Regional Home Sales Report

As Realtors we are always asked about the market, and each market has different conditions that weigh in on whether its a buyers or a sellers market. We believe the article below handily brings some interesting statistics to the table, at the same time we believe each area of the city needs to be examined to determine the market conditions.  Also, keep in mind the time of year..it’s very typical for a slowing down to happen toward the end of the year as families settle in for the Holidays and typically don’t make decision’s about moving unless forced to by job’s or other circumstances.  Currently there are some great buys out here on Padre Island, and we welcome your questions about our local market to determine if it is good time for what your particular goals might be.  ~Coastline Properties Team

Via CALLERTIMES – Home sales in the Corpus Christi area were sluggish in October, falling to nearly their lowest level this year.

A total of 392 homes were sold in the Corpus Christi Metropolitan Statistical Area in October, according to the latest Economic Trends report by the Corpus Christi Regional Economic Development Corp. The report, released Monday, cited data from the Real Estate Center at Texas A&M University. That’s the lowest volume of home sales this year since January, when 322 houses changed hands.

Sales in October 2015 and October 2014 were 461 and 441, respectively.

According to the report, 954 residential permits have been issued by the city of Corpus Christi through the first 10 months of this year, compared 934 during the same time frame a year ago and 1,088 for all of 2014. The number of commercial permits issued from January to October also dropped slightly from the same time in 2015, to 269 from 272.

Other highlights:

  • Regional unemployment dropped below 6 percent for the first time in four months. The jobless rate in October was 5.6 percent, a drop from 6.2 percent in July, August and September. Unemployment was 6 percent in June. Before this summer, the last time unemployment was this high, according to the Bureau of Labor Statistics, was May 2009, when the jobless rate hit 6.8 percent.
  • The number of year-to-date airline enplanements, or passenger boardings, at Corpus Christi International Airport was 282,581 from January to October. That represents a 3.3 percent decrease from 292,331 during the same period a year ago.
  • Year-to-date sales tax collection in Alice, Beeville, Corpus Christi and Robstown were well below their pace of a year earlier. Corpus Christi collected $60.4 million in such collections from January to October, compared with $65.5 million during the same period in 2015. Alice saw a 42.4 percent drop in revenues when comparing the same 10-month period. Its year-to-date sales tax collections were $4.35 million in October and $7.55 million in October 2015.   via Chris Ram

Coastal Bend Troop Support

We are thrilled to support and honor many charitable affairs during the year.  Please have a look at a recent charity designed to truly help our military in war zones across the globe.  Get involved and give what you can to support this great cause! ~Coastline Properties Team

Coastal Bend Troop Support

Sending care packages to our American Heroes!

It is with great pleasure that we write to invite you to join us as we work to the launch of the 1st Annual North Padre Island Coastal Bend Troop Support Crawfish Boil. A tentative date of the event is April 29th, 2017.

Coastal Bend Troop Support (CBTS) is a local 501c3 public charity that supports our military in war zones by providing care packages.  Each month volunteers pack and mail boxes to 120-150 individuals.  Each year, the Rockport group hosts a crawfish boil to raise awareness and funds to help our Veterans overseas.  We would like to share the experience with our Island residence as well as reach out to those Veterans that are closer to North Padre Island area.

We are in the very beginning stages of planning and would be honored if you would join us to support this organization.  Our next meeting will be Thursday November 10th at 9:00 am at Island Joe’s Coffee, 13919 SPID. Please let us know if you or someone from your organization would be interested in this opportunity to honor those who sacrifice so much for our Country.

Caren Colmery Childers, Co-Chair                 Mona Singleterry, Co-Chair                                                            361-774-8500                                                   361-960-9597

carenchilders@msn.com                                monasing@stx.rr.com

http://www.coastalbendtroopsupport.com/

Proud To Be the Face of Padre Island Real Estate

We are so excited to be nominated for the 2nd year in a row from “The Bend Magazine” to be the Face of Padre Island Real Estate!  This year has been a great year for Real Estate and we are eternally grateful to all of our clients for allowing us to serve them by giving them the absolute best service in the the industry!  We look forward to another year ahead to give our current and future clients the very best attention and world class service.

OUR PLEDGE:

WE PLEDGE to be honest and always put my client’s interest first. WE GO BEYOND what the law requires.  WE FIGHT for homeowners’ rights.  OUR CLIENTS have a lot at stake. We owe it to them to be more than just an ordinary real estate agent. WE VOLUNTEER in our community, because we live there too.  WE WORK HARD to create opportunities for more to people to afford homes. WE TAKE COURSES to increase our expertise and skill sets, so we can better serve you as a homebuyer, seller, or commercial property investor & rental property owner. WE ABIDE by a strict code of ethics.  WE ARE PROTECTORS of our clients and insure they get the absolute best from us and their real estate transactions.  WE GIVE to our community and support many charitable causes, not because we have to… because WE BELIEVE it is our duty to our community to give back to those in need. IN GOD WE TRUST!

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Padre Island Housing Report – September 2016

THE HOUSING MARKET CONTINUES TO BOOM IN OUR NECK OF THE WOODS.  TAKE A LOOK AT THE STATISTICS ON WHAT’S HAPPENING HERE ON PADRE ISLAND IN CORPUS CHRISTI, TX.  CLICK ON THE PICTURE BELOW AND GET A FULL PDF TO PRINT OUT TO KEEP TRACK OF THIS DATA.  THE SUMMER IS OVER NOW AND WE ARE HEADING INTO THE HOLIDAYS, GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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THE TIME OF THE TOWNHOUSE

islandtownhomes448x298These dwellings are having their shining moment, thanks to an increased demand by both first-time buyers and Boomers alike! Both appear to be seeking the appeal for walkable communities in which the amenities are grand, you can get a great bang for your buck, and often less maintenance (big perk for both busy, young families and Boomers alike!).

Nationally, the number of townhouses built last year increased 18% percent over 2014. Here on the Island, the number is even more incredible!

70 townhomes were sold between September 15, 2015 – September 15, 2016

44 townhomes were sold between September 15, 2014 – September 15, 2015

That’s a whopping increase in townhome sales! The long-run prospects for townhouse construction are positive given the large numbers of homebuyers looking for high density “neighborhoods,” near the action (eh em, the new Marina District perhaps?) that offer proximity to the happenings along with community amenities.

Perk #1: Own That Land, You American Dreamer You!

What’s the main difference between a condo and a townhome you ask? It’s simple. As a condo owner, you own only your unit, nothing below or above you. As a townhome owner, you own the planet Earth beneath you, and the sky above you. And, as the Homeowners Association will nearly always maintain the complex grounds, you can be a lazy bum and still have a nice yard, albeit likely small.

Perk #2: That HOA Though…

So you own a nice patch of grass, or maybe a cute pom pom bush. Your HOA will take care of it! Many HOAs will even allow owners to plant that desired petunia border you’ve always dreamt of, just ask. So long as you pay your monthly dues, your grass will be mowed, your exterior painted, your roof re-shingled, your pool cleaned, your exterior insurance paid, and the list can go on. Now, each HOA will be different, and each will have a list of items they maintain and don’t maintain, so make sure you know what’s agreed upon and who does what in the yard. As many prefer to keep the fronts looking manicured and uniform, you may have to plant your Sneezewort Yarrow in the back.

Perk #3: Don’t Ever Leave!

When you buy a townhouse, it often comes with a community, and that community has amenities. Some developments have a pool, a laundry room, possibly boat slips (if on the canal) maybe a recreational room, etc. You may not have to leave but to go do your grocery shopping! This can be very appealing. And as an owner, you own a percentage of each of the common facilities.

Perk #4: Save Some $$

Although this isn’t a steadfast rule here on Padre, townhouses can be less expensive than single-family residences. Townhouses sometimes have the fancy upgrades built right in that you otherwise couldn’t afford in a house, like granite countertops, high-end appliances, or eco-friendly materials. And although they are often multilevel that share a side wall or two with another unit, they can have as many bedrooms and bathrooms as will fit in the floor plan, just like a single-family house. The point is, you can get a lot of the same stuff in a townhouse that you can find in a regular house, but you typically pay less for it.

Perk #5: Tight-Knit Community

Having Mrs. Kravitz nearby isn’t always a bad thing! With units that are close, and parking areas that may be shared, it’s possible that you and your neighbors see and know what’s going on with one another. As most townhomes on the Island do not allow short-term rentals, the neighborhood is often more stable in terms of less turnover and more face familiarity. This can be desirable for the young family who needs neighborly help watching kids, or the more “medically fragile” older couple who may find peace of mind knowing that their neighbors could check on them if they go sight unseen for a day or two. Travel a lot? Now Nosie Nelly doesn’t seem so bad, as she’ll be able to stink eye anyone who looks out of sorts lurking around your townhome.

With 84 townhomes currently for sale on the Island, maybe it’s time to pay them some attention!

CONSEQUENTIALLY CONTINGENT

22869326 - coming to an agreement through negotiation illustrated by three road or street signs with the words you want, i want, negotiate

The C word – it’s not well understood, so it’s not well liked. But, we should no longer feel the need to whisper it only in dark shadows after certain hours. Unless you’re a first-time home buyer or have been renting, there’s a chance you’ll need to sell your home before purchasing a new one. And the safest way for a buyer to do this is through a contingency. Let it be known, this is a beautiful risk and has pretty perks, so for those of you who see the glass half full, this one’s for you. For the rest, as they say, pour your liquid into a smaller cup and no longer fear this scenario.

 

What does it Mean?

By definition, it means a future event or circumstance that is possible but cannot be predicted with certainty. In real estate, this clause defines a condition or action that must be met in order for a real estate contract to become binding (as aforementioned, with a home sale contingency in place, the transaction is dependent upon the sale of the buyer’s home). The contingency becomes part of a binding sales contract when both parties agree to the terms and sign the contract.

Why is it Risky?

To Sellers: the main risk is that there is no guarantee that the home will sell. Before agreeing to a contingency, a seller may want to do their due diligence, for instance: is the home already for sale, is the list price attractive, what’s the sales time for homes in the neighborhood.

To Buyers: Buyers must still spend the same amount of money on home inspections, repair negotiations, appraisal fee (to name a few) and the buyer does not get these monies back if the deal falls through due to their property not selling on time. Also, because sellers are taking a gamble of sorts of the buyers ability to sell their current property, buyers need to make their offer as attractive as possible so that the seller will consider this risk.
What are the Benefits?

To Sellers: One major benefit is that the home can continue to be shown, and the seller can continue to receive offers. If the seller accepts a written offer, the seller is required to notify the buyer of such acceptance.  Per the contract, the buyer has a specified amount of time (say, 2-3 days) to either remove the contingency and put down additional earnest money, or the contract terminates automatically and the earnest money is refunded to the buyer. A home sale contingency might also be a good thing if the seller has had the property on the market for a while and is unable to find a buyer. A contract with a contingency is still a contract, and there is a chance that the property will sell.

To Buyers: A home sale contingency gives buyers the opportunity to not miss out on the home they want, while allowing them time to sell their property. This way, buyers can avoid owning two homes and holding two mortgages at one time while waiting for their own home to sell. A home sale contingency can allow the buyer to sell their property with peace of mind knowing their next purchase is already in motion.
Why is it Misunderstood?

Many may only see the risks and not truly understand the benefits. Home sale contingencies protect buyers who want to sell one home before purchasing another. Upon receiving or writing a contract involving a contingency, it is important to review and understand the terms of the sale. This is something your real estate agent should be able to explain in detail to you. Fear not the world of contingencies, as knowledge is power!

 

Water Culverts Lead to Padre Island Bridge Concept

Do you want to know how it all got started?  Here on North Padre Island there is a lot of dirt moving around and lots of new folks would like to know the story behind the story.  Well, what started out as a water quality upgrade for our canal systems has turned into the largest development project we have ever seen.  This is bigger that Schlitterbahn folks, take a look at the article below for a nice summary from the words of the developer.

Exerpt:

When the Army Corps of Engineers deemed a new water exchange between Padre Island, Texas, and an old canal system was necessary, the city of Corpus Christi and private developers could have simply gone with culverts. That would have satisfied the need for a water exchange to improve water quality issues.

But as talks opened about the requirement for the water exchange, the potential and its impacts became increasingly obvious. Now, instead of a simple culvert, there will be an open canal, two bridges and a pedestrian walk, the impact of which should benefit the area in numerous ways.
“The developer suggested the bridge and relocating so it could be elevated and boat traffic could come through,” said Chip Urban, a principal with Urban Engineering, consultant to the city of Corpus Christi for the project. “The Coast Guard liked it because they would have faster response time to the back of the canal. It is going to be an economic driver that helps development. It will also help people come to the island and get out of their cars and stay out and spend time on the island. It will allow traffic on both sides. In the past, there was traffic on only one side. Elevating the bridge and allowing pedestrians underneath is just much more resort friendly.”  READ MORE

Paddle For Parkinson’s Sept. 3, 2016

We are thrilled to once again be a sponsor for the “Paddle for Parkinson’s – Catch the Cure” Races here on North Padre Island Saturday, September 3 2016.  This is our 3rd year sponsoring this event and it is sure to be a great day for all participants and attendees. Last year many of our realtors & family members placed either first or second in several events particularly in the “Kayak Competition”.  Come out for a great day and participate and give to such a great cause!

GO TO their website at www.CatchtheCure.org
 

Save and Spend Smartly

piggy-bank-It’s hot here on Padre Island, and I’m not talking just the high temperatures. It is real estate’s steamy season, and properties are being listed and sold faster than season tickets at the ‘bahn. With the active market, it’s critical to take a look at your spending. How can you be assured you’re not wasting money? Here are some smart tips on how to save and spend during peak purchase season. Do not fall victim to these common money mistakes.

 

BUYERS:

DO NOT overpay. Unless you find yourself in a bidding war for the home of your absolute dreams, there is not a single home like it, and you do not plan to leave, ever ever ever, do not pay over the appraised value. Note: Do not get this number from the tax office, get this from an actual appraiser who visits the home and runs their own detailed determination of real value.

DO get an inspection. It’s worth the couple hundred dollars. Do your due diligence and know what you’re buying. If there is a deficiency on a large ticket item, it’s best to find out ahead of time so you can budget for it in the future or you can ask the seller to help right the wrong. You do not want to find these deficiencies later, once the sale is over, and you haven’t budgeted for them.

DO NOT make a lowball offer. Negotiating is normal, and it’s okay to not offer full price. But if you’re interested enough to make an offer, make sure it’s worth your time and the seller’s time. Your agent will be able to give their best advice as to what a good offer price would be, based on comparables and their knowledge of the market and area.

DO lender shop. Different lenders can offer different rates. Shop around, see with whom you can save and where.

DO NOT make large purchases prior to closing. This is a huge expensive mistake, as it can alter your credit score and can actually take you from having loan approval to not. You can lose your property and in turn gain something of expense (whatever it was that you bought, albeit a car, boat, etc.).

SELLERS:

DO NOT remodel what won’t pay off. If you’re going to do some upgrading prior to listing your property, spend money in the kitchen. This is a room that’s important. Otherwise, less expensive updates you can do include painting, new hardware, fixtures and carpet. Gutting bathrooms and shellacking your garage floor is likely not worth the pay off.

DO price properly. Your listing agent will be able to guide you to a proper sales price, so use their knowledge! You’re paying them, after all. If your property is priced too high, it’s likely to not sell as quickly, wasting your money on months of bills, taxes, mortgage payments, etc.

DO NOT reject reasonable offers. Letting your emotions get in the way of your sale can be tough, but you do not want to push qualified buyers away because you’re not remembering that this is in fact business. At the very least, provide a counter offer.

DO disclose. If there are issues that you do know about, it’s the law to disclose known deficiencies. If you do not, this could turn in to a lawsuit. Talk about expensive!

Try to keep these Dos and Don’ts in mind this summer and in to the fall, and you will be free from the most expensive mistakes that buyers and sellers tend to make. You work hard for your money, so keep your dollars where they will work for YOU!

Padre Island Housing Report June 2016

The Housing Market is Hot,Hot, Hot right now.  Take a look at the statistics on what’s happening here on Padre Island in Corpus Christi, TX.  Click on the Picture below and get a full PDF to print out to keep track of this data.  The summer is going by fast, give us a call and discuss the many opportunities to own a piece of coastal Texas! (361) 949-0101

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