Barefoot Mardi Gras 2016

 

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We are Proud to once again be Major Sponsors for the 7th Annual Barefoot Mardi Gras .  Its going to be spectacular this year, sure to bring a very festive environment as we all celebrate together for a great cause!

A Family Parade will take place along the beach off Park Road 22 between Whitecap Blvd and Bob Hall Pier. Parade starts at 11am. The Parade Judges Float will open the parade followed a few minutes later by color guard and Mardi Gras themed floats in different divisions like Float, Jeep and Golf Cart. Many colorful characters enter the parade making it a unique activity for friends and family.

New this year is the Barefoot Mardi Gras Festival, a fun filled family event with Cajun music, food, drink, displays, exhibits, artists, children’s area, children’s stage and more! Admission is $5 with Kids 8 years old and younger FREE!

An adult-themed Party, The King & Queens Ball, will let the good times roll on the evening of the 6th from 7pm – 11pm at the Veranda Restaurant & Bar at Schlitterbahn. Miss Neesie and the Earfood Orchestra will perform and a special menu of Cajun style food will be served. Signature Barefoot Mardi Gras drinks will also be available. Guests are encouraged to wear costumes. Dancing and a live video stream from Bourbon Street in New Orleans will be part of the merriment. Attendees must be 21 years old and above. Tickets are $30 and available at various locations.

Events:

Barefoot Mardi Gras Parade

February 6, 2016
Begins at 11:00 am

Floats and fun for the whole family! The parade starts at Whitecap Beach and runs along Padre Island to the Briscoe King Pavilion near Bob Hall Pier.

Register now for the parade

Barefoot Mardi Gras Festival

February 6, 2016
11:00 am – 5:00 pm

Cajun Music, food & fun for all ages! The festival is located at the Briscoe King Pavillion in Bali Park on Padre Island and features live music, artists, car displays, exhibitors, a children’s area, food, drink and more!
Admission is $5.00 paid at the door. Cash Only.

King & Queens Ball

February 6, 2016
7:00 pm – 12:00 am

Patrons must be 21 years of age or older to attend. The ball is located at the Veranda Restaurant & Bar inside the Schlitterbahn Waterpark on Padre Island. Includes a cajun style dinner and dancing to the live New Orleans style music from Miss Nessie & the Ear Food Orchestra. Costumes encouraged!
Tickets are $25 pre-sale and $35 at the door. Tickets are available at Padres Island Properties Owners Association, Schlitterbahn at the Veranda Restaurant, and Frost Park, Padre Island.

FOR MORE INFO and To Get TICKETS to the KING & QUEENS BALL Click Here Barefoot Mardi Gras 2016

Design Trends in 2016

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“This home is so ’70s.” How many times have we heard a home identified by a year based on its appearance and finishes? Well, 2016 will be no different, as fun and fresh designs are sure to be trending.

Outdoors, Indoors

Here on the Island, we practically live outdoors most of the year! Designs are beginning to recognize this. Homeowners are working on bringing the outside in with things like plants, and double doors, and also purchasing furniture that can be used both indoors and out. Create a fluid space where the indoor outdoor living concept is seamless.

Geometric Tiles

Tile backsplashes aren’t a new concept, but what we expect to see in 2016 are using the tiles to create more geometric patterns that feature fluid movement. New materials for this are coming onto the scene such as cement and wood. Whether it is a backsplash, an intricately patterned floor or a countertop, fluid geometry is eye-catching and coming in strong this year.

White Appliances

With so many homeowners going with the trending white cabinets, white appliances just blend right in. Also, many are becoming tired of the maintenance from the marks and handprints that are so evident and inevitable that show up on stainless steel appliances. Try Ice White from Whirlpool. Slate kitchen appliances can also bring a classic and modern look and are gaining momentum.

Metallics, Metals, and Minerals

All trends come back around, and the 1950s and 1970s are hot fashion trends in 2016, and this will also translate to the home. Gold and metallic finishes are exceedingly popular right now. Retro bling, shine, and polished geodes will rock your home (pun intended). Accessorize with oversized bowls of fools gold, big chunks of quartz, or even unpolished semi-precious stones turned into door pulls. Go au natural!

Chevron is Out

Herringbone, Chevron, Zig-Zag, the fun and often colorful pattern was so 2015. If you are still a fan of it, try putting it in easily removable ways, such as an area rug or throw blanket. Don’t stick it up on a large wall. Instead, try solid-colored, textured fabrics, or even animal hide is in!

Bye Brass

Brass hardware is one design element that almost immediately outdates a home. Hardware is one incredibly easy and inexpensive way to update! To replace brass hardware or other knobs, be sure to choose a size that will cover the “footprint” of whatever is currently installed. For 2016, try brushed or satin nickel hardware. Magic.

Fake Wall Treatments

Solids are back. 2016 interior design approaches emphasize authenticity. The prevalent use of natural materials (back to minerals, above) goes back to midcentury modern design. That means it may be time to get rid of the fake wall treatments such as Tuscan paint finishes and marbled columns. Use a solid paint! It’s chic, clean, and IN.

6 Smart Reasons to Buy a Home in 2016

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Is it really 2016 already?  For those of you who happen to be planning on buying a home in the new year—or even just trying to—there’s a whole lot to celebrate. Why? A variety of financial vectors have dovetailed to make this the perfect storm for home buyers to get out there and make an (winning) offer. Here are six home-buying reasons to be thankful while ringing in the new year:

Reason No. 1: Interest rates are still at record lows

Even though they may creep up at any moment, it’s nonetheless a fact that interest rates on home loans are at historic lows, with a 30-year fixed-rate home loan still hovering around 4%.

“Remember 18.5% in the ’80s?” asks Tom Postilio, a real estate broker with Douglas Elliman Real Estate and a star of HGTV’s “Selling New York.”“It is likely that we’ll never see interest rates this low again. So while prices are high in some markets, the savings in interest payments could easily amount to hundreds of thousands of dollars over the life of the mortgage.”

Reason No. 2: Rents have skyrocketed

Another reason home buyers are lucky is that rents are going up, up, up! (This, on the other hand, is a reason not to be thankful if you’re a renter.) In fact, rents outpaced home values in 20 of the 35 biggest housing markets in 2015. What’s more, according to the2015 Rent.com Rental Market Report, 88% of property managers raised their rent in the past 12 months, and an 8% hike is predicted for 2016.

“In most metropolitan cities, monthly rent is comparable to that of a monthly mortgage payment, sometimes more,” says Heather Garriock, mortgage agent for The Mortgage Group. “Doesn’t it make more sense to put those monthly chunks of money into your own appreciating asset rather than handing it over to your landlord and saying goodbye to it forever?”

Reason No. 3: Home prices are stabilizing

For the first time in years, prices that have been climbing steadily upward are stabilizing, restoring a level playing field that helps buyers drive a harder bargain with sellers, even in heated markets.

“Local markets vary, but generally we are experiencing a cooling period,” says Postilio. “At this moment, buyers have the opportunity to capitalize on this.”

Reason No. 4: Down payments don’t need to break the bank

Probably the biggest obstacle that prevents renters from becoming homeowners is pulling together a down payment. But today, that chunk of change can be smaller, thanks to a variety of programs to help home buyers. For instance, the new Fannie Mae and Freddie Mac Home Possible Advantage Program allows for a 3% down payment for credit scores as low as 620.

Reason No. 5: Mortgage insurance is a deal, too

If you do decide to put less than 20% down on a home, you are then required to have mortgage insurance (basically in case you default). A workaround to handle this, however, is to take out a loan from the Federal Housing Administration—a government mortgage insurer that backs loans with down payments as low as 3.5% and credit scores as low as 580. The fees are way down from 1.35% to 0.85% of the mortgage balance, meaning your monthly mortgage total will be significantly lower if you fund it this way. In fact, the FHA predicts this 37% annual premium cut will bring 250,000 first-time buyers into the market. Why not be one of them?

Reason No. 6: You’ll reap major tax breaks

Please, Mr. Postman Tax laws continue to favor homeowners, so you’re not just buying a place to live—you’re getting a tax break! The biggest one is that unless your home loan is more than $1 million, you can deduct all the monthly interest you are paying on that loan. Homeowners may also deduct certain home-related expenses and home property taxes.

via realtor.com

5 Real Estate Trends That Will Dominate 2016

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This year may have marked the best for housing since 2007, but the market will likely get even rosier in 2016, according to a recent real estate forecast by realtor.com®. One of the main drivers behind the brighter 2016 is the projection that employment will continue to grow, which will add to consumers’ wallets and allow them to purchase their first home or upgrade to a new one.  Realtor.com® highlights the following housing predictions for 2016:

  1. ‘Normal’ is coming.

Expect a healthy growth in home sales and prices – at a slower pace than in 2015. “This slowdown is not an indication of a problem—it’s just a return to normalcy,” writes Jonathan Smoke, realtor.com®’s chief economist. “We’ve lived through 15 years of truly abnormal trends, and after working off the devastating effects of the housing bust, we’re finally seeing signs of more normal conditions.” New construction and distressed sales are expected to return to more historical levels, and home prices are expected to follow at “more normal rates consistent with a more balanced market.”

  1. Generational buying trends shape up.

Young adults’ presence on the housing market has been largely predicted for years, but 2016 may finally be the year they make a move in a larger way. Millennials represented nearly 2 billion sales in 2015 – one-third of home buyers. They are expected to continue to be a major buying pool in 2016 with the majority of buyers between ages 25 and 34 expected to be first-time home buyers next year. But two other generations will also have a big presence in 2016: financially recovering GenXers and older baby boomers who are entering retirement, realtor.com® notes. “Since most of these people are already homeowners, they’ll play a double role, boosting the market as both sellers and buyers,” Smoke notes. “Gen Xers are in their prime earning years and thus able to relocate to better neighborhoods for their families. Older boomers are approaching (or already in) retirement and seeking to downsize and lock in a lower cost of living.”

  1. New-home construction focuses more on affordability.

Builders have been faced with higher land costs, limited labor, and concerns about the demand of the entry-level market. As such, they have shifted to constructing more higher-priced homes, which has caused new-home prices to rise significantly faster than existing-home prices. In 2016, they likely will shift to more affordable product to cater to the entry-level buyers. “We are already seeing a decline in new-home prices for new contracts signed this fall,” notes Smoke. “In addition, credit access is improving enough to make the first-time buyer segment more attractive to builders.”

  1. Higher mortgage rates.

Mortgage rates will likely be volatile in 2016. But the recent move by the Federal Reserve to guide interest rates higher should push mortgage rates higher in the new year than the historical lows they have been at for years. The 30-year fixed-rate mortgage will likely end 2016 about 60 basis points higher than today’s level. “That level of increase is manageable, as consumers will have multiple tactics to mitigate some of that increase,” Smoke says. “However, higher rates will drive monthly payments higher, and, along with that, debt-to-income ratios will also go higher.” The markets with the highest home prices will see the effects from the higher rates the most.

  1. Rents to go up even higher.

Rental costs are skyrocketing, and the costs are likely to only go up in the new year. More than 85 percent of the nation’s markets have rents that exceed 30 percent of the income of renting households. “Rents are accelerating at a more rapid pace than home prices, which are moderating,” Smoke says. “Because of this, it is more affordable to buy in more than three-quarters of the U.S. However, for the majority of renting households, buying is not a near-term option due to poor household credit scores, limited savings, and lack of documentable stable income of the kind necessary to qualify for a mortgage today.”

Source: “The 5 Real Estate Trends That Will Shape 2016,” realtor.com® (Dec. 16, 2015)

THE REVERSE MORTGAGE, REVISED!

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It’s no longer just a refinance tool, but now also for use with purchases!

First let’s review what a reverse mortgage is. It’s a loan available to homeowners who are at least 62 years old, where instead of making monthly payments to a lender, the lender makes payments to the borrower. The idea is to aid elders and retirees who have wealth in their homes, but have limited income, to cover their basic living expenses and health care expenses.

BUT there is a new program that we should know about. It is called the Home Equity Conversion Mortgage (HECM) for Purchase product. This can greatly enhance the real estate service options we can offer our senior customers who would like to purchase a new home while still maintaining their retirement goals. Many mortgage companies in our Coastal Bend now have departments offering this option, which could be valuable for many seniors looking to relocate closer to family members, downsize, upgrade, or move to an active adult community.

This is an exciting option for qualified homeowners who are purchasing a home. This mortgage option allows homeowners to keep the home in their name while not having any monthly payments.

Who qualifies?

If you are 62 or older, will use the home as your primary residence, have no federal debt delinquency, can pay annual property taxes and homeowners insurance, vow to keep the property presentable, the property meets FHA guidelines, and agree to participate in a counseling session, YOU are qualified!

So how does it work?

When bundling the HECM with a new home purchase, the buyer can buy the property by mixing the HECM loan proceeds along with the proceeds from their previous home sale and/or savings to complete the transaction.

For example: Charlie is looking to downsize. He receives $700,000 from the sale of his home. He buys a home for $300,000. HECM loans Charlie $160,000 ($10,000 to cover closing costs). Charlie puts $150,000 as his downpayment. The remaining $400,000 goes straight into Charlie’s pocket!

  • It involves financing that doesn’t require monthly principal and interest mortgage payments
  • It includes increased purchasing power for those who are upsizing or downsizing
  • It has a streamlined closing process as the buyers are purchasing and getting a HECM all in one transaction
  • It may include supplemental income to support a better retirement, including a growing line-of-credit

Repayment

Just like other loans, the HECM loan must be repaid. But it is unlike traditional loans in that this repayment isn’t due until the owner has sold the home, no longer uses it as their primary residence, or passes away. When one of these scenarios occurs, the HECM and any accrued interest and mortgage insurance must be paid, but the perk is that the homeowner will never pay more than the home’s market value at the time of repayment.

So run, don’t walk! Your dream retirement home is waiting…

SECOND HOME BUYING ON PADRE ISLAND TEXAS

I, for one, admire Winter Texans. They’ve got the right idea: Come to our piece of paradise, spend a few months, spend a few bucks, then repeat! Some come in RVs, others have a home/townhome/condo to which they retreat. The time is coming to welcome our Winter Texans back, and it’s the Winter Texan “way” that reminds me of one powerful investment tool – real estate of course! We are lucky enough to live in a place where many come to vacation. Whether you live here and want to capitalize on the growing rental market, or you’ve got relatives and friends to whom you’d love to persuade to do the same or invest in a vacation home…Get your own piece of Padre Island Pie!

But WHY is now a good time, and WHAT makes real estate this aforementioned “powerful investment tool”?

WHY:

With the population of the Coastal Bend steadily increasing, more businesses coming to the area, and the increasing amount of national attention we’ve gained over the past few years, it’s no wonder investors and second home buyers have piqued interest.

Most would agree that the spring and summer are the good selling months. But I say, why discriminate?! Winter has its perks, too! The crowds looking to invest that haven’t already are coming at a good time…price reductions are common this time of year, and sellers aren’t competing with as many other homes for sale as, say, the spring time.

First thing is first, what are your goals? To be an investor, or to use the property for vacation and enjoyment? There is certainly NO wrong answer here!

WHAT:

But what are the elements of value to an investor? Well that depends on their commitment: Do they intend on having a long-term or short-term investment? Will they live there part-time themselves or will they use it as a rental? Property values and their projected appreciation may play a large role in a buyer’s intentions. So may tax depreciation, capital gains, and inflation hedge. As important as these matters are, they may be a little snooze-worthy. So let’s make it quick.

Let’s take a look at each of these potential advantages:

Projected Appreciation: This is a percentage that estimates what your property will be worth in the future. Of course nothing is promised, but the numbers could aid in the decision process.

Tax Depreciation: COULD help you maximize your tax savings. This is the depreciation that can be listed as an expense on a tax return, the gradual charging to expense of a fixed asset’s cost over its useful life.

Capital Gains: Another key tax advantages of owning investment property. Capital gains on investment real estate is the difference between the sales price and the cost of purchase and improvements. They’re taxed at either a short-term rate or a long-term or reduced rate.

Inflation Hedge: This has to do with the rent that’s charged to the tenant. Some leases have provisions for rent increases to be indexed to inflation. In other cases, rental rates are increased whenever a lease term expires and the tenant is renewed. Either way, real estate income tends to increase faster in inflationary environments, allowing an investor to maintain its real returns.

Selling: When rental properties are sold, the proceeds can be rolled into other rental property without paying capital gains taxes. This is called a 1031-Tax Exchange.

Now, what about those who’d like to get away from their primary residence and invest in a second home? Fortunately for many of us, you don’t have to be a part of the ultra rich to own a second home! This, too, could be wise, even if it will only be used for family and friends and not as a rental.

Here are some helpful tips that may guide you in the right direction:

  1. Have money. This may seem obvious but daunting, but let me explain that it doesn’t mean millions in the bank. Unless you’re paying cash, your lender’s underwriter needs to see that you have adequate reserves (as often your downpayment will be larger for a second property).
  2. Consider your debt-to-income ratio. If it’s too high, this may be an issue for your lender.
  3. Spend time in the area, first! Know that you love the region and foresee wanting to be there often before buying there. Do your due diligence on the right neighborhood, the costs of maintenance, HOA dues, taxes, insurance, etc.
  4. Double the fun, but potentially double the work! Assess the yard – will you need someone to mow it while you’re not there? Will the pool need weekly maintenance?
  5. Work with an agent that is very knowledgeable about the area. Here in our Coastal Bend, most agents are accustomed to working with investors/second home buyers.

DO BOTH!

If you meet the less-than-14-day-or-10% test, you can write off all the usual expenses associated with owning a rental property. Or, if you rent the house a quarter of the time, for instance, a quarter of your mortgage interest, property taxes, utilities, insurance costs, and repair expenses are deductible against rental income.

The options and advantages seem to outweigh the fear of dabbling in real estate investing or owning a second home. Try it, you may become a mogul! So come and stay and play at your leisure, then make the money, honey!

Coastline Properties – The Face of Padre Island Real Estate

We are delighted to have been nominated “The Face of Island Real Estate” in this months Issue of The Bend Magazine.

It’s incredible to discover so many other community leaders that are making waves in the Coastal Bend by being dedicated to their profession.  We salute all those businesses out there that truly understand the nature of customer service and work so tirelessly to care for and understand their clients needs.  Thank You Corpus Christi!!

coastlinebend1  coastlinebend2

 

The Bend Magazine – November 2015

Great Tips for Holiday House Hunting

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This time of year typically marks the unofficial time people begin thinking about the holidays. After Halloween, time seems to speed up and before we know it the holiday parties, charity functions and the like set in for familes. Real estate activity during the holiday season is typically discouraged because of the challenges posed on both sides of a transaction.

For sellers, there is the inconvenience of having to keep the home clean; leaving on a moment’s notice for showings; and limiting holiday entertaining. For buyers, there may be limited access to houses if sellers place showing restrictions due to personal schedules and commitments.

However there are some advantages and  other considerations that both sides should keep in mind.

Buyers will find fewer homes on the market, but the homes that are available have highly motivated sellers. This may provide a better negotiating climate, and there is less likely to be the type of competition for homes you see during high season. In turn, sellers will find equally motivated buyers, and may find that offers and closings move more quickly.  What this means is, bargains and negotiations are plentiful this time of year if you are working with a savvy real estate agent in corpus christi.

Holiday sellers should curb large plans to entertain, have family & friends stay over, or do excessive decorating. Focus on showing off the features of your home that will appeal to a buyer – not your family decorations and holiday traditions.  It sounds like a less attractive holiday, but the dividends will more than pay for themselves.  Remember to always keep a mindset of a buyer in mind.  Have a Happy and healthy holiday season!

TASTE OF THE ISLAND 2015

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Come to eat. Come to see and be seen. Combine the two and you’ll be seen stuffing your face. But it’s completely acceptable when you’re not alone! Over 1000 attendees are expected to be doing the same thing at the 28th annual Taste of the Island, where some of our best restaurant’s fare is being featured at the event on October 12st, beginning at 6 pm, at the most beautiful Port Royal on Mustang Island.

Don’t get out much? Now is your excuse to take a tasty tour of many of the restaurants perhaps you’ve always wanted to try but haven’t had the chance to! Aside from roughly 25 restaurants, there will also be 3 bars (bring your cash!) and live musical entertainment. If you think any of your senses will not be stimulated enough, bring your suit and take a dip in the famously large pool or hot tub (OK, maybe check with staff before hitting the water!).

The party lasts long into the night, as you’ll run into your friends, co-workers, friends of friends, and all the new friends you’ll make! And, if you stick around until the end, there are goodies to win! A silent auction throughout the evening will have roughly 70 items to bid on, then the live and Chinese auctions will proceed. So don’t forget to put your business card into the drawing. Win wine, gift certificates, island trinkets, and lots of other prizes that local businesses have been generous enough to donate will be given out to the lucky winners!

Meagan Furey, Chair for the PIBA Ambassadors, who has been selected to spearhead the volunteer committee, explains that “We expect more people than ever before to come, which means we need more volunteers than ever to help out! It’s going to be an incredible event that just gets bigger and more popular each year.”

As an attendee of the event last year, Tara Gallaspy, Coastline Properties Real Estate Agent, says “It was one of my favorite events of the year. The music was upbeat and fun, there was plenty of seating, and I ran into lots of friends. It’s the perfect venue and a great evening on the beach. Overall, a night to remember!”

Get your tickets a head of time! They are $50.00 a piece, and then it’s up to you to eat your money’s worth! Leaving hungry would simply be disgraceful.

Get Tickets Here >>

LIGHT APPROVED AT INTERSECTION OF AQUARIUS AND SPID

LED_traffic_lightSTOP! Or, you soon will be! On August 18th, a traffic light at the intersection of Aquarius and SPID was approved by the City Council.

After years of monitoring the intersection, results showed a daily average of over 33,000 vehicles during the summer months of 2012, and that number has continued to increase over the years. And on other parts of our barrier island, such as Galveston and South Padre Island, the speed limit is much slower going through their business districts.

Drivers coming over the JFK Causeway toward the island will be given a warning to the upcoming light when the traffic is backing up to the high peak of the bridge. This is meant to decrease the likelihood of collisions with the cars that are stopped at the light. There have been numerous attempts over the years to place this light, but the short distance between the intersection and the top of the JFK has been a reason for several failures to get the appropriate approval. But, city traffic engineers have done their due diligence and have given it the thumbs up.

Word on “the street” is that Turner-Busby Development, based in San Antonio, is looking to use the site on the east side of SPID near the intersection of SPID and Aquarius Street for a development called Packery Pointe Subdivision. This traffic light is simply part of their plan, and is set to be coordinated with the other lights along SPID. The light may cost up to $600,000, and will provide a convenient physical stop for vehicles to turn into this new development.

Turner Busby Development has apparently been working on the plans for the $30 million development for a few years. It will likely include a hotel, retail sites, Starbucks, small bar/restaurant, and even possibly some single family homes.  Now that Schlitterbahn is in full swing, it sounds as though the developer is more confident in beginning the project.

But, change is often met with opposition, as many residents are weary to the whole thing. The main concern seems to be that the signal could cause large traffic backups, and the new development with its possible chain restaurant(s) and commonality feel will ruin the quaint, quiet, and familiar island feeling.

Hey, if you can’t beat ‘em, join ‘em!

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