NORTH PADRE ISLAND HOUSING REPORT – FEBRUARY 2024

Corpus Christi Association of Realtors has posted the North Padre Island Housing Report for February 2024.

Our active listing median prices have dipped the past month to $403,700 this past month which is an 1.6% decrease from where it was compared to last Febuary at this time! CCAR shows us the data that is increasing for active listings by 82.3% with a total of 257 properties this past month while inventory Has risen at 8.6 compared to 2.8 last year at this time.

Days on the market for sale increased this past month with an average of 86 days and the highest categories for sales with 40.0% of all the sales being priced between $300,000 – $399,999. The market is still staying solid so far into 2024 with properties available across many pricing areas. North Padre Island’s newest development Whitecap NPI is open for sales of their lots in Phase 1, Contact Coastline Properties Agent Ms. Amber Spicak at their office for all pre-sales. amber@coastline-properties.com

We learned this morning that inflation as measured by the Consumer Price Index was 0.4 percent in February and 3.2 percent over the past year. Core inflation, which leaves out volatile food and energy prices in order to better parse inflation’s underlying trend, was also 0.4 percent over the month and 3.8 percent over the last year.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

North Padre Island Febraury 2024 Data (Click Pic below for Larger Image)

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NORTH PADRE ISLAND HOUSING REPORT – JANUARY 2024

Corpus Christi Association of Realtors has posted the North Padre Island Housing Report for January 2024.

Our active listing median prices have dipped the past month to $356,000 this past month which is an 8.5% decrease from where it was compared to last January at this time! CCAR shows us the data that is increasing for active listings by 77.9% with a total of 233 properties this past month while inventory Has risen at 7.5 compared to 2.5 last year at this time.

Days on the market for sale increased this past month with an average of 84 days and the highest categories for sales with 31.3% of all the sales being priced between $300,000 – $399,999. The market is still holding quite well moving into 2024 with properties available across many pricing areas. North Padre Island’s newest development Whitecap NPI is open for sales of their lots in Phase 1, Contact Coastline Properties Agent Ms. Amber Spicak at their office for all pre-sales. amber@coastline-properties.com

The Consumer Price Index (CPI) rose 2.9% on a year-over-year basis in January, following a 3.4% gain in December. The largest contributor to headline deceleration was lower year-over-year prices for gasoline in January (-4.0%) compared with December (+1.4%)

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

North Padre Island November 2023 Data (Click Pic below for Larger Image)

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NORTH PADRE ISLAND HOUSING REPORT – NOVEMBER 2023

Corpus Christi Association of Realtors has posted the North Padre Island Housing Report for November 2023.

Our active listing median prices have stayed steady the past month to $400,000 this past month which is a 8.6% increase from where it was compared to last November at this time! CCAR shows us the data that is increasing for active listings by 70.2% with a total of 240 properties this past month while inventory Has risen at 7.3 compared to 2.6 last year at this time.

Days on the market for sale decreased this past month with an average of 42 days and the highest categories for sales with 42.9% of all the sales being priced between $300,000 – $399,999. The market is still quite stable moving into 2024 with properties available across many pricing areas. North Padre Island’s newest development Whitecap NPI is open for sales of their lots in Phase 1, Contact Coastline Properties Agent Ms. Amber Spicak at their office for all pre-sales. amber@coastline-properties.com

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent in November on a seasonally adjusted basis, after being unchanged in October, the U.S. Bureau of Labor Statistics
reported today. Over the last 12 months, the all items index increased 3.1 percent before seasonal adjustment.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

North Padre Island November 2023 Data (Click Pic below for Larger Image)

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BBB Business Scam Alert: Entrepreneurs beware of fake marketing services for small businesses

Small business owners are passionate, dedicated individuals who have accumulated years of
expertise in an industry. Through time and experience, they often have found ways to
improve processes and use that knowledge to the benefit of their customers and clients.
However, one aspect of business ownership they may not be as familiar with is marketing.
Many small business owners turn to marketing agencies and firms to handle their online
presence or advertisement needs. Unfortunately, the demand for these services opens the
opportunity for scammers to take advantage of small business owners. BBB Scam Tracker
receives multiple reports across the nation of phony businesses tricking small business
owners into signing monthly contracts for services that are never rendered.

How the Scam Works
A small business owner seeking a low-cost marketing service discovers a company that
offers exactly what they are looking for. The company may claim to offer public relations,
search engine optimization or other general marketing support for a low monthly fee, often
promising amazing results.

Once a small business owner signs up and submits payment, the company becomes difficult
to communicate with. They may constantly postpone or delay promised marketing
materials, such as social media posts, graphics or logos. In many cases, getting in touch
with the company once payment has been processed becomes nearly impossible and
attempts to cancel the service go unanswered, requiring the business owner to cancel the
card associated with the account.

How to Spot Fake Services
Research companies thoroughly before hiring. Spend the time to research and get to
know the company well before contacting them. Make sure their website is professional and
their social media accounts are real. Search for customer complaints and reviews about
their services on BBB.org. Legitimate marketing companies take pride in their digital
presence because it is often the most-requested service of their clients and provides an
opportunity to demonstrate their capabilities. Use this chance to evaluate how the company
positions or advertises itself and whether it would be a good fit for your business needs.
Check the contact information. If the company possesses both a social media presence
and a professional website, be sure to check for their contact information. If the company
has no telephone number or physical address, that is a sign it may not be legitimate. If a
telephone number is listed, call it to make sure it is in service and verify the physical
address is associated with the company name by searching online. Scammers will often use
the addresses for vacant properties for their own purposes.

Reach out to references. Reach out to the references provided by a company to verify
they have not been fabricated. Make certain it is possible to contact the people on the list
and research their names online to make sure they are real people with legitimate small
businesses. Keep in mind that online testimonials posted on websites or on some review
platforms can be fabricated. Learn more about BBB’s review vetting process on BBB.org.

Understand what you are paying for. A reputable company will be able to clearly
describe their services and the expected timeline to receive marketing materials before a
potential customer pays for those services. Spend the time to understand the services, their
scope, how they will be delivered (email, mail, social media posting, etc.) and when they
will be provided. If any of these elements are unclear or if details about payments are
vague, look elsewhere for services.

Use protected payment methods. Be cautious of any company that insists on payment
for services by wire transfers, gift cards or pre-paid debit cards. If someone demands
payment in one of these ways, it is probably a scam. Even if using a trusted company, BBB
recommends always paying with a credit card for the additional protections it provides in
case problems arise and you would like to dispute charges.
For more information visit BBB.org/BizHQ.

NORTH PADRE ISLAND HOUSING REPORT – OCTOBER 2023

Corpus Christi Association of Realtors has posted the North Padre Island Housing Report for October 2023.

Our active listing median prices have risen the past month to $450,000 this past month which is a 9.8% increase from where it was compared to last October at this time! CCAR shows us the data that is increasing for active listings by 60.8% with a total of 246 properties this past month while inventory Has risen at 7.2 compared to 2.8 last year during the month of October.

Days on the market for sale increased this past month with an average of 72 days and the highest categories for sales with 33.3 % of all the sales being priced between $300,000 – $399,999. The market is still quite stable moving into our short winter with properties available across many pricing areas. North Padre Island’s newest development Whitecap NPI is open for sales of their lots in Phase 1, Contact Coastline Properties Agent Ms. Amber Spicak at their office for all pre-sales. amber@coastline-properties.com

The median estimate (year-over-year, not seasonally adjusted) for the consumer price index (CPI) for the month of October 2023 is 3.3%. If 3.3% is the actual year-over-year increase in the CPI, it will mark the first decline in the consumer price index relative to the previous month since June 2023. This begins to show that inflation may be softening a bit as we head into the end of 2023.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

North Padre Island October 2023 Data (Click Pic below for Larger Image)

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National Epilepsy Awareness Month

The month of November is recognized as National Epilepsy Awareness Month.
According to the Epilepsy Foundation, 1 in 26 people will develop epilepsy in their lifetime. In
addition to this, 3.4 million Americans currently live with epilepsy. This means that epilepsy is
not rare and is actually more common than most people think. Since millions of Americans live
with epilepsy, it is important to understand the disease and how it affects people. National
Epilepsy Month is important because it is a time dedicated to learning about epilepsy and raising
awareness about the disease.

Epilepsy is a neurological condition in the brain that triggers seizures. As stated by the
Epilepsy Foundation, “doctors believe that seizures happen when a brain’s uncontrolled increase
of excess electrical activity obstructs its normal functions.” This means that a seizure causes a
short interruption to messages traveling back and forth within the brain. There are two types of
seizures. The first type of seizures are generalized seizures which affect both sides of the brain.
The other type of seizures are focal seizures which are located in just one area of the brain and
are also called partial seizures. A few symptoms of seizures are: temporary confusion, a staring
spell, stiff muscles, uncontrollable jerking movements of the arms and legs, loss of
consciousness or awareness, psychological symptoms such as fear, and anxiety or deja vu. Once
a person has had two seizures, they are diagnosed with epilepsy.
Epilepsy has no identifiable cause in about half the people with the condition. In the other
half, the condition may be traced to various factors, including: genetic influence, head trauma,

brain abnormalities, infections, prenatal injury, and developmental disorders such as autism.
Even though there is no distinguishable cause of epilepsy, there are a few risk factors for
someone to develop epilepsy. A few of the risk factors are: age, family history, head injuries,
stroke and other vascular diseases, dementia, brain infections, and seizures in childhood.
For more information about epilepsy, please visit the Epilepsy Foundation’s website
https://www.epilepsy.com/make-difference/public-awareness. Along with this, the CDC is a
fantastic resource to learn more about the risk factors and types of seizures associated with
epilepsy https://www.cdc.gov/epilepsy/index.html. Additionally, you can visit John Hopkins
Medicine to learn about the treatment options for epilepsy https://www.hopkinsmedicine.org.
If you have questions regarding any of the information mentioned in this week’s article,
please do not hesitate to call my Capitol or District Office. Please always feel free to contact my
office if you have any questions or issues regarding a Texas state agency, or if you would like to
contact my office regarding constituent services. As always, my offices are available at any time
to assist with questions, concerns, or comments (Capitol Office, 512-463-0672; District Office,
361-949-4603).

– State Representative Todd Hunter, District 32

Rep. Hunter represents Aransas County and part of Nueces County. He can be contacted at
todd.hunter@house.texas.gov or at 512-463-0672.

TEXAS HOUSING REPORT – AUGUST 2023

The residential real estate market in Texas had a successful month in August. Total home sales increased by 9.5 percent on the consumer side and construction permits increased by 5.3 percent on the supplier side despite continuously high loan rates. After seven straight increases, the median price fell amid the growth for the first time. Although the price decline appeared significant, it was just $800 and might be an indication of a balanced market. The housing market does not indicate any big turbulence anytime soon because many sellers are trapped with pandemic-era low rates and many purchasers are finding it difficult to keep up with rising costs. Rebounded Home Sales Speed up Market Time by Two Days Amid a slowdown in the real estate industry, Texas’ total home sales improved from last month’s
three-year low after reaching over 27,000 transactions in August. The sales activity picked up at an impressive rate of 9.5 percent month-over-month (MOM), albeit the activity level was still 8 percent lower than last year’s reading. Sales ticked up uniformly this month in all four major metros, growing between 0.8 percent to 9.7 percent.

READ FULL REPORT HERE FROM TEXAS A&M UNIVERSITY (CLICK HERE)

NORTH PADRE ISLAND HOUSING REPORT – SEPTEMBER 2023

Corpus Christi Association of Realtors has posted the North Padre Island Housing Report for September 2023.

Our active listing median prices slightly dipped the past month to $389,500 this past month which is a 4.5% decrease from where it was compared to last September at this time! CCAR shows us the data that is rising for active listings by 65% with a total of 236 properties this past month while inventory Has risen at 6.6 compared to 2.6 last year during the month of September.

Days on the market for sale dipped this past month with an average of 51 days and the highest categories for sales with 34.6 % of all the sales being priced between $300,000 – $399,999. The market is stable moving into fall with properties available across many pricing areas. North Padre Island’s newest development Whitecap NPI has started sales of their lots in Phase 1, Contact Coastline Properties Agent Ms. Amber Spicak at their office for all pre-sales. amber@coastline-properties.com

The Consumer Price Index (CPI) showed inflation rose 0.4% over last month and 3.7% over the prior year on a headline basis in September, a deceleration from August’s 0.6% month-over-month increase and in line with August’s 3.7% annual rise. Both measures were slightly higher than economist forecasts for a 0.3% month-over-month increase and a 3.6% annual increase, according to data from Bloomberg.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

North Padre Island September 2023 Data (Click Pic below for Larger Image)

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NORTH PADRE ISLAND HOUSING REPORT – AUGUST 2023

Corpus Christi Association of Realtors has posted the North Padre Island Housing Report for August 2023.

Our active listing median prices fell the past month to $389,000 this past month which is a 2.3% decrease from where it was compared to last August at this time! CCAR shows us the data that is rising for active listings by 41.8% with a total of 217 properties this past month while inventory Has risen at 5.6 compared to 2.8 last year during the month of August.

Days on the market for sale are increasing from last month with an average of 59 days and the highest categories for sales with 26.8% of all the sales being priced between $300,000 – $399,999 and $500,000 – $749,999. The market is moving forward nicely this summer with properties available across many pricing areas. North Padre Island’s newest development Whitecap NPI is set up to start sales of their lots in Phase 1, Contact Coastline Properties Agent Ms. Amber Spicak at their office for all pre-sales. amber@coastline-properties.com

Headline Inflation measured by the Consumer Price Index (CPI) was 0.6 percent in August and 3.7 percent over the previous year. Both of these rates were higher than recent figures on inflation, and the main driver of the increase was the rise in retail gasoline prices in August. fuel provided 34 basis points, or slightly more than half, of the overall monthly CPI, which increased by 10.6 percent over the course of the month (the price of fuel has decreased by 3.3 percent over the last year).

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

North Padre Island August 2023 Data (Click Pic below for Larger Image)

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NORTH PADRE ISLAND HOUSING REPORT – JULY 2023

Corpus Christi Association of Realtors has posted the North Padre Island Housing Report for July 2023. Our active listing median prices rose the past month to $425,000 this past month which is a 17.6% increase from where it was compared to last July at this time!
CCAR shows us the data that significantly rising for active listings by 44.5% with a total of 2224 properties this past month while inventory Has risen at 5.5 compared to 2.8 last year during the month of July.

Days on the market for sale are declining from last month with an average of 47 days and the highest categories for sales with 31.0% of all the sales being priced between $500,000 – $749,999. The market is moving forward nicely this summer with properties available across many pricing areas. North Padre Island’s newest development Whitecap NPI is set up to start sales of their lots in Phase 1, If you haven’t visited their trailer yet be sure to contact us so that we can get you a priority visit with them.

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in July on a seasonally adjusted basis, the same increase as in June, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.2 percent before seasonal adjustment.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

North Padre Island July 2023 Data (Click Pic below for Larger Image)

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NORTH PADRE ISLAND HOUSING REPORT – JUNE 2023

Corpus Christi Association of Realtors has posted the North Padre Island Housing Report for June 2023. Our active listing median prices fell slightly the past month to $433,250 this past month which is 3.2 % increase than where it was compared to last June at this time!
CCAR shows us the data that significantly rising for active listings by 43.7% with a total of 217 properties this past month while inventory Has risen at 5.2 compared to 2.7 last year during the month of June.

Days on the market for sale are declining from last month with an average of 58 days and the highest categories for sales all with 22.2% of all the sales being priced between $300,000 – $749,999. The market is dramatically moving forward this summer the summer with properties available in many pricing categories. The North Padre Island’s newest development Whitecap NPI is nearly ready to start selling properties and we will have sales information shortly. The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June on a seasonally
adjusted basis, after increasing 0.1 percent in May, the U.S. Bureau of Labor Statistics reported today. The monthly increase in all goods was primarily driven by the index for housing, which contributed more than 70% of the increase. Over the last 12 months, the all items index increased 3.0 percent before seasonal adjustment. We will watch mortgage rates carefully each month, but it actually has not hindered prices locally.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island June 2023 Data (Click Pic below for Larger Image)

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PADRE ISLAND HOUSING REPORT – MAY 2023

Corpus Christi Association of Realtors has posted the Padre Island Housing Report for May 2023. Our active listing median prices rose quite a bit the past month to $460,273 this past month which is 20.3% increase than where it was compared to last April at this time!
CCAR shows us the data that significantly rising for active listings by 73.8% with a total of 186 properties this past month while inventory Has risen at 4.2 compared to 1.9 last year during the month of May.

Days on the market for sale are declining from last month with an average of 60 days and the highest category for sales with 31.8% of all the sales being priced between $400,000 – $499,999. The market is heating up as we are moving into the summer. The Island’s newest development Whitecap NPI will be selling properties soon as constructions continues to boom on Padre island. The Consumer Price Index (CPI) rose 0.1 percent in May, down from 0.4 percent in April, while the yearly rate rose 4 percent, compared to 4.9 percent in April, the lowest yearly inflation rate since March 2021. Federal Reserve officials left interest rates unchanged this past week, skipping an increase after raising rates 10 times in a row since March 2022. Still, policymakers predicted that they might need to raise rates two more times this year to keep driving inflation downward.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island May 2023 Data (Click Pic below for Larger Image)

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PADRE ISLAND HOUSING REPORT – APRIL 2023

Corpus Christi Association of Realtors has posted the Padre Island Housing Report for April 2023. Our active listing median prices dipped slightly the past month to $390,000 this past month which is 0.8% less than where it was compared to last April at this time!
CCAR shows us the data that significantly rising for active listings by 62.8% with a total of 166 properties this past month while inventory Has risen at 3.6 compared to 1.8 last year during the month of April.

Days on the market for sale are increasing from last month with an average of 88 days and the highest category for sales with 36.0% of all the sales being priced between $300,000 – $399,999. The market is staying quite strong as we move closer to summer. The consumer price index rose 4.9% in April 2023, the smallest increase in two years, the U.S. Bureau of Labor Statistics said Wednesday in a monthly inflation report. The FED still showing signs of inflation continue to slow down if not holding steady. The Summer Housing market is right around the corner, and we are anticipating an extremely busy season.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island April 2023 Data (Click Pic below for Larger Image)

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Scam Alert: Home title fraud

Home title fraud happens when someone obtains the title to your property and changes ownership from your information to theirs.  The scary part is, you may not even realize it has happened until it’s too late.

How the Scam Works:

Scammers will choose a house, sometimes a second home, rental or vacant house. They then gather your personal information from the internet or elsewhere, and take over your identity to assume the role of property owner or claim to represent you.  They file the necessary paperwork to transfer ownership of your property to themselves, using forged signatures and fake identification. They then sell the home or borrow against the equity.  You might not even know this has happened until a lender starts to send letters of foreclosure on your home due to failure to make payments.

Protect Yourself Against This Scam:

  • Be careful with your personal information. Treat your personal information like the valuable commodity it is. Make sure you shred any documents that have your bank account information, Social Security/Social Insurance number, or other personal information. Be suspicious of any unsolicited communication asking for personal information.
  • Check your credit reports regularly for unauthorized inquiries and accounts. In the U.S., you have the right to check your credit report with each of the three major credit bureaus once per year at AnnualCreditReport.com. This is the only free crediting reporting service authorized by the Federal Trade Commission. Space these checks out across the year, and you will know fairly quickly if something is wrong. In Canada, the Financial Consumer Agency of Canada provides information on requesting a free credit report.
  • Look for unexplained withdrawals, charges, and accounts. Review your bank account and credit card statements regularly. Look for unfamiliar charges, accounts, or withdrawals. Know when your bills are due; one tip-off for identity theft is when you stop receiving certain bills. This can happen because scammers have changed the address associated with your bank account or credit card. If bills don’t arrive on time, follow up with your creditors. Debt collectors may call you about debts that aren’t yours. You can also set up automatic alerts on your accounts so you are notified every time a transaction is made.
  • Check with your local recorder of deeds. Look for deeds that you or anyone representing you did not prepare or sign, periodically.  Make sure they have the correct mailing address for you.  Some counties provide consumer notification services any time a document is recorded on your property.

If your identity has been stolen:

  • File a complaint with the Federal Trade Commission. The Federal Trade Commission recommends that you create an ID theft report, if your ID is stolen. This report will help you deal with the credit reporting agencies and companies that extended credit to the identity thief using your name. First, report the crime to the FTC and print a copy of the details. Contact FTC at 1-877-ID-THEFT (438-4338) or Identitytheft.gov.
  • File a report with local law enforcement. Keep all records of your case, police reports and supporting documents; these may be needed by credit card companies or banks to prove innocence.
  • File a report with the FBI: Contact the Internet Crime Complaint Center (IC3): ic3.gov.
  • Place a “fraud alert” or “freeze” on your credit reports.Contact the fraud departments of each of the three major credit reporting agencies. Let them know you’ve been a victim of identity theft and ask questions—including what protection is provided and if there are any costs—to determine whether a fraud alert or freeze is best for your situation.
  • Notify all credit grantors and financial institutions.Check the status on existing accounts, as they may have been jeopardized. Find out if there is any unauthorized activity or new accounts have been fraudulently opened in your name. You may be advised to close some or all of your accounts. Create new passwords and change your PINs.

Read more about housing scams in BBB’s Scam Alert on Foreclosure Rescue Scams.

If you encounter a scam, we ask that you report it to our BBB Scam Tracker at BBB.org/scamtracker, and you can learn more about common scams at BBB.org/scamtips.

Sign up for BBB Scam Alerts.

Read more about BBB Accreditation Standards and BBB Standards for Trust.

Better Business Bureau Serving Acadiana contributed to this article.

PADRE ISLAND HOUSING REPORT – MARCH 2023

Corpus Christi Association of Realtors has posted the Padre Island Housing Report for March 2023. Our active listing median prices continue to rise the past month to $425,000 this past month which is 7.3& above where it was compared to last March at this time!
CCAR shows us the data that significantly rising for active listings by 54.6% with a total of 153 properties this past month while inventory Has risen at 3.1 compared to 1.8 last year during the month of March.

Days on the market for sale are steady from last month with an average of 79 days and the highest category for sales with 34.0% of all the sales being priced between $300,000 – $399,999. The market is keeping pace as we move deeper into Spring. The consumer price index eased to 5% in March 2023 on an annual basis, down from 6% in February, according to the U.S. Bureau of Labor Statistics inflation report. The FED still showing signs of inflation that is slowing a bit now. The Spring Housing market is well underway, and we are anticipating a very busy season.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island March 2023 Data (Click Pic below for Larger Image)

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PADRE ISLAND HOUSING REPORT FEBRUARY 2023

Corpus Christi Association of Realtors has posted the Padre Island Housing Report for February 2023. Our active listing median prices have risen the past month to $410,250 this past month which is 6.3& above where it was compared to last February at this time!
CCAR continues to show us the data that shows active listings rising 26.3 % with a total of 144 properties this past month while inventory Has stayed steady at 2.8 compared to 1.0 last year during the month of February.

Days on the market for sale are climbing a bit from last month an average of 80 days on the market and the highest category for sales with 37.5% of all the sales being priced between $300,000 – $399,999. The market is keeping pace as we move into Spring. The Consumer Price Index declined from 6.4% to 6% in the last 12 months ending in February, continuing an eight-month trend of declining annual inflation. The FED meets next week to decide whether they will move the rate again to continue to fight inflation this year. The Spring Housing market is underway, and we are anticipating a very busy season.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island February 2023 Data (Click Pic below for Larger Image)

padre-island-housing-report-february-2023

March is National Nutrition Month

March is National Nutrition Month which is an annual campaign created by the Academy
of Nutrition and Dietetics. I would like to discuss the importance of making informed food
choices by developing sound eating habits and through physical activity. Texas has been helpful
in promoting good nutrition for our citizens.

Since Texas has a diverse geography, this means that bountiful amounts of naturally
grown foods that are delicious and wholesome can be found throughout our state. Our farmers
grow nutritious vegetables and fruits in our well-kept Texas soils which allows for these foods to
have healthy amounts of essential vitamins, minerals, and antioxidants that our bodies need to
function properly. Specific foods rich in these nutrients are broccoli, blueberries, spinach,
cauliflower, tomatoes, peaches, squash, onions, tree nuts (pecans, almonds, etc.), oranges,
pumpkin, sweet potatoes, and many more. To learn more about Texan-grown products visit:
http://gotexan.org/Home.aspx.

However, there is not a one-size- fits all approach to nutrition and health but there are
some major ingredients and processed foods to avoid. The most prominent food to steer clear is
added sugar. Foods with added sugar are often highly caloric and have harmful effects on our
organs. Additionally, foods with high fructose corn syrup and other artificial sweeteners have
been linked to severe health problems like obesity, cardiovascular (heart) disease and type two
diabetes. However, these sweeteners can be replaced with products such as raw honey or stevia
which are better alternatives to use in baking or iced/hot tea and coffee.

Another food group to be cautious with is artificial trans fats, also known as partially
hydrogenated oils. Trans fats have been linked with raising bad cholesterol and lowering good
cholesterol. This can lead to health risks such as high blood pressure which can cause poor blood
circulation in our bodies. The regular consumption of trans fats have also been shown to lead to
diabetes, Alzheimer’s disease, and obesity.

Taking advantage of all the wonderful whole foods our state has to offer is beneficial in
many ways because making smarter nutritional choices can go a long way. To learn more about
nutrition visit: https://www.nutrition.gov/. In addition to this, you can visit the Texas Department
of Agriculture's website at https://www.texasagriculture.gov/Home.aspx. For more information
about National Nutrition Month and the Academy of Nutrition and Dietetics, please visit:
https://www.eatright.org/food/resources/national-nutrition-month.

If you have questions regarding any of the information mentioned in this week’s article,
please do not hesitate to call my Capitol or District Office. Please always feel free to contact my
office if you have any questions or issues regarding a Texas state agency, or if you would like to
contact my office regarding constituent services. As always, my offices are available at any time
to assist with questions, concerns, or comments (Capitol Office, 512-463-0672; District Office,
361-949-4603).

– State Representative Todd Hunter, District 32

Rep. Hunter represents Aransas County and Nueces (Part) County. He can be contacted at
todd.hunter@house.state.tx.us or at 512-463-0672.

PADRE ISLAND HOUSING REPORT – JANUARY 2023

Corpus Christi Association of Realtors has posted the Padre Island Housing Report for January 2023. Our active listing median prices have stayed very stable through the holidays at $370,000 this past month which is exactly where it was compared to last January at this time!
CCAR continues to show us the data that shows active listings rising 25.7 % with a total of 132 properties this past month while inventory Has stayed steady at 2.6 compared to 1.8 last year during the month of Janaury.

Days on the market for sale have had a slight rise to an average of 63 days on the market and the highest category for sales with 37.5% of all the sales was priced between $300,000 – $399,999. The market is still holding up quite well for the beginning of the year as we head toward Spring Break. CPI Data has shown inflation is still lowering, and the fed still seems committed to getting inflation down to 2% and continues to signal more .25 basis points likely coming by the first quarter of 2023.

Soon, the spring housing market will begin, and we’ll probably want to know what to anticipate. The home market in 2023 might feel more like a nobody’s market after several years of a clear sellers’ market. More buyer advantages and slower home sales are something we anticipate. On the economic front, supply chain problems have started to get better and should keep getting better in the coming year. As interest rates and inflation reduce disposable income, we can anticipate the following five to six months to be sluggish. But the flooring and home improvement sectors will experience tremendous growth over the next five to six years.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island January 2023 Data (Click Pic below for Larger Image)

padre-island-housing-report-november-2022

Real Estate Scammers on Social Media

In the news A Coastal Bend real estate agent spoke about a recent scam on social media.

There are criminals targeting renters and future homeowners through Facebook Marketplace.

We are seeing sales listings that they are scraping from zillow, trulia and personal websites being targeted by a scammer claiming to be the homeowner.

When realtors list home photos and details about the house become public, so it’s easy for scammers to steal them and put them on Craigslist or Facebook Marketplace.

The scammer has the tendency to attract interested people by posting the property with a very attractive rate where people will see it and be very eager to take action and contact the poster. They use very persuasive language creating urgency for buyers to act fast.

Its prime season for scammers, so if you are in the market for a new home, make sure to look out for red flags and double check a listing you may see on Facebook or Craigslist with other sites before you inquire about it.

The scammer usually does not answer phone calls, they push you to contact them through email or text.  They are very aggressive with trying to get deposits from you as well. They don’t want to let you see the house, which is a super red flag. So please report incidents like this directly when you see it taking place.

It’s always best to do your homework before renting or buying, ask the right questions, and if it’s too good to be true, it probably is. He suggests if you do see an ad like this, don’t hesitate to contact us so we can check the legitimacy for you.  Let’s all look out for each other!

COUNTY COMMISSIONERS PASS RESOLUTION TO SUPPORT A 2nd BRIDGE TO PADRE ISLAND

The commissioners of Nueces County on Wednesday approved a resolution endorsing the building of a second bridge to Padre Island.

The second bridge’s location has not yet been made public.

TxDOT would be required to assist with the enormous project, which Mayor Paulette Guajardo estimated might cost up to $1 billion.

Brent Chesney, the commissioner for Nueces County’s Pct. 4, remarked, “It’s all about TxDOT, right?” “Because TxDOT has funding for projects, we need to move up the financing list. We need to go on even though we’re probably already behind other areas that require second causeways.”

The decision made on Wednesday is simply the beginning of the process, though.

Article Excerpt continued on KIIITV >>>>

 

PADRE ISLAND HOUSING REPORT – DECEMBER 2022

Corpus Christi Association of Realtors has posted the Padre Island Housing Report for December 2022. Our active listing median prices have slightly dipped to $353,250 this past month which is a fall of 3.8% compared to last December at this time!
CCAR continues to show us the data that shows active listings rising 36 % with a total of 136 properties this past month while inventory Has a slight decline to 2.6 compared to 1.7 last year during the month of December.

Days on the market for sale have slightly fallen to an average of 50 days on the market and the highest category for sales with 32.3% of all the sales was priced between $300,000 – $399,999. The market is holding steady which is normal after the Holidays. CPI Data has shown inflation is still lowering, and the fed still seems committed to getting inflation down to 2% and continue to signal more rate hikes to come.

Coastline Properties has been weathering the conditions of different markets since 1995. Prices are falling as more properties enter the market.A survey by Homes USA shows that new home prices have decreased recently.

The adjustment occurs in the midst of a market slump brought on by increased mortgage rates and the earlier increase in prices. Builders are therefore providing greater incentives to purchasers in an effort to enhance sales as inventory rises and new homes take longer to sell.

Real estate company HomesUSA, based in Dallas, analyzes data from multiple listing services and three-month averages for sales, pricing, active listings, and other metrics. This previous week saw a low in mortgage application volume as high mortgage rates continued to harm the housing market.

In 2021, new homes weren’t being added to the MLS since they were selling so quickly. The demand for homes was at its highest and most intense from spring 2020 through spring 2022. The patterns we are currently observing indicate that the local slowdown in new house sales might not just be a seasonal blip. Construction is being curtailed by builders as the market weakens. The houses you can currently see were started when the market was different. You can observe the results of those who entered into contracts only to have to cancel them when interest rates increased.

Soon, the spring housing market will begin, and we’ll probably want to know what to anticipate. The home market in 2023 might feel more like a nobody’s market after several years of a clear sellers’ market. More buyer advantages and slower home sales are something we anticipate. On the economic front, supply chain problems have started to get better and should keep getting better in the coming year. As interest rates and inflation reduce disposable income, we can anticipate the following five to six months to be sluggish. But the flooring and home improvement sectors will experience tremendous growth over the next five to six years.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island December 2022 Data (Click Pic below for Larger Image)

padre-island-housing-report-november-2022

PADRE ISLAND HOUSING REPORT – NOVEMBER 2022

Corpus Christi Association of Realtors has posted the Padre Island Housing Report for November 2022. Our active listing median prices have fallen to $369,000 this past month which is a fall of 3.9% compared to last November at this time!
CCAR continues to show us the data that shows active listings rising 39.6 % with a total of 148 properties this past month while inventory Has a slight decline to 2.7 compared to 1.8 last year during the month of November.

Days on the market for sale have risen to an average of 54 days on the market and the highest category for sales with 31.4% of all the sales was priced between $300,000 – $399,999. The market has softened a bit which is very typical for the Holidays. CPI Data has shown inflation is still lowering, and the fed still seems hawkish with their latest rate hike of .50 % with a commitment to continue raising rates until they get to see solid downward pressure on inflation with the upcoming March 2023 meeting.

Coastline Properties has been weathering the conditions of different markets since 1995. Our market is very unique and the word over the bridge and up North is “Padre Island is on the move.” There is more dirt turning on our little sandbar right now than we have seen in decades, exciting times ahead for residents.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island November 2022 Data (Click Pic below for Larger Image)

padre-island-housing-report-november-2022

Truth about the Option Period in a Real Estate Contract!

Did you know?

Did you know the standard contract for buying a home in Texas contains a clause for an Option Period?

The Option Period is the time during which the buyer can cancel the contract for any reason, without penalties. A buyer pays for the option period, usually a small amount of $100 and for a standard of 10 days. During this 10 days, the buyer can run inspections and negotiate any repairs with the seller. If an agreement cannot be made, the buyer can back out of the contract with only losing the $100. If the buyer does purchase the property, the $100 is credited to them at closing.

One thing that many realtors, buyers and sellers often question is when the option period starts. A contract is executed and binding when both parties agree and have both signed the contract. This is considered the executed date which is written into the contract above the sellers and buyers signatures. The option period starts the next day.

Example: If a buyer and seller agree and sign on November 20, 2022, the option period would start on November 21, 2022 and end at midnight on November 30, 2022.

An option period is the best money a buyer can spend when purchasing a home!

PADRE ISLAND HOUSING REPORT – OCTOBER 2022

The Local Real Estate Market active listing median prices have risen to $410,000 this past month compared to last October at this time!
Corpus Christi Association of Realtors continues to show us the data that shows prices have jumped significantly to 32.6% in median price homes while inventory Has been rising 2.9 compared to 2.2 last year during the month of October.

Days on the market for sale have lessened to an average of 41 days on the market and the highest category for sales with 34.2% of all the sales was priced between $500,000 – $749,999. The market is still stable but edgy as the Holiday season is here, we are keeping our eyes on those mortgage rates and whether the FED will raise benchmark interest rates this month. CPI Data has shown inflation to be cooling off a bit, no telling how markets will react but rest assured our Island is still going through its boom with all the construction projects underway.

Many of us brokers have seen it all before, Coastline has been weathering the conditions of different markets since 1995. Our market is very unique and the word over the bridge and up North is “Padre Island is on the move.” There is more dirt turning on our little sandbar right now than we have seen in decades, exciting times ahead for residents.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island October 2022 Data (Click Pic below for Larger Image)

padre-island-housing-report-september-2022

PADRE ISLAND HOUSING REPORT – SEPTEMBER 2022

The Local Real Estate Market active listing median prices have risen to $409,450 this past month compared to last September at this time!
Corpus Christi Association of Realtors continues to show us the data that shows prices up 11.6% in median price homes while inventory Has been rising 2.7 compared to 2.0 last year during the month of September.

Days on the market for sale have risen to an average of 49 days on the market and the highest category for sales with 24.2% of all the sales was priced between $500,000 – $749,999. The market is stable but cooling off quite a bit now as we head toward the holidays, we are keeping our eyes on those mortgage rates and whether the FED will raise benchmark interest rates in their November 2022 meeting.

Many of us brokers have seen it all before, Coastline has been weathering the conditions of different markets since 1995. Our market is very unique and the word over the bridge and up North is “Padre Island is on the move.” There is more dirt turning on our little sandbar right now than we have seen in decades, exciting times ahead for residents.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island September 2022 Data (Click Pic below for Larger Image)

padre-island-housing-report-september-2022

PADRE ISLAND HOUSING REPORT – AUGUST 2022

The housing market on Padre Island this year is like sitting in the shade in August; slightly cooler but still fairly warm. We are seeing some slowdown and some increase in new listings. We saw listed homes reducing – even before the Labor Day holiday this year.

It is true, that homes are starting to take a little longer to sell, and of course, that means sellers reducing their asking price. The pandemic led to a surge in demand as so many Texans wanted larger homes and more space. Millennial buyers also entered the market. The lower interest rates several months back enticed buyers into the market. We also saw a lot of activity in new home construction but also a lot of remodeling. Normally you see one or the other….not both at the same time.

Homes now are taking a little longer to sell. The elephant in the room will be what it will take to get inflation back in order. Typically, the more one fights inflation, the more likely you are to go into recession. Consumer confidence is slowing things down which is reflected in our housing sales. We have weathered downturns and crashes before. Even with the home price growth this past year we’ve experienced, we’re still relatively more affordable than the other coasts. August was a decent month on Padre Island. I believe the reduced price levels we’re at now are more reflective of where they’re going to be for a while.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

Padre Island July 2022 Data (Click Pic below for Larger Image)

TIPS FOR WHEN A HOMEOWNER PASSES AWAY

The home changes hands.  It could pass to a surviving spouse or child whose name is on the deed, or be bequeathed to the family as part of the homeowner’s estate.  Often  times, the family simply wants to sell the property.

  1. Talk to the Executor:  The deceased homeowner’s will should name an executor.  Only that person can make financial decisions for the estate, including setting the asking price.
  2. If No Will….if the homeowner died without a will, the estate may go to probate court.  The purpose of court involvement is to protect the rights of the family, those entitle to receive property, and the creditors of the deceased person’s estate, according to the Texas Bar Association.  State law governs who inherits what if the estate has no will.
  3. Bill to Pay?….The estate is required to pay outstanding debts.  The executor must make sure the estate has enough money to cover them.  Texas is one of nine community property states, meaning relatives may be required to pay off the deceased person’s debt.  One will want to make sure there is nothing preventing the sale of the property.

It is stressful to handle the paperwork and make decisions while mourning.  Always be understanding and sympathetic.

~ Cheri Sperling, Owner Coastline Properties

 

Padre Island Housing Report – July 2022

The Local Real Estate Market active listings have moved up to 29.3% the past month compared to last July at this time!
Corpus Christi Association of Realtors continues to show us the data that leans toward Prices slightly lowering by 5.9% in median price homes while months of inventory Has been rising the past month.

Days on the market for sale have lowered to an average of 41 days on the market. 35.6% of all the sales in March were priced between $300,000 – $399,999. The Median Price of homes has fallen by 5.9% to a price of $363,000 compared to the same month in 2021. The market is stable but cooling a bit as we head toward Labor Day, eyes will be on the fed as they will make another rate decision by end of next month and this could easily influence the buyers out there to make their decisions before summer’s end.

Many of us brokers have seen it all before, Coastline has been weathering the conditions of different markets since 1995. It’s a good time to get prepared and if you are a homeowner currently as we are now in Hurricane Season, it’s a great time to make sure your insurance and plans are in order for a potentially big season of storms ahead according to NOAA.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island July 2022 Data (Click Pic below for Larger Image)

padre-island-housing-report-july-2022

HOW TO NAVIGATE THE MOST COMMON CHALLENGES IN A REAL ESTATE TRANSACTION

Those of you who have ever been a seller or a buyer in a real estate transaction likely know firsthand that the process can often be riddled with twists and turns. It is the job of your real estate professional to not only talk you through it all, but to bare the brunt of the stress for you by navigating the trenches on your behalf. Here is some advice for both buyers and sellers on what to expect of these three most common challenges.

Price

It’s no secret that sellers want the most for their property, and buyers would prefer a great deal.

Buyers: It can be fun to fantasize that the waterfront, east facing, fingtertip property in mint condition with a pool exists for pennies on the dollar. But, being unrealistic will only hurt your search and waste your time. Stick strictly to your budget and work with your top 3 must-haves. Then, be fair with an offer given the comps your agent can pull for you. This way you’re being fair to both yourself and the seller.

Sellers: Sit down with your agent and have the lengthy discussion that may be necessary to price your property properly. Compare past sales, run net sheets, look at all the numbers and know where you need to be to not only attract the most buyers, but to get what you need out of it. This will be helpful during negotiations as you’ll already know your bottom line.

Home Inspection

Inspections are the buyer’s way of performing due diligence on the property to know exactly what they’re getting in to. Inspections mark any and all deficiencies with the subject property, most importantly the ones concerning the “bones” (foundation, pipes, roof, etc), major systems (HVAC, plumbing, etc) and appliances. The buyer is permitted to make any desired repair requests of the seller after the inspection. If the parties cannot come to an agreement, the buyer is entitled to exercise their right to terminate during the time period prescribed and walk away from the deal without losing their Earnest Money Deposit.

Buyers: More often than not, you’re purchasing a previously owned home. Systems will very well be near their expected useful life, yet still functioning as intended. It can be unrealistic to expect a seller to replace said system. Be sure to ask that they do provide a very comprehensive residential warranty in exchange. New construction is more expensive for a reason.

Sellers: If something simply doesn’t work or is broken, it shows good faith to fix it or offer the buyer a comparable credit. Most inspectors will find the same deficiencies, so it’s in your best interest to work hard to compromise with a current buyer instead of letting a deal go and risk facing the same problem(s) with all future purchasers.

Financing and Appraisals

All the puzzle pieces have to fall in place for a borrower to secure a loan in time to close. Over the years, banks have significantly increased the paperwork requirements and scrutiny on buyers, and recent changes by the Consumer Finance Protection Bureau (CFPB) have changed the protocols between lenders and settlement agents. These cause difficulties for both parties. If a mortgage is involved, the bank must also complete an appraisal of the home. A satisfactory appraisal substantiates the agreed upon purchase price of the home. If the bank determines that the home’s value is less than the agreed upon purchase price, this can create problems. Without financing, there’s no deal and if there’s no deal, Earnest Money Deposit may be at risk.

Buyers: Refer to your agent for a local lender who is responsive and has a good reputation. Your pre-approval should be based on a detailed review of your financial accounts and include a credit check. Services offering “immediate” approvals that don’t require documentation should be avoided. Finally, do your homework while you’re searching for properties so that you’re ready to select your lender within a day or two of going under contract. When you find a property you love, ask your lender to prepare a few estimate sheets so you’re comfortable with the numbers and the type of loan that works best.

Sellers: Have your agent check in weekly with the buyer’s agent on how the loan process is coming along. You can even ask that they call the loan officer themselves and ask questions about what they have reviewed. Either way, you want confirmation that the lender is accessible and proactive with the file. An unresponsive lender makes life tough on the buyer and could cause possible delays, which is stressful on all. It happens, but constant communication will ensure there are no surprises and then even delays don’t seem as scary if everyone is informed on how the loan is moving along.

Having the knowledge that challenges will exist when buying or selling a home can make a world of difference.  You may not control all the events that happen to you, but you can control how you react to them.

Padre Island Housing Report – June 2022

The Local Real Estate Market active listings have jumped up by 36.7% the past month!
Corpus Christi Association of Realtors continues to show us the data that leans toward Prices slightly Rising in median price homes while Inventory Has been rising the past month.

Days on the market for sale have stayed steady at an average of 79 days on the market. 28.8% of all the sales in March were priced between $300,000 – $399,999. The Median Price of homes has risen additionally by 1.8% to a price of $420,000 compared to the same month in 2021. The market is stable at the moment, the fed will make its rate decision by next week and this could influence the buyers out there to make their decisions before summer’s end.

Many of us brokers have seen it all before, Coastline has been weathering the conditions of different markets since 1995. It’s a good time to get prepared and if you are a homeowner currently as we are now in Hurricane Season, it’s a great time to make sure your insurance and plans are in order for a potentially big season of storms ahead according to NOAA.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island June 2022 Data (Click Pic below for Larger Image)

padre-island-housing-report-april-2022

WHAT’S YOUR NORTH PADRE ISLAND STREET NAME MEAN?

A La Entrada – An expedition or journey into unexplored territory, or, in Spanish it means Entrance.

Almeria – A city of southeast Spain on the Gulf of Almería, an arm of the Mediterranean Sea.

Aloha – Hawaiian word used when greeting or parting from someone.

Aquarius – The Water Bearer, a zodiacal constellation – A good person who doesn’t judge.

Aruba – An island in the Netherlands Antilles, in the West Indies.

Atascadera – Atascadero in Spanish means stumbling-block.

Barataria – A bay in The Gulf of Mexico, off Louisiana (See Laffite).

Beaufort – An empirical measure that relates wind speed to observed conditions at sea or on land.

Binnacle – A built-in housing for a ship’s compass.

Blackbeard – Nickname of Edward Thatch who was a notorious English pirate who operated around the West Indies and the eastern coast of the American colonies.

Bonasse – Easy-going and simple-minded.

Bounty – A British naval ship commanded by Captain William Bligh, which was on a scientific voyage in 1789 between Tahiti and the West Indies when her crew mutinied.

Bowsprit – A spar, extending forward from the stem of a ship, to which the stays of the foremast are fastened.

Brigantine – A two-masted sailing ship, square-rigged on the foremast and having a fore-and-aft mainsail, often with square main topsails.

Broomsedge – Broom sedge: any of several grasses of the genus Andropogon.

Bullion – Gold or silver considered in mass rather than in value.

Cabana – A cabin, hut, or shelter, especially one at a beach or swimming pool.

Cabo Blanco – It’s a fishing village in northwestern Peru, or in Spanish, “White Terminal.”

Camino De Oro – In Spanish, meaning “Path to Gold.”

Camino De Plata – In Spanish, meaning “Path to Silver.”

Canadian Mist – A brand of Blended Canadian whisky produced by the Brown-Forman Corporation.

Capstan – A revolving cylinder with a vertical axis used for winding a rope or cable, powered by a motor or pushed around by levers.

Captain Kidd – 1645(ish)–1701, he was a Scottish navigator and privateer who was hanged for piracy.

Caravel – A small, fast Spanish or Portuguese sailing ship of the 15th–17th centuries.

Carlos Fifth – Carlos THE Fifth is the name of a creepy looking candy bar from Mexico, what you call someone that does something in a stupid manner.

Cartagena – A seaport in SE Spain.

Catamaran – A yacht or other boat with twin hulls in parallel.

Cayo Cantiles – Cayo, in Taíno meaning “small island,” Cantiles in Spanish meaning “cliff.”

Cayo Gorda Ct – Cayo, in Taíno meaning “small island,” Gorda in Spanish meaning “fat.”

Cobo De Bara – Cobo, meaning “sea snail” and Bara in Hebrew means “heaven and earth.”

Commodores – A naval officer of high rank, in particular an officer in the US Navy or Coast Guard ranking above captain and below rear admiral.

Coquina Bay – A soft limestone of broken shells, used in road-making in the Caribbean and Florida.

Cozumel – In Mexico, the name was given to it by the Spaniards; however its origin is derived from the words Cuzam (meaning Swallow) and Lumil (meaning land of).

Crossjack – The lowermost square sail set on the mizzenmast of a ship or of a bark with four or more masts.

Cruiser – A relatively fast warship larger than a destroyer and less heavily armed than a battleship.

Cumana – A city in NE Venezuela founded in 1523 that is the oldest European settlement in South America.

Cutlass – A short sword with a slightly curved blade, formerly used by sailors.

Cuttysark – It is a British clipper ship built on the River Clyde in 1869 for the Jock Willis Shipping Line and was one of the last tea clippers to be built.

Dasmarinas – It is the largest city in the province of Cavite, Philippines. In the 19th century during the Spanish Colonial Period, Dasmariñas was originally called Tampus meaning “end of the forest.”

Dorsal – Relating to the upper side or back of an animal, plant, or organ. Fin – an unpaired fin on the back of a fish or whale.

Doubloon – A Spanish gold coin.

Dragonet – A marine fish that often lies partly buried in the seabed; the male is brightly colored.

Ducat – A gold coin formerly current in most European countries.

Dyna – Simply defined as “power.”

Eaglesnest – The nest of a bird built high up on a cliff or on the top of a mountain OR a room or building built high up so that people inside can see things happening below them.

El Soccorro – It’s a Portuguese-Spanish noun meaning “help” or “relief.”

Emerald – A bright green precious stone consisting of a chromium-rich variety of beryl.

Encantada – In Spanish, means “delighted” as in “pleased to meet you.”

Escapade – An act or incident involving excitement, daring, or adventure.

Finistere – Element which has reached the limits of its expansion.

Flintlock – An old-fashioned type of gun fired by a spark from a flint.

Forestay – A stay leading forward and down to support a ship’s foremast.

Fortuna Bay – Fortuna was the goddess of fortune and personification of luck in Roman religion and was represented as veiled and blind, as in modern depictions of Justice, and came to represent life’s capriciousness.

Grenadine – A thin fabric of leno weave in silk, nylon, rayon, or wool. Presently, a syrup made from pomegranate juice.

Gun Cay – Where the Lighthouse is located less than 10 miles south of Bimini.

Gunwale – The upper edge of the side of a boat or ship.

Gypsy – A nomadic or free-spirited person.

Halyard – A rope used for raising and lowering a sail, spar, flag, or yard on a sailing ship.

Hawksnest – The nest of a bird of prey OR a house located high on a hill or mountain.

Highland Mist – A Blended Scotch Whisky.

Isabella – A wine made from the fox grape. Also, Queen Isabella  of Castile whose marriage to Ferdinand of Aragon in 1469 marked the beginning of the modern state of Spain.

Isla Colon – Isla meaning Island in Spanish, Colon is a city of northern Panama at the Caribbean entrance to the Panama Canal.

Isla Pinta – Isla menaing Island in Spanish, Pinta was the fastest of the three ships used by Christopher Columbus in his first transatlantic voyage in 1492.

Jackfish – A pike or sauger, especially the northern pike.

Jacktar – It was a common English term used to refer to seamen of the Merchant or Royal Navy. By World War I the term was used as a nickname for those in the U.S. Navy.

Jibstay – In schooners, the stay to which jibs are hanked.

Jolly Roger – A pirate’s flag with a white skull and crossbones on a black background.

Keel  – The longitudinal structure along the centerline at the bottom of a vessel’s hull, on which the rest of the hull is built, in some vessels extended downward as a blade or ridge to increase stability.

Key Largo – The largest island of the Florida Keys.

King Phillip – [War] (1675–77) the first large-scale military action in the American colonies, pitting various Indian tribes against New England colonists and their Indian allies.

La Blanquilla – (N) A very small coin, A Californian fish, A white grape.

Laffite – Pirate Jean Lafitte: he and his brothers smuggled goods to local merchants through the La Barataria (See Barataria) berth on the Louisiana coast in the early 1800s, after the Embargo Act of 1807 barred such trades. Barataria was far from the U.S. naval base, and ships could easily smuggle in goods without being noticed by customs officials. Later, legend has it, he came to our own Packery Channel, as, when pursued, Lafitte’s shallow draft boats could escape into the knee-deep Laguna Madre where larger boats could not follow. Folklore says that he buried treasure here, right near the Port A jetties, and marked it with a golden dagger. 

Lafitte – See Laffite. Pirate Jean Lafitte and his elder brother, Pierre, spelled their last name Laffite, but English-language documents of the time used “Lafitte.”

Lanyard – A rope threaded through a pair of deadeyes, used to adjust the tension in the rigging of a sailing vessel.

Leeward – On or toward the side sheltered from the wind or toward which the wind is blowing; downwind (see opposite, Windward).

Longboat – A large boat that may be launched from a sailing ship.

Main Royal – [mast] Part of the mainmast situated immediately above, and generally formed as a single spar with, the main topgallantmast.

Man O War – An armed sailing ship.

Mingo Cay – An island of the United States Virgin Islands.

Mizzen – The mast aft of a ship’s mainmast.

Mutiny – An open rebellion against the proper authorities, especially by soldiers or sailors against their officers.

Nemo – In Oromo it means “The Man,” but in Latin, the same word means “Nobody.”

Palmira – A city of western Colombia southwest of Bogotá where coffee and tobacco are grown.

Palo Seco – In Spanish means “without anything else.”

Peseta – The basic monetary unit of Spain (until replaced by the euro).

Pionciana – A tropical tree with showy red or red and yellow flowers.

Playa Del Rey – Spanish for “Beach of the King.”

Port Royal – It is a city located at the end of the Palisadoes at the mouth of the Kingston Harbour, in southeastern Jamaica founded in 1518.

Portillo – It literally means “small port” from Latin portus.

Ports O Call – An intermediate port where ships customarily stop for supplies, repairs, or transshipment of cargo.

Primavera – The hard, light-colored timber of a Central American tree.

Punta Bonaire – In Spanish, Punta: point, Bonaire: an island in the E Netherlands Antilles.

Punta Espada – In Spanish, Punta: point, Espada: sword.

Quarterdeck – The part of a ship’s upper deck near the stern, traditionally reserved for officers.

Queen Johanna – She was Queen of Naples and Countess of Provence and Forcalquier from 1343 until her death. She also reigned as Princess of Achaea and claimed the crowns of Jerusalem and Sicily.

Reales – A unit of currency in Spain for several centuries after the mid-14th century.

Royal Fifth – An old royal tax that reserves to the monarch 20% of all precious metals and other commodities acquired by his subjects as war loot, found as treasure or extracted by mining.

Sabre – A heavy cavalry sword with a curved blade and a single cutting edge.

Salt Cay – The second largest of the Turks Islands.

San Felipe – A city in NE Venezuela, on the Orinoco River.

Skysail – A triangular sail set on a stay between the fore and main trucks of a racing schooner.

Tajamar – Spanish for the cutwater.

Tesoro – Spanish for the word treasure.

Three Fathoms Bank – Fathom: a unit of length in the old imperial and the U.S. customary systems, used especially for measuring the depth of water.

Topgallant – The section of a square-rigged sailing ship’s mast immediately above the topmast.

Topsail – A sail, or either of a pair of sails, set immediately above the lowermost sail of a mast and supported by a topmast.

Tortuga – Spanish for the animal Turtle.

Verdemar – Spanish for the color sea-green.

Vincent – From a Latin word meaning “conquering.”

Whitecap – A small wave with a foamy crest.

Windjammer – A merchant sailing ship.

Windward – The side or direction from which the wind is blowing.

Yardarm – The outer extremity of a ship’s yard.

Padre Island Housing Report – May 2022

The Real Estate Market continues to soften a bit with Mortgages rates getting bumped up now due to the Federal Reserve raising rates 75 basis points. Padre Island, is still hot for relocations & second homes, things are definitely shifting more and more each day now with more uncertainty in the world.

Stock market conditions are still uneasy out there and America is taking a much slower approach to big purchasing decisions given our inflation report coming out with a CPI at levels we haven’t seen in decades.

Many of us brokers have seen it all before, Coastline has been weathering the conditions of different markets since 1995. It’s a good time to get prepared and if you are a homeowner currently as we are now in Hurricane Season, it’s a great time to make sure your insurance and plans are in order for a potentially big season of storms ahead according to NOAA.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island May 2022 Data (Click Pic below for Larger Image)

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Padre Island Housing Data – April 2022

America’s home buying binge seems to be coming to an end. Our specific area, Padre Island, is still hot for relocations & second homes, but we are starting to sense a shift and data is beginning to support this sense.

Home sales have tumbled for the third month. Cash buyers are beginning to be fewer and disappearing. Even though mortgage rates eased this past week many buyers are pulling back from the housing market. The stock market is scaring people. Where is our economy going?

Before long, and we’ve seen this before, there will come a time when buyers and sellers are not knocking down a sellers door. Many of we real estate brokerages are beginning to prepare for the upcoming market changes. Our real estate inventory is beginning to rise, ever so slightly, and fewer sold/closings.

We’ve been here before…..get prepared.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island April 2022 Data (Click Pic below for Larger Image)

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Padre Island Housing Data – March 2022

The Local Real Estate Market prices moving up sharply this Spring 2022!
Corpus Christi Association of Realtors continues to show us the data that leans toward Prices Rising in median price homes while Inventory Has been Lowering the past month.

Days on the market for sale have decreased now to an average of 75 days on the market. 29.5% of all the sales in March were priced between $300,000 – $399,999. The Median Price of homes has risen additionally by 11.2% to a price of $395,000 compared to the same month in 2021. The market is certainly holding steady and it’s still a very good time to list your home with inventory still quite low and the spring buyers with cash are looking at getting in the market before Memorial Day.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island March 2022 Data (Click Pic below for Larger Image)

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Padre Island Housing Data – February 2022

The Local Real Estate Market continues to stay in a very positive direction with prices!
The Coastline Team along with the Corpus Christi Association of Realtors continues to keep a sharp eye on market conditions…The 2 notable areas we continue to watch are the decrease in inventory, and a standard 30-year rate fixed mortgage now up a little over 1.5% from the start of the year averaging 4.56% according to BankRate.com

Days on the market for sale have increased now to an average of 103 days on the market. 41.8% of all the sales in January were priced between $200,000 – $399,999. The Median Price of homes has risen additionally by 8.3% to a price of $390,000. The market is certainly holding steady and it’s still a very good time to list your home with inventory still quite low and the spring buyers are already out looking.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island February 2022 Data (Click Pic below for Larger Image)

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Padre Island Housing Data – January 2022

The Local Real Estate Market has started the year off in a positive direction with prices!
As we monitor the market closely…The 2 notable areas to watch are the amount of inventory nearing lows, and a standard 30-year rate fixed mortgage up a little over 1% from last month as we eagerly await the FED’s decision by end of the 1st quarter regarding tapering and its possible impact on market conditions.

Days on the market for sale have decreased to an average of 68 days on the market. 39% of all the sales in January were priced between $300,000 – $399,999. The Median Price of homes has risen substantially by 23.6% to a price of $370,000. The market is certainly holding steady and it’s still a decent time to list your home with inventory still quite low and the spring buyers are already out looking.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island January 2022 Data (Click Pic below for Larger Image)

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It’s 2022, but what’s in? New vs. Existing Homes

Padre Island Corpus Christi

….started developing in the 70’s, and with numerous projects including a new water exchange bridge and a marina, the island is becoming the most valuable real estate in the city. It seems like building your dream home has been on the upward trend. But what are the advantages of an existing home? A buyer has one of two options: Embrace the new or embrace the existing. Here are some variables that outline the pros of each!

Character and Uniqueness

New: Build the character that you want! Do you like the bay windows of a Victorian, the half-timbering of a Tudor, and a central chimney of a Colonial home? You have the liberty to mix and match!

Existing: You get true history, vintage hardware, and maybe a hidden crawl space! Personality shines through, as this house is less likely to look like your neighbors.

Bang for your buck

New: If you’re building, you can choose which materials to splurge on, and where to cut costs. Go for brick on the exterior, but laminate floors on the interior. If a huge crystal chandelier in your entry reigns supreme, consider offsetting your must-haves with less expensive detailing in other areas.

Existing: You can often get a larger, older home for less per square foot than you might pay in a new home. Looking to gain a little profit? Flip it!

Quality Craftsmanship

New: Builders have fine-tuned their skills and in a timely manner! The average 3-bedroom house can go up in about 4-5 months. Here, you can get efficiency, and have it done quickly.

Existing: In years past, craftsmanship was an art and materials are more likely to be the real deal: Brick, hardwood floors, custom molding.

Desirable Location

New: You have options! Keep in mind, acting fast is important as there are fewer and fewer lots to buy, or houses to renovate or demolish. With the right vision and plan, you can have the location of your dreams.

Existing: More times than not, the fabulous locations were snatched up a long time ago. Location, location, location. You’ve heard it a thousand times. But that’s because it’s important! Here on Padre Island, the first homes built probably have the best views and the biggest lots.

Test of Time

New: You don’t have to wonder how previous owners treated the property. If you maintain your home and property, it is probably going to last you a very long time. The ball is in your courtyard!

Existing: If the home is still standing, something was done right! This goes hand in hand with the craftsmanship. If properly built, that house will last to see many generations play capture the flag and to host decades of turkey dinners.

Landscaping

New: You have a blank canvas! Plant the trees, bushes, and flowers that you want to see grow over the years. Prefer the maintenance-free kind of yard? Rock out with a rock garden.

Existing: Mature landscaping can be a huge advantage to buyers and sellers. It takes many years for trees to grow big! The older the home, the bigger the trees. They provide privacy, shade, curb appeal, and heck, they can even increase the value of the home!

Grandfather Clauses

New: Your home will be up-to-date with all the most recent requirements.

Existing: When a new zoning ordinance or code comes into effect, these older homes will likely be granted a grandfather clause, meaning they are not in violation of the law. For instance, you may be given a grandfathered rate of flood insurance in a place where the risk of flood has since increased. Always ask about grandfather clauses on an older property – you may be pleasantly surprised by what advantages you have over your neighbors!

There is so much to consider, and lots of options awaiting you on Padre Island. Best of luck in your adventures!

3 Things To Think About Before You Sell

It’s exciting to put your house on the market. It can also be nerve-wracking. How do you make sense of all the options and decisions? There are a few things to bear in mind:

Is it Time and Money Well Spent?

Be aware that you may not be able to recoup all of your remodeling costs when you sell your home with a remodeled 1970’s style bathroom for exampe. Some remodeling decisions, such as using out-of-style materials, make it more difficult to sell a home. Other improvements may be required to attract any reasonable offers. Additional considerations include the condition of surrounding homes for sale, the home’s price range, and whether current market conditions favor buyers or sellers.

What Benefits Every Household

It pays to keep your home clean, uncluttered, appealing, and free of small annoyances, regardless of its size, age, price, or location. A fresh coat of paint and a few potted plants go a long way toward making a good first impression. Sticking doors, an overgrown yard, or dripping faucets, on the other hand, can turn buyers off before they ever give your property a chance.

Don’t Mistake the Importance of This

Your asking price is perhaps the most crucial issue. A figure that is too high may discourage offers and leave the property unsold, while a number that is too low may create a bidding battle that drives offers higher than you ever imagined. Elements outside your control may also dictate price, such as market conditions and time constraints to sell.

Your REALTOR® is the trusted professional who can guide you through the entire process of selling your home.

Padre Island Housing Data – Dec 2021

WHAT DO SUPPLY AND DEMAND TELL US ABOUT TODAY’S HOUSING MARKET?

There’s a well-known economic theory – the law of supply and demand. Elevated demand persisted as homes averaged roughly one month on the market and after multiple offers coming in. When demand for an item is high, prices rise. When the supply of the item increases, prices fall. Of course, when demand is VERY HIGH and supply is VERY LOW, prices can rise significantly.

If you’re waiting to enter the market because you’re expecting prices to drop, you may end up paying more in the long run. Even if price increases occur at a slower rate this coming year, prices are still projected to rise. That means the property of your dreams will likely cost even more in 2022.
The bottom line is, high demand and very low supply on Padre Island are what’s driving property prices in today’s real estate market. And while prices may increase at a slower pace in the coming months, experts still expect them to rise.

If you’re a potential real estate buyer, connect with your trusted REALTOR today to discuss what that could mean for you if you wait even longer. It’s a seller’s market and they feel if you don’t buy their property, the next one will.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

Padre Island December 2021 Data (Click Pic below for Larger Image)

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Padre Island Housing Data – November 2021

The Local Real Estate Market is still going strong as we turn the corner into 2022!
Low inventory, consistent low interest rates that are still holding right now until the first quarter of 2022, where will see a likely small rate hike according the recent FED meeting.

Days on the market for sale has decreased to an average of 33 days on the market. 48.8% of all the sales in November were priced between $300,000 – $499,999. Median Price of homes has risen slightly by 10.8% to a price of $384,000. The market is certainly holding steady and it’s a still a phenomenal time to list your home with inventory nearing it’s lowest point of the year with increased buyers looking for their dream homes.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island November 2021 Data (Click Pic below for Larger Image)

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Great Tips for Holiday House Hunting

holiday-house-hunting

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!

Padre Island Housing Data – October 2021

The Local Real Estate Market is still doing well as we head into 2022!
Low inventory, bidding wars, and with continued low interest rates holding right now, this looks to be another stellar year for home buyers, investors and sellers alike!

Days on the market for sale has decreased to an average of 35 days on the market. 25% of all the sales in October were priced between $200,000 – $299,999. Median Price of homes has risen slightly by 3.6% to a price of $309,250. The market is certainly holding steady and it’s a great time to find that dream home you have been waiting for or cash out that equity. We are here to serve all your real estate needs.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

 

Padre Island October 2021 Data (Click Pic below for Larger Image)

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Homeowners Uncertain About Selling Right Now

Many homeowners are making difficult decisions on whether it’s a good time to sell or not. After all, home appreciation has risen tremendously over the past year, and the temptation may be stronger than ever.

Homeowners typically sell their homes after 16 years, according to U.S. Census Bureau data. About 20.2 million homeowners have purchased their home in the last 10 to 19 years, which would mean many of them may be feeling that desire to move, notes the National Association of REALTORS® Economists’ Outlook blog.

“Although the market typically slows down in fall, there is still stiff competition among buyers, with multiple offers for each home due to low inventory,” writes Nadia Evangelou, NAR’s senior economist and director of forecasting, on the association’s blog. “As a result, sellers continue to have strong negotiating power as most of them are able to sell their home for higher than the asking price.”

Homebuying activity remains strong this fall, even if reports do indicate it has slowed somewhat from the ultra-busy summer. Buyer demand continues to outpace supply. Eighty-seven percent of homes sold in August were on the market for less than a month, according to NAR data.

Also, for home sellers who also have to buy, they can still take advantage of historically low mortgage rates. Rates are expected to rise over the next year. Last week, the 30-year fixed-rate mortgage averaged 3.05%, according to Freddie Mac.

Bidding wars are still occurring too. About four offers were received on each closed home sale in August, according to real estate professionals surveyed for the REALTOR® Confidence Index survey for August.

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Source: REALTORS® Confidence Index Survey, August 2021

A recent report on HomeLight says that certain homeowners especially should consider selling now, like those desiring to trade up and wanting to lock in a low mortgage rate; those who are looking to maximize retirement funds; and homeowners who have a current house that may need some work (seller’s markets tend to offer homeowners negotiation leverage in repairs).

Stacey Glenn, a real estate professional in Fort Myers, Fla., told HomeLight that it may cost home buyers about 10% to 20% more to purchase a home than a year ago, but buyers can still come out ahead in the long run, if they remain financially stable and stay in the house long enough for market appreciation.

On the other hand, HomeLight points out that homeowners may not want to sell if they recently refinanced their home; can’t afford current housing prices; or haven’t built up much equity yet.

Article Source National Association of Realtors

HOW TO APPROACH FALL SALE’S SEASON!

It’s hot here on the Island…is an 80-degree day too much to ask for? Although it is nearing the end of what most may consider real estate’s “busy” season, that doesn’t mean buyers are going anywhere, and it doesn’t mean owners will stop listing their homes. The show must go ON! As the market is still quite active, it’s critical to take a look at your spending, whether you are the buyer OR the seller. Here are some smart tips on how to save and spend this season to continue to get the most out of the current market.

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. Note: Do not fall victim to the county appraisal district’s “appraised value” on the property. They have not visited the property, know the amenities, comparables, etc. If you want a far more accurate value, hire a reputable appraiser who actually 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 if you are not paying cash. Different lenders can offer different rates. Shop around, see with whom you can save and where.

DO NOT make large purchases prior to closing if you’re obtaining a loan. 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., and likely not attracting the desired buyers who would be making offers.

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. Now THAT is expensive!

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

 

BBB Scam Alert: Watch out for false promises as eviction moratorium nears end

The eviction moratorium has been extended through October 3, but that doesn’t mean scammers have postponed their tricks. Con artists often take advantage of the confusion and stress surrounding significant events. With more than 450,000 Texans behind on their rent, the moratorium’s end is a perfect hook.   

How the Scam Works

 As the eviction moratorium winds down, watch out for scammers offering loans, peddling credit repair services, or promoting government programs. These cons are a way to trick desperate people out of money they don’t have.  

For example, during the COVID-19 pandemic, BBB Scam Tracker has seen numerous reports of phony “pandemic relief” grants or government programs that allegedly provide funding to people impacted by the pandemic. Once you “qualify for the grant,” the scammer will ask you to pay a processing or delivery fee to receive your funds. Of course, the grant doesn’t exist, and if you pay upfront, you just gave money to scammers.  

Advance fee loansdebt relief and credit repair scams work in a similar way. They promise a loan – or to repair your credit – for an upfront fee. No matter how much you may need it, don’t be tempted by “guaranteed loans” or impossible services, such as removing late payments or bankruptcy, from your credit report.

This recent BBB Scam Tracker report describes a situation more people will likely encounter as the eviction moratorium nears. “I’d been in a desperate financial situation for a few weeks now, so I had been looking for loans and being denied left and right,” the scam victim told BBB. The victim received a call from a loan provider, saying their loan application had finally been accepted. There was just one catch: before the company could release the money, the borrow had to increase their credit score. Fortunately, this company had a way to help. “The way they would do that is they would send money to my account and then all I would have to do is send it back and that would boost my score.” Of course, the scammers never actually transferred the money. When the victim “sent back” the funds, they transferred $1,000 into the hands of scammers and caused their account to overdraft.

Protect yourself from this scam:

Double-check any government program before you sign up. If an organization is offering you a grant or relief funds, get to know them before agreeing to anything. Take a close look at their website and read reviews. If you think you might be dealing with an impostor, find the official contact information and call the company to verify the offer is legitimate.

Be wary of out-of-the-blue calls, emails or text messages claiming to be from the government. In general, the government will not contact you using these methods unless you have granted permission.

Think something seems suspicious? Reach out to the agency directly. If you doubt that a government representative is legitimate, hang up the phone or stop emailing. Then, report the suspicious calls or messages. Make sure the agency is real. Scammers often make up names of agencies or grants.

Do not pay any money for a “free” government grant or program. It is not free if there is a fee involved. A real government agency will not ask for an advanced processing fee. Instead, find out if the grant is legitimate by checking Grants.gov.

Advance fees are a concern. Not all businesses promising to help you repair bad credit are scams, but if you are asked to pay in advance, that’s a big red flag. In both the U.S. and Canada, credit repair and debt relief companies can only collect their fee after performing the promised services.

Avoid guarantees and unusual payment methods. Genuine lenders never guarantee a loan in advance. They will check your credit score and other documents before providing an interest rate or loan amount and will not ask you to pay an upfront fee. Fees are never paid via gift cards, CashApp, or prepaid debit cards. Unusual payment methods and payments to an individual are a big tip-off.

Get further insight by reading BBB’s tips on loans and credit repair services on BBB.org and learn more about government impostor scams during COVID-19

If you’ve spotted a scam (whether or not you’ve lost money), report it to BBB.org/ScamTracker. Your report can help others avoid falling victim to scams. 

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.

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!

The Hidden Eviction Win at the Supreme Court

 

Hi All!

It has been a monumental week for the CDC eviction ban, and a flurry of media stories may have rightfully left folks a bit confused, to say the least!

So, let me try and break it down for us.  Despite some misguided headlines, there actually was some excellent news this week on this very issue.

As you know, the Trump White House directed the Centers for Disease Control and Prevention (CDC) to act during the pandemic health emergency to ban all evictions nationwide.  The CDC under President Trump and then President Biden extended the moratorium several times, most recently through July 31st.

With the National Association of REALTORS backing and guidance, the Georgia and Alabama Associations of REALTORS sued in federal court, claiming the CDC lacked statutory authority to ban all evictions.

The was a strategic decision by the National Association of REALTORS (NAR).  In May, a federal judge struck down the ban as unlawful NATIONWIDE!  Although the case was won, the judge issued a stay of her ruling pending an appeal by the government, of course!

With so many housing providers suffering under a financial strain, NAR  immediately appealed to the D.C. Circuit Court and then to the Supreme Court to lift the stay.

Now, this is where it gets interesting. This week, four Supreme Court justices voted to end the stay immediately and, therefore, the eviction ban.  They agreed with all the merits of the case – that the CDC acted unlawfully!

A fifth justice also agreed on the merits, BUT he wanted the ban in place through the end of July to allow more time for an orderly transition – if that makes sense.

The bottom line:  A majority of Supreme Court justices are now on the record agreeing with the merits of the case that the CDC exceeded its existing statutory authority to bank all evictions.

So, even though the ban is here for a few more weeks, it is still a BIG win for property rights with the help of the National Association of REALTORS.

The CDC should not be able to do this again in a future emergence without going through Congress.  AND, for the FIRST time, the CDC eviction bank is coming to an end.

At an Eviction Prevention Summit yesterday at the White House with Domestic Policy Advisor Susan Rice, she said ‘Following the CDC’s announcement last week of an instant, one-month extension of the eviction  moratorium until July 31st, the Administration announced a series of actions to stabilize families and prevent evictions, including steps to encourage state and local governments to disburse the more than $46 billion in emergency rental assistance made available to assist households in need.’

NAR is pleased with the Administration’s effort to deploy rental assistance to struggling property owners much more speedily.

The NAR team fought for and helped secure billions in rental assistance in 2020.  They reached almost every single member of Congress on the issue and held meetings with the White House.  One of the most influential members of Congress said it would not have happened without NAR’s influence.  GO, REALTORS!!!   This is Who We Are…

Hunter Delivers Legislative Wins for Coastal Bend

TWIA reform, suicide prevention, college funding make session successful.

Media Contact: Angie Flores at 361.695.2048

(CORPUS CHRISTI) – It will be more difficult for the Texas Windstorm Insurance Association (TWIA) to raise insurance rates under legislation successfully pushed this year by State Rep. Todd Hunter of Corpus Christi. The protection against TWIA rate increases was one of many legislative victories that Rep. Hunter delivered for the Coastal Bend.

Rep. Hunter, who has long fought against TWIA rate increases, ensured language was included in Senate Bill 1448 requiring that two-thirds of the TWIA Board of Directors must vote to approve any rate increase, rather than a simple majority. Governor Greg Abbott signed Senate Bill 1448 into law on May 26, making it effective September 1.

Coastal Bend business leaders joined Rep. Hunter at a Tuesday press conference to celebrate the passage of Senate Bill 1448.

“TWIA rates are already too high and it should not be easy for the TWIA Board to raise them further,” Rep. Hunter said. “We put together a bipartisan coalition in the Legislature to stand up to TWIA and support the coastal homeowners and businesses who must pay these high rates. These controls on TWIA rate increases will provide needed protections for property owners and our Coastal Bend economy.”

An experienced legislator who works well with members of both political parties, Rep. Hunter accomplished many of his legislative priorities throughout this year’s session, which lasted from January to May. Many of his top priorities emerged from meetings and conversations with residents of the Coastal Bend over the last several years.

For example, after a group of local students approached Rep. Hunter about an alarming increase in suicides, he formed a local task force to work on the issue. He passed House Bill 4074, which requires the Statewide Behavioral Health Coordinating Council to create a subcommittee focused on suicide prevention through the use of data and by including suicide prevention efforts in the council’s behavioral health strategic plan. Rep. Hunter also successfully authored House Bill 3821, which requires the Texas Veterans Commission and the state Health and Human Services Commission to employ and train mental health professionals as part of the state’s mental health program for Veterans.

Rep. Hunter also organized a task force several years ago to focus on prevention human trafficking, and once again, feedback from the task force helped pave the way for legislative action. For example, the risks for human trafficking and exploitation are often high at sexually oriented businesses. Rep. Hunter was the House sponsor of Senate Bill 315, a new law raisingthe age of employment in sexually oriented businesses from 18 to 21 and prohibiting sexually oriented businesses from allowing minors on site. He also authored House Bill 3521, which redefines coercion as it relates to human trafficking offenses to include the performance or provision of labor or services.

“Meetings with community stakeholders over the last several years have informed and strengthened our work to prevent suicides and human trafficking,” Rep. Hunter said. “From law enforcement to students to mental health professionals and educators, the members of our task forces have helped shape legislative solutions in a positive way.”

Rep. Hunter’s legislative work this year also reflected the concerns of key Coastal Bend industries. For example, to support the beleaguered music industry after a very difficult year, Rep. Hunter helped pass Senate Bill 855 to crack down on those who try to illegally sell music online without the consent of the artists who created it. He also helped secure funding to continue the development of oyster mariculture, which Rep. Hunter brought to Texas with legislation he passed into law in 2019.

“We delivered victories for key sectors of our local economy,” Rep. Hunter said. “Those victories will impact the whole community by creating a stronger climate for economic activity.”

Rep. Hunter also helped the effort to fund numerous Coastal Bend educational institutions and tourist attractions in the two-year state budget, including:

n $130.9 million in total funding for Texas A&M University – Corpus Christi
n $34.7 million in total funding for Del Mar College
n $8.9 million for the University of Texas – Marine Science Institute
n $6.65 million for Texas A&M University – Corpus Christi Unmanned Aircraft Systems
n $500,000 for a grant to the Texas State Aquarium Wildlife Rescue Center

Finally, Rep. Hunter authored two new laws to improve beach safety. House Bill 3807, the Je’Sani Smith Act, requires cities, counties, and the Parks and Wildlife Department (TPWD) to add signs and lifeguards in certain areas to improve the safety of public beaches during the summer months. House Concurrent Resolution 46 designates April as Beach Safety and Rip Current Awareness Month in order to raise awareness of the potential dangers of swimming in the ocean. The resolution calls for a public awareness campaign focused on beach safety each April.

Overall, Rep. Hunter declared the legislative session a success for residents of the Coastal Bend and pledged to continue prioritizing issues that matter to the people he represents.

“The issues that matter to the Coastal Bend are the ones that matter to me,” Rep. Hunter said. “I am proud of the legislation we passed on a range of important issues, and it would not have been possible without the input of so many people in our community.”

###
About Rep. Todd Hunter
Todd Hunter is the state representative for Texas House District 32 in Nueces County. He is the Chairman of the House Redistricting Committee. He is also a member of the State Affairs Committee, which deals with significant matters of state policy, ranging from the administration of the state government to cybersecurity, and he sits on the International Relations & Economic Development Committee.

Political Ad Paid For By The Todd Hunter Campaign

Padre Island Housing Data May 2021

May 2021 Real Estate Housing Report just out!!

As of today, Padre Island has only 15 Waterfront homes listed For Sale.
From $489,900 to $3,200,000

1 – Listed for $489,900
3 – Listed in the $500,000 range
1 – Listed for $615,000
2 – Listed in the $700,000 range
1 – Listed for $874,900
1 – Listed for $989,500
6 – Listed for over $1,000,000
15 Waterfront Homes For Sale on Padre Island

The largest amount sold pricing was from $200,000 – $299,999 29.3%Sold The second amount sold pricing was from $300,000 – $399,999 22.4%Sold

See attached numbers.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

Padre Island May 2021 Data (Click Pic below for Larger Image)

padre-island-housing-report-jan-2021

WHY USE A LOCAL PADRE ISLAND REALTOR?

Local-Realtors-corpus-christi

WHY USE A LOCAL REALTOR?

This question probably prods every seller at one point or another…it’s your property, aren’t you the best suited to sell it? Perhaps. Then again, let me explain why maybe not. As a buyer, it’s just as critical to use a local Realtor. It comes down to the three Ts: Tools, Training, Transaction-Related Matters.

Tools:

Real estate agents have tools, and they don’t come in a box or on a belt. One of these tools is the Multiple Listing Service (MLS). This is a system paid for by agents to showcase listings to all other agents. It also allows us to see and search every other property for sale, along with what’s closed, what’s under contract, etc…always in real time. Because the MLS dates back decades, it is trend and individual property history at our fingertips. It gives agents the unique ability to create a comparative market analysis on your property with the knowledge we have from recent closures. As a tight-knit community, we have a network of other agents and a network of title company experts who keep us up-to-date on changes to contracts and changes to the law. We are vested in the community where we live and work, and where you want to live or sell. We are familiar with the local market, building guidelines, and numerous specifications that our seaside area requires.

Training:

OK, it sounds like we’re running a marathon, but seriously, sometimes a real estate transaction feels like one! Real Estate Agents went to a school focused specifically on real estate and can help you navigate the (sometimes rough) terrain. Both a national and a state required exam must be passed to become licensed. Pricing, contract paperwork, real estate finance and law, these are all areas we’re proficient in and experts at. Likewise, we’re required to continue our education with a certain number of hours each year to ensure we stay informed and updated on the ever-changing regulations occurring in this industry. Also, not all real estate licensees are the same; only those who are members of the National Association of Realtors are properly called REALTORS and can proudly display that trademark on marketing and sales literature.

Transaction-Related Matters:

This comes down to the meat and potatoes of it all, concerning the contract itself, to the negotiations, to possible repair work, to closing details, and every possible scenario in between. It also heavily involves our Code of Ethics – for over 100 years, this code ensures agents treat their clients professionally and ethically. These ethics are strictly enforced, and you know you will be working with a true professional who focuses on your needs and wants. Your agent is accountable for fulfilling their full “fiduciary responsibilities” to you (has your best interest in mind from finances to full disclosure to confidentiality).  Realtors are committed to treat all parties in a transaction honestly. An independent survey reported that 84% of home buyers would use the same Realtor again.

The best agent I know once told me, “You’ve done your job if you’ve made it look easy.” So I invite you to relax…have a lemonade…allow us to make the process appear as seamless as possible.

WE LOVE MAILBOX MONEY

Anyone else sit at home and blast Jimmy Buffet radio through the surround sound? Mailbox Money is one of my personal favorites. He’s got the right idea: Invest in a piece of paradise, rent it, make (more than) a few bucks! With the housing market being as strong as it is right now, most buyers are losing out on the rat race – they WANT to be here, but (1) cannot afford to buy in this high seller’s market; (2) are attempting to purchase but continue to not be “the chosen one” in the multiple offer scenarios presenting with most properties for sale; (3) are unsure as to how long they’ll be able to spend away from their homestead; or (4) just want to get a feel for the Island before purchasing themselves.

These folks want to RENT! They want to give YOU their MONEY!

Spring and Summer are often pique times to consider selling and buying, especially now with the population AND popularity of the Coastal Bend rapidly increasing. Demand is HIGH and for good reason. Travel is becoming increasingly more accessible, and many are still working remotely and want to do so from our Island. Two really huge reasons to jump in and both buy and sell while the flocks are flocking.

So WHAT makes real estate such a powerful investment, not only now in the current market, but long-term?

WHAT:

If checking that mailbox for a monthly check is what has your face morphing into the heart eye emoji, then you’re asking yourself, “what are the elements of value to an investor?” Well, that depends on commitment: Do you intend on having a long-term or short-term investment? You also need to do your due diligence on rental rules – single-family homes must have a 30+ day minimum; however, most condos will allow vacation rentals. Ask your agent for the specifics on each property you have your eye on to ensure it aligns with your goals.

Property values and their projected appreciation may play a large role in your (a buyer’s) intentions. This past year is a prime example of how quickly appreciation can happen – and may likely continue on that upward trajectory. Tax depreciation, capital gains, and inflation hedge may also play a role in values. 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 ever 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 advantage of owning an 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 properties without paying capital gains taxes. This is called a 1031-Tax Exchange.

Now, most of you are probably thinking “This sounds great, but I can’t afford that…” Fortunately for many of us, you don’t have to be a part of the ultra-rich to own an investment property! After all is said and sold, as long as your rental income exceeds your monthly expenses, you WIN!

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

  1. Work with an agent who is knowledgeable about the area. Here in our Coastal Bend, most agents are accustomed to working with investors/second home buyers.
  2. Know what the seller’s main goals are. That alone will give you a leg up on any offer you send their way. If they’re money-driven, offer over the asking price. If they need a long close and a lease-back, offer that. Extra Earnest Money? You get the idea.
  3. Spend time doing your research and asking your agent the property questions. Which is the right neighborhood for your needs, the costs of maintenance, HOA dues, taxes, insurance, etc.
  4. Have money. This may seem obvious but daunting, so let me explain that it doesn’t mean millions in the bank. Paying cash may give you a leg up, but many buyers will need a loan – your lender’s underwriter needs to see that you have adequate reserves (as often your down payment will be larger for a second property).
  5. Consider your debt-to-income ratio. It cannot be too high.

If you are at all capable, dive in. The options and advantages can far outweigh the fear of dabbling in real estate investing. If you live here, you know the magic of the Island – now is the time to capitalize on the growing rental market. Let not “checking the mail” be a chore – Cash in!

Padre Island Housing Data – March 2021

Priced Right properties are going like hotcakes!

Priced Right properties are going like hotcakes! As of TODAY there are only
17 waterfront homes on the market For Sale on Padre Island. Pricing ranges from $439,900 to $3,200,000. There are 39 condos For Sale on Padre Island.
Pricing ranges from $75,000 to $509,000. With properties selling at a record pace, buyers are frustrated with being outbid. Bidding wars are happening around the country. Supplies are limited. Mortgage rates have dropped and millions of millennials are entering their home-buying years.

People with dreams of owning a home could be in for a rude awakening. The spike is happening as a result of the pandemic, as more people work from home or near the coast. Should I buy a home? Should I sell my home? This is the million-dollar question.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

Padre Island March 2021 Data (Click Pic below for Larger Image)

padre-island-housing-report-jan-2021

Padre Island Housing Report January 2021

Market is still super hot as we head into 2021!
Low inventory, bidding wars, and with continued low interest rates this looks to be another stellar year for home buyers, investors and sellers alike!

Days on the market for sale has decreased to an average of 69 days on the market. 29.3% of all the sales in November were priced between $200,000 – $299,999. The market is certainly remaining strong and it’s a great time to find that dream home you have been waiting for or cash out that equity. We are here to serve all your real estate needs.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

Padre Island January 2021 Data (Click Pic below for Larger Image)

 


padre-island-housing-report-jan-2021

Did You Know How Much Mortgage Rates Can Help You?

When you look at interest rates there are so many advantages right now, let us share with you what Texas Real Estate is showing right now. Average U.S. mortgage rates started 2021 near historic lows and have hovered in that vicinity through January. That news has reached and encouraged buyers and sellers alike,this can seriously benefit your bottom line can provide valuable context for a homebuying decision.

The average rate for a 30-year fixed-rate mortgage was 2.77% as of January 21, according to Freddie Mac. The average was 3.62% in January 2020 and 4.46% in January 2019,  85 basis points and 169 basis points higher, respectively than the current rate. A buyer who purchases a $300,000 home at the average rate today would save just over $100,000 during the mortgage term compared to purchasing the same home two years ago—and the monthly payment would be almost $200 less.

Limited housing supply and low mortgage rates have contributed to increased competition and home prices, but the cost of borrowing money for a home is currently so low that buyers may be able to afford more than they would have one or two years ago.

Monthly mortgage rate averages stretching back to 1971 are available in MarketViewer (texasrealestate.com login required), the powerful data and market statistics tool available exclusively to Texas REALTORS® members. What a significant market advantage this is creating for all parties!

Design Trends in 2021

destrends2016

“This home is so ’70s.” How many times have we heard a home identified by a year based on its appearance and finishes? Well, 2021 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 2021 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 2019, 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 2020. 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 2021, try brushed or satin nickel hardware. Magic.

Fake Wall Treatments

Solids are back. 2021 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.

Padre Island Housing Report – November 2020

3 Trends seem to be driving this fast-paced market!
Low inventory, bidding wars, and cheap mortgage rates are giving home buyers a sense of FOMA – fear of missing out – and heating up the competition.

To our surprise, the housing market has not only recovered but roared past pre-pandemic levels. Mortgage rates remain at record lows. Pending home sales are up over 20% from a year ago and the buyer traffic is up over 32% which ups the mortgage applications as well. This winter may be the best
ever for the housing market.

Days on the market for sale has decreased to an average of 78 days on the market. 45.4% of all the sales in November were priced between $200,000 – $399,999. Closed Sales were up a whopping 109.4% in the month of September. The market is certainly remaining strong with the interest rates still holding it’s a great time to find that dream home you have been waiting for or cash out that equity. We would be glad to navigate you to success!

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

Padre Island November 2020 Data (Click Pic below for Larger Image)

 


padre-island-housing-report-september-2020

30-Year Fixed Mortgage Rates Fall to New Low: 2.78%

freddie-mac-rates-november-2020

For the 12th time this year, mortgage rates have hit a record low. The 30-year fixed-rate mortgage fell to an average of 2.78%, the lowest ever recorded in Freddie Mac’s books dating back to 1971.

Sam Khater, Freddie Mac’s chief economist, attributed the record-low rates this week to “economic and political ambiguity.”

“Despite the uncertainty that we’ve all experienced this year,” he said, “the housing market, buoyed by low rates, continues to be a bright spot.”

Consumers are saving much more than they were before the rise of the pandemic—nearly 14% of their disposable income, according to the National Association of REALTORS®. Personal income also rose 6% in September compared to a year earlier. “With people saving more than ever before, home buying is more attractive, although home prices continue to rise,” writes Nadia Evangelou, a research economist, on NAR’s Economists’ Outlook blog. “Meanwhile, these ultra-low mortgage rates significantly lower mortgage payments, making housing more affordable than a year earlier in many areas.”

For example, in the Washington, D.C., metro area, home prices have jumped nearly 12% compared to a year earlier, Evangelou says. However, due to low mortgage rates, the monthly payment on a 30-year fixed-rate mortgage is lower than a year ago, averaging $1,820.

The housing market is also getting a boost from an improving job market. This week’s labor market report showed that the U.S. added another 638,000 in net job gains. The unemployment rate now stands at 6.9%. Since the April lockdown from the COVID-19 pandemic, about 12.1 million jobs have been recovered. Another 10 million jobs are needed to return to pre-pandemic levels, says Lawrence Yun, NAR’s chief economist. Residential construction and contracting trades added a major bulk of the jobs last month at 23,800, Yun says.

Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 5:

  • 30-year fixed-rate mortgages: Averaged 2.78%, with an average 0.7 point, falling from last week’s 2.81% average. The previous all-time low for the 30-year fixed-rate mortgage was set in October with an average of 2.80%. A year ago, 30-year rates averaged 3.69%.
  • 15-year fixed-rate mortgages: Averaged 2.32%, with an average 0.6 point, unchanged from last week. A year ago, 15-year rates averaged 3.13%.
  • 5-year hybrid adjustable-rate mortgages: Averaged 2.89%, with an average 0.3 point, rising slightly from last week’s 2.88% average. A year ago, 5-year ARMs averaged 3.39%.

Freddie Mac reports average commitment rates along with points to reflect the total upfront cost of obtaining the mortgage.

Reported by Realtor Magazine

Padre Island Housing Report – September 2020

With the Close of September, the median sale price on residential homes was 270,000 which is a decrease of 9.1% here on Padre Island compared to last year at this time.

Lots of Island Developments are on the move now, and the preliminary signage for the new Park Road 22 bridge has been posted and we are about to see our Island start making headlines across the state of Texas.

Days on the market for sale has decreased to an average of 78 days on the market. 36.5% of all the sales in September were priced between $200,000 – $299,999. Closed Sales were up an incredible 16.4% in the month of September. The market has cooled off a bit with school starting up, there are still some great bargains out there, and with the interest rates still holding it’s a great time to find that dream home you have been waiting for.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

Padre Island September 2020 Data (Click Pic below for Larger Image)

 


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Padre/Mustang Island Area Development Plan Online

Welcome to the Padre/Mustang Island Area Development Plan Online Open House!

Click on the Image Below to get involved and have your voice regarding the future plans for our community. This public input to collect all responses will be available until midnight on October 15th, 2020.



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!

 

Padre Island Housing Report – August 2020

At The End of August, the median sale price on residential homes was 335,000 which is an increase of 17.1% over last month here on Padre Island compared to last year at this time.

We are still trucking along here with many developments either under construction or set to go. The last round of approved funding was committed for the new Park Road 22 Bridge which is set to begin construction shortly.

Days on the market for sale has decreased to an average of 91 days on the market. 29.2% of all the sales in August were priced between $200,000 – $299,999. Closed Sales were up an incredible 69% in the month of August. The market is absolutely scorching right now, there are still some great bargains out there and with the interest rates still holding its a great time to find that dream home you have been waiting for.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

Padre Island August 2020 Data (Click Pic below for Larger Image)

 


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Home Fire Prevention and Safety Tips

As one of the nation’s leading disaster relief organizations, the American Red Cross responds to thousands of disasters each year. While many might associate the organization’s outreach efforts with major catastrophic events such as hurricanes and wildfires, the American Red Cross reports that home fires represent approximately 90 percent of its disaster response efforts. In fact, home fires represent one of the biggest disaster threats to families in the United States. Fires kill more Americans each year than all-natural disasters combined, and affect people from all backgrounds and geographic locations. Given these startling statistics, the American Red Cross suggests tips, aimed at reducing deaths and injuries resulting from home fires by 25%. As such, I would like to share some simple steps you can take to protect your family and home in the event of a home fire.

The American Red Cross has created a Home Fire Campaign to help families prepare for a home fire. The American Red Cross recommends taking the following steps in protecting your home:

  • Install the right number of smoke alarms. Test them once a month and replace the batteries at least once a year. Purchase smoke alarms here.
  • Teach children what smoke alarms sound like and what to do when they hear one.
  • Ensure that all household members know two ways to escape from every room of your home and know the family meeting spot outside of your home
  • Establish a family emergency communications plan and ensure that all household members know who to contact if they cannot find one another.
  • Practice escaping from your home at least twice a year. Press the smoke alarm test button or yell “Fire” to alert everyone that they must get out.
  • Make sure everyone knows how to call 9-1-1.
  • Teach household members to STOP, DROP and ROLL if their clothes should catch on fire

Also, it is important to develop and practice home fire escape plans with your family. If you need help in developing your unique plan, the American Red Cross has made fire escape plan worksheets available on its website https://www.redcross.org/get-help/how-to-prepare-for-emergencies/types-of-emergencies/fire/home-fire-preparedness.html.

It is important to check fire alarms every month to make certain they are working properly in the event of a fire and the batteries do not need to be replaced. When smoke alarms fail to operate correctly, it is generally due to missing, disconnected or depleted batteries. It is important to note smoke alarms should be replaced every 10 years from the manufacturer’s date listed on the back of the alarm. According to the National Fire Protection Association, three out of five home fire deaths occur in homes where there is no smoke alarm or no working smoke alarm, which is why this is so important.

In addition to following the American Red Cross’ tips to plan for fire safety, I would encourage you to take the time to read more information about the different ways you can protect your home from a fire. This includes keeping flammable objects a safe distance from items that get hot, such as heaters and stoves, never leaving a candle unattended, and learning about safe cooking methods. To read more about the different ways you can protect your home and family from fires, please visit the American Red Cross website https://www.redcross.org/get-help/how-to-prepare-for-emergencies/types-of-emergencies/fire.html. The National Fire Protection Association also has information on fire, electrical and related hazards at https://www.nfpa.org/.

If you have questions regarding any of the information mentioned in this week’s article, please do not hesitate to call my Capitol or District Office.  Please always feel free to contact my office if you have any questions or issues regarding a Texas state agency, or if you would like to contact my office regarding constituent services. My offices are available at any time to assist with questions, concerns, or comments (Capitol Office, 512-463-0672; District Office, 361-949-4603).

– State Representative Todd Hunter, District 32

 

Rep. Hunter represents Nueces County (Part).  He can be contacted at todd.hunter@house.texas.gov or at 512-463-0672. 

Padre Island Housing Report – July 2020

The end of July, the median sale price on homes was 311,500 which is an increase of10.3% over last month here on Padre Island compared to last year at this time.

New land development projects continue to increase with the completion of  Starbucks Coffee house at the development near the JFK causeway bridge called packery pointe. Also coming is a new development at Marker 37 than will bring a real fun coastal flair to the area.

Days on the market for sale has decreased to an average of 81 days on the market. 23.1% of all the sales in July were priced between $300,000 – $399,999. Closed Sales were up a whopping 50% in the month of July. The market is a soaring right now, there are some great bargains out there and with the interest rates holding low now is your chance to upgrade to that home you have been waiting for!

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

Padre Island July 2020 Data (Click Pic below for Larger Image)

 


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Real Estate on Padre Island

Do you know what a SELLER’S MARKET is?  It occurs when demand exceeds supply, or there are more buyers seeking to purchase properties than there are available properties on the market. This often leads to multiple buyers interested in a single property, resulting in bidding wars.

In a SELLERS’S MARKET, properties priced well and look good, don’t stay listed for too long.  Many properties sell in just weeks

For much of the last decade, the real estate market has been….well, not really in the greatest shape.  Home sellers have had to do everything short of staging a three-ring circus in the front yard in order to attract buyers and throwing in their firstborn child to seal the deal.

Over the course of the past few months, though, there’s been quite the turnaround, to the point wherein many parts of the country we’re now in what is known as a ‘true’ SELLER’S MARKET.

The drop in interest rates, which allows more people to qualify to buy homes, or to afford more expensive homes has been a major factor.

The BEST way to make sure you’re taking full advantage of a SELLER’S MARKET is to work with an experienced local REALTOR. Your REALTOR will help you know just how high you can price a property, and what offers are worth a second look.

Homeowners, the real estate market on Padre Island is HOT and now is a great time to sell.  Interest rates are low and there are more buyers than inventory. Let us help you find your perfect gem!

~ Cheri Sperling

Padre Island Housing Report – June 2020

Homeowners, the real estate market on Padre Island is HOT and now is a great time to sell. Interest rates are low and there are more buyer’s than inventory.

We are still seeing lots of willing, and able and ready buyers, the market is moving fast as we head into the deep of summer with the temperatures outside are sizzling in the upper 90’s.

We are well into Hurricane Season so it’s always good to prepare for these times by keeping the items you need handy along with a checklist in the event of the need for evacuation on our Lil ol sandbar.

Many buyers increased their online looking of properties using virtual tools. Good real estate professionals stepped up offerings of 3D and virtual tours online as well as video walkthroughs in real-time to interested buyers. Real estate professionals would visit the properties and walk around the property over a live video chat with their interested buyer.

We are practicing all the social distancing, masking, and hygiene requirements in and out of our office as we navigate these challenging times. We are committed to protecting all our clients and helping them with all their real estate needs.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!


Padre Island June 2020 Data (Click Pic below for PDF)


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BE PREPARED: FORECLOSURE AUCTIONS

Despite forbearance programs set in place to relieve mortgage tensions during the COVID-19 Pandemic, it’s a commonality that all US economic recessions have in common: An eventual spike in home foreclosures.

But what about those in the fortunate opposing position? A “good deal” is hard to ignore! So if you find yourself interested in raising your paddle, below are some tips and tricks to what foreclosure auctions are all about.

1. Bring the funds with you. This must be in the form of cash or a cashier’s check.

No personal checks, pre-approval letter, or nana’s famous carrot cake. These won’t cut it.

Because you pay directly on the spot upon winning, you don’t want to overpay as it will take approximately 30 days to get that refund. Instead, if you’re coming with a cashier’s check, come with multiple denominations so that you can add them together to create the appropriate amount. Also, have them made out to you so you can deposit the leftover checks back into your bank account. If you win, you simply sign them over.

If, however, you are in an online auction, you have a bit longer to come up with the funds.

*Some companies charge a percentage of the final sales price as a buyer’s fee. Be sure to ask about this, or read the fine print.

2. Do your research: Foreclosures are sold “AS IS, WHERE IS, NO PROMISE OF ANYTHING.”

There is no guarantee of a clear title, functioning plumbing, electrical, structural issues, etc. You must do your due diligence to make sure you know what you may be purchasing. Liens on properties are public record and can be found online or at the local courthouse. Do not skip this step!

3. Opening bid does not necessarily mean you can get the property at that price.

This number is normally set by the foreclosing lender, and it is usually the assessed loan amount owed to the lender. Sometimes, the opening bid is simply an estimated minimum by law that includes only taxes delinquent on the date of judgment, or a number that the creditor believes will spark interest. This minimum bid can be just a tool to get the bidding ball rolling  – but if the bids do not reach the creditor’s bottom line, then the property will not sell and will go back to the creditor to do with it what they choose.

4. Purchasing an occupied foreclosure.

If the owner does not vacate the property after the foreclosure sale, as the new owner, YOU must give them a formal notice to move out. If they do not, you have the right to bring on an eviction lawsuit. If the person occupying the property is a tenant of the former owner, a different form of action must be taken. There are certain laws that actually protect these types of tenants. It all comes back to doing your research before you purchase so you know what you’re getting yourself into.

5. If you’re the one bidding, you’re the one buying.

There is an exception: By signing a Power of Attorney, you may appoint a representative to bid on your behalf. Sometimes, auction companies may offer live remote bidding by telephone through an auction representative or have live Internet bidding capabilities. There are options if you are unable to attend an auction.

6. If the auction begins at 10 am, be there at 9:30 am.

Auctions in Texas are the first Tuesday of every month, on the south side of the County Courthouse. The auction may only last 10 minutes total, so be timely, or you may miss the whole thing!

With that said, Texas law requires a three-hour window from the time given on the auction notice and when the auction actually takes place.

If foreclosures are something that interests you, final words of advice would be: Save your money, do your research, and don’t be late. Happy bidding!

Padre Island Housing Report – April 2020

Sellers Are Holding Eager Buyers Back as State Reopens:

This pandemic doesn’t appear to be spooking some potential homebuyers away. Sporting masks and gloves, they’re beginning to preview homes in person. BUT it is home sellers who may be keeping them back, from what we’re seeing.

We’ve started finding buyers ready, willing, and able, and some sellers have been the ones who have pulled their properties, changed their minds – at this time.

Yes, you can see April new listings plunged through the week of May 2nd. It seems the number of properties on the market had kind of paused.

Many buyers increased their online looking of properties using virtual tools. Good real estate professionals stepped up offerings of 3D and virtual tours online as well as video walkthroughs in real-time to interested buyers. Real estate professionals would visit the properties and walk around the property over a live video chat with their interested buyer.

But, we believe as states start to reopen more so, more homebuyers may be wanting to see those properties in-person. They are willing to take proper steps to wear masks and definitely social distancing. Times are changing folks – and your true professionals are ready for you.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!


Padre Island April 2020 Data (Click Pic below for PDF)


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Texas Quarterly Housing Report for 1st Quarter of 2020

Homes sales and median home prices across Texas experienced a moderate increase in the first quarter of 2020, according to the 2020 Texas Quarterly Housing Report released Wednesday by Texas REALTORS®.  Although this time period includes the beginning stages of the COVID-19 outbreak, the statistical representation of its impact on the Texas housing market will be made more apparent in the second and third quarters of the years.

The housing statistics for the first three months of the year show the continuation of more than a decade of growth in the Texas housing market.  However, the rapid growth of the ‘global’ pandemic we are facing is poised to affect this momentum. Before this unprecedented event and the economic downturn and shelter-in-place orders, our biggest market concern was the lack of affordable housing to meet the demand.

during the first quarter of 2020, 75,052 homes were sold in Texas. Statewide, the median price increased by 5.1% to $241,500.  The largest percentage of homes sold ACROSS the state was in the $200,000-$299,000 price range.

Because of COVID-19, many sellers have been pulling their listings to wait out the quarantine.  This will only add to our housing shortage and strained inventory availability.  Sales are anticipated to drastically drop.  In the long-term, there will be continued demand within the Texas housing market as long as the job market is able to rebound quickly they are saying.

The good news is we went into the disruption with positive velocity and will be ready to come out the other side with a swift recovery.  In the meantime, opportunities are everywhere, and we Texans always outperform expectations

2020 State of Padre Island Real Estate

A new decade can bring excitement, anticipation, and chatter of changes. But one thing that doesn’t seem to change is what’s most important in the real estate market: As we real estate experts commonly quip, it all comes down to three simple things: Location, location, location! And lucky for us, that’s the one absolute permanent asset we have – our sparkling coast and sunny skies. Not only is Texas itself seeing exponential growth, so are we here on the Island.

Future job growth in Corpus Christi over the next ten years is predicted to be 25%. Unemployment rates are down, home prices are up, and the Texas economy is strong. As the state keeps attracting new businesses and cranking out jobs, these trends are only likely to improve.

The Island, known in large for its tourism, has seen and will continue to see phenomenal growth over the past few years. With new industry and population increases, it’s no wonder the real estate market is healthy and busier than ever.

So what if you wanted to buy or sell here? By comparing these price trends, you’ll have a good idea of where the market could be heading. The median listing and sold property prices (below) are calculated based on the market activity each month. Our Island is valuable!

Listed vs. Sold

It’s important to understand the difference between “list price” (what sellers are asking for) and “sold price” (what buyers are actually paying).

Let’s break it down!

FOR SALE – through February 15, 2020

Interior Homes

  • 68 homes currently listed for sale

Statistics

  • Low price – $200,000
  • High price – $785,000
  • Average price – $375,258
  • Average square footage – 2,255

Waterfront Homes

  • 81 homes listed for sale

Statistics

  • Low price – $309,900
  • High price – $4,500,000
  • Average price – $671,596
  • Average square footage – 2,505

SOLD HOMES – January through February 15, 2020

Interior Homes

  • 16 sold interior homes in the first month and a half of 2020

Statistics

  • Low price – $201,250
  • High Price – $383,000
  • Average price – $286,522
  • Average square footage – 1,878

Waterfront Homes

  • 15 sold waterfront homes in the first month and a half of 2020 (up 216% from the same timeframe in 2019; 6 houses)

Statistics

  • Low price – $250,000
  • High price – $825,000
  • Average price – $454,833
  • Average square footage – 2,096

Padre Island Housing Report March 2020

The end of February, the median sale price on homes was 326,500 which is an increase of 2.9% over last month here on Padre Island.

New land development projects continue to increase with the building of a new Starbucks Coffee house at the development near the JFK causeway bridge called packery pointe.

Days on the market for sale has decreased to an average of 93 days on the market. 31.8% of all the sales in February were priced between $300,000 – $399,999. Closed Sales were flat 0% in the month of February. The market is a bit soft but spring is nearly here!

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!


Padre Island January 2020 Data (Click Pic below for PDF)


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Padre Island Housing Report February 2020

The end of January, there were many available properties for sale on Padre Island

Days on the market for sale has increased to an average of 148 days on the market. 41.2% of all the sales in January were priced between $200,000 – $299,999. Closed Sales were up 43.2% in the month of January. The market is certainly on it’s way up.

Interest rates are supposed to remain low. We will be updating buyers with the increase of new loan programs are coming out. Lots of new development projects are happening on Padre Island including the New Park Rd. 22 which has gone through its final approval at City Council and construction should begin sometime after spring break.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!


Padre Island January 2020 Data (Click Pic below for PDF)


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Padre Island Housing Report Dec 2019

As of the end of December, there were a number of waterfront homes on Padre Island, For Sale. The pricing ranged from $293,000 to $4,500,000.

There are many dry lot homes on Padre Island, For Sale.
The pricing ranges from $200,000 to $950,000.

Days on the market for sale has decreased to an average of 103 days on the market. 42.9% of all the sales in December were priced between $200,000 – $299,999. Closed Sales were up 2.9% in the month of December. People are eager to get the New Decade started.

2020 Will be a fabulous year for buyers, sellers and investors. Interest rates are supposed to remain low. A few new loan programs are coming out. Lots of new devlepment projects are happening on Padre Island including the New Park Rd. 22 which has gone through its final approval at City Council and construction should begin sometime after spring break.

Cheri Sperling is owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales and property management in the Padre Island real estate market. Coastline’s team are the most knowledgeable real estate office on Padre Island. No pressure style, patience, and intimate understanding of the local market. They go to work for you!


Padre Island December 2019 Data (Click Pic below for PDF)


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Padre Island Housing Report Nov 2019

As of the end of November, there were 80 waterfront homes on Padre Island, For Sale. The pricing ranged from $298,000 to $4,500,000.

There are 73 day lot homes on Padre Island, For Sale.
The pricing ranges from $200,000 to $950,000.

Days on the market for sale has risen to an average of 141 days on the market. 35.5% of all the sales in November were priced between $200,000 – $299,999. No closings over $500,000 in the entire month of November. Sales were down 25.6% in the month of November. I believe people are thinking holidays.

We are looking forward to a much better 2020. Interest rates are supposed to remain low. A few new loan programs are coming out. Lots of new things happening on Padre Island. Happy Holidays!!

Cheri Sperling is owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales and property management in the Padre Island real estate market. Coastline’s team are the most knowledgeable real estate office on Padre Island. No pressure style, patience, and intimate understanding of the local market. They go to work for you!


Padre Island November 2019 Data (Click Pic below for PDF)


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Padre Island Housing Report October 2019

After a disappointing September, October median list pricing has gone up a bit. Thanks to climbing earnings, expanding jobs and low mortgage rates, according to the latest National Association of REALTORS report sales throughout the US have gone up however Padre Island’s closed sales went down 12.7%.

Historically low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly going to cause higher sales.
It is nice to see home list prices starting to rise again. Let’s hope these conditions continue to remain favorable for real estate investment on Padre Island.

Cheri Sperling is owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales and property management in the Padre Island real estate market. Coastline’s team are the most knowledgeable real estate office on Padre Island. No pressure style, patience, and intimate understanding of the local market. They go to work for you!


Padre Island October 2019 Data (Click Pic below for PDF)


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Padre Island Housing Report September 2019

The Corpus Christi Association of REALTORS (CCAR) September market report for Padre Island shows the Median Price at $299,990 which is UP from September 2018 ($289,700)

The inventory levels are up a bit. Dry lot homes continue their dominance in active listings over the water front homes. Our closed sales were up in September which is typical because sales in July/August would be closing in September. The Island grocery store is in construction at this time. Waves Resort has stepped up their game and doing extremely well with their presentations, look and services.

Cheri Sperling is owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales and property management in the Padre Island real estate market. Coastline’s team are the most knowledgeable real estate office on Padre Island. No pressure style, patience, and intimate understanding of the local market. They go to work for you!


Padre Island September 2019 Data (Click Pic below for PDF)


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Padre Island Housing Report August 2019

Total housing sales through the MLS corrected upward in July after declines the previous two months. Despite the monthly jump, the sales pace shows signs of slowing. The Median List price is now $285,000.

Continued concerns about global economic growth and trade uncertainty pulled interest rates down for the ninth consecutive month. The Federal Home Loan Mortgage Corporations 30-year fixed-rate dropped below 3.8%. Refinance mortgage applications, which are more sensitive to interest rate fluctuations, have doubled since year end.

Days on the Market: July was approx 94 days. August approx 139 days.
Median List Price: July was $282,450 August approx $285,000
Closed Sales: July up 7.7% August down 18.3%

Coastline Properties has been on the Island since 1995. We strive to set the standard in our industry and inspire others by raising the bar on providing exception real estate knowledge and savvy!
Come Coast Awhile……right here!


Padre Island August 2019 Data (Click Pic below for PDF)


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North Padre Island Housing Report – July 2019

Recently an agent described the current real estate market as, squirrely. As the market has softened, buyers are more finicky and more selective, and right now many sellers have unrealistic expectations of their home’s worth. The bottom line is, homes MUST be priced right.

The condominium and townhomes sales have dipped and inventory continues to increase. The homes sales have risen on Padre Island, somewhat, and the housing inventory continues in rising. Buyers have access to more properties not just here but statewide. However, working with a local Texas REALTOR in the market one is considering will ensure a Buyer or Seller the most accurate information and guidance to buying or selling a property. That professional will know the geographic area and can guide a buyer or a seller with much local information .

Coastline Properties has been on the Island since 1995. We strive to set the standard in our industry and inspire others by raising the bar on providing exception real estate knowledge and savvy!
Come Coast Awhile……right here!


Padre Island July 2019 Data (Click Pic below for PDF)


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North Padre Island Housing Report – June 2019

If you are looking to Purchase or List a home on Padre Island…Ask for the ONLY Padre Island EXPERTS!

If you are considering property in Corpus Christi, the most affordable properties are located on Padre Island. Padre Island has the most affordable waterfront properties around. We sit on the warm Gulf of Mexico with miles of beaches and that isn’t including the long sandbar islands of Port Aransas and San Jose Island.

Many savvy real estate investors have retired early in their lives by investing in some of the best real estate markets on Padre Island. Our real estate market offers an excellent mix of opportunities such as catering to the student market from the college, military market at our base and our tourism market.

Our local economy and demographics makes Padre Island housing market incredibly stable, insulating from wild price swings while guaranteeing decent returns. Whether buying an investment property or wanting to own an owner-occupied home…Coastline Properties can answer your questions. whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success is a working with a seasoned local real estate company.

Coastline Properties has been on the Island since 1995. We strive to set the standard in our industry and inspire others by raising the bar on providing exception real estate knowledge and savvy!
Come Coast Awhile……right here!


Padre Island June 2019 Data (Click Pic below for PDF)


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REAL ESTATE TRENDS IN 2019

Now that we’re halfway through the year, 2019 is revealing some trends that may interest any of you potential seller(s) or buyer(s). And some may surprise you! I’ll skip the hashtags and rhetoric, and get straight to them.

  1. PRICES ARE RISING. Albeit slowly, but they are on the up. Isn’t that why we own? Real estate is meant to be an appreciating asset, so this makes us happy. For sellers, this means you can expect to net a little more than perhaps you expected. As mom would say, don’t spend it all in one place. But, be aware of the competition, price accordingly, and do not get discouraged if you’re not getting as much activity as you’d like. Due to higher prices, there may be fewer buyers and therefore fewer showing appointments and offers. Be patient, it will come. Because, what this means for buyers is…you need to save a bit longer and perhaps sacrifice a “want” or two. Concentrate more on your “needs” than “what would be nice” in a home. Be in close touch with your lender, understand the numbers, what is expected of you throughout the process, and take the time to save up for what it is you want.
  1. MILLENNIALS! Don’t cringe, they are your friends…they are your BUYERS! Move aside, baby boomers and Gen Xers! The Millennials are now older, have stable careers, and currently account for roughly 45% of home purchases! This so happens to be at a good time, as baby boomers are downsizing and/or retiring. As a seller, keep these things in mind when speaking to your agent about marketing. Millennials shop online – be sure your hired agent has taken professional photos, has spent quality time on a detailed property description, and truly knows about your home, as once it gets input in to the local MLS, the internet sites such as Zillow, Trulia, and the like pick it up. If it doesn’t look or sound enticing, they’ll quickly move on. If you can, prep your home to be more energy efficient and maintenance free as possible. We’re seeing a movement toward quality over size, so declutter, brighten up, and maybe replace that oven with one that can be operated by a phone application. Buyers, know what you want and be quick when you are in fact ready…if you like it, your friends will, too! And do not forget to use an experienced real estate agent. It is a free service to YOU!
  1. We’ve talked on this topic before, but the interest rates are higher than they’ve been in recent years’ past. Despite grumblings, it’s actually a good thing! To help stabilize the strong economy and rising inflation during the past few years, the Federal Reserve increased short-term interest rates. It’s somewhat natural to see a trickle-down effect to the bank level like what we’re seeing now with mortgage interest rates. What it means in short is that more people are willing to spend and borrow money. We just need to know how to react to this as a seller and a buyer. Sellers, your home may be on the market a bit longer, so plan for this by maybe listing a bit earlier than you may otherwise would have wanted to. Your best bet is to hire a local agent who understands the current market. They’ll help you set expectations for how much you can make and how long you’ll have to wait for the right offer. Buyers, taking out a mortgage is like getting married – you’re going to be together a long time! It’s normal to need to take a moment to make this commitment, especially when the rates are higher than they may have wanted. Believe it or not, rates are still relatively low. If you’re not buying with cash, check with your lender on the terms of a conventional 15-year fixed-rate mortgage. You may find that route beneficial.

Maybe all this sounds great, but you currently have no interest in selling or purchasing. It’s still good news for you! Prices are supposed to continue to steadily increase by 2-6% by 2020. People are spending money, employment rates are high, and cash-buyers are becoming more common. There is no reason to believe a crash is anywhere in sight. So kick your feet up and breathe easy!

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!

Did You Know…

The real estate community is rushing to help victims of record-breaking floods in the Midwest last month, which hit the state of Nebraska particularly hard.  The REALTORS@ Relief Foundation has partners with the Nebraska REALTORS@ Association to collect donations for mortgage and rental payment assistance for hundreds of residents who have been displaced.

Receding floodwaters are revealing extensive damage in affect communities, including crumbled bridges and roadways, homes and businesses covered in thick river silt, and acres of destroyed farmland.  Nearly 70% of the 03 counties in Nebraska have declared states of emergency due to the flooding, which has been blamed for at least three deaths.

The REALTOR@ community is spreading the word about how to help homeowners and renters who have been affected by the floods.  Local associations and individual real estate professionals and brokerages are also contributing.  100% of the funds collected go to disaster relief causes.

Cleanup efforts is extensive.  In some areas, the water stripped away topsoil and left behind mounds of sand.  Acres of farmland, in some cases, were covered with        two feet of sand after the waters receded.  The flooding has turned some farms and properties into deserts.  It very difficult right now for many many residents.  The real estate community is hoping many folks will choose to rebuild.

 

North Padre Island Housing Report – March 2019

If you are looking to Purchase or List a home on Padre Island…Ask for the ONLY Padre Island EXPERTS!

Look at this!! The Median priced homes on Padre Island this past March have gone up 19.4% compared to March 2018! That’s good news! However, we are stilling having rain with the fronts moving through and the number of Active listings has fallen. People don’t want to list when it’s rainy and ugly out there AND people don’t want to buy when it’s rainy and ugly. Where’s the sunshine?

The active market in March were homes priced $200,000 to $399,999. The higher end homes seem to continue to sit. Maybe a showing here and a showing there – but sales in the higher end is extremely slow.

Come on Spring…we are ready for you!! ~Cheri Sperling

Our Coastline team lists and sells throughout the Texas Coastal Bend – but we Specialize and are considered the area Experts on Padre Island. When you think about Real Estate on Padre Island, everyone thinks about Coastline Properties. Come Coast Awhile….with us!!


Padre Island March 2019 Data (Click Pic below for PDF)


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North Padre Housing Report – February 2019

If you are looking to Purchase or List a home on Padre Island…Ask for the ONLY Padre Island EXPERTS!

Look at this!! The Median priced homes on Padre Island this past February have gone up 19.4% compared to February 2018! That’s good news! However, with all the rain and bad weather days we’ve had in January and February, the number of Active listings has fallen. People don’t want to list when it’s rainy and ugly out there AND people don’t want to buy when it’s rainy and ugly. Where’s the sunshine?

The active market in February were homes priced $200,000 to $399,999. The higher end homes seem to continue to sit. Maybe a showing here and a showing there – but sales in the higher end is extremely slow.

Come on sunshine…show us your rays!! ~Cheri Sperling

Our Coastline team lists and sells throughout the Texas Coastal Bend – but we Specialize and are considered the area Experts on Padre Island. When you think about Real Estate on Padre Island, everyone thinks about Coastline Properties. Come Coast Awhile….with us!!


Padre Island February 2019 Data (Click Pic below for PDF)


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North Padre Island Housing Report – January 2019

If you are looking to Purchase or List a home on Padre Island…Ask for the ONLY Padre Island EXPERTS!

Single-family sales are still projected to slow down more so in 2019 and bounce back in 2020. Despite slower sales activity, the average Days on Market balanced at 147 days in January 2019; 10 days more than in January 2018.

Despite slower price growth, home-price appreciation outpaced wages and weighed on housing affordability. Texas’ affordability remained favorable compared with other states but continues a steady decline that began in 2013. More progress is necessary to balance the market. Six months of inventory is considered the equilibrium level and January 2019 showed 6.3 on Padre Island compared to 7.3 in January 2018. Padre Island’s median home price increased 9.7 percent; $200,000 – $299,999 being the popular price
line.

Our Coastline team lists and sells throughout the Texas Coastal Bend – but we Specialize and are considered the area Experts on Padre Island. When you think about Real Estate on Padre Island, everyone thinks about Coastline Properties. Come Coast Awhile….with us!!


Padre Island January 2019 Data (Click Pic below for PDF)


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North Padre Island Housing Report – December 2018

If you are looking to Purchase or List a home on Padre Island…Ask for the ONLY Padre Island EXPERTS!

The current construction boom is affecting sales of “used” homes. Since the end of the last housing boom in 2006, Corpus Christi has followed closely the statewide market. The number of new home permits reflects residential construction activity. The properties being watched closely are priced below $300,000.

Unlike the market for single-family homes, rental housing faced record high vacancy rates. Following Hurricane Harvey, residents displaced by damage have turned to apartments around Corpus Christi rather than properties on Padre Island.

Despite a recent slowdown in new home construction due in part to rising material costs and skilled-labor shortages, new construction is still selling strong. If the home looks good, priced right and marketed professionally – it’ll sell. With all the industry being developed in and around the Corpus Christi Ship Channel, Corpus Christi is going to benefit and home owners will benefit. The ongoing industrial construction activity is adding construction employment and permanent manufacturing jobs. Replacement of the Harbor Bridge by 2020 will add another 600 construction jobs during its peak time. Hang on Corpus Christi – times are going to be changing!

Our Coastline team lists and sells throughout the Texas Coastal Bend – but we Specialize and are considered the area Experts on Padre Island. When you think about Real Estate on Padre Island, everyone thinks about Coastline Properties. Come Coast Awhile….with us!!


Padre Island December 2018 Data (Click Pic below for PDF)


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Padre Island Annual Housing Data 2018 (Click Pic Below for PDF)


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North Padre Island Housing Report – November 2018

If you are looking to Purchase or List a home on Padre Island…Ask for the ONLY Padre Island EXPERTS!

* The Island pricing has dipped since Labor Day in September. We also are seeing it the number of listing that are reducing pricing on a daily basis, particularly the new construction.
* Our ACTIVE listings are still slightly down – and, I attribute to the fact that as normal we head into the Holidays and people usually place a hold on buying/selling commensurately to wait until after the first of the year. Spring is the typical time frame for the uptick in activity.

* The higher priced homes, over $500,000 are still struggling as of this time. Not as many buyers in that range at this time. If a Seller receives a contract he needs to try and make it work because the competition priced over the $500,000 mark have Seller’s that want to move onward and may be more negotiable.

Our Coastline team lists and sells throughout the Texas Coastal Bend – but we Specialize and are considered the area Experts on Padre Island. When you think about Real Estate on Padre Island, everyone thinks about Coastline Properties. Come Coast Awhile….with us!!

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North Padre Island Housing Report Oct 2018

If you are looking to Purchase or List a home on Padre Island…Ask for the ONLY Padre Island EXPERTS!

* The Island pricing has dipped since Labor Day in September. We also are seeing it the number of listing that are reducing pricing on a daily basis, particularly the new construction.
* Our ACTIVE listings is down – and, I attribute to the fact we’re going into the holidays and many folks are going to wait until after the first of the year, nearer Spring and hope the real estate market on Padre Island begins to turn upward.
* The higher priced home, over $500,000 are struggling. Not as many buyers in that range at this time. If a Seller receives a contract he needs to try and make it work because the competition priced over the $500,000 mark have Seller’s that want to move onward and may be more negotiable.

Our Coastline team lists and sells throughout the Texas Coastal Bend – but we Specialize and are considered the area Experts on Padre Island. When you think about Real Estate on Padre Island, everyone thinks about Coastline Properties. Come Coast Awhile….with us!!

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8 Benefits of Buying a House at Year’s End

endofyearrealtorSummer may be real estate’s busy season, but winter offers great opportunities for buying a house, especially for renters looking to become homeowners, growing families trading up to larger houses and baby boomers seeking homes to fit their evolving lifestyles.

Generally speaking, your housing choices during the late fall are still healthy. October and November are great months to go house hunting. December is usually sparse, market-wise, but if that fits your timeline, you could luck out.

The benefits to buying a house at the end of the year include the following:

1. Tax savings

If you close by December 31, you can deduct mortgage interest, property taxes, points on your loan and interest costs. These deductions are significant, especially in the early years of your loan when you’re paying off a lot of interest.

2. Motivated sellers

Many sellers want to enjoy tax savings on the next home they purchase. They may accept lower bids in order to meet Uncle Sam’s deadlines. However, if you’re in a strong seller’s market, you’ll want to be conservative and heed advice from your real estate professional.

3. Builder incentives

If you’re buying a house that is brand new, there’s a good chance builders may push to close the books on their year—and meet quotas. They may offer upgrades or little extras to sell houses before the calendar turns.

4. Available movers

Many moving companies are booked six weeks or more in advance during the busy summer months. In the fall and winter, it’s normally easier to secure the services of a moving company or rental equipment on shorter notice.

5. Paying toward something you own

If you’re renting, your monthly check goes toward something that will last you a month: You’ll never see any return on that money. When you buy a house, your monthly mortgage payment goes toward an investment—and ultimately a roof that’s yours.

6. Consistent payments

Landlords can increase your rent. Once you secure a mortgage, you can rely on consistent payments if you have a fixed-rate loan.

7. Freedom to renovate

Modernize your kitchen, paint your home’s exterior neon orange, change your fixtures orreplace your carpeting; whatever inspires you, no one can tell you, “No!”

8. Gaining equity

In the beginning, most of your payment goes toward interest. But gradually more will go toward paying off your principal, meaning you build up equity—or savings—in your home. Another factor in equity is appreciation: As home values rise, so does your rate of equity.

via Realtor.com

North Padre Island Housing Report – Sept. 2018

If you are looking to Purchase or List a home on Padre Island…Ask for the ONLY Padre Island EXPERTS!

* Median pricing on Padre Island raised 11.5% in the month of September 2018 compared to September 2017 pricing.
* We are down in Active homes For Sale on Padre Island today. Padre Island is down is Closed sales by 13% – closing only 40 in September 2018.
* If a property is priced correctly, it’s taking about 123 days, on the Average, to close. The supply of waterfront homes is down. Supply & Demand!

Our Coastline team lists and sells throughout the Texas Coastal Bend – but we Specialize and are considered the area Experts on Padre Island. When you think about Real Estate on Padre Island, everyone thinks about Coastline Properties. Come Coast Awhile….with us!!

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North Padre Island Housing Report – August 2018

If you are looking to Purchase or List a home on Padre Island…Ask for the ONLY Padre Island EXPERTS!

* The Median Priced home is down to $254,050 – down 16.4% compared to August 2017.
* The Active – Homes For Sale is down to 329 – down 7.6%.
Days on the Market: 110
Days to Close: 30
TOTAL 140 Days on the Market in 2018
16 days less than August 2017

Our Coastline team lists and sells throughout the Texas Coastal Bend – but we Specialize and are considered the area Experts on Padre Island. When you think about Real Estate on Padre Island, everyone thinks about Coastline Properties. Come Coast Awhile….with us!!

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Did You Know?

DID YOU KNOW…THIS TEXAS CITY HAS THE HIGHEST SHARE OF $1 MILLION HOMES….

Austin, Houston, and Dallas were ranked in Lending Tree’s top 50 cities nationally with homes valued at more than $1 million.

Austin’s share of million-dollar homes was 2.16% putting it at No. 11.   Houston was ranked No. 15 with a 1.52% share, with Dallas ranked No. 18 with a 1.31% share of million-dollar homes.

DID YOU KNOW…CITY HAS THE MOST-DEMANDING RENTERS….

Renters in San Antonio seek amenities like air conditioning, parking, a balcony, a pool, and hardwood floors.  That may sound standard, but they have the highest amenity demands among all the cities analyzed by Apartment List’s Rentonomics blog.

The study also finds that renters in affordable markets tend to have higher demand for amenities than those in the priciest markets.  San Antonio is one of the nation’s most affordable large cities for renters, with a median two-bedroom rent of $1,050.

DID YOU KNOW…TEXAS IS GETTING MORE DIVERSE

Though California has the largest Hispanic population of any state, Texas saw the largest numeric increase in Hispanic population (234,000 people) in 2017, according to recent data released by the U.S. Census Bureau.  Starr County, Texas, has the highest percentage of Hispanics of any county in the U.S., with 96.3%.

Texas also had the largest black or African-American population in the country at 3.8 million.

DID YOU KNOW…HURRICANE HARVEY RAINFALL BREAKS RECORDS

Hurricane Harvey was the most significant rainfall event in U.S. history, both in scope and peak rainfall amounts, since the U.S. Geological Survey records began in the 1880’s.  The eight-day rainfall exceeded 60 inches in some locations, which is 15 inches more than average annual amounts of rainfall for eastern Texas and the Texas coast.  The areas affected by Harvey also was larger than previous events.

DID YOU KNOW….“TALK TO A TEXAS REALTOR”

An advertising campaign launched in June 2018 by the Texas Association of REALTORS  tells consumers that, no matter what type of real estate transaction they’re contemplating, talking to a Texas REALTOR  is the place to start.  The campaign consists of online ads, over-the-air and internet radio, video, social media, email, and online search engines.  It targets consumers interested in residential, commercial, property management, and farm and land transactions.  The campaign, which also includes Spanish ads, stresses that Texas REALTORS  are the trusted professionals who can help with pricing, negotiations, and advise.

DID YOU KNOW…Immigrant households will play a larger role in growing housing demand.  Texas is one of only a few larger states benefiting from positive net migration, which means more people are moving in than out.  While much of this migration comes from households moving from other states, that sources has tapered down while international households continue to provide steady growth.   Good to know!

Padre Island Housing Market July 2018

THE HOUSING MARKET IS HOLDING STEADY THIS SUMMER ON NORTH PADRE ISLAND. NEW LISTING ACTIVITY STILL BOLSTERING THE 200-400K RANGE STILL, WHICH COVERS THE MAJORITY OF THE MARKET.  TAKE A LOOK AT THE STATISTICS ON WHAT’S HAPPENING HERE ON PADRE ISLAND.  CLICK ON THE PICTURE BELOW AND GET A FULL PDF TO PRINT OUT TO KEEP TRACK OF THIS DATA. LOOKING FORWARD TO HEALTHY SUMMER 2018! GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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Padre Island Housing Report June 2018

THE HOUSING MARKET IS RED HOT AS SUMMER IS IN FULL SWING HERE ON NORTH PADRE ISLAND. NEW BUYER ACTIVITY STILL DOMINATING THE 200-400K RANGE STILL, WHICH COVERS THE MAJORITY OF THE MARKET.  TAKE A LOOK AT THE STATISTICS ON WHAT’S HAPPENING HERE ON PADRE ISLAND.  CLICK ON THE PICTURE BELOW AND GET A FULL PDF TO PRINT OUT TO KEEP TRACK OF THIS DATA. LOOKING FORWARD TO A GREAT SUMMER 2018! GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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What is the true cost when a Real Estate AGENT Cuts their commission?

In today’s competitive real estate market in Corpus Christi, some agents are offering to cut their commissions in an attempt to attract more business. The truth is that they want to be listing agents. Here are some questions to ask before listing your home with an agent who’s willing to take a “pay cut” to work with you:

WHAT IS THE REAL ESTATE AGENT‘S PRIMARY MOTIVATION FOR CUTTING THEIR COMMISSION? In all likelihood, it’s because they are in a position where they simply need the business that badly. Do you really want to trust the sale of your property to someone who is desperate for your business? There is a difference between WANTING your business and NEEDING your business.

IF YOUR PROPERTY DOESN’T SELL, WHAT HAVE YOU ACCOMPLISHED? There is a difference between listing a property and selling a property. What the agent didn’t tell you is that they will make less money selling your property than if they sell another property on the market. You want an agent who’s going to be excited about bringing you an offer.

WHICH SERVICES ARE THEY GOING TO CUT? If you cut your commission, then you have to cut service. Many factors come into play in finding the right buyer who’s willing to pay your price. To get top price for a property, you need as many services for you as you can possibly get.

WOULD YOU REALLY BE EXCITED ABOUT A 15% PAY CUT? A 1% reduction in commission equals more than 15% of the total commission or 60% of the selling agents commission. How can the agent really be excited about working for you? Is the agent being honest with you when he or she tells you that they’re excited about getting the property sold?

ARE THEY GOING TO COOPERATE WITH OTHER BROKERS? What are they going to pay the other brokers? Why are those brokers going to be excited about taking a 15% pay cut? To get top price for your property, you need to have all brokers in the marketplace excited about selling it.

IS THE REAL ESTATE AGENT A SKILLED NEGOTIATOR? If the other broker is willing to let you negotiate them out of 15% or more of their income from the sale of your property, will they also let the buyer negotiate 15% or more from the purchase price of your property? What is that other broker’s sale price to list price ratio? You might be costing yourself tens of thousands of dollars by trying to save a couple thousand dollars in commissions.

What’s the most important thing to you in the sale of your home? Is it paying a lower commission, or is it getting “top dollar for your home?” We are in the business of “protecting” the financial interest of our sellers, and want you to receive top dollar for your property, at Coastline Properties it is our mission to insure that you receive the absolute best buyer for your home!

Padre Island Housing Report May 2018

THE HOUSING MARKET IS REALLY PICKING UP STEAM AS SUMMER HEATS UP HERE ON NORTH PADRE ISLAND. LOTS OF NEW BUYER ACTIVITY IN THE THE 200-400K RANGE STILL, WHICH COVERS THE MAJORITY OF THE MARKET.  TAKE A LOOK AT THE STATISTICS ON WHAT’S HAPPENING HERE ON PADRE ISLAND.  CLICK ON THE PICTURE BELOW AND GET A FULL PDF TO PRINT OUT TO KEEP TRACK OF THIS DATA. LOOKING FORWARD TO A GREAT SUMMER 2018! GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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Padre Island Housing Report – March 2018

THE HOUSING MARKET IS PICKING UP AS WE HEAD INTO SPRING. WE ARE UP 14% ON MEDIAN SALES PRICE COMPARATIVELY TO 2017 HERE ON NORTH PADRE ISLAND. LOTS OF NEW BUYER ACTIVITY IN THE THE 200-300K RANGE STILL.  TAKE A LOOK AT THE STATISTICS ON WHAT’S HAPPENING HERE ON PADRE ISLAND & PORT ARANSAS.  CLICK ON THE PICTURE BELOW AND GET A FULL PDF TO PRINT OUT TO KEEP TRACK OF THIS DATA. LOOKING FORWARD TO A GREAT SUMMER 2018! GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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National Market Data From NAR

EXISTING-HOME SALES SLIP 3.2 PERCENT in January 2018
Existing-home sales slumped for the second consecutive month in January and experienced their largest decline on an annual basis in over three years, according to the National Association of Realtors. All major regions saw an annual sales declines last month. The Buyer Traffic Index came in at 69 in January, up from 63 in January 2017.
GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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THE “TAX CUTS AND JOBS ACT”

Just before the New Year, President Trump signed the Tax Cuts and Jobs Act. You’ve probably read a bit on the topic, but what does it mean for all you valued homeowners out there?

The National Association of REALTORS® (NAR) worked throughout the tax reform process, on behalf of all of us, to preserve the existing tax benefits of homeowners and investors. Although many areas of the old law were retained, there were also many changes. Let’s take a look at what is different – spark notes style.

Provisions Affecting Current and Prospective Homeowners:

Tax Rate Reductions – The new law, in general, provides lower tax rates for those filing individually. Although many will pay lower taxes, it is not a blanket rule. The tax rate schedule retains seven brackets with slightly lower marginal rates of 10%, 12%, 22%, 24%, 32%, 35%, and 37%. However, the current maximum rates on net capital gains remains the same. Over the next decade, the total size of the tax cut from the rate reductions equals more than $1.2 trillion.

Mortgage Interest Deduction – Now, for loans taken out, the new limit on deductible mortgage debt has been reduced from $1 million to $750,000. Current loans of up to $1 million are grandfathered. The final bill repealed the deduction for interest paid on home equity debt through the end of the year 2025. And if the proceeds are used to improve your property, interest is still deductible on home equity loans or second mortgages. Second homes? Interest remains deductable, but is still subject to the aforementioned limits.

Standard Deduction – The new standard deduction for single filers is $12,000 and $24,000 for joint returns (indexed for inflation). This significant increase will reduce the value of the mortgage interest and property tax deductions as tax incentives for homeownership.

Repeal of Personal Exemptions – Before, filers could deduct $4,150 in 2018 for the filer and their spouse and each dependent (if any). These exemptions have been repealed in the new law. This change alone mitigates (may even eliminate) the positive aspects of the higher standard deduction, as it would more than make up for the loss of not receiving personal exemptions.

Deduction for State and Local Taxes – Although Texas doesn’t have state taxes, the new bill allows an itemized deduction of up to $10,000 for the total of state and local property taxes and income or sales taxes.

Deduction for Casualty Losses – Now there is a deduction only if a loss is attributable to a presidentially-declared disaster.

Moving Expenses – The final bill repeals moving expense deduction and exclusion, except for members of the Armed Forces.

It sounds as though home ownership will continue to be a strong and stable driver for our economy. And NAR will continue to work hard for us. They said it best: “Home ownership is not a special interest, it is our common interest.”

Padre Island Housing Report – January 2018

THE HOUSING MARKET IS SLOWLY BUT SHOWING SOME SIGNS OF IMPROVEMENT. WE ARE SEEING A LULL IN PRICING COMPARED TO LAST YEAR. THE DIFFERENCE IS THE SUPPLY AND DAYS ON MARKET ARE LOWER THAN PREVIOUS HIGHS, SHOWING AN UPWARD TREND IN BUYER DEMAND. LOTS OF NEW BUYER ACTIVITY IN THE THE 200-300K RANGE.  TAKE A LOOK AT THE STATISTICS ON WHAT’S HAPPENING HERE ON PADRE ISLAND.  CLICK ON THE PICTURE BELOW AND GET A FULL PDF TO PRINT OUT TO KEEP TRACK OF THIS DATA. LOOKING FORWARD TO HAPPY & HEALTHY 2018! GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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Padre Island Housing Report – Dec. 2017

THE HOUSING MARKET IS SLOWLY BUT SURELY STARTING TO PICK UP IN THE NEW YEAR. WE ARE SEEING A LULL IN PRICING COMPARED TO LAST YEAR. THE DIFFERENCE IS THE SUPPLY AND DAYS ON MARKET ARE LOWER THAN PREVIOUS HIGHS, SHOWING AN UPWARD TREND IN BUYER DEMAND. LOTS OF NEW BUYER ACTIVITY IN THE THE 300K RANGE.  TAKE A LOOK AT THE STATISTICS ON WHAT’S HAPPENING HERE ON PADRE ISLAND.  CLICK ON THE PICTURE BELOW AND GET A FULL PDF TO PRINT OUT TO KEEP TRACK OF THIS DATA. LOOKING FORWARD TO HAPPY & HEALTHY 2018! GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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Padre Island Housing Report – November 2017

THE HOUSING MARKET CONTINUES TO BE A BIT SLUGGISH AS WE CLOSE OUT THE YEAR WITH A SNOW DAY. WE ARE STILL SEEING LOTS OF NEW BUYER ACTIVITY IN THE THE 300K RANGE.  TAKE A LOOK AT THE STATISTICS ON WHAT’S HAPPENING HERE ON PADRE ISLAND,PORT ARANSAS & IN CORPUS CHRISTI, TX.  CLICK ON THE PICTURE BELOW AND GET A FULL PDF TO PRINT OUT TO KEEP TRACK OF THIS DATA. LOOKING FORWARD TO CLOSING OUT 2017, WISHING EVERYONE A VERY HAPPY & HEALTHY HOLIDAY! GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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Padre Island Housing Report October 2017

THE HOUSING MARKET CONTINUES TO BE A BIT SLUGGISH AS WE MOVE INTO THE HOLIDAYS. WE ARE SEEING LOTS OF NEW BUYER ACTIVITY IN THE THE 300K RANGE.  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. LOOKING FORWARD TO A GREAT 4th QUARTER OF THE YEAR, GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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Padre Island Housing Report – August 2017

THE HOUSING MARKET IS SHOWING GREAT PROMISE WITH A CONTINUED UP TICK IN HOME VALUES, AS WE MOVE PAST THE HURRICANE SEASON IN SUMMER 2017.  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. LOOKING FORWARD TO A GREAT 3rd QUARTER OF THE YEAR, GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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Padre Island Housing Report – July 2017

THE HOUSING MARKET IS SHOWING GREAT PROMISE WITH MANY NEW LISTINGS, AS WE ARE IN THE DOG DAYS OF SUMMER 2017.  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. LOOKING FORWARD TO A GREAT 3rd QUARTER OF THE YEAR, GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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Rebuilding the Iconic Harbor Bridge

If you’re a native South Texan, no doubt you are familiar with Corpus Christi’s big, beautiful, bridge.  The one that is sure to mesmerize and to some may even seem a little scary to cross.  You guessed it—the Harbor Bridge–the iconic roadway that is a distinct feature of the sparking city by the sea’s landscape is about to get a major upgrade.

The Harbor Bridge as we currently know it was built back in 1959 for a total cost of approximately $11 million dollars. It was considered the most important design work of Texas Highway Department Bridge Engineer Vigo Miller and was featured in Time magazine in 1964 for its exceptional beauty. No doubt our current bridge has served our community well, but increased safety concerns rooted in an aging infrastructure meant it was time to research a rebuild.

City and regional leaders have been working more than 15 years to pave the way for the construction of a replacement Harbor Bridge.  After an extensive Environmental Impact Study, the Texas Department of Transportation (TxDOT) was granted approval from the Federal Highway Safety Administration to rebuild the current structure.  Now, here we are at the launch of one of the largest and most significant transportation projects in the region.

This summer, construction will commence on a new Harbor Bridge.  This new structure promises to be just as magnificent and beautiful as the beloved, current Harbor Bridge.  Making the most of the majestic views of the bay, the new bridge will be the longest, cable-stayed, concrete-segmental, bridge in North America.

The nearly $900 million project will include the development, design and construction of just over six miles of combined bridge and roadway.  It will include the new six-lane Harbor Bridge, as well as, the reconstruction of approximately 1.6 miles of IH-37 and approximately one mile of the Crosstown Expressway.  Once the new bridge is open to the traveling public, the project will conclude with the demolition of the existing Harbor Bridge.  The design/build firm, Flatiron/Dragados, LLC, who were chosen by TxDOT to complete construction, anticipate the project will take five years to complete.

The new bridge design incorporates a number of aesthetic features including shared-use paths, a community plaza, nighttime LED lighting and xeriscape landscaping. Designers are aiming for the new Harbor Bridge to be just as iconic as the original.  In order to get there, it’s anticipated that between 500 and 650 skilled workers will be needed to complete the job.  For more information on employment opportunities and general updates about the Harbor Bridge Project, please visit www.harborbridgeproject.com.

Padre Island Housing Report – May 2017

THE HOUSING MARKET IS SHOWING GREAT PROMISE WITH MANY NEW LISTINGS, AS WE MOVE INTO SUMMER TIME OF 2017.  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.  LOOKING FORWARD TO AN EVEN MORE EXCITING SUMMER AHEAD, GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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Padre Island Housing Report – April 2017

THE HOUSING MARKET CONTINUES TO BE HEATING UP AS WE MOVE INTO SUMMER TIME OF 2017, THE HOTTEST TIME OF THE YEAR.  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.  LOOKING FORWARD TO AN EVEN MORE EXCITING SUMMER AHEAD, GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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Padre IslandHousing Report – March 2017

THE HOUSING MARKET CONTINUES TO BE HEATING UP AS WE MOVE INTO FULL SPRING TIME OF 2017, THE BEST WEATHER OF THE YEAR.  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.  LOOKING FORWARD TO AN EVEN MORE EXCITING SUMMER AHEAD, GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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North Padre Island Housing Report – February 2017

THE HOUSING MARKET CONTINUES TO BE HEATING UP AS WE MOVE INTO SPRING OF 2017.  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.  LOOKING FORWARD TO AN EVEN MORE EXCITING SUMMER AHEAD, GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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2017 Great Year to Buy a Home?

46118737 - real estate sign in front of new house for sale

46118737 – real estate sign in front of new house for sale

Just over 1000 homes are currently on the market in Corpus Christi. If the housing market doesn’t change, it would take just over four months to sell all those homes.

Real Estate Agent, David Garcia, who’s been selling homes for 16 years, says this is good news!

“It’s an excellent time to buy, you definitely want to take advantage of the low interest rates,” Garcia said. He says the housing market is based on supply and demand.

Out of those 1000 plus homes for sale, roughly 21% of them fall in the high demand category. Garcia says the most frequently purchased homes in Corpus Christi are right around $250,000. Although the supply for those homes is low, the demand is high.

Meaning, if you put your house on that market around that price range, it will sell very quickly.

Garcia says a recent survey found the median home price went up about 7% from 2015 to 2016.

He says that translates into a good return on investment. That’s not the only advantage to buying a home.  Buyers also build equity and reap tax advantages

“Your net worth is 45 times greater owning a home vs renting,” Garcia said.

Another incentive to buy? Rent has gone up over the last year. On average, renters will spend slightly over 1000 a month for a single family.

“A lot of the industry experts are predicting 2017 to be a very good year in terms of sales,” Garcia said.

via KrisTv.com

6 New Years Resolutions For Buyers/Sellers

new-years-day-smallHere is our top 6 tips for the New Year

  1. Eliminate & Simplify Your Home – Buyers out there are saving for their spring purchase,  but why not start your efforts in January? This is an especially great time after the heaps of gifts that they have received. Plus, if they plan to sell your home, it will make selling the house and moving that much easier. It’s simple just start small and go room by room, designating areas for donations, things to be fixed and things to sell. The sooner you start, the better you’ll feel!
  2. Make Your Home Safter – Do you have kids (even if they don’t!), then making your home safer all around is a great resolution to make. Commit to a regular safety maintenance schedule by checking smoke and carbon monoxide alarms monthly, ensuring you have fire extinguishers and preparing the family for emergencies such as weather disasters and fire. Always replenish emergency kits, bottled water and non-perishable food items throughout the year, too.
  3. Make Your Home Smarter – Yep, that’s right!  You may have just missed the boat on making your home safe when they bought your home, but it’s never too late. Some ways to make homes “smarter”? Smart home hubs like Amazon Echo, security video monitors like Ring and smart thermostats like Nest, and even smart plugs and bulbs to bring your home into the 21st century.
  4. Consider Refinancing – Maybe its time to decrease your payments or lock in a low fixed mortgage rate through refinancing. Shopping around for the best rates is a great way to find one the lowest one that works for you and will make your wallet feel a lot better come 2018.
  5. Get a Green Thumb – No, not go out and garden although an argument could be made for that as well. Change your light bulbs to energy-efficient LED ones. This will also help you save money. Another way to be greener is to clean the house with reusable cloths or old, clean rags versus wasteful paper towels (however, use good judgement for especially dirty messes).
  6. Do Something to Help Someone – Yes, it is 2017… the election is over and we are still all just human beings.  We must let go of the past no matter what side of the fence we sit and come together as a nation more than ever now.  If all else fails and you can’t find anything you could do to help your fellow man, than for goodness sakes just smile a ton.  Your mind will come around sooner or later!

Share these five tips with your friends and family and help them be better homeowners and prepared sellers when the time comes!

Happy New Year from your Coastline Properties Family!

Meagan Furey – voted Citizen of the Year

We are thrilled to announce our very own Meagan Furey has been voted “Citizen of the Year” by the Padre Island Business Association. This is a very prestigious award and we feel it could not have gone to a more genuine, hard working community focused individual.  Congratulations Meagan …We are so proud of you for 2016 PIBA Citizen of the Year Award.  You inspire us all, thank you for all your dedication for making our little slice of paradise an amazing place to work and play! ~ Coastline Properties Team

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North Padre Island Housing Report – November 2016

THE HOUSING MARKET CONTINUES TO BE HEATING UP AS WE WRAP UP 2016.  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.  WE WISH YOU A VERY HAPPY HOLIDAY SEASON, GIVE US A CALL AND DISCUSS THE MANY OPPORTUNITIES TO OWN A PIECE OF COASTAL TEXAS! (361) 949-0101

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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

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!

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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CONSUMER BEWARE: Rebuilding after a disaster

contractors2With the flooding and other tragedies that have occurred across the state, it is important that consumers be aware of Chapter 57 of the Texas Business and Commerce Code that was enacted by HB 1711 effective September 1, 2011. The bill applies to contractors who remove, clean, sanitize, demolish, reconstruct, or otherwise treat improvements to real property as a result of damage or destruction to that property caused by a natural disaster. Specifically, it requires that a “disaster remediation” contract must be in writing and prohibits a “disaster remediation contractor” from requiring payment prior to beginning work or charging a partial payment in any amount disproportionate to the work that has been performed. However, the statute exempts contractors that have held a business address for at least one year in the county or adjacent county where the work occurs.

Please see the text of HB 1711 for details. Contact your local Home Builders Association for a list of contractors.

Download this document for important phone numbers and information on rebuilding after a disaster. (CLICK HERE TO GET YOUR PDF)

CC voters face critical sales tax vote in November

KRISTV.com | Continuous News Coverage | Corpus Christi
CORPUS CHRISTI –

Plenty of issues will be in voters’ hands come November, including a pivotal decision on how to spend sales tax revenue.

Depending on the vote, a powerful city board that spends your money, may not exist next year.

An eighth of every cent you pay in sales tax funds the city’s Type A Board, which controls the Type A Fund.

We’re talking millions of dollars a year controlled by five people.

The board spends most of it on economic development. They also spend money on seawall repairs and the American Bank Center.

CLICK HERE: Projects funded by Type A Board

The board (fund) is up for renewal this year, and it’s up to the voters.

Jerry Sansing is president of the Corpus Christi Taxpayers Association. He plans on voting against it.

“I’ve seen too much money go down the drain. You know, we can’t fix streets. We can’t do this. We can’t do that, but we can certainly tax for everything under the sun,” he says.

Sansing would rather the city give that money back to the people, or spend it, in part, to cut down palm trees off Airline. The ones right by the Gulfway Shopping Center.

Sansing says they violate the Americans with Disabilities Act because they take up too much room on the sidewalk, and make it almost impossible for people in wheelchairs to get by.

But Type A Board member Bart Braselton points out the board’s numerous accomplishments, like landing Schlitterbahn with a $5 million deal in incentives.

“It competes with other cities, and when you know, when you’re having somebody that’s bringing say, anywhere from 500 to 1,000 new jobs to your city, the return on investment is incredible,” Braselton says.

Sansing says projects like Schlitterbahn don’t need the money.

Braselton points out other things the Type A Board has helped fund, like the Engineering Department at Texas A&M Corpus Christi, or the truck driving program at Del Mar College.

If residents vote to get rid of the board, it’ll be disbanded after any remaining money is spent.

If that happens, it’ll likely be up to the city council to decide how to re-allocate that portion of sales tax revenue every year.  Via KrisTv.com

6 Smart Reasons to Buy a Home in 2016

2016

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

real-estate-2016

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!

reverse-mortgage-corpus-christi

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…

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

Major Changes Coming to Mortgage Disclosures

THANK YOU FOR YOUR PATIENCE

“Patience is power. Patience is not an absence of action; rather it is “timing”

it waits on the right time to act, for the right principles and in the right way.”

― Fulton J. Sheen

 Changes-Ahead

Come October 1, there are major changes coming to mortgage disclosures that I would like to share with you. Buyers, sellers, loan officers, title companies and real estate agents will all be affected.

No longer will there be a HUD-1 Settlement Statement or a Good Faith Estimate from a buyer’s lender. Both forms are going “bye-bye,” as is the Truth in Lending Act (TILA) disclosure form. Replacing them are two new forms: the Closing Disclosure and the Loan Estimate.

Why does this affect anyone aside from those on the real estate, lender, title side? Because there are also new rules for the closing procedure, where the buyers and sellers tolerance come into play, as closing delays are almost unavoidable for the first few months.

One rule requires all forms to be ready three (business) days prior to closing. The National Association of Realtors recommends all closing documents are actually ready an entire week prior to closing, or “consummation” as is the new verbiage (yes, chuckling is OK).  So if everything is ready seven days prior to consummation, when you go into the three-day period, there are likely no changes to make. Because making changes as the countdown ensues comes with a cumbersome set of hurdles.

Everyone involved in the transaction is under pressure to get everything squared away earlier than in the past. Currently, the settlement statement can be completed and approved just hours before closing. Gone are those days. And as aforementioned, the buyers and sellers have to be cooperative, because if last-minute changes are made, a new three-day waiting period kicks in. Are there exceptions you ask? Yes! Bona fide financial emergencies such as the imminent sale of the consumer’s home at foreclosure. Any financial emergency must be accompanied by a written statement and will be very fact intensive.

The good news is, this doesn’t affect cash buyers, and many Realtors, Lenders, and Title Companies are taking the time and courses to get familiar with this new system and forms so we are ready! Communication will be KEY. But patience, grasshopper, good things come to those who wait.

Texas Home Prices Climb Likely To Continue, Says Real Estate Economist At Texas A&M

home-prices-rise

COLLEGE STATION – Recent home price indices (HPI) all indicate another increase in Texas home prices, a trend that will likely continue for a while, says an economist with the Real Estate Center at Texas A&M University.

CoreLogic’s HPI, one of several key indicators that center researchers track, showed an 8.5 percent year-over-year increase in Texas home prices in February. Prices in Houston-Sugar Land-Baytown and Dallas-Plano-Irving increased 10.4 percent and 9.3 percent, respectively.

“As long as inventory stays tight, and as long as demand stays high relative to supply, we’re going to keep seeing these kinds of priceincreases,” said Center Research Economist Dr. Jim Gaines.  Center data show statewide housing inventory in February was at 3.1 months. Houston’s inventory was at 2.7 months in February, while Dallas was at 1.8 months. An inventory of 6.5 months is generally considered a balanced market.

While the shortage of pre-owned single-family homes on the market is contributing to the market’s tightness, Gaines said there’s also a lack of new product.

“Home builders have not been building houses as fast as they have in the past,” he said. “They’re doing the best they can, but that growth is not adding to the total inventory.”

Gaines said the demand for new homes is still there, thanks to economic growth, job growth and people moving to Texas. The biggest problem is the lack of lot inventory and land development.

“Historically, Texas housing markets have maintained a good balance of supply and demand because our building industry could build houses fairly easily, fairly quickly and fairly cheaply compared with other states,” he said. “Land costs and labor costs were lower. The Texas land development model simply worked. But financing for land development and lot development dried up between 2009 and 2013, so all of a sudden there’s this shortage, and it’s going to take several years for that to get unraveled.”

Another problem is the effect local regulatory controls and impact fees are having on builders.

“The demand for goods and services provided by local governments has increased along with the population,” Gaines said. “The cost of those goods and services has also increased, and governments are faced with the problem of how to pay for them.

So they’re passing some of those costs on to developers in the form of regulatory costs, permitting fees, platting fees, direct impact fees for roads and utilities and that sort of thing. So all of our costs are going up.”

VIA – For more from Gaines on the Texas housing market, listen to the April 8 episode of the Real Estate Red Zone podcast (“All Housing, All the Time”). It’s online at http://www.recenter.tamu.edu/podcast/

Oil prices drop, Corpus Christi’s rent prices don’t

corpus-christi-rentalsCORPUS CHRISTI – Plunging oil prices may be a relief for Coastal Bend residents at the pumps, but they’re having little influence on rents or mortgage payments.

Experts predict the falling price of crude will force housing costs in energy-dependent Corpus Christi to drop at some point.

That day won’t come in 2015, they say.

The housing market in Corpus Christi is perhaps the tightest it has ever been for both potential renters and those looking to buy a home. Things won’t change for the rest of the year, despite a rush on home and apartment construction, said Jim Lee, the chief economist at Texas A&M University-Corpus Christi.

Oil field workers who lived in apartments in Corpus Christi are moving to Alice, Cotulla and other small towns within the energy play to be closer to work, said Melissa Gomez, a broker for AAA Apartment Locating in Corpus Christi. Others have been moving out of higher-end luxury apartments and into older, more-affordable complexes to cut costs.

The exodus has created hundreds of apartment vacancies since November, but rent prices remain unchanged. Instead of lowering rents, property managers have eased move-in criteria to insure occupancy. Applicants with credit and rental-history blemishes and those whose income is less than three times the cost of rent are no longer being disqualified for apartments.

“We’ll see a decline in occupancy rates here and there … but they (complexes) won’t empty out,” Gomez said.

The average price of homes in Corpus Christi hit a record high of $207,700 in December, according to the latest data from the Real Estate Center at Texas A&M University. That same month, the asking rent for a typical apartment in the city was 25 percent higher than it was just four years ago.

Five recently completed apartment complexes have been cleared since March to take in tenants. Another dozen are in various stages of construction and are due to open in coming months.

The Corpus Christi area’s apartment occupancy rate was 92.5 percent in December, according to ALN Apartment Data, a Carrollton-based firm that tracks rental property trends. That’s down from 94.3 percent in November and the record months of December and April, when occupancy hit 95.2 percent.

Average rent in Corpus Christi in December was between $842 and $880, an ALN report said, though it’s not uncommon for newer complexes to ask for more than $1,100 for a one-bedroom home.

Corpus Christi’s low unemployment has been a magnet for thousands of job seekers in the past three years, most of them eyeing work in the Eagle Ford Shale energy play. The trend has slowed recently as energy companies have scaled back shale production, even shaved jobs, trying to remain profitable.

Falling oil prices and cutbacks in shale oil production by energy companies will put “downward pressure” on the local housing market, Lee said. However, the majority of newly constructed apartments are likely to be absorbed by students at Texas A&M University-Corpus Christi and personnel from the nearby Naval air station.

“The overall housing market in Corpus Christi, including single-family rental houses, will likely soften up after reaching its current peak, but the market for apartments might continue to be tight at least the rest of the year,” Lee said.

Apartment occupancy in Corpus Christi in January 2010 was 89 percent, and average rent was about $700.

Warren Andrich, CEO of the Corpus Christi Association of Realtors, was optimistic about the home sales market, while conceding more rental property was needed in the city.

The Real Estate Center reported that 375 homes were sold in Corpus Christi in December, typically a slow sales month.

The Coastal Bend’s economy, though heavily influenced by the energy industry, is diverse enough to support an increase in housing, Andrich said.

Although homes values are increasing and are being sold at or near their asking prices, Corpus Christi’s inventory of affordable homes — those priced between $125,000-$165,000 — is less than 300 units.

“These are all indicators that we were in need of the additional rentals coming on the market,” Andrich said.

Twitter: @Caller_ChrisRam

Corpus Christi Apartment Market (December 2014)

Occupancy Rate: 92.5 percent

Asking Rent: $880

Effective Rent: $873

Average Apt. Size: 850 square feet

Average Market Rent Breakdown By Floor Plan

Efficiency, $671

1 Bedroom, $753

2 Bedroom, $944

3 Bedroom, $1,084

4 Bedrooms +, $2,181

Source: ALN Apartment Data

Housing Activity (Annual figures)

Year No. of sales Average price Median Price Months of inventory

2004 4,745 $132,100 $113,800 4.6

2005 4,894 $147,300 $125,200 5.0

2006 5,192 $153,300 $130,400 6.2

2007 4,510 $162,000 $136,500 7.4

2008 3,773 $162,200 $138,900 9.0

2009 3,444 $155,500 $134,800 10.2

2010 3,445 $152,300 $136,500 10.3

2011 3,396 $157,500 $135,700 9.5

2012 4,058 $169,900 $142,300 7.1

2013 4,589 $180,700 $152,200 5.3

2014 4,721 $197,100 $168,600 4.5

Source: Real Estate Center, Texas A&M University.

via @callertimes

The Art of Negotiating

youwant

Whether you’re trying to get the best price at the flea market, ask for a higher salary, or buy a new car, having good negotiating skills is important. Luckily, during a real estate transaction, you have a hired professional to do the tough stuff for you! Whether you are buying or selling, your agent should be representing your needs and wants through this fine art of negotiating.

Some may believe that negotiations are “all or nothing.” That one party wins over the other. This could not be further from the truth. While the goal of negotiation is most certainly getting what you want, the fact is that the best deals incorporate terms from both sides.

First, think about what you want to achieve from the process. Make a list of what you want from the negotiation and why. This helps determine what would cause you to walk away so you can build your strategy within acceptable terms. Try, also, to understand what your counterpart’s motivations are as this is equally as important. By studying the other side’s goals, it may help you frame your own by realizing that there’s a solution for you both. The single most important tool you and your agent have is preparedness. Communicating with each other the main goals and why they’re the goals gives your agent the best negotiating power there is. Follow these steps:

1.      Establish a fair sales price. Your agent should run a comparative market analysis (CMA) for you to assess what a fair asking price is based on other sales in the area.

2.      Establish what you can afford. If you’re buying, your agent should be able to help you with this a bit, and if you’re working with a lender they will be invaluable here. If you’re selling, what is your bottom line?

3.      Decide what other things would be a deal breaker. Price is typically the most important factor. However, it may also be a deal breaker if you’re selling and you cannot afford to pay the buyer’s closing costs at their request, or you’re the buyer and your insurance requires a windstorm certificate that the home doesn’t have.

4.      As a buyer, when it comes to inspections, negotiating repairs can become just as important as presenting the offer itself. If the home you’re seeking isn’t advertised as being sold “As Is” then you likely have some negotiating powers when it comes to repairs.

5.      Try not to get emotional. This is a tough one as a home is personal. And if you get too emotional, you may make an exception to your goals. But your agent is there to represent you, your goals and to make it about business so this doesn’t happen.

From there, your licensed Real Estate Agent should be able to clearly communicate your desires.  It’s your agent’s job to ensure you are represented correctly, fairly, and your voice is heard! It’s all about collaborating to meet both ends, making it a “win/win” situation.

What should you look for in an agent? These characteristics may be beneficial: An active listener, someone with a reputation of getting along with others, someone with a mild-mannered and optimistic personality, and a clear but firm communicator.

So sit back, and let US work for YOU. If you’re feeling like your agent is trying too hard to convince you to forgo your main goals, then perhaps it’s not the right fit. There’s a solution to every problem. Think outside the box, discuss rather than argue, and don’t forget, it never hurts to ASK!

Rapidly Diminishing REO Foreclosure Sales

The number of foreclosed home sales has been rapidly falling and could essentially vanish by next year. Those who specialize in foreclosure sales should therefore look towards other line of business.

  • In August, foreclosed sales comprised only 6 percent of all home sales transactions, down from double-digit figures last year and from near 30 percent few years further back.
    In addition to fewer distressed properties on the market currently, there is very little in the pipeline. The number of foreclosure starts is essentially back-to-normal with only 0.4 percent of mortgages undergoing that process. Moreover, mortgages originated in the past four years are one of the best performing with very little defaults.
  • We should nonetheless be mindful that the overall count of seriously delinquent mortgages and those homes in some stage of foreclosure process are still above historical normal because some states have been very slow to process the required paper work. For example, some homeowners who have not been paying mortgages for 2 or 3 years are still living in the home in Florida and New Jersey. But the broad figure on seriously delinquent borrowers has been sliced in half over the past three years.
    The bottom line there is that foreclosed sales could be in the 1 to 3 percent next year – essentially back the normal market conditions. Fewer distressed properties will also help with the overall appraisal process of not using bad comparable.
  • REALTOR business tip. From time-to-time there will be a homebuyer who takes a very long time to decide. After viewing 30 homes, they will ask for few more, and on and on. One way to help on the decision, according to psychology studies on human behavior, is to provide extreme alternatives that the consumer will certainly not buy. For example, showing a home that is outside of the buyer’s price criteria or a foreclosed home can help speed the decision. Since foreclosed homes are on the decline, one has to use other alternative extreme comparisons.
  • A similar decision process applies in politics. Research shows undecided voters wanting to gravitate towards the middle for no other reason than not wanting to be extreme. Therefore a portrayal of political opponent as an extremist will help get votes for your candidate. That is why negative political advertisements, though nasty and unpleasant to view, is said to work in helping undecided voters make up their mind.

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Source:  National Association of Realtors

Next Stop for Median Home Prices $200,000

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CORPUS CHRISTI – The cost of an average home in Corpus Christi will exceed $200,000 before the end of the year, economic and housing industry experts say.

The average single-family home in the city fetched $199,300 in July, according to the most updated figures provided by the Real Estate Center at Texas A&M University.

Jim Lee doesn’t expect the price tag to stay there.

In fact, it’ll likely inch further up before Christmas, he said.

“We’ve been seeing appreciation for months, but ($200,000) is a benchmark we’re going to hit soon,” said Lee, the chief economist at Texas A&M University-Corpus Christi. “This is a head up for next year’s tax bill. It’s going to go up.”

He credited the upswing to a fierce surge in demand for homes, which he attributed to growth from the Eagle Ford Shale energy play.

The average price for a home in Corpus Christi spiked to a record $202,700 in May, but dropped to $197,000 the next month, according to the most updated figures provided by the Real Estate Center at Texas A&M University. It was at $199,300 in July. Lee said prices could climb as much as 10 percent by the end of the year. And that likely will mean property taxes also will increase.

“As (home) prices go up, so too do the taxes,” Lee said. “Another 10 percent … will be a burden on homeowners. They need to be ready for it.”

In an interview Wednesday with the Caller-Times, Lee described today’s housing landscape is somewhat reminiscent of the 2004-05 home-buying market, which ended in a downturn. The difference then was the Corpus Christi housing market more closely followed the national housing trend, and was not being guided by a fertile-and-booming oil market.

Scores more residents have descended on Corpus Christi in the past two years, lured by the prospect of energy-related jobs and a cost-of-living cheaper than anything in the metropolitan areas. Economists believe as many as 10,000 jobs will spring from it during the next five to seven years.

Statewide, 81,000 single-family homes were sold in Texas in the second quarter of 2014, according to the Texas Quarterly Housing Report, issued by the Texas Association of Realtors. That represents a 1.1 percent increase from the same quarter of 2013.

A total of 2,728 homes in Corpus Christi were sold between January and July, according to the Real Estate Center, which estimated average home prices would hit $194,100 this year.

Homes also are staying on the market half the time they did three years ago. Corpus Christi’s home inventory in July was such that a home will remain on the market for 4.8 months, compared with 10 months in July 2011.

Warren Andrich, president/CEO of the Corpus Christi Association of Realtors, expected more people to take advantage of first-time homebuyers assistance programs in the coming year, even for homes below $200,000. Andrich said the market may be advantageous to homeowners looking to upgrade, but may also present greater challenges for lower- and middle-income homebuyers, who are finding it increasingly hard to purchase.

There are 1,800 to 1,900 houses available in the city, compared with 7,300 homes on the market three years ago. Homes that are considered affordable — because they are listed for a selling price between $125,000 and $160,000 — are scarce in Corpus Christi; there are roughly 200 of them available.

Lee said homeowners had to do a lot of soul searching during the 2004-05 housing downturn. At issue was whether to dump their homes ahead of what would become a major national housing crisis and a global economic recession.

His advice for those tempted to sell while the price tag climbs?

“It’s definitely a seller’s market. Definitely,” Lee said. “But if you sell, where are you going to go? No one knows how long the oil boom will last.”

via Caller Times

THE TRUTH ABOUT FORECLOSURE AUCTIONS

foreclosures

Foreclosures: There’s something about them that makes ears perk up. A “good deal” is hard to ignore…but what are the foreclosure auctions all about? Here are some tips and tricks if you ever find yourself with a paddle in your hand, bidding on your very own foreclosure.

1. Bring the funds with you. This must be in the form of cash or a cashier’s check

No personal checks, pre-approval letter, or your mom’s famous coffee cake. These simply won’t cut it.

Because you pay directly on the spot upon winning, you don’t want to overpay as it will take approximately 30 days to get that refund. Instead, if you’re coming with a cashier’s check, come with multiple denominations so that you can add them together to create the appropriate amount. Also, have them made out to you so you can deposit the left over checks back into your bank account. If you win, you simply sign them over.

If, however, you are in an auction online, you have a bit longer to come up with the funds.

*Some companies charge a percentage of the final sales price as a buyer’s fee. Be sure to ask about this, or read the fine print.

2. Do your research: Foreclosures are sold “AS IS, WHERE IS, NO PROMISE OF ANYTHING.”

There is no guarantee of a clear title, functioning plumbing, electrical, structural issues, etc. You must do your due diligence to make sure you know what you may be purchasing. Liens on properties are public record and can be found online or at the local courthouse.

3. Opening bid does not necessarily mean you can get the property at that price.

This number is normally set by the foreclosing lender, and is usually the estimated loan amount owed to the lender. Sometimes, the opening bid is simply an estimated minimum by law that includes only taxes delinquent on the date of judgment, or a number that the creditor believes will spark interest. This minimum bid can be just a tool to get the bidding ball rolling  – but if the bids do not reach the creditors bottom line, then the property will not sell and will go back to the creditor to do with it what they choose.

4. Purchasing an occupied foreclosure.

If the homeowner does not vacate the property after the foreclosure sale, you as the new owner, must give them a formal notice to move out. If they do not, you have the right to bring on an eviction lawsuit. If the person occupying the property is a tenant of the former owner, a different form of action must be taken. There are certain laws that actually protect these types of tenants. It all comes back to doing your research before you purchase so you know what you’re getting yourself into.

5. If you’re the one bidding, you’re the one buying.

There is an exception: By signing a Power of Attorney, you may appoint a representative to bid for you. Sometimes, auction companies may offer live remote bidding by telephone through an auction representative or has live Internet bidding capabilities. There are options if you are unable to attend an auction.

6. If the auction begins at 10, be there before 10., the first Tuesday of every month, at the county courthouse.

Auctions in Texas are the first Tuesday of every month, on the south side of the County Courthouse. The auction may only last 10 minutes total, so be timely, or you may miss the whole thing!

With that said, Texas law requires a three hour window from the time given on the auction notice and when the auction actually happens.

 

If Corpus Christi foreclosures are something that interest you, final words of advice would be: Save your money, do your research, and don’t be late! Happy bidding!

WHAT YOU SHOULD KNOW ABOUT HOME APPRAISALS!

homeappraisals

Appraisals are a key component to every real estate transaction, with the exception of an all-cash transaction. Whether it’s a property using a mortgage, refinancing an existing mortgage, or selling property, the appraisal matters. But how does the appraisal work and how is it determined? Whether you’re a buyer, owner or seller, the following are important points to understand.

 

Appraisal Definition

The act of judging the value of something by an unbiased professional.

Why Appraise?

Most often, an appraisal is ordered for use in a sales transaction. The appraised value is used to determine whether the property’s contract price is appropriate given its condition, size, location and special features. In a refinance situation, the appraisal serves as a guarantee to the lender that they won’t be loaning more than the property is worth.

Why Do Lenders Care?

For mortgage companies, the property serves as collateral if the borrower defaults on their loan. That is why it is important for lenders to ensure that homeowners are not over-borrowing for a property: If foreclosure occurs, the lender can likely recoup the money it lent by selling the home.

How Appraisal Values Are Determined

Because the appraisal primarily protects the lender, they are normally the ones to order the appraisal. It’s important to note that an appraisal must be made by a qualified and licensed appraiser; someone who has no direct or indirect interest in the transaction and who is familiar with the area.

Once the lender has ordered the appraisal with a recognized appraiser, they will not only visit the property and conduct a thorough visual inspection, but they’ll also compare recent sales of similar properties. Factors that may influence the value will be some of the home’s amenities, number of bedrooms and bathrooms, floor plan functionality and square footage. The appraiser may also note any conditions that adversely affect the property’s value and, if necessary, may request repairs to fulfill the loan.
The appraiser then provides a report with the appraisal value, which includes an analysis and conclusions about the property’s value based on his or her observations. The appraiser’s detailed report costs several hundred dollars, and typically, the buyer/borrower is responsible for paying this fee.

Knowledge For Buyers

If the appraisal comes in at or above the sales price on your contract, the transaction proceeds as planned. However, if the appraisal comes in low, it can derail the transaction. If the seller is willing to come down in price to the appraised value, you’re back on track. After all, you both have the same goal: Get the property to close! But if the seller will not come down, you may consider negotiating to meet somewhere in the middle, or even terminating the contract altogether. Because the lender will not loan over the appraised value, it keeps buyers from overpaying.

Knowledge For Sellers

If the appraisal comes in low, but is accurate, you will likely have to lower your property’s sale price to allow the transaction to move forward toward closing. As we already know, lenders won’t approve loans for more than a home is worth, and holding out for an all-cash buyer is a risky move and possibly improbable.
If you think that your property’s appraisal has been incorrectly valued or it has been dragged down by the sales prices of nearby foreclosures and short sales, you have options.  Depending on the type of loan, you may be given the opportunity to convince the appraiser that your home is worth more. If a low appraisal is standing in your way, consider getting a second opinion. Appraisers are only humans after all, and can and do sometimes make mistakes and/or have faulty or incomplete information.

Knowledge For Refinancing Homeowners

Your property needs to appraise at or above the amount you want to refinance for your loan to be approved if you have a conventional mortgage. On the contrary, if you have an FHA mortgage, you can refinance through the FHA Streamline program without an appraisal.

Crux

Even though the appraisal is just one of the dozens of moving parts that must get ticked off on the loan-closing checklist, it is a critical player. Know what it means for you in the role you play in the transaction. Don’t be afraid of the dreaded appraisal…Knowledge is power!

Palmilla Beach Resort and Golf Club

Welcome to the “New Coast, Now!”

mT=f(P2 + t + s + a)

But what does this mean?

Motivated team = function (Passionate People + training + strategy + accountability)

This is Legacy International Resort Properties’ winning formula for their brand new resort, Palmilla Beach Resort and Golf Club.

Designed by award-winning developers Bart Koonz and Red McCombs, this community has it all…Beach. Bay. Golf.

Philip Jelufka, President and CEO of Legacy International, outlined the resort’s 5 Key Differentiators at a discussion hosted by San Jacinto Title Company on May 14, 2014 at the Comfort Suites on Upper Padre Island. They are:

  1. World-class golf course
  2. Expertise in financing and world-class management and developing
  3. Beach. Bay. Golf.
  4. Product offering – homes, condos, hotel, etc.
  5. Being a part of New Coast. Now.

This 700-acre resort is designed to be pedestrian friendly, with a grand opening date of August 2, 2014.

June 10, 2014 Coastline Properties toured the site. Tiffany Pritchard, Sales Executive, has shared her unmatched knowledge of the resort and outlined each detail, big and small!

This walkable community is made up of Village North, Village South, and the Marina (refer to photo below). The Marina, northwest of Village North (Map1, in orange) will house 150 uncovered boat slips on the bay side. Adjacent to the marina is the intercoastal waterway and close proximity to the airport.

Map 1 Palmilla Beach Resort and Golf Club

Across 361 then is Village North. The green plots (Map 2 Picture Below, Village North) you see are home sites – there are a limited number available. These range in price from $195,000 – $815,000. There are currently 4 preferred builders, but yes, you can bring in your own. By the end of summer, 8 homes will have broken ground. Once you purchase a home site, you have 2 years before you are required to start construction.

Map 2 – Palmilla Beach Resort and Golf Club

Three of the 4 builders are:

  1. Keystone Company – 3 bed/4 bath, 2,826 sq. ft.
  2. Conner Coastal Homes – 4 bed/4.5 bath, 2,504 sq. ft.
  3. T. Kypke Builder Inc. – 4 bed/4.5 bath, 2,840 sq. ft.
  4. Buckwild Builders – 4 bed/4 bath, 2,942 sq. ft.

The vertical village concept will keep the resort pedestrian friendly and architecturally consistent. Each home must have a minimum of 2 stories, but some home sites allow for a 3.5 story maximum. Homes that dead-end will have towers atop them to further enhance village feel and ‘curb’ appeal.

Want to use your home as an investment opportunity? No problem – there is on-site management for homes in the rental pool.

The yellow blocks you see (Map 2) are for future development, but “yet to be determined” regarding what kind. The resort take its cues from the market to identify what it wants. More homes? More condos? Do you have a good idea? Feel free to write in and give us your own input!

Then you’ll see the grey area (Map 2), where Seagate Condominiums will go. Set to be finished in 2015, the condo is “breaking ground” in June (wait, that’s now!!), and will be going vertical in the next several months. These units are also available for sale, and will be located near the entrance of the village once you pass the Welcome Center. The L shaped condominium will be 4 floors high, totally 9 different floor plans to choose from. There will be 18 condos in total, ranging between $365,000 to $985,000.

Floor One:

  • Juniper Floor Plan – 3 bed/2 bath, 1,524 sq. ft., patio 143 sq. ft.
  • Jasmine Floor Plan – 2 bed/2 bath, 1,372 sq. ft., patio 168 sq. ft.
  • Lantana Floor Plan – 1 bed/2 bath, 1,040 sq. ft., patio 179 sq. ft.

Floor Two:

  • Mesquite Floor Plan – 3 bed/2 bath, 1,646 sq. ft., balcony 180 sq. ft.
  • Mulberry Floor Plan – 2 bed/2 bath, 1,357 sq. ft., balcony 180 sq. ft.
  • Myrtle Floor Plan – 2 bed/2 bath, 1,407 sq. ft., balcony 256 sq. ft.

Floor Three:

  • Palmetto Floor Plan – 3 bed/4 bath, 2,817 sq. ft., balcony 344 sq. ft.
  • Retama Floor Plan – 2 bed/3 bath, 1,971 sq. ft., balcony 189 sq. ft.

Floor Four:

  • Wisteria Floor Plan – two stories, 3 bed/4 bath, 2,271 sq. ft., 3rd floor balcony 545 sq. ft, 4th floor balcony 143 sq. ft.

* The third and fourth floor(s) have 6, 2 story units.

But what about fees?

Home sites

  • $3000 per year Homeowners Association (HOA) fees

Seagate Condos

  • 36 cents per square foot on master HOA fees
  • $1200 per year for pool and amenities fees

So now that we know about the ‘designer’ living here, what does the resort offer in terms of amenities and entertainment?

  • Golf: This 222 acre, 18 hole “gold” course is (as of August, 2013) managed by internationally renowned Troon Golf, and designed by Award-Winning Arnold Palmer Signature Courses. The grass on the tees and fairways are Seashore Paspalum. A fine choice due to its tolerance to heat, salt water, and dense root system(s), which provide desirable turf-like characteristics and is the same grass used on the Augusta course. Although this will still remain a public course, resort owners will be privy to some perks (perks program is currently in the works). The clubhouse has a new restaurant named the Black Marlin, which boasts sophisticated, yet fun and fresh coastal dishes. The outdoor seating is set up with hanging lights, a stage, and even a bar 3 stories up overlooking the gulf.
  • Grand Lawn: Next to the clubhouse and Black Marlin, there will be a grand lawn, which can be used to host events.
  • Hotel: This will likely be a Hyatt boutique hotel, meant to provide luxury to those coming to spend a relaxing weekend away, likely with a spa and a pool. But it will also have a conference room and both casual and fine dining. Soon to be an overnight golf destination sensation, they’re expecting an influx of golfers to come and stay a night or two. A hotel on the premises is the convenience they’ll seek.
  • Pool: A brand new pool, bar, and amenities center (located near the home sites and Seagate Condos) is set to open this summer, equipped with loungers, umbrellas, and cabana boys serving chilled grapes. OK, I made that last part up, but there WILL be cabanas.
  • Beach: It’s right there!! Perfect for fun in the sun, waves, shelling, and birding. Private beach access with dune crossover will be built to provide private beach access.

Although the developers currently have their hands full concentrating mainly on developing Village North, Village South and the Marina may not be far behind – it will be exciting to see it all unfold.

Arnold Palmer himself quotes this project as an “enthusiasm I haven’t felt in a while.” That’s good enough for me!

Please don’t hesitate to contact me at 847-830-2087 or whitney@coastline-properties.com for additional information. The Palmilla Beach Resort Welcome Center can also answer your questions at 361-749-3628. Or simply visit palmillabeach.com and click around!

Great “New” Listing Below

We're sorry, but we couldn't find MLS # 225309 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

 

New Plans being Laid for Lake Padre Area

What do Bricktown, Oklahoma City and North Padre Island, Corpus Christi have in common? A water taxi system! Or at least, soon to be.

With Schlitterbahn, Harbor Marina, and Island Walk Village coming in phases to Padre Island, this picturesque canal system linking the island’s main attractions will bring new tourism and new life into the Island. Paul Schexnailder, a partner in the project, highlighted some of the main and most exciting aspects today at the State of the Islands talk, held at the Comfort Suites by San Jacinto Title Services.

CLICK ON PICTURE BELOW TO BLOW UP AND DOWNLOAD OR PRINT A COPY

Schlitterbahn, still set for a soft opening at the end of May, is part of Phase I. Although rain and labor has hurt the construction schedule, Jeff Henry, co-owner, has said this is the best park he has ever built. And we’re OK with that…good things come to those who wait! Here’s why!

The main clubhouse boosts four stories of fun.

  • 1st Floor: “Fajitas” restaurant and retail space
  • 2nd Floor: The floor for the locals – will have TVs, a lounge, a game room, and food and drinks
  • 3rd Floor: A 4500 square foot event center, equipped with 6 meeting rooms
  • 4th Floor: Fine dining open to the public, as well as  a private dining room for golf course and park members only
  • There will also be roughly 80 hotel rooms in the building 

To top it off? The clubhouse overlooks an Amphitheater that can hold approximately 2000 people. This was not in the original plans, but it sounds like the perfect place for some great island venues. You got fins to the left, fins to the right… 

Harbor Marina, set to be operating this time next year, will be instrumental in the “Water Taxi” System. Referring to the maps provided, Cruiser canal is being expanded to continue straight and curve to go toward the marina. See the arrows on the maps? That is where a new bridge is going to go (between Commodores and Whitecap). It will orchestrate boat and pedestrian traffic by 3 separate arches. The center arch will be for the boats, and the two arches on either side will be for pedestrians and golf carts. The canal archway will have a 13 foot clearance, whereas the two pedestrian archways will have a 10 foot clearance. The canals will be finished late 2015, early 2016, and the bridge has an end-of-the-year completion date. 

Island Walk Village is an Ingredient in Phase II. And yes, I am talking restaurants. It will be the site of at least 6 restaurants all up and down the newly dug canal system (will there be gondola rides in our future?). The structures will house the eateries on the main levels by the water, and then living spaces above that. Worried about parking? Don’t. The village has been drawn to have about 1400 parking spots.

..And even though gossip of a grocery store is spinning, those in “the know” are being understandably coy about the details. The good news is, there WILL be one!

This hardly touches the exciting developments the island will see over the next 5-10 years. The good news is that we have a built-in market here on our coast, and something tells me it won’t be “off the grid” much longer.

M&G Chemicals Plant Update: Corpus Christi Site

On Thursday, February 13th, at the Padre Island Business Association lunch, Jeff Shea, Site Manager for M&G Chemicals, spoke to update us on the M&G Chemicals PET/PTA Facility.

The privately owned company has locations all throughout the world, but this site here on Port Corpus Christi, Inner Harbor (across from Flint Hills Resources) will be the largest plant yet.

WHAT WILL THE PLANT PRODUCE?

The plant produces polyethylene terephthalate (PET for short), which is a safe and easily recyclable plastic polymer used mainly for containers of all sorts due to its superior water and moisture barrier quality. It will also produce the PET key raw material, purified terephthalic acid (PTA). Production is estimated at 1200 KMT/yr (kilometric tons per year) of PTA and 1000 KMT/yr of PET. This process is FDA approved, and a $1 billion investment.

CO-GENERATION PLANT

This means the plant intends to produce its own electricity. They will do this by using natural gas combustion for electricity, steam and heat. This is efficiency by using “waste.” Water usage is also at the forefront of the plant, as its projected to use approximately 6 million gallons per day. So M&G plans to generate their own water so Corpus Christi doesn’t suffer from drought due to the plant. They will bring in water from the Gulf, pull out the salt, and then put the brine back into the ocean. The technology used here is called “reverse osmosis membrane.”

WHY CORPUS CHRISTI?

According to Shea, “you guys got it all!” (which we already knew J). Corpus is located on the Gulf, it has easy access to three railroads, there are six refineries around, deep-water access, and there is Port access to the Bay and Viola Channel.

BENEFITS TO CORPUS CHRISTI?

This is thought to be an international investment to the area in that it holds the possibility of attracting upsteam and downstream industries as a result of the M&G investment, as this is a company with a proven track record of renewable resources. Not to mention, it will generate many jobs.

LET’S TALK JOBS AND TIMELINE

Jobs:

  • 250 direct full-time employees
  • 700 indirect employees
  • 3,000 construction workers at its peak (5 million man hours!)

Timeline:

  • Summer 2014 – Federal Air Permit received
  • 2nd Quarter of 2014 – Construction begins
  • 4th Quarter of 2015 – Construction completed
  • 1st Quarter of 2016 – Plant commissioned and operational

MAYOR NELDA MARTINEZ: STATE OF THE CITY

“Bold and Balanced Growth” is how Mayor Martinez described our Emerald City by the Bay, Corpus Christi – and she isn’t kidding. On the afternoon of February 6, 2014, at the American Bank Center, she touched on two major statistics that will hopefully make a big impact in the Real Estate realm this coming year.

Corpus Christi is one of the fastest growing metro economies in the United States coming in at No. 10 with a 3.8% increase in 2013 and a projected 3.1% increase for 2014. This is also due to a 4.3% rise in jobs. More people coming to Corpus = more buyers in the real estate market! Finally, the scale is tipping.

Mayor Martinez also pointed out that since 2010, there has been a housing rise of 19%. There has been a sizeable increase in new construction in Corpus, creating roughly 3,800 new jobs in 2013. Why would there be this kind of boom in new construction you ask? Because we want to be prepared for the economic growth that is expected. From 2012 to 2013, there was a 32% increase in new residential permits alone.

With that though, there has been a shortage of affordable housing. The city is attempting to change this by building some low-income housing, such as The Palms at Leopard, to accommodate 120 apartments, which broke ground Nov. 14, 2013, on Leopard Street. The goal is to offer a healthy mix of housing options throughout Corpus Christi, and to continue with neighborhood cleanups.

As for the Island, Schlitterbahn is projected to bring mass amounts of people to the park, increasing the growth and relevance of the island. Property values are expected to increase due to this exposure, and there will certainly be many more people looking to buy and rent around the island.

Onward and upward, Corpus Christi!

Drones: The Next Big Thing in Real Estate Photography?

Move over Google Earth. The Drone may soon be invading the aerial photography kingdom. These drones don’t listen to private conversations, nor are they combative, but they can be a highly useful tool for Real Estate Agents!

Traditionally, aerial photos for Real Estate were taken by photographers in privately hired helicopters, and even more recently, Google Earth.

But a new twist may be coming onto the scene – remote operated Drones equipped with cameras. The operator is able to direct the drone around and above any piece of desired real estate.

If you haven’t already droned me out (pun intended), consider how an aerial view can be a worthy exposure. As a seller, you are able to showcase the property in its entirety, along with its surrounding areas. Favorable differences from your standard point-and-shoot camera might more effectively show yard size vs. house size, the leveling of the land, angles, quality of roofing, etc – These features may be hard to visualize unless seen from a bird’s eye view.

A house on the water is said to be valued around 3 times that of an inland home. The use of a drone that would show proximity to water, would be valuable.

But don’t go placing your orders just yet. In an effort to protect the surveillance of private properties, Texas law passed Sept. 1 states that using drones for real estate photography is illegal and punishable by a fine. It might be three years before the savvy camera-carrying unmanned aircraft can capture your property of choice.

Loophole? House Bill 912 Senate Version (1E) states that “Code include a person who: (8) with the consent of the individual captured in the image and the individual who owns or lawfully occupies the real estate property captured in the image.”

Here’s to hoping we’re at least many decades away from robots selling the properties, too!

 

2013 was Good……2014 should be even Better!

Austin Business Journal:  Corpus Christi blows Austin away in construction job growth!

Best Performing Cities Index by the Milken Institute:

Corpus Christi ranks 17th best performing Large City in America.

Corpus Christi is the 5th fastest metro employment growth in the Nation.

Global Insight for the US Metro Economies report: Based upon Gross Metropolitan Product, Corpus Christi ranks 10th!

Projects breaking ground this year:

Cheniere Energy – $12B LNG plant

Voestalpine – $700 million processing plan (largest Austrian project in the US)

M&G Resins – $900 million PTA/PET plant(the largest such facility in the world)

Occidental Petroleum announced a joint venture with Mexichem to build a $1.5B project in Ingleside.

Corpus is becoming a ‘global’ community.  TPCO (Chinese), Voestalpine (Austrian), M&G Resins (Italian), Trafigura (Swiss), Mexichem (Mexican) are sending people to Corpus regularly to do business ‘right here!’

Tourism:  Spring/Summer Schlitterbahn Country Beach Water Resort opening  their park/resort on North Padre Island’s – first phase.

New Home Starts:  Up 60% over the last two years.  Homes sales are up, prices are up and major construction are up!

So, come on 2014…….we’re ready for you!!!

Come Coast Awhile………with us!

Showdown With the Shutdown: Tales of How the Government Closures are Affecting Real Estate

The effects of the government shutdown are rippling through the real estate industry, and practitioners are feeling the pain all over the country. Most of the complaints we’re fielding are about USDA loans, which have been entirely frozen. Real estate pros are seeing deals fall apart, as the Department of Agriculture has shuttered its mortgage division during the shutdown.

But agents and brokers whose clients hold every type of loan are getting slammed. Though the FHA is still operational, it has drastically reduced its staff, causing widespread delays in the processing of FHA loans. And while the IRS is down, it can’t verify tax documents tied to conventional, FHA, or any other loans. That translates to many real estate deals being put on hold — or just disintegrating.

It’s becoming a madhouse out there for many practitioners fighting to keep deals alive as the shutdown puts a stranglehold on the market. We’ve gotten a few of their stories.

David Harman Jr., ABR, CRS, GRI
Associate broker, Century 21 Harman
Orem, Utah

Everything that was once in the former townhouse of Harman’s clients is now in Harman’s garage: furniture, memorabilia, even a refrigerator full of food. His clients were about to get approval for a USDA loan at the end of September, and they had long picked out the home of their dreams. Then the shutdown happened, the loan was stopped dead in its tracks, and Harman’s clients — a married couple with two kids of their own and three foster children — had nowhere to go. They had already told their landlord that they would be gone at the start of October, and another tenant was already moving in.

“They’re first-time home buyers. The only way they could afford a home was through the USDA program,” Harman says. “It’s just so sad because these guys were so close to getting their first home, and they were so excited.”

The Friday before the shutdown went into effect, Harman received word that the USDA needed just one final question answered before approving the loan. The next Monday, it all fell apart.

Harman offered his garage as a place to store his clients’ belongings while they were forced to move in with a relative. Even then, their family was split up.

“I guess the foster kids are back with the state,” Harman says, adding that there’s no way they would have been allowed to stay with them in their current living situation.

To make matters worse, the sellers of the home Harman’s clients were going to purchase is now threatening to sink the deal. At first, they were only allowing a one-week closing extension when they found out the buyers’ loan was backed up because of the shutdown, Harman says. Now, the sellers say they’re not even sure they want to sell anymore. Harman says he continues to try to negotiate an extension, but “we don’t know how long an extension to ask for. Is it a day? Is it a month? We don’t know.

“I try to call every day and talk to [my clients],” Harman says. “That’s all I can do is talk to them and reassure them that I’m doing everything I can. … I don’t even know if they’re going to want to buy a house anymore. It’s been such a nightmare.”

Marsha Byrum
Salesperson, Coldwell Banker College Real Estate
Oxford, Ohio

“My clients were at the tail end of a USDA loan,” Byrum says. “They still have hope that the government will resume and they will close on their USDA loan.”

But drastic times call for drastic measures, so Byrum’s clients are starting all over again, applying for another loan as a backup plan. The clients, she says, are applying for a conventional loan this time, in hopes that it will be easier — and faster — to get while the government shutdown continues with no resolution in sight. But it’ll come with a big price.

“The conventional financing will end up costing them more each month, and now they have to use their savings for a down payment,” Byrum says. They were originally planning to use their savings to buy furniture, she adds.

“Not only that, but if they were going to go regular financing rather than USDA, there were other homes in other areas that could have been an option,” Byrum continues. “But they wanted to take advantage of the wonderful government-offered USDA financing.”

All of this has left a bad taste in Byrum’s mouth: “The government is like a common crook that pulls an unsuspecting person in with no remorse of not following through on its promise.”

Lori Young, SFR
Broker-president, Young Realty Group, Inc.
Naples, Fla.

Young’s frazzled. She represents sellers in several deals that are saddled on the sidelines because the IRS is unable to verify buyers’ tax return documents to approve their loans. Many of the deals are for short sales. One is for a property that has a tax lien filed against it. Young was in the process of trying to get the IRS to issue a document of release to the seller with the tax lien. But all of that is in limbo now.

“Overall, I approached the shutdown as an issue out of the real estate professional’s control and that I will monitor daily,” Young says. “Once reopen, we will continue to push our files.

“I’m not sure what is going on, but I’m lucky that my sellers and the buyers are all being patient,” she adds.

Who knows how long that patience will last, though.

Young has 16 short-sale deals on the table, and they’re all on hold “with some type of excuse blaming the shutdown,” she says. “Some are stating Fannie Mae or Freddie Mac are holding up approvals, and others are stating ‘the investor’ has not approved the deal. I’m a bit concerned about my short sales, which are homestead properties that need to close by year’s end to avoid any additional tax implications.”

Young says she communicates every day with her clients and updates them on any new information she learns related to their deals. That’s what helps keep them calm. But with all these balls in the air, it seems like Young could use some calming herself.

How does she do it?

“I go to yoga class,” she says.

Laura
Marketing manager, Keller Williams Realty
Sarasota, Fla.

By the end of October, Laura, who asked to withhold her last name, and her 8-year-old son will be couch-surfing. The single mom was in line to close on her USDA loan and move into her new home with her little boy by Oct. 20. But now that USDA loan processing has come to a halt, they’ll be making very different plans.

“Even if the government reopened tomorrow, they wouldn’t be able to process my loan until December,” Laura says. “I haven’t come up with a plan for what we’re going to do for the next couple of months.”

She had already committed to moving out of her current place by the end of October, and she doesn’t have the option of extending her stay, she says. Luckily, a few of her co-workers at her 150-person Keller Williams Realty office have offered to open up their homes to her and her son — but that comes with its own set of problems.

“Staying in someone else’s house who you’ve only known for a year, especially with an 8-year-old — it just seems like such an inconvenience to them,” Laura says. And then there’s her son, an even bigger and more important concern. “I want him to have a stable environment,” she says, “but we may have to house-hop for a while.”

Laura says that she has no family in the area. She’s even offered to pay extra to her home’s builder to move in before the loan closes, but the builder wouldn’t except the deal, she says. So until this mess can get straightened out, she’s taking it one day at a time.

“I’m very humble and resourceful — we’ll figure something out,” Laura says.

Pam Aguirre, CRS
Broker-associate, RE/MAX Legends Group
Indianapolis

Aguirre says one of her latest listings is a “show stopper.” It’s a completely renovated three-bedroom, four-bathroom single-family home with newly redone hardwood floors, a remodeled master suite with walk-in closet, new porch, self-closing cabinets, and new finishes. It came on the market just days after the government shutdown went into effect — and Aguirre hasn’t had a single showing yet.

“I feel our marketplace has gotten very quiet” since the shutdown, Aguirre says. “I’m not surprised by the slowdown. I think consumers in general are still very uneasy about the economy, their buying power, and the possibility that a government shutdown may bring a return of what happened to the housing market in 2008.”

The slow response to Aguirre’s listing, located in the car-racing enclave of Speedway, Ind., is all the more troubling because it’s close to the famed Indianapolis Motor Speedway, a major draw for the area.

“I was tweeting about a new listing coming to Speedway last week, hoping to draw some race teams or fans in. Nothing,” Aguirre says.

She admits that because renovation work on the home is wrapping up, she hasn’t had as many listing photos to show, and that could have an effect on buyer traffic to the property. But still, most of her listings that are in good condition, as this one is, have sold within a couple weeks of coming on the market, she says.

Even for properties in poorer condition, “the phone has been ringing and there have been showings,” Aguirre says. But right now, “the phone has been very quiet.”

via Graham Wood Realtor.com

Business Owners Push to Change Ordinance


A group of downtown business owners are pushing to change a city ordinance that would give code enforcement officers more power to clean up vacant buildings in an area that has become a virtual ghost town.

The Downtown Management District, a group of local business owners, voted at its board meeting Thursday morning to send a recommendation to the city to amend part of a longstanding ordinance that dictates how the city must handle vacant and dilapidated buildings.

The current ordinance prevents the city from inspecting the inside of the building unless there are two code violations visible from the exterior. But since many of the code violations are often on the interior, it is difficult for the city to do anything.

Local business owners have asked the city to amend that part of the ordinance so that only one code violation is required, effectively giving the city more power to crack down on owners who have left their buildings in disrepair.

“Hopefully, this is just one solution to help us get one step closer to fixing up downtown and keeping it the way it should be,” said Casey Lain, owner of the House of Rock and chairman of the management district board.

While the ordinance still does not allow for the city to demolish a vacant building, Lain said it will give the city more teeth in getting owners to comply with the rules. “It’s just a good vibe down here, so it [downtown] needs to be a place that’s good to invest your business in.”

The city is now working on drafting the amendment and is expected to present it to city council sometime this fall.

via KrisTV

Design Plans for Island Water Exchange Bridge Takes Major Step Forward!

Design plans for the proposed Park Road 22/SPID Water Exchange Bridge will move forward before final decision is made on permitting by the Texas Department of Transportation, which means work on the bridge could begin much earlier than expected.

Until last week City Engineers did not plan to begin final design work on the $8.1 million bridge until the TxDot ruling on permitting which is not expected until at least the fall of 2013; this meant that final design of the bridge could not possibly be done until well into 2014, delaying the bridge’s construction and causing potential delays in the digging of the proposed IslandWalk Canal to connect the Schlitterbahn waterpark to amenities including a marina, on the east side of the highway.

That logjam was resolved last Friday when City Manager Ron Olson directed the city engineering staff to proceed with the detail
design of the bridge while awaiting the ruling from TxDot on permitting, which is expected within the next month and will likely be
followed by a public hearing.  Olson’s move clears the way for work on the canals to begin much earlier.  Under his existing permits developer Paul Schexnailder must build water exchange culverts under the roadway connecting the new canal on the west side of the
road to Lake Padre on the east.  However, last year the Corpus Christi City Council approved the use of $8.1 million in bond money to instead replace the culverts with the bridge which would allow for boats to pass underneath as well as pedestrian and golf cart paths.

The current design would allow for water passage through a six-foot deep channel and would include walking and cart paths on each
side along with about a 14-foot clearance from water level to the bridge for boat passage. It would take about one year to complete and
during most of that time traffic on SPID would be reduced to one lane each way As the city moves forward with the final design of the bridge all required permit work is proceeding on the IslandWalk Canal.

by Dale Rankin Island Moon Newspaper

Recent Market Data For North Padre Island

North Padre Island Real EstateDID YOU KNOW??

INTERESTING FACTS ABOUT PADRE ISLAND AS OF MARCH 1, 2013

Waterfront Homes / Lots

There are currently 1,917 waterfront homes built on Padre Island.

There are only 189 waterfront lots left to be built on, on Padre Island.

Water Access Homes / Lots

There are currently 1,336 water access homes built on Padre Island.

There are only 1,017 water access lots left to build on, on Padre Island.

If you are even thinking about owning or building on Padre Island in the next 6-12 months we feel there is some urgency as to atleast get fully informed about the current market.  As all the new commercial developments continue here, the cost of Real Estate could go up dramatically within 24 months.  We are here to answer your questions and help you to secure your spot in Paradise, Give us a Call Today at (361) 949 – 0101.

Data provided by Corpus Christi Association of Realtors.

Want to SEARCH all Property available in the MLS in Real TIME?  GET our BRAND NEW SMARTPHONE APP for FREE >> Click HERE

 
 
 





FORBES: Corpus Christi a top City Leading Real Estate Recovery!

corpus christi homesWe are excited to report that FORBES magazine earlier this month listed Corpus Christi as the 9th City that is leading the Nations Housing Recovery!

“This February is by far the best we have seen in the past 5-6 years, if this keeps up we will shatter last year’s numbers for sure” Realtor Cheri Sperling said.

The survey in Forbes was conducted on all metropolitan cities that exceeded the rest of the country statistically. Corpus Christi ranked ninth among 146 cities nationwide, with its low unemployment and median housing prices. The highlight of the article was that our real estate appreciation in the area grew 3.18 percent in 2012.

“We had a pretty good year in 2012,” Corpus Christi Association of Realtors President and CEO Gary Doran said. “We’re recovering well.”

The area housing market had excellent success in 2012 since slumping back in 2007, according to the Corpus Christi Association of Realtors.

This Data, certainly tells the story.

Median sales price of a home sold in the Coastal Bend was $142,500 in 2012, an increase of 5.6 percent from 2011 prices.

As 30-year fixed-rate mortgages dropped to 3.88 percent, Corpus Christi experienced an increase of 16.8 percent in units sold in 2012.

When the housing bubble busted in 2007 with a massive credit expansion and subprime loans were given to buyers who were at much higher risk of defaulting. CCAR had lost almost half of its 1,500 members by 2011 after the market had an incredibly slow year.

“Numbers in inventory were extremely low in the MLS, and I remember speaking to many realtors who couldn’t not make a living and had a very difficult time paying their bills,” Cheri Sperling, said.

Today the market has shifted to benefit sellers, with some buyers having houses swept away from them after making an offer.

Cheri Sperling attributes the increase in our housing market to news of Schlitterbahn Water park, increase in inner Texas cities beginning to see Corpus Christi as a great 2nd home destination and of course the expansion of Eagle Ford Shale oil and gas exploration.

The influx of people has brought the rental management side of my business to be at near capacity to almost full, with leased property staying on the market for very short periods of time, Sperling said.

“As our rental prices and demand goes up, it makes it a better market to buy, particularly in many of our dry and waterfront lots” she said.

Residential Home Sales in the Coastal Bend

Category 2011 2012

Homes sold 3,640 4,249

Average sales price $156,751 $170,191

Average days on market 109 120

Median sales price $135,000.00 $142,500.00

30-year fixed rate mortgages 4.25 3.88

Source: Corpus Christi Association of Realtors

Zillow and Trulia Face Backlash from Realtors

By STEVE YODER, The Fiscal Times

February 24, 2012

It used to be a given for anyone selling their house – a realtor would put their listing on national real estate aggregator websites like Zillow, Trulia, and Realtor.com to maximize exposure and sell homes quickly. But that could be changing fast as the two entities face off.

Since 2005 or so, realtors have shared data about homes they have for sale with those national sites, which have millions of visitors (Zillow, for example, had 32 million last month). But even though the sites have grown, sales haven’t in the distressed housing market, and some agents believe the sites may not be helping. They accuse them of engaging in practices that give buyers inaccurate information that may hurt sales.

Among their complaints are that the sites allow any agent, for a fee, to have their name and photo appear prominently beside homes listed for sale in a given region, even if they aren’t the agent who represents the seller. In reality, the agent in the photo may know little about the property or the neighborhood where the house is located, frustrating customers’ efforts to get accurate answers, according to a report last year by real estate consulting firm Clareity.

Some realtors also claim that many listings on the largest sites are inaccurate. “The wrong photos often appeared with our listings,” says San Diego realtor Jim Abbott, whose firm no longer shares data with the national sites. He also says that the sites kept up listings that were no longer on the market. Clareity CEO Gregg Larson says Zillow and Trulia get information about the same property from multiple sources (like the listing agent, the local multiple listing service, and a syndication service). “The duplicates sneak through, and then you have [the same] listing with different prices, listed by different brokers.”

One Massachusetts realtor, Jack Attridge, notes in a letter to Inman News that because homes he’s listed appear on national sites, he’s often contacted by agents and customers well outside his area who have questions about those properties. Most of the time, they have wrong information, and none of those calls, Attridge wrote, have resulted in a sale.

These and other problems hurt realtors reputations and do nothing to sell houses, they say. Abbott argues that inaccurate web listings, combined with side-by-side links to realtors who know little about the property, frustrate potential buyers and may actually drive them to look elsewhere. He studied three years of his firm’s sales data and compared listings that the company didn’t share with national sites versus those they did. “Time after time, the listings that we did syndicate compared with the listings that we didn’t had no better outcomes,” he says. “In fact the ones we didn’t syndicate often sold faster” and closer to the asking price.

Zillow CEO Spencer Rascoff has fired back, asserting that an internal company study shows that homes that are in the top 10 percent of page views on Zillow sell more than a month faster than their counterparts in the bottom 10 percent of views and achieve sale prices closer to their asking price. He also says Zillow “invests massive resources in making our listings as accurate as possible.”

Nevertheless, Abbott and a few others have opted out. Minnesota-based Edina Realty fired the first shot in November by announcing they’ll no longer list their data on aggregator sites like Trulia and Realtor. Abbott pulled out on January 27 with a hard-hitting web video announcing his company’s plans. Then on February 6, a bigger player weighed in. Denver-based Metrolist, a multiple-listing service (a member cooperative that realtors jointly buy into that advertises properties locally), announced they’ll no longer allow a Zillow subsidiary to use their data. Some realtors in larger metropolitan areas say they have better local listing service options. “It would only take a few good-sized brokers in every community before these sites either drastically changed how they do business or went away altogether,” says Abbott.

But other industry insiders worry that realtors will lose business by pulling out of the aggregator sites. “All it takes is [brokers who don’t share data] losing a few listings and having a couple of their top-selling agents complain,” Larson says, and “they’ll cave.”

Phoenix realtor Jay Thompson has chosen to continue listing with the sites. “Good luck explaining your decision to not market a listing on high traffic sites,” he writes on his blog. “I can assure you that if a Phoenix area brokerage chooses to do that, then we will use their decision to our advantage.”

Abbott argues the opposite could happen — since he posted his video, he’s had 12 people who were interviewing for an agent to sell their home ask him about his company’s new policy. “We got all 12 of those listings,” he says. Calls to the firm, he says, have “gone through the roof.”

“I have included this post from the Fiscal times earlier this year as it clearly talks about the problem associated with using industry leading apps such as trulia and zillow.  They do a great job presenting data to our clients as they browse local property, but the problem is the data set is usually weeks if not months old and creating a lot of frustration for our clients.  In the very near future we will be providing our clients the latest technology in “REAL TIME” Search that will allow you to download our app or from our website you will be browsing the “LIVE” Multiple Listing Service here in Corpus Christi giving you the very best up to date information that you deserve!  Keep posted to our website for information regarding this in the next few weeks.  Keep smiling… Cheri Sperling”

Corpus Christi Real Estate Market Rebounds Since 2007 Slump!

CORPUS CHRISTI REAL ESTATE PRICES

Gains in existing home sales and median prices during the past three months have lifted the Coastal Bend’s housing market to its highest levels since the local housing slump began in 2007.
Sales closed between April and June numbered 1,172 units, or about a 19 percent increase compared to the same time in 2011, according to figures from the Corpus Christi Association of Realtors.

The median sales price also has risen by more than 8 percent compared with 2011 to $145,367, figures show.

Housing inventory — measured as the amount of time it would take to sell all available existing homes — has dropped almost by half to 5.6 months in June compared with 10 months in June 2011.

There was a monthly average of about 2,200 homes for resale on the area’s housing market during the period, figures show.

The increased buying activity spans all price ranges, said Char Atnip, a residential Realtor and chairman of the realtors association board.

SEARCH THE MULTIPLE LISTING SERVICE IN REAL TIME >>>CLICK HERE

“There’s a lot more people who are looking simply because interest rates are so low and prices have not skyrocketed, and it’s a great time to buy a home,” Atnip said.

New home construction activity has also increased compared to 2011.

In Corpus Christi, data from the city’s Development Services department shows there have been 449 permits issued this year for new residential construction through June, up 61 percent from the first six months of 2011.

The permits have an associated project cost of more than $82 million, figures show.

All but one of those permits is for single-family homes, with one being issued for an eight-unit building.

In all of 2011, the city logged 660 new construction permits for projects totaling more than $118 million

The local figures are similar to momentum building in many areas of the country, with builders beginning to respond to growing buyer interest.

U.S. builders broke ground on the most homes in nearly four years in June, The Associated Press reported this week.

MARKET OUTLOOK

The housing inventory of less than six months is approaching the five-month mark, which is what the area experienced during the housing boom between 2004 and 2006, said Jim Lee, economics professor at Texas A&M University-Corpus Christi.

A normal inventory for the Corpus Christi market is about seven months.

Low inventories typically trigger increased prices as supply dips and demand increases.

Home building can also increase, which is good for local economies, because it generates activity that isn’t exported to other areas, Lee said.

During the area’s most recent housing boom period, construction outpaced the area’s growth rate, which contributed to the slump, Lee said.

Source: Corpus Christi Association of Realtors via Caller Times. Read the original at housing market or housing or home sales, – Google News.

Texas Windstorm Rates on the Rise ??

corpus christi real estate windstorm insurance ratesThe Texas Department of Insurance (TDI) has agreed to move forward with several proposals to fund the Texas Windstorm Insurance Association (TWIA), the provider of last resort for windstorm insurance on the Texas Coast.

TWIA has just recently adopted a 5% increase on all residential and commercial windstorm insurance policies issued by TWIA to policyholders in the 14 counties comprising the Texas Coast. This is the third rate increase in the last three years for coastal county residents.

The Commissioner of the Texas Department of Insurance has also proposed rules that will establish the funding and financing mechanism to place funds in the catastrophic reserve trust fund to provide coverage for windstorm events along the Texas Coast. This plan provides methodology for the Commissioner to have the Texas Public Finance Authority sell several classes of bonds to fund TWIA losses and expenses in excess of premium and other revenues. The Class 1 Bonds in the amount of $1billion are to be paid for solely by TWIA policyholders in the 14 counties along the Texas Coast. The Class 2 Bonds in the amount of $1 billion are to be paid for 70% by all insurance policyholders, excepting workman’s compensation and health lines, in 14 counties along the Texas Coast and 30% by insurance companies offering policies in the 14 counties along the Texas Coast. TWIA is also proposing a surcharge on all other property and casualty policies held by the owners of TWIA policies in 14 counties along the Texas Coast. The proposed surcharge on the auto insurance policies of residents in the 14 coastal counties could result in uninsured drivers on our streets. The consequences of all of these rate increases could result in an economic catastrophe for the hard working families that live in the Coastal Bend and on the entire Texas coast. The financial hardship will be far-reaching on consumers, lenders, builders, and small businesses and would bring severe economic penalties to the Texas Gulf Coast area.

I encourage all residents, and business owners to please write a letter to Commissioner Eleanor Kitzman, Texas Department of Insurance and stress your opposition to these rate increases. In your letter, please emphasize that the Texas Department of Insurance needs to develop an equitable and reasonable statewide funding formula that does not target and discriminate against the 14 coastal counties.

BREAKING NEWS: Today, the Texas Department of Insurance announced that both hearings would be postponed, thus ending public comment for now.

Join local organizations, businesses, leaders and citizens at a “Rally Against Rates,” Friday, July 13, 2012, 9:45AM on the steps of City Hall. We encourage our friends to bring friends, family, coworkers, and others to let your voice be heard!

I urge you to keep submit your letters prior to the public hearings that the Texas Department of Insurance will be holding in the future. These public hearings are open to the public and everyone is welcomed to attend. When we here the next date of the meeting it will be held at City Council Chambers, City Hall, 1201 Leopard St.

Commissioner Eleanor Kitzman
Texas Department of Insurance
P.O. Box 149104
Austin, Texas 78714-9104

Padre Island Real Estate Facts – Did You Know??

corpus christi real estate facts 2012We have had many people ask for this information over the past 90 days, so we thought it would be very helpful for all to see how Padre Island is growing by leaps and bounds.  The Island is getting set for another major expansion, are you ready to take advantage of all of the great investment opportunities out there?
 
 
 

Padre Island Facts as of 6/28/2012:

197 vacant single family waterfront lots remaining – – 1,805 have homes on them

1065 vacant single family water access/dry lots remaining – – 1,399 have homes on them

99 vacant multifamily waterfront lots remaining – – 145 have been built on

151 vacant multifamily water access/dry lots remaining – – 75 have been built on

18 vacant duplex waterfront lots remaining – – 78 have been built on

39 vacant duplex water access/dry lots remaining – 65 have been built on

Give Us a Call Today, so we can talk with you about the incredible Real Estate Opportunities Available on Padre Island, TX.