These 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!
You got your home under contract! You’re so excited, a buyer loves your home as much as you do! Then, inspections are set up. The three inspections typically performed on a home here are the general inspection, the pest inspection, and the plumbing inspection.
It’s this last one that seems to be an inspection that, as of late, has been causing some unease among sellers.
Fear not, sellers! The truth is, this is not at all a scary or intrusive test. But it is an important one. The only way to calm a fear or unease is to be well informed. Here I’ll break it down so that when the time comes, as either a buyer or a seller, this test is nothing to think twice about.
Definition: A hydrostatic test is a way in which pressure vessels can be tested for strength and leaks.
Don’t let the word pressure fool you. There is a common misconception that pressure is put on your system during this test. That is far from the truth. What the plumber does is quite simple. They will find your sewer cleanout/sanitary drain pipe and insert a testball/balloon into the piping and inflate it near the perimeter of the foundation. Next, they’ll simply fill the system up with water. They will then find a commode and/or shower on the lowest level and monitor the water levels. If the water maintains its level (they’ll typically watch for roughly 15 minutes) then there are no leaks! IF the water happens to fall, there is indication of a leak somewhere in the system.
Leaks often occur when foundations have shifted. Because we are built on sand here on the Island, it’s relatively rare to have a failed hydrostatic test as foundations move less on sand. In the case of a failed test, the next step is to find where the leak actually is. That test is slightly more involved, but still not dangerous to the system. An Isolation Test is what should be scheduled next, and this test finds the actual source of the leak. It’s smart to have a different plumber perform this test to eliminate the possible suspicion of an intentional failed test to get more business (as the isolation test is far more expensive).
The entire inspection/hydrostatic test takes roughly 20 minutes. Like a ninja in the night, you may not even know they were there! Our local plumbers are knowledgeable, true professionals who are happy to answer your questions or concerns.
Note: This test typically costs around $85, and only a licensed plumber is to perform this inspection.
Did you know? A hydrostatic test is DIFFERENT than a static test. They are sometimes accidentally interchangeably used in casual conversation regarding the plumbing inspection, and there’s where some confusion can occur in terms of whether pressure is put on your system during a hydrostatic test. A STATIC test is what indicates pressure, and you can do it yourself – it’s a gauge that you can purchase at any hardware store that you screw on to your hose bib. Then, turn the water on and the gage will tell you how much pressure it is outputting. Don’t let a static test be confused with a hydrostatic test.
KIIITv has recently reported on all the dirt moving around on the east side of Park Road 22. If you live in the area you have no doubt noticed all the heavy equipment moving sand on the Gulf side of Park Road 22. It is all connected to the Riverwalk-style development that is soon to be going up there and the planned bridge over Park Road 22. Lots of excitement Developing here on North Padre Island, as the “Upper Padre” Development project is well underway.
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.
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
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…
Spring cleaning isn’t the only thing many people do in April here in South Texas – it’s also the beginning of the popular time of year to sell property! If you’re considering listing your home this Spring, my guess is that you want to sell quickly and get top dollar. Right? Well now that the sun is shining and the checkbooks are coming out of hibernation, consider these steps!
- Shop around. For an agent that is! A size 9 shoe will fit no matter which store it’s from, but not every agent will be the right fit for you. There are many options…many GOOD options. Ask questions that are important to you (do they host open houses, do they market their listings, do they provide feedback and advice). Find the agent whose vision matches yours.
- Price it right. This sounds like an obvious suggestion, but an overpriced home may not sell as quickly as one that is priced right. Sometimes the longer a home sits, the more buyers may wonder “what’s wrong with it?” A well-priced home is more likely to move, get multiple offers, get the sales price both seller and buyer desire.
- De-Personalize. When a buyer steps into your home, you want them to envision their own life there. As beautiful as your family portraits are, it may make it harder for a buyer to visualize – this goes hand in hand with STAGING. If a room is designed as an office but you use it as your exercise room, do your best to turn it back into an office.
- The heart of the home – it’s most likely the most important room for the majority of buyers. Anything you can do to upgrade or stage your kitchen will be beneficial.
- Mow! Or…rake your rock garden, or do whatever maintaining needs to be done to grab positive attention at the curb. Curb appeal is like the book cover – you don’t want buyers to not even open the door because the exterior is unappealing.
- Make your house shine, sparkle, smell of roses (or sugar cookies or bahama breeze or whatever lights your wick). There’s no bigger turnoff than a home that hasn’t been sustained. This is especially important if you have pets. Love the fur babies, but don’t want to smell them!
- All clutter and valuables. Any extra “stuff” lying around is distracting, and valuables are even more so! Clean out your closets, jewelry boxes, china cabinets, knick knacks, collectibles, etc. and stick it in a storage unit. It’ll make moving easier when that time comes, anyway!
- Lighten up! Your home is bigger, happier and brighter when blinds are open and all bulbs are working. Quickly changing out your burnt bulbs is probably the fastest task with the largest reward. Unlike your dancing partner at the nightclub, a home is prettier in the light!
- They will be opened. Not because buyers are snoopers, but because buyers like to see storage spaces. Best to tidy up those drawers, organize your pots and pans, alphabetize your spices. Ok, you don’t have to go THAT far, but you get the idea.
- Selling your home/memory keeper/safe haven, can be an emotional challenge. Start the detachment early! Think happy thoughts of your next journey, your next sanctuary. So when that offer does come in, you’re ready and it’s more about business than attachments.
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/
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!
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
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!
North Padre Island (Upper Padre Island)
….started developing in the 70’s, and with Schlitterbahn on the horizon, the island is becoming more and more desirable to purchase. 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!
New: Builders have fine-tuned their skills and in a timely manner! The average 3-bedroom house can go up in about 3 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.
New: You have options! There are 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, the first homes built probably have the best views and 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.
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!
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!
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, 2013, the option period would start on November 21, 2013 and end at midnight on November 30, 2013.
An option period is the best money a buyer can spend when purchasing a home!
Plans for the BeachWalk Village Development located along Whitecap Blvd. between SPID and the Gulf beach are now complete. Gulf Shores Joint Venture has released its plans for BeachWalk Village Development fronting the Gulf of Mexico adjacent to Whitecap Boulevard. The plans include single-family beachfront homes, multi-family lodging, and an Island village which wraps around the existing Island House and fronts on the seawall.
The 40-acre site will be Coastal Vernacular architectural style reminiscent of the low country architecture found along the coasts of Georgia, and the Carolinas. The BeachWalk Village Development is constant with the Island Master Plan and the developments on the west side of SPID. It is intended to compliment the Schlitterbahn Beach County Development making product available for those looking for beachfront settings.
BeachWalk Village will serve the portion of the market interested in a beach setting and compliment Schlitterbahn Beach Country and IslandWalk now under construction on the west side of Padre Sound (Lake Padre) and on the west side of SPID. Gulf Shores will shortly make the preliminary drawings for the marina on Padre Sound available in the near future. “BeachWalk Village ties together the plans for the marina, the Schlitterbahn Beach Country and the BeachWalk,” said Developer Paul Schexnailder. “When completed The Island will have a comprehensive development that is second to none on the Texas Coast.” ~Island Moon Newspaper
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.
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We 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
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.
“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.
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.
New Home UPDATE as of 7/19/2012: As of this week there are a good number of new homes under construction going up here on North Padre Island! New Developments relating to Schlitterbahn and the Proposed New Park Rd 22 Bridge are creating such an exciting atmosphere to be in. It’s been nearly 5 years since we have seen new construction like this!!
New Construction count is as following:
WATERFRONT HOMES – 8
WATERACCESS HOMES – 55
MULTI-FAMILY PROPERTIES – 2
Dry lots are selling selling on the Island. 18 have closed since June 1, 2012: Selling between $18,500 – $28,900
Padre Island’s real estate market is recovering and now bringing a new wave of buyers.
Now’s the time. Don’t Wait to Buy, Buy and Wait!!
Let Coastline Properties show you the BEST the Island has to offer – put our expertise and experience to work for you!!
Check us out! Cheri Sperling, Coastline Properties
We 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.