so the picture of the renurishment project won't be there for long)
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Wanna Be Islander @
Saturday, February 14, 2009 2:30 AM | |
What will happen to the old South Padre Beach Resort formerly the Holiday Inn SunSpree?
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