PADRE ISLAND HOUSING REPORT – JULY 2024

August 14, 2024 By

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

Our active listing median prices have risen the past month to $427,500 which is actually a 0.6% increase from where it was compared to last July at this time! CCAR shows us the data that has risen for active listings t0 42.7% with a total of 324 properties this past month compared to July 2023 while inventory also rose to 11.2 compared to 5.7 last year at this time.

Days on the market for sale increased this past month with an average of 110 days and the highest categories for sales with 23.3% of all the sales being priced between $500,000 – $749,999. The market continues to stay stable so far into 2024 with properties available across many pricing areas. 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 July 2024 is 3.0%. If 3.0% is the actual year-over-year increase in the CPI, it will match the number from the previous month.

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 Corpus Christi 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 Corpus Christi July 2024 Data (Click Pic below for Larger Image)

padre-island-corpus-christi-housing-report-July-2024

Filed Under: Better Business Bureau, buying a home, Corpus Christ Real Estate Data, Corpus Christi Foreclosures, Investment Property, New Homes Padre Island, North Padre Island, North Padre Island Beaches, North Padre Island Marina, North Padre Real Estate, realtors, selling a home, Water Exchange Bridge, Whitecap Development Project, Whitecap NPI

Reduced Mortgage Rates Aren’t Enticing Buyers

August 4, 2024 By

Though there have been only modest increases in house buying activity, borrowing costs have dropped to their lowest point in over a year.Although mortgage rates have dropped recently, prospective homeowners are exercising caution rather than jumping back into the market to take advantage of the lower rates. According to Freddie Mac, the 30-year fixed-rate mortgage’s average rate this week was 6.47%.

The number of mortgage applications for home purchases is still notably lower, despite the fact that mortgage rates are at their lowest point in over a year. According to the Mortgage Bankers Association, applications rose by just 1% last week and are still 11% lower than they were a year ago.

Joel Kan, the MBA’s deputy chief economist, states that “despite the downward movement in rates, purchase activity only saw small gains, with an increase in conventional purchase applications offset by decreases in government purchase applications.” “In certain regions of the country, the inventory of homes for sale is starting to rise gradually, and potential reductions in interest rates may be delaying the entry of buyers into the market.”

Those who are purchasing a home are saving money, especially as compared to last autumn when the average mortgage rate was significantly higher. For instance, assuming a 20% down payment on a $400,000 property, a monthly mortgage payment at this week’s 6.47% average would equal almost $2,016, according to Jessica Lautz, deputy chief economist at the National Association of REALTORS®. However when interest rates reached a record high of 7.79% in October 2023, the monthly mortgage payment was $3,420. According to Lautz, that is almost $285 more per month than the prices as of this week.

She continues, “Weekly mortgage rates are at their lowest level since May 2023.” The largest drop in mortgage interest rates in a single week has occurred in the last nine months. Those who refrained from purchasing a home while waiting for interest rates to drop: those rates have now dropped.

According to senior economist Sam Khater of Freddie Mac, the drop in mortgage rates should start to entice potential homebuyers and “pique their interest in making a move.” Furthermore, some current homeowners are already taking advantage of the opportunity to refinance thanks to the rate cut; the market share of mortgage applications for refinancing has reached nearly 42%, the largest since March 2022.

Article created from NAR

Filed Under: Mortgages, North Padre Island Beaches, North Padre Island Marina, North Padre Real Estate, Padre Island Business Association, Real Time MLS, realtors, rentals, selling a home, Whitecap NPI, windstorm insurance

NORTH PADRE ISLAND HOUSING REPORT – DECEMBER 2023

January 23, 2024 By

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

Our active listing median prices have risen the past month to $465,750 this past month which is a whopping 34% increase from where it was compared to last December at this time! CCAR shows us the data that is increasing for active listings by 59.4% with a total of 212 properties this past month while inventory Has risen at 6.6 compared to 2.5 last year at this time.

Days on the market for sale increased this past month with an average of 62 days and the highest categories for sales with 27.3% of all the sales being priced between $500,000 – $749,999. 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 for All Urban Consumers (CPI-U) increased 3.4 percent over the last 12 months to an index level of 306.746 (1982-84=100). For the month, the index decreased 0.1 percent prior to 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)

north-padre-island-housing-report-december-2023

Filed Under: buying a home, Mortgages, New Homes Padre Island, North Padre Island, North Padre Island Marina, North Padre Real Estate, property taxes, Real Time MLS, realtors, selling a home, Whitecap Development Project, Whitecap NPI

Home Sales Declining While Prices Soar to Record Highs

July 21, 2023 By

As the housing market struggles with a severe inventory constraint, existing-home sales continued to decline in June, while home buyers push up prices showing significant demand.

The most recent housing data from the National Association of REALTORS® shows that the median sale price of an existing property in June was $410,200, the second-highest amount ever seen in the previous 24 years. According to NAR data, the record high of $413,800 was achieved a year ago. According to Lawrence Yun, the chief economist for the NAR, home sales decreased in June, while home prices remained stable across most of the nation. “Limited supply continues to encourage multiple offers, with one-third of homes selling for more than the asking price.”

Homes are moving quickly off the market: According to NAR data, 76% of houses that were sold in June were available for less than a month. There were only the market for an average of 18 days.

Despite Obstacles, Buyers Are Confident

The majority of Americans still seem eager to buy a home despite high home prices, high mortgage rates, and a lack of housing options. The most recent Mortgage Service Index from TD Bank shows that 54% of consumers believe that the moment is right to make a purchase. However, the survey also reveals that home buyers are anxious, listing inventories and mortgage rates as two of their top stresses.

The scarcity of available properties is an issue for prospective buyers of real estate: At 1.08 million units, the total housing inventory at the end of June remained historically low. According to data from NAR, inventory is down 13.6% from a year earlier. Yun claims that there aren’t enough houses available for purchase. “A doubling of inventory can be easily absorbed by the market.”

However, recent data from the Census Bureau reveal that new home construction was down last month and isn’t making up the difference. Following four consecutive months of growth, production of single-family homes fell by 7% annually in June. The National Association of Home Builders attributed a decline in homebuilding activity and worsening affordability conditions for purchasers to higher construction costs and rising mortgage rates.

Regional Breakdown

Sales varied across the country last month, with the Northeast posting gains, the Midwest holding steady, and the South and West reporting decreasing sales, NAR’s report shows. All four regions recorded year-over-year sales declines.

  • Northeast: Existing-home sales rose 2% month over month to an annual rate of 510,000 but are down 21.5% from a year ago. Median price: $475,300, up 4.9% from the prior year.
  • Midwest: Sales were unchanged from a month ago at an annual rate of 990,000, falling 19.5% from one year ago. Median price: $311,800, up 2.1% from June 2022.
  • South: Sales decreased 5.4% from May to an annual rate of 1.91 million, a decrease of 16.2% compared to the previous year. Median price: $366,600, down 1.2% from a year ago.
  • West: Sales fell 5.1% from the previous month to an annual rate of 750,000, down 22.7% from a year ago. Median price: $606,500, down 3.4% from June 2022.

Data sourced from NAR

Filed Under: BeachWalk Development, Better Business Bureau, home maintenance, Investment Property, New Homes Padre Island, North Padre Island, North Padre Island Marina, North Padre Real Estate, Real Time MLS, selling a home, Whitecap NPI Tagged With:

NORTH PADRE ISLAND HOUSING REPORT – JUNE 2023

July 7, 2023 By

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)

padre-island-housing-report-may-2023

Filed Under: buying a home, Corpus Christ Real Estate Data, corpus christi jobs, Mortgages, mustang island, New Homes Padre Island, North Padre Island, North Padre Island Beaches, North Padre Island Marina, North Padre Real Estate, Whitecap NPI Tagged With:

Ultraviolet Safety Month

July 3, 2023 By

July is designated as National Ultraviolet (UV) Safety Month. According to the
American Cancer Society, individuals with a high level of exposure to UV rays from
the sun have an increased risk of skin cancer, which is the most prevalent type of
cancer in the country. It is important to note that despite these statistics, skin cancer is
also one of the most preventable forms of cancer and can be avoided by reducing one’s
exposure to UV radiation. As such, I would like to share some important information
on the necessary precautions to take in order to safeguard against the damaging effects
of UV radiation this summer as recommended by the United State Department of
Health and Human Services (HHS).

One of the most important ways to protect oneself from overexposure to UV
radiation is to understand the risks. While the sun emits UV rays no matter the season,
exposure is greatest during the summer months, which also coincides with a time of
increased outdoor activity for most people. As one of the most popular tourism
destinations in the state, this is especially true in our area as both locals and visitors
alike spend more time outside participating in recreational activities such as fishing,
kayaking and swimming. It is also important to note that the sun’s UV rays are
strongest between 10 a.m. and 4 p.m. As such, HHS recommends seeking shade when
possible, during these hours to limit exposure.

Moreover, according to the Environmental Protection Agency (EPA), the
strength of the sun’s UV rays can vary from day to day due to many factors such as
changes in the weather. Limiting outdoor activity during days when the UV Index
forecast is high can also help reduce one’s chance of overexposure. You can check the
UV Index forecast to understand the exposure risks in our area daily by visiting Sun
Safety – The UV Index.

In addition to understanding your risk of exposure to UV radiation, another way
to reduce instances of skin cancer is by wearing protective clothing such as long-
sleeved shirts and pants. The Center for Disease Control (CDC) has also stated that UV
radiation is linked to many common vision issues such as cataracts. To protect against
damage from UV radiation, both the CDC and HHS recommend wearing broad-
brimmed hats and UV-blocking sunglasses.

According to American Cancer Society, wearing sunscreen is one of the most
important precautionary measures to take in avoiding overexposure to the sun’s
harmful UV rays. The United States Food and Drug Administration (FDA) recommends
generously applying broad-spectrum sunscreen to cover all exposed skin, which will
help protect against both ultraviolet A (UVA) and ultraviolet B (UVB) rays. The FDA
also recommends using a sunscreen with a sun protection factor (SPF) at a value of at
least 15. Sunscreen should be generously applied throughout the day, especially after
swimming and sweating.

This summer, I hope you will all join me in promoting UV safety by following
the recommendations outlined above. To learn more about the ways you can prevent
overexposure to UV radiation, please visit the HHS July UV Safety Month information
visit Fun and Breezy – Summer Safety Tips. To learn more about skin cancer,
including risk factors and early detection techniques, please visit American Cancer
Society.

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

Filed Under: BeachWalk Development, Better Business Bureau, chamber of commerce, Charities, hispanic chamber of commerce, Hurricane Aide, Hurricane Hanna, Hurricane Relief, mustang island, North Padre Island Marina, Padre Island Business Association, Park Road 22 Proposed Bridge, port aransas, Todd Hunter

PADRE ISLAND HOUSING REPORT – MAY 2023

June 19, 2023 By

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)

padre-island-housing-report-may-2023

Filed Under: BeachWalk Development, buying a home, Corpus Christ Real Estate Data, Investment Property, Mortgages, New Homes Padre Island, North Padre Island Marina, realtors, selling a home, Water Exchange Bridge, Whitecap Development Project, Whitecap NPI

National Mental Health Awareness Month

May 2, 2023 By

Each year, May is designated as National Mental Health Awareness Month. This
awareness month began to educate communities about mental health conditions and provide
support along with resources to those individuals living with mental illness. Millions across the
country are affected by mental illness each year. According to the Texas Statewide Behavioral
Health Coordinating Council, over 3.3 million adults in Texas are living with a mental illness.
Furthermore, more than half of the adults in Texas who need mental health treatment do not
receive any. Unfortunately, children are affected by mental illness as well. According to the
Texas Health & Human Services Commission, one out of four children will have a mental illness
during childhood. Therefore, breaking down the stigma attached to mental illness through
education and outreach is a key goal of National Mental Health Awareness Month.
According to the National Alliance on Mental Illness (NAMI), a mental illness is a
condition that affects a person’s thinking, feeling, behavior, or mood. Mental health conditions
are far more common and come in many different forms. As a result of this, it is important to
look for common signs of mental illness in adults and adolescents. To learn more about the
Substance Abuse and Mental Health Services Administration (SAMHSA) and find more
information about mental health conditions, please visit SAMHSA. For more resources please
visit the Texas Health and Human Services Commission. For more mental health resources in
Texas, visit Mental Health Texas.

In Texas, the Department of State Health Services (DSHS) contracts with Local Mental
Health Authorities (LMHAs) across the state to provide mental health services to communities.
The Nueces Center for Mental Health and Intellectual Disabilities delivers mental health services
to those who live in Nueces County. You can learn more by visiting https://www.ncmhid.org/.
Additionally, you can visit the Coastal Plains Community Center, which provides mental health
services in Aransas County.
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 County (Part). He can be contacted
at todd.hunter@house.state.tx.us or at 512-463-0672.

Filed Under: Barefoot Mardi Gras, BeachWalk Development, Better Business Bureau, chamber of commerce, Charities, corpus christi, Hurricane Aide, Hurricane Relief, Investment Property, North Padre Island Marina, Park Road 22 Proposed Bridge, Scam Alert, spring cleaning, Todd Hunter

Padre/Mustang Island Area Development Plan Online

October 9, 2020 By

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.



Filed Under: BeachWalk Development, chamber of commerce, Corpus Christ Real Estate Data, corpus christi business, Local Schools, mustang island, North Padre Island Marina, Packery Channel, Padre Island Business Association, padre island events, Padre Isles POA

Schlitterbahn in Chapter 11 Bankruptcy Giving Partners Time

September 21, 2017 By

Schlitterbahn Riverpark and Resort Padre Island is in Chapter 11 Bankruptcy

Judge Craig Gargotta in the Western District of Texas ruled Tuesday morning in San Antonio to place the troubled park into reorganization and is set to appoint a trustee to oversee a reorganization plan which must be in place by December 4. If not, according to Gargotta’s ruling Axys Capital Credit which holds a lean against 270 acres surrounding the park will be allowed to foreclose on the property and sell it at auction on December 5. Axys had requested that the land be separated from an Involuntary Bankruptcy filing by companies owned by the Henry family, owners of Schlitterbahn waterparks so it could be sold immediately, that request was denied, but his decision to appoint a trustee was a move to push the partners, who have been at loggerheads for over a year, toward a resolution that will put the park on stable financial footing going forward.

Testimony at the four-day trial in San Antonio was that if Axys was allowed to foreclose on the land then the primary lender in the project IBC Bank could call a separate note for $28 million on the waterpark likely forcing it to close while new owners were sought. To avoid that outcome Gargotta gave the partners until the December 4 date to come up with a reorganization plan.

 At one point in the hearing in San Antonio, Gargotta asked Deborah Williamson, a lawyer for Gary Henry, if selling property would be the solution.

“At the end of the day, the only way this is going to work is if something is sold,” she answered. “And the park may be the one that is easier to sell. It may be easier to attract capital because it is an operating entity.”

The problems began when the builders of the park, Henry Brothers Construction, added on to the size of the building at the park from an original plan calling for less than thirty separate “treehouse” rooms to the current 92-room facility which increased the cost of the development from the original $28 million to over $58 million forcing the owners, Upper Padre Partners to raise an additional capital leading to the borrowing of $18 million from Axys using the land as collateral.

According to court filings from Axys attorneys, “Cash flow from the Debter (UPP) operations is insufficient to repay obligations on any reasonable, confirmable basis. The Henrys control the management of the Debtor’s general partner and, as a result, the Debtor. For all practical purposes, the Debtor has a dysfunctional management and is incapable of effective operations.”

Garotta’s solution was to appoint a trustee to work with the partners and find a long-term solution.

The trustee, yet to be named, along with the Henry family who own two-thirds of the park, and developer Paul Schexnailder whose company owns one-third, must now decide whether to sell some or all of the interest in the park and surrounding land or find an investor or lender to provide about an estimated $10 million to bring the park up to the original design specifications.

Schexnailder said after the hearing that while the park is an integral part of a 500 acre, 552 acre development it is not the main focus of the project.

“This is a project much bigger than just a waterpark,” he said. “The park is part of something much bigger and that project is continuing.”

He was referring to a planned 3600 foot Beach Walk development with retail and commercial elements which would connect the current canal system to Lake Padre and the Gulf of Mexico through the planned Water Exchange Bridge under SPID. The canals to each side of the bridge site are dug and bulkheads in place on the Lake Padre side. However, work to excavate the canal to connect with the existing canal near Cruiser Street near Whitecap was halted Wednesday by order of the City of Corpus Christi over permitting issues.

The Chapter 11 ruling is not expected to have an impact on park operations as plans call for the waterpark to close during the winter season, as it has in previous years, and re-open in the spring.

“The judge understood that this park is important to the future of The Island,” Schexnailder said, “and this ruling allows us to keep it operating as we look for a long term solution.”

Article from Dale Rankin – IslandMoon

Filed Under: BeachWalk Development, North Padre Island, North Padre Island Marina, padre island events, Park Road 22 Proposed Bridge, Schlitterbahn Corpus Christi, Upper Padre, Upper Padre Island Tagged With: ,

Padre Island Planned Marina Development

April 23, 2017 By

Details of Planned Island Development
Restaurants, live music venue, retail, residential, marina under design
By Dale Rankin, Island Moon Newspaper
Island developer Paul Schexnailder spoke to the Island Strategic Action Committee on Tuesday and filled in details of his plans for Island development on the 104 acre site around Lake Padre including a Hilton Hotel, multi-family and single-family residential, a marine, and a restaurant and live music venue developed by Lulu properties which is owned by the Lucy Buffett, the sister of musician Jimmy Buffett.

The largest part of the current phase of development is on the 104 acres on the Lake Padre side of SPID where in recent months Schexnailder has moved, “almost one million acres of sand and created 10,000 feet of new bulkheads.” Those plans include:
· A 220 room Hilton Hotel including retail space and meeting facilities just north of the canal leading to the planned Park Road 22/SPID Water Exchange Bridge.
“That facility is currently under design,” Schexnailder said. “When the design is done we will permit the road to it and the utilities.

· Lulu’s campus, which will include a seafood restaurant, live music year round operated by Lulu’s properties, which is owned by Lucy Buffett, the sister of musician Jimmy Buffett. The company currently has similar facilities in Gulf Shores, Alabama; Destin, Florida; and a new development in Myrtle Beach, South Carolina set to open in the spring of 2018.
“This facility will be able to handle the biggest fishing tournaments on the Gulf Coast,” Schexnailder said. “The company is currently designing its new facility for Myrtle Beach that will open early next year and that plan will look like the one we will build here.”
It will also include a family oriented ropes course, a sand playground, children’s play area, and various other entertainment features, and a cluster of retail shops, Schexnailder said.

· A boat fueling station and boat supply shop located off an entrance from State Highway 361.
A Multi-family housing development just south of the canal leading to the Water Exchange Bridge which include townhouses.
· A marina located on the north end of Lake Padre with entrance from State Highway 361 will include a ship’s store and restaurant, separate from the Lulu’s operation.
· Residential development on the north end of Lake Padre near the entrance to Packery Channel.
“These will be high-end, residences with a view right down Packery Channel,” Schexnailder said. There will be 80-90 lots and a private marina.”

· Barefoot Dunes residential development along the beach south of Whitecap Boulevard.
“This will be a residential development much like Cinnamon Shore in Port Aransas,” he said.
On the west side of SPID, around the Schlitterbahn waterpark, the plans include:
· Island Walk Village and townhomes connected to the Lake Padre development by a canal leading under the Water Exchange Bridge. It will also include retail space.
· Completion of the 1600-foot long Beach Walk canal which will tie both sides of the development together through the Water Exchange Bridge.
Schexnailder also addressed the long-term prospects for development on The Island. He said that recently several potential hotel developers have been turned down by lenders who believe that the local hotel market is overbuilt.
“Our problem is not an overbuilt market,” he said. “Our problem is that there is not enough for people to do when they get here.”
He said that the Florida panhandle which includes 85 miles of continual development is served by 26 million people in six surrounding states.
“We have that many people in Texas alone,” he said. “We are in an undersupplied situation, not an oversupplied one.”
He said there are currently about 11,000 hotel rooms in Corpus Christi and to serve ten percent of the market requires an additional 1100 rooms on The Island.
“With Island development we can increase the number of people coming to this area by at least ten percent so we will not be drawing from the current visitor base but adding to it.” He also addressed questions about whether he will complete the canal and bulkhead work on the west side of SPID.
“Whether or not there is a Water Exchange Bridge I will build canals to both sides of the site,” Schexnailder said. “If I don’t the Army Corps of Engineers will take away the permit for the whole site.”
Currently the canals on both side of the proposed bridge site are in place but about 300 feet of the canal on the west side of the roadway still needs to be excavated in order to connect the new canal to the existing Island canal system. An agreement to facilitate that final stage of the work is currently under negotiations between the city and developers.

Filed Under: North Padre Island, North Padre Island Marina, Padre Island Business Association, padre island events, Park Road 22 Proposed Bridge, Restaurants, Schlitterbahn Corpus Christi, Upper Padre