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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Home Sales Declining While Prices Soar to Record Highs

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

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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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.

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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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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Dine Island

dineisland

Here on the Island, we all speak one common language, and that is FOOD! It’s something that since the beginning of time has brought people together – we have holidays for food, special rooms in our home for making food and eating food, and food is a very universal topic of conversation.

For those of you who are familiar (or, rather, unfamiliar) with Dine Downtown, this event, hosted by Marina Arts, went on last year in January. It featured some of Corpus Christi’s best restaurants who were able to offer a three course value-priced menu. Residents bought tickets, dined, had a wonderful time, and were able to check out local eateries they may not have been to prior.

It was such a huge success, that Island resident, Debbie Noble, is bringing this concept right to our front doors! But her model is slightly different.

Sponsored by the Padre Island Business Association and the Padre Island Moon, Noble is bringing us together to break bread. This is the first restaurant-type event the Island has ever seen. Restaurants all over the Island have signed up to offer unique three-course dining experience at value price. This does not include beverages, tips and taxes.

The idea is to get both Island residents to try the local fare they haven’t yet made it out to, and to also encourage non islanders from all over the Coastal Bend to come see how special our restaurants are!

“We are so excited to show off our great Island restaurants to the rest of the city and give people a reason to come OTB,” Noble exclaims!

Restaurant Week Dining Event on Padre Island!
May 2-16, 2018

1) Check out the enticing menus
2) Plan where to dine (as many days as you want!)
3) Enjoy a delicious 3 course meal for a value price
4) $1 for each Dine Island meal goes to the Corpus Christi Food Bank

FACEBOOK EVENT PAGE WITH MENUS> https://www.facebook.com/DineIsland/

Try out a new restaurant or visit an old favorite on the Island. Help yourself, help the restaurants, help the food bank! Come over the bridge and try out the amazing restaurants. #DineIsland2018

Coastline Properties has also graciously offered to match the money from the restaurant that does the most dine island meals. “Cheri Sperling is an instrumental member of the community and wanted to get involved as well,” Noble says.

Mark your calendars, and get ready for two weeks of marathon meals! The hope is to make this an annual event, so mangia!

 

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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New Restaurant “Island Time Sushi” gets rave reviews!

 

sushitg1

Who loves sushi? Have you tried the new sushi restaurant on the Island yet? If not, get over there!

Island Time Sushi has a great atmosphere, friendly staff and amazing food! The sushi is fresh and FUN…plus they offer many cooked options as well! Try the Chargrilled Steak or Grilled Salmon then add a side of Jalapeno Bacon Mac&Cheese.

My favorite rolls were the Shaggy Dog and the Rattlesnake Roll shown in the photo. The Spicy Poke and Creamy Seaweed Salad were the perfect starters!

Support our Island! Eat Local!

You can find their info here: http://www.facebook.com/IslandTimeSushi

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.

Waterparks, Power of Persuasion in the Numbers!!

High unemployment, crunched budgets and lower tax revenues have put financial stress on many locales. Those pressures can make a new waterpark very appealing.

Forget the fancy slides. While a new waterpark will need to wow visitors with all the latest technology once it opens, that day may never come unless local officials believe that the proposed park will bring jobs. “Three, four years ago, I don’t believe we had to emphasize the jobs piece so much,” says Craig Wilkinson, principal owner of Wisconsin Resort Consulting in Madison, Wis. “Ultimately, everybody wants jobs right now.”

With the national unemployment rate still higher than most economists would like at 7.7 percent in February 2013, many localities are hungry for new jobs. State budget crunches and depressed property tax revenues also have put financial stress on many cities and counties.

Those pressures can make a new waterpark an appealing prospect. “When you come in with an $18 million to $20 million payroll, 1,200 jobs and a tax base that solves their tax problems, most welcome you with open arms,” says Todd Nelson, owner and president of Kalahari Resorts in Wisconsin Dells, Wis., which has begun planning a new $350 million waterpark resort in Pennsylvania’s Pocono Mountains.

Such enthusiasm is critical for waterpark developers, who say public support is a crucial part of financing a new project.

“The most important thing to us is how we’re going to be received by the community and whether it will be an uphill battle,” says Jeff Henry, CEO of Schlitterbahn Waterparks and Resorts in New Braunfels, Texas. “We go to places where we are needed and wanted.”

However, even with a promising location and excited community, the development and financing of a large scale waterpark can still be a herculean undertaking.

Economic engine

A waterpark proposal offers the promise of serious tax dollars as well as a mix of temporary, seasonal and permanent jobs.

“It’s a large economic package,” says Wilkinson. “There are property taxes, hotel taxes, park taxes and retail taxes.”

The numbers illustrate why. In Wisconsin Dells, which has the highest concentration of waterparks in the country, the industry has helped build what is now a tax base of $1.1 billion for a city of only 2,700 residents.

That sounds mighty appealing to a place like Garden Grove, Calif., where local officials currently serve 175,000 residents on a tax base of just $42 million and can’t wait until Great Wolf opens its long planned 600-room waterpark hotel in the city. The Southern California city, located in the shadow of Anaheim’s Disneyland, spent years pursuing an attraction of its own and finally landed a Great Wolf Lodge in 2010.

“It’s a means to a better, more attractive and more financially solid community,” Garden Grove City Manager Matthew Fertal said of the waterpark when the project was announced. “It’s the shot in the arm every city wishes it had, especially in these economic times.”

Three years later, Fertal remains just as committed to the project, which promises to bring 600 jobs and $8.5 million in annual tax revenue to Garden Grove.

“It will be a huge economic engine for the city,” he says. “Right now, 12 hotels generate $12 million in hotel tax for us. This one [Great Wolf] hotel will generate $8.5 million.”

As the project’s size and scope increases, so does its potential economic impact. In the Poconos, the $350 million Kalahari project is estimated to create 1,200 construction jobs, 700 full- and part-time jobs at the resort and bring more than $18 million in tourism dollars to the surrounding area.

Public decisions

Depending on the project and locality, public officials have a number of tools to encourage a waterpark firm to develop a facility in their area.

“Waterpark developments have received a variety of economic incentives, including tax abatements, room tax rebates for waterpark resorts, infrastructure funds, income tax rebates, and assistance in acquiring land,” says David Sangree, president of consulting firm Hotel & Leisure Advisors in Cleveland, who does feasibility and economic impact studies for the waterpark industry. “It’s all about the metrics of the deal,” explains Henry. “If a project has great metrics, existing infrastructure, and is in a well developed area, then a city doesn’t need to offer as much.”

Garden Grove, for example, offered Great Wolf a $62 million package to locate its lodge there, agreeing to provide the company with $15 million worth of land, $5 million in cash, and $42 million in redevelopment bonds.

“Outside of hotel attendance and visitation, it’s been a flat economy for us,” Fertal says. “Thank goodness the hotels are performing well, otherwise we’d really be in bad shape. That’s why we’re willing to do this.”

Not everyone can.

“Several municipalities would like to do these [waterpark deals], but financially, they are so burdened, they can’t make it happen,” says Wilkinson, who evaluates deals for clients.

In the Poconos, Kalahari is hoping to tap into tax increment financing (TIF) for the project, which would help pay for infrastructure improvements such as utility lines and road improvements. While the details of tax increment financing can vary from locality to locality and state to state, Kalahari has used these tools before.

In Sandusky, Ohio, Kalahari relied on a TIF to pay for more than $7 million in infrastructure improvements for its resort there, according to the company. And in Corpus Christi, Texas, Schlitterbahn Waterparks and Resorts recently broke ground for a new $41 million waterpark that will be just one part of a larger $552 million mixed-use development that will take 18 years to build and produce $259 million in revenue.

Those are some big numbers, and the city’s contribution is no different; in exchange for the massive project, Corpus Christi agreed to provide $117 million in incentives, much of it in funds to promote tourism, for Schlitterbahn and its partners.

“As we looked at the economic impact, this was a good return,” says Foster Edwards, president of the Corpus Christi Chamber of Commerce. “Our economy is excellent, and we are not desperate by any means, but why turn down a good opportunity? It’s that simple.”

Officials at Garden Grove felt similarly about Great Wolf, whose project is expected to generate enough tax revenue to cover the cost of the $62 million economic development package within the city’s desired time frame of seven to 10 years.

“As long as the payback fits within that threshold, we feel that’s a reasonable return,” Fertal says.

Doing the deal

Why do public incentives matter so much in the private waterpark industry, which is a tourism sector that everyone says is growing? The answer is financing.

“The lending situation has never been easy,” Schlitterbahn’s Henry says. “I’ve always found it to be hard because waterparks are not considered mainstream financeable products, so you have to go to alternative label financing, which asks you to promise not only your firstborn, but also your second, third, and fourth child as well.”

But industry consultants say the lending situation has become especially challenging of late, with even major hospitality brands such as Marriott turning to alternative sources of construction financing for new projects.

Banks, so eager to lend during the economic boom, today seem leery of anything but the safest deals, and waterparks often combine the risks of real estate, hotel, and amusement park projects. As a result, a single lender may not be able or willing to provide all the debt that a waterpark company may need for a project.

“With the new rules in banking, projects can only go so large without getting many banks involved,” says Wilkinson. “Tax breaks that a project can take and monetize in some way are the best for a project. From my experience, most lenders are not going above 60 percent lending on projects. This means a project owner has to have 40 percent of the project in the deal. If this can be reduced by taking land off the costs or [using] state bonds, then that makes a project much more fundable.”

Public dollars can also make a waterpark more profitable, which also appeals to investors and lenders.

“We’re severely at risk on these projects, so everything we get makes it easier for us to get it built,” Henry says.

Of course, economic incentive packages have their own challenges. If a site or location is a bad bet for a waterpark due to demographics or other factors, public money probably won’t be enough to persuade a firm to take the risk.

“For us, the most important thing is that the project has got to make sense and be viable without incentives. No matter what incentives are offered, the plan and the project are the most important factors,” says Tim Black, COO of Great Wolf, which currently operates 10 waterpark resorts in the United States and one in Canada. Depending on how the incentives are structured, public money can also be slow, arriving only after a project has met certain targets or started generating tax revenue.

“You’re already so far into the deal [by the time the public dollars show up] that if the public financing falls through, you better be able to finish it,” Henry says.

It can also disappear, jeopardizing the project. That’s what happened in Garden Grove last fall, when Gov. Jerry Brown eliminated the state’s redevelopment agencies and put the city’s economic package to Great Wolf on uncertain ground.

“The waterpark hotel is one of the surviving projects that will keep our city financially afloat,” Fertal said at the time. “I can’t be more serious when I say that without it, our revenues may find themselves in rough waters.”

After a lengthy review process, the state in February agreed with Garden Grove that it was legally obligated to honor the agreement with Great Wolf. That put the project back on track and allowed Great Wolf to start pursuing its own financing.

Such deals also can be controversial, angering residents who think hiring teachers or firefighters is a better use of that money than helping a private waterpark, even if the funds are only available for economic redevelopment.

Clearly, tax breaks come with strings of their own, and smart waterpark executives acknowledge that.

“It’s not free money,” says Henry. “We know they’re giving us help to build a facility, and we owe that back to the people who we are serving.”

via Aquatics

We are extremely blessed to have the opportunity for Schlitterbahn Waterpark coming to our island, in the past few months we have seen great progress and look forward to the opening in Spring 2014. ~Cheri Sperling

Plans for Residential Development Around Schlitterbahn Beach Country Resort Revealed!

The first drawings of the design for residential development around the Schlitterbahn Beach County Resort on the west side of SPID have been released. Here is the first look at preliminary design;what the portion of the planned residential development south of the waterpark would look like if it were built today. These plans are the first step in the process of reaching a comprehensive and approved development plan. The plan represents the first section of resort residential development affiliated with the Schlitterbahn Beach Country Resort which is scheduled to open in the spring of 2014 at the current location of Padre Isles Country Club.

INTERVIEW WITH JEFF HENRY, SCHLITTERBAHN OWNER

The design calls for a mix of residential and other overnight lodging accommodations. Included are single-family units, multi-family units, waterfront and greenbelt products in addition the IslandWalk Village will contain retail, restaurants, and entertainment venues that will be supported by hotel sites and marinas for those who choose to arrive by boat.

LARGE SCALE MOCK UP BELOW

 

DETAIL LOOK AT THE WATERPARK FEATURES – RELEASED MAY 30th, 2013

The resort’s initial phase will provide waterpark elements, golf, tennis, marina facilities, and other recreational amenities. Once completed the residential areas of the plan can be assessed from Nemo Court on the east, or Whitecap on the south. This plan is the initial portion of the 500 acre Schlitterbahn Beach Country Resort. IslandWalk Village is being designed by nationally known architect Hart Howerton who did the initial design work for the Villages of Upper Padre Island in 2004 and provided assistance with the Island Area Development Plan during that same time frame. The plan is consistent with each of those original concepts. Opportunities for local business people to participate in the retail, restaurant, and entertainment portions of The Village will be offered in the near future. The Island Moon will publish the details of how to access that process in the near future. ~ Dale Rankin, Island Moon Newspaper

NEW Plans for Gulfside Development Along Whitecap Blvd.

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

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

 
 
 





Breaking News on Schlitterbahn Corpus Christi

BREAKING NEWS:

Schlitterbahn

is breaking ground Friday at 2 pm for its new water park resort on North Padre Island.
Water park resort officials are expected Tuesday to finalize the land purchase and project financing, said Jeff Henry, co-owner of Schlitterbahn.

A couple weeks ago, the city granted a grading permit for the project, which allows the project to break ground. However, full construction permissions have not yet been granted, according to Mark Van Vleck, director of city’s development services.

Schlitterbahn had until the end of February to break ground in order to meet their $117 million economic development incentive with the city.

The $41 million resort planned west of Park Road 22 tentatively is set to open in March 2014. Early designs showed the project would include a 65-acre water park with lodging, golf and restaurants. It will be built on the existing golf course and tied into a master plan for the area that includes a marina in Lake Padre, an extension of the residential canal system, hotels, condos and single-family homes on about 500 acres of mostly undeveloped land.

Via. Caller.com

Come join the fun Islanders, we will be there with cameara’s documenting this momentous occasion.  As North Padre Island makes its biggest leap in the 21st century, we still can’t believe it’s here.  Thank You to all of you that kept your vision…the day is almost here!! ~Cheri

FREE SCHLITTERBAHN MAP & PROJECT DETAILS

Schlitterbahn Update January 28th 2013


 
According to Schlitterbahn coowner Jeff Henry, the half-billion dollar Schlitterbahn Waterpark in Corpus Christi’s Padre Island is set to have a groundbreaking any day now.

The company has to begin construction by Feb. 22 as part of the deal Schlitterbahn has made with the City of Corpus Christi. The City has agreed to give the company $117 million in incentives to build the park on Padre Island on the site of the only golf course there.

The City said everything is now in place to get construction going.

Henry said  by phone that he is just waiting on a few legal issues to be wrapped up before breaking ground.

“Everything that they have done with the City is in line with accomplishing that goal,” Henry said. “They do have grading permits and are working to get everything going, so I anticipate something going soon.”

The park is set to open by March of 2014.

We are very excited here on the island to see this come to fruition, you can bet once they break ground we will be there capturing the moment and raising a glass to celebrate the biggest project ever to hit North Padre Island, Tx.
~Cheri Sperling

 
KiiiTV3.com

SCHLITTERBAHN DEVELOPER “Everything is on schedule for Spring 2014 opening!!

LATEST NEWS: The park developer and part-owner Jeff Henry says all is on schedule.  “Our concepts for the park haven’t changed much.  We are close to groundbreaking, and it always takes the lawyers and bankers twice as long to do their work as it takes for us to build it.  All the money is in place, financing for the project is completed and is ready to go.  The plans are done but will change right up to the time we start building.  Once ground is broken, we will be working straight through to completion.”

Jeff Henry also said his crews have begun to build the equipment at their construction yard at their New Braunfels headquarters; those include some of the castles and other custom equipment that his crews have also built for their other parks.  He also said his crews usually take two weeks off in December and equipment should begin arriving at the Island site around the end of December or early January.

The $41 million resort will be located on a 65-acre tract that is currently the site of Padre Isles Country Club on Padre Island.  While no new drawings of the park have been released in almost a year, the concepts haven’t changed much.  You can see the plans on the website:  FREE SCHLITTERBAHN MAP

With the $177 million Incentive Agreement with the city of Corpus Christi, Phase I of the park must be finished by summer 2013.  The water park is part of a proposed $552 million master plan for Padre Island, which investors Willard Hammonds, Paul Schexnailder and the Henry family (owners of Schlitterbahn) are developing.

They are shooting for an opening by Spring Break 2014 but it will probably be May 2014 before it actually opens – but no later than the summer of 2014.  They won’t move any dirt until everything is ready, all the way around, and then they will hit the ground running.

Phase I of the build out will include the water park and about 20 or so overnight stay rooms.  “After that we will build out as the market allows,” Jeff Henry says.  “We will get the park open and then expand as the market stabilizes.  Once that happens we will go to Phase II immediately.”

He expects Phase I of the park to require the hiring of about 20 local contractors who will be selected from a group of about 1,000 already compiled.  “We are the general contractor and we are responsible for seeing to it that everything is right and on time.”

He said Schlitterbahn will not be hiring off a low bid.  They will hire who they think can get the jobs done right and on time.  Their company is vertically integrated from design to finished construction and their crews know how to do every job required to keep the project on time and done right.  They will try to use as many local contractors and workers as they can.

Jeff Henry said there have been a couple of surprises as the process of planning and construction for the park has moved forward.  He said there are still some unresolved permitting issues with the Island Walk portion of the project which will be a 3500-foot canal connecting the water park on the west side of SPID to Lake Padre, where a marina is planned, via a 40-foot wide water exchange bridge under SPID.  The Island Walk will also connect the current canal system to Lake Padre and through it to the open Gulf of Mexico through Packery Channel.

There are plenty of places to begin building while any permitting issues for the Island Walk are worked out.  Henry says they are excited about the project and ready to hit the ground running around the first of the year.

We’ll keep you posted as to progress along with photos once things begin.  Happy Holidays to all of YOU!!

Cheri Sperling, Owner Coastline Properties

Schlitterbahn NEWS! Construction equipment expected to arrive this month!

— Some construction on the proposed Schlitterbahn water park and resort has begun — just not on Padre Island.

Materials are being prefabricated in New Braunfels — where the company opened its first water park in 1979 — said Gabriele Hilpold, chairwoman of the committee that advises the city on island development.

Members of the Island Strategic Action Committee said they’re baffled when they hear from people who still don’t believe the park and resort will become a reality.

But they may not hear as much of that by the end of October, when construction equipment is expected to arrive near the Padre Isles Golf Course, said developer Paul Schexnailder, of Asset Development. He briefed the committee Tuesday night.

Drawings and surveys are being completed, he said. Schexnailder wouldn’t say whether they’ve found a way to keep nine holes of the golf course open during construction — as hoped by some island residents — but said project details are being worked out.

The $41 million resort planned west of Park Road 22 tentatively is set to open in March 2014. Early designs showed the park would include a 65-acre water park with lodging, golf and restaurants. It will be built on the existing golf course and tied into a master plan for the area that includes a marina in Lake Padre, an extension of the residential canal system, hotels, condos and single-family homes on about 500 acres of mostly undeveloped land.

Under a $117 million incentive agreement with the city, Schlitterbahn must begin construction within five months and be finished with the first phase by summer 2013.

Schlitterbahn is part of a proposed $552 million master plan for the island, which investors Willard Hammonds, Schexnailder and the Henry family, owners of Schlitterbahn, are developing.

Delayed Opening for Schlitterbahn – March 2014

CORPUS CHRISTI — A delayed opening date for a proposed Schlitterbahn water park resort on Padre Island won’t affect a $117 million incentive agreement signed earlier this year with the city.

The water park is expected to open March 1, 2014, Schlitterbahn co-owner Jeff Henry said. The opening date previously was set for Memorial Day weekend in 2013 but had to be pushed back after delays related to an expansion of the company’s South Padre Island park, he said.

“We didn’t want to push forward with the project to try and meet an unrealistic schedule,” Henry said.

The estimated $41 million resort planned west of Park Road 22 is expected to include a 65-acre water park with lodging, golf and restaurants. It will be built on the existing Padre Isles Golf Course.

Delays to begin construction won’t affect an agreement with the city, which requires the project to break ground nine months after the agreement was signed in May.

Schlitterbahn must begin construction within the next six months and be finished with the first phase by summer 2013. The water park is required to be built two years after the project breaks ground, according to terms of the agreement.

The project is close to breaking ground, Henry said, although he didn’t have an exact date. Last month it was on track with tentative plans to break ground as early as September, developer Paul Schexnailder said.

Many pieces of the project — including financing, design and permits — need to fall into place before construction begins, he said during a previous meeting.

Schlitterbahn is part of a proposed $552 million master plan for the island, which includes a marina in Lake Padre, an extension of the residential canal system, hotels, condos and single-family homes.

Investors Willard Hammonds, Schexnailder and the Henry family that owns the Schlitterbahn Texas water park chain are developing the master plan.

The entire project is expected to take at least 18 years to build under the incentive agreement with the city, which is for 25 years. Developers are responsible for infrastructure maintenance, such as dredging canals and repairing bulk heads.

The development is expected to generate about $259 million in revenue, after incentives, for the city’s taxing districts, including Del Mar College and Flour Bluff ISD.

A bulk of the tax incentives being offered — $78 million — are from hotel occupancy tax revenue within the area of the planned development. That means most of the incentives being offered rely on the performance of the proposed project, city staff said.

The city also plans to build a $6.8 million bridge along Park Road 22, which would connect Lake Padre to the residential canal system. The City Council has pledged that project will be paid for with leftover 2008 bond money. Developers have said it is a critical part of the project’s design because it would create a pedestrian waterfront connection along the canal system. ~ Caller.com

Commentary – “We greatly appreciate the updates to the project thus far.  This is the largest project North Padre Island has ever seen so it’s important that the proper planning is done prior to breaking ground.  The Henry family has always wanted to produce a high quality product and I trust this is the right decision given the unforeseen circumstances delaying there other resort project down south.  We eagerly await the day the shovel hits the sand, Islanders are ready for the changes and we are excited as ever” ~ Cheri Sperling