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South Padre Island Area Sales Up
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1 Comments ::  :: South Padre Island, Port Isabel, Laguna Vista, Bayview, Investment, Economy |
South Padre Island Area MLS YTD Sales Up
While the rest of the nation has seen flat sales or very low increases, our area has sustained a steady increase in sales volume. There was a 10% increase in Total Sales from January through October from 2005 to 2006.
| South Padre Island Area MLS Sales | | JAN-OCT YTD | Number of Sales | % Change | Total Sales | % Change | | 2005 | 643 | | 155,239,479.00 | | | 2006 | 675 | 4.98 | 171,465,208.00 | 10.45 |
The Wall Street Journal's Real Estate Journal worked with Mike Sklarz, head of global research at New City Corp., a real-estate merchant banking and investment management firm based in Tokyo, to analyze the numbers to identify the top 12 vacation home deals across the U.S
The Real Estate Journal then investigated the areas further, looking at things like the availability and selection of vacation residences, and proximity to recreational and cultural offerings.
The editors at RealEstateJournal.com have now identified the top 12 vacation home deals across the U.S. where prices rose at a rate well below the national average of 84.3% between the second quarter of 1996 and the second quarter of 2006, and have above-average employment outlooks according to data from Economy.com. Here's the list of top 12 locales they identified, which includes South Padre Island Texas
South Padre Island is known for its beaches on the Gulf of Mexico and is popular as a year-round vacation destination. The area attracts older couples drawn to the area's typically un-crowded beaches and low housing prices. Some vacation home buyers use their homes year-round and others use theirs only during the winter months. Waterfront properties, especially condominiums, both on the beach and on Laguna Madre Bay, are most in demand with beachfront homes typically priced above $1 million. Local businesses cater to families and couples throughout the year. |
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By
mikead @
Friday, November 10, 2006 9:10 AM |
Why Invest on the Texas Coast?
Successful investors understand that real estate is a game of probabilities, not certainties, which is why you must look for converging probabilities before you buy in an area. The Texas Gulf Coast checks out on the key items to consider.
Taking action as an investor is imperative, but difficult. What elements and probabilities should you look for?
An area of strong demographic growth
A steady, growing, and diverse economy
An area of increasing retirement population
New substantial infrastructure changes
Undervalued markets
Property with strong appreciation potential
Good rental occupancy rates
Properties that renters prefer
Texas Coast is an area of strong demographic growth
Texas is one of three states dominating population growth, and will account for nearly half of total U.S. population growth (46%) in the next 25 years along with Florida and California.
According to the Census Bureau, California and Texas will continue to rank first and second in population, while Florida is set to surpassed New York by 2011 as the third most populous state.
Projections show that the top three states will gain 12 million people each by 2030, and most (88%) of the nation’s population growth will occur in the South and West. The top five fastest-growing states in the next 25 years are projected to be: Nevada (114%), Arizona (109%), Florida (80%), Texas (60%), and Utah (56%).
The housing market could also get a $200 billion boost from new immigrant home buyers, a national group of Hispanic real estate agents said Friday, if mainstream lenders begin using alternative methods to score credit. Creditors like Citigroup Inc.’s Citibank see recent immigrants as a growing market niche. A handful of new credit reporting systems — already used by 200 real estate brokers, community groups, and mortgage counselors nationwide — allows lenders to calculate risk by evaluating a prospective client’s utility bills, rent checks and other payments.
Housing markets in places like the Texas Gulf Coast would stand to gain the most, the National Association of Hispanic Real Estate Professionals said. “Gateway states like California and Texas will disproportionately benefit from the housing boom because so many of their residents are immigrants,” says Gary Acosta, the association’s co-founder, speaking at the group’s annual convention in Las Vegas.
The Texas Coast has a strong, growing, and diverse economy
Do not follow growth, Anticipate growth. A growing local economy is the most important driving force behind property values.
Texas Real Estate Center: The Texas economy continues to surpass the rest of the nation in employment growth rate and job creation.
Texas ranks 12th among all states in personal growth income, which is closely related to total economic output. A higher-than-national-average growth rate means the state's economy is growing, and growing strongly.
The Texas Coast is an area of growing retirement population
The population of retired residents will more than double in the next ten years. Affluent retirees have disposable income, also fostering the creation of new businesses tailored specifically to retirees.
The distance between primary and second homes is decreasing according to an on-line survey of 2,053 homeowners in the West. In fact, 58% of vacation properties are located within 200 miles of the owner’s primary residence, and 42% are less than 100 miles away.
While 36 percent of vacation homeowners surveyed are 44 years of age or younger, baby boomers continue to drive the vacation home boom. 77 million baby boomers reside in the U.S. today, and are retiring at the rate of about four million people per year, which, according to Fannie Mae Economist David Berson, will boost demand by boomers for vacation homes steadily for at least the next decade.
The Texas Gulf Coast continues improvements in infrastructure
In May 2006, the Texas Legislature passed a comprehensive school-finance reform that lowers school property taxes by about $7 billion over the next three years
DOT Projects such as $21.6 million for the Cameron County Regional Mobility Authority for the West Loop project and a second causeway linking the mainland to South Padre Island and the Trans-Texas Corridor project.
The economic benefits to Texas from the Trans-Texas Corridor (TTC) will be substantial and grow over time, injecting billions of dollars in private spending into the state’s economy and creating millions of jobs, according to a study released today by the Texas Department of Transportation. According to the report, the economic stimulus over the next 25 years of the TTC-35 project from Oklahoma to Mexico is conservatively estimated at $1.4 trillion (in 2005 dollars), with 14.8 million person-years of employment gained.
The Texas Gulf Coast markets are undervalued
When incomes rise faster than home prices, the market becomes undervalued, enriching the investment environment, helping protect your investment from any real estate bubble and guaranteeing long-term valuation.
Despite a record-setting housing market, prices in Texas are increasing much slower than the rest of the country. Fears of a state housing price bubble waiting to burst are totally unsupported by the facts for the Texas real estate market
The Texas Gulf Coast properties have a strong potential for appreciation
The Texas Gulf Coast area has a wealth of new construction projects currently under development and these units should hold their value longer, rent more easily, appreciate better, and be easier to maintain.
The Texas Coast property values have also benefited from recent increases in energy prices.
There is a strong demand for Texas Coastal properties from second home seekers countrywide looking for oceanfront property comparable to Florida and California but at half the price.
The Texas Gulf Coast has increasing interest from vacationers and good occupancy rates.
The increasing popularity from tourism marketing by the local convention and visitor centers and the improving attractions of the Texas Gulf Coast areas has put rental occupancy at an all time high. - The Texas Gulf Coast offers properties that the vacation rental market prefers: featuring the affordable sun and sand of the Gulf of Mexico.
Added to that, Louisiana, Mississippi and Alabama residents displaced by Hurricane Katrina relocated to Texas and the Texas residential rental market of apartments, houses and condominiums saw a great boost of occupancy, according to Dr. John Baen (pronounced BAIN), University of North Texas professor of finance, insurance, real estate and law. |
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