| | | | | | | |
|
|
|
|
Crystal Beach and Galveston Median Sale Price History
586 Views ::
1 Comments ::  |
Galveston properties have experienced a healthy gradual appreciation over the years. The current median price, $241K, is 129K higher than in 2001.
 Crystal Beach Bolivar is in the beginning stages of resort development. Developers of communities such as Laguna Harbor and Audubon Village have already seen the investment potential of this land located only minutes away from Houston and Beaumont. With the population growth, demand for real estate and all the new developments in the area, prices are expected to appreciate in the years to come.
One very interesting factor is that the short term rental rates and demand are about the same in all the Texas coast resort area markets. We think this is due to the larger population centers within driving distance that increase to the north. This makes short term ROI on properties much better.
The Bolivar Peninsula (Crystal Beach) in Galveston county is a relatively new addition to the Texas Gulf Coast resort marketplace as modern utilities such as sewer and internet have just become available within the last few years. Currently there are four resort level developments in progress. Crystal Beach Bolivar has started gaining attention from buyers and investors nationwide for its low median prices and strong rental demand.
There's $2.4 billion in new commercial and residential construction under way on Galveston Island. Investors, retirees and vacationers see building on Galveston as a simple economic gamble. Out-of-town investors have revitalized the east end of the island, protected by the sea wall, where the original city and docks were built. Now it is a vibrant tourist spot packed with restaurants and shops against a backdrop of cruise ships and barnacle-covered fishing boats lined up along the docks.
From its sandy beaches to its historical Victorian architecture, Galveston Island is one of the most delightful destinations along the Texas Gulf Coast. Only 50 miles from Houston, Galveston offers visitors historic landmarks, museums, shopping, fishing, Moody Gardens, an old fashioned trolley and the Galveston Strand a range of outdoor activities to enjoy.
When comparing the median prices along the Texas Coast, it is easy to see that the farther north you go, the lower the median price is. Galveston's ocean front home prices are much higher than median prices but due to the existant inner-city the median price for the entire area remains low. Interest on Crystal Beach has risen in the past year which is noticeable when looking at the median price difference between 2006 to 2007. .gif)
Two factors that determine how strong the real estate market is in a particular area are: population growth and local economy.
Texas Coast is an area of strong demographic growth
Texas is one of three states dominating population growth, and will account for nearly half of total U.S. population growth (46%) in the next 25 years along with Florida and California.
Projections show that the top three states will gain 12 million people each by 2030 and most (88%) of the nation’s population growth will occur in the South and West. The top five fastest-growing states in the next 25 years are projected to be: Nevada (114%), Arizona (109%), Florida (80%), Texas (60%), and Utah (56%).
The Texas Coast has a strong, growing, and diverse economy
Do not follow growth, anticipate growth. A growing local economy is the most important driving force behind property values.
According to the Texas Real Estate Center: The Texas economy continues to surpass the rest of the nation in employment growth rate and job creation.
Texas ranks 12th among all states in personal growth income which is a factor closely related to total economic output. A higher-than-national-average growth rate means the state's economy is growing, and growing strongly.
“Despite the national slowdown, Texas is still strong,” says James Gaines, Ph.D., research economist with the Real Estate Center at Texas A&M University. “There’s no reason prices shouldn't continue to rise despite the increase in foreclosures and the slowdown in transactions, construction, and new-home starts.”
The Proximity to Houston's metropolis has made Galveston a popular attraction among local residents. Not surprisingly, the main statewide traffic comes from Houston and Beaumont.
Dallas and Austin are also attracted to the area. | 
|  |
On the national level interest to the Galveston and Crystal Beach area comes mainly from California, the East Coast and Illinois. Winter Texans and investors looking for affordable beachfront property are begining to look toward the Texas Gulf Coast. |
Beaumont and Port Arthur areas have attracted more than $10 billion of investment and expansions.
Valero Energy Corporation and Eastman Chemical are just two companies that have announced their plans to build plants in Beaumont generating temporary jobs during the construction and permanent jobs once completed.
Port Arthur is destined to become an area of unprecedented industrial growth, with $9 to $12 billion in industrial projects expected to be constructed over the next six years. $3.5 billion is expected to roll into Port Arthur because of the expansion of the Motiva refinery in Port Arthur which once completed will become the largest refinery in the country. This project is expected to require more than 3,500 construction jobs and generate about 300 new permanent jobs upon completion. Accommodating the facility will bring big changes to Port Arthur, a city of 56,000 that lies 90 miles east of Houston in Jefferson County, and is 44 miles from the Bolivar Peninsula.
These new plants will generate enough jobs which will have an effect not only on the regular real estate market but on the second home market as well. The executives and white collar workers in these plants will want to own a nice affordable beachfront home or retreat close by.
The Bolivar Resort area is already starting to get interest from new employees getting ready to relocate to the Port Arthur area and from support firms doing the development of the expansion of the new facilities.
As demand for houses increases, prices are bound to appreciate. This is a good time to invest in property in the Crystal Beach area which can still boast from having one of the lowest median prices in the Texas Gulf Coast. We can help you find the perfect investment property as well as a second home for your family in this area!
Find Out More Of What The Texas Gulf Coast Has In Store...
Interested in more data about the Texas Coast Real Estate Markets?
Comparative Market Analysis Sample |
Our Sales Statistics pages are the answer! Along with the Sales Median Price Analysis, our registered users have access to the following information:- Sales Analysis
- Time-On-Market Analysis
- Buyer Preference Analysis
- Sales vs. New Listings Analysis
- New Listings Analysis
- Comparative Market Analysis
A comparative market analysis is an informal assessment of a property's market value, usually done to establish a reasonable listing price when a property is placed for sale. The price is established by comparing the property to similar properties that have sold in the area within the past year.
The analysis is normally done by a real estate agent who has easy access to area sales records. We have given registered users the ability to generate their own Comparative Market Analysis (CMA) based on data relevant to their own properties.
Click here to take advantage of all the tools available on our site! |
|
|
|
|
| Comments | |
By
mikead @
Thursday, August 30, 2007 8:09 AM |
Beach properties that went for $35K seven years ago now worth $400K
By: CHRISTINE RAPPLEYE, The Enterprise
BOLIVAR PENINSULA - Howard and Carolyn Smith, who had lived in California and still have a home in the Florida Keys, headed down Bolivar Peninsula during one of their RV trips and fell in love.
They promptly bought a beach house in the new Audubon Village.
"It's wonderful," Carolyn said. "The beaches are gorgeous."
"We come here to cool off," Howard said. Florida, he added, is hotter.
Their home, which sits 20 feet above sea level, is in a row of 10 built in the 130-lot development.
Audubon Village is among several developments contributing to Bolivar Peninsulas's residential boom - Seagrass, Laguna Harbor, Biscayne, Rancho Carribe, Surfside, Egret Bay and Avocet, to name a few.
Some have beachfront property, while others are on the bay with canals backing up to the water. Some are gated, others are open.
Vacant lots in other subdivisions also are becoming scarce as more people build beach houses.
"In the last two to three years, people have built like crazy," Tim Byrom, owner of Brint Construction, said in a phone interview. His company is hard at work in Gilchrist on Bolivar and Surfside, west of Galveston in Brazoria County.
For some, the answer is simple.
"I still think Bolivar is the best price around for beach properties," said Anne Willis with Swede's Real Estate. "Our market is better than Galveston."
Even though it might be less costly than other areas for beach lots, prices are rising.
Four years ago, lots close to the highway went for $3,500, Willis said. Now, they are going for $25,000 to $30,000.
Front-row lots going for $35,000 about seven years ago had jumped to $200,000 by 2004.
This year, they're double that, Byrom said, adding they would cost at least $1 million elsewhere along the Gulf of Mexico.
After Hurricanes Katrina and Rita, the market slowed but since has bounced back, Byrom said.
The Surfside development originally was intended to be a recreational vehicle park, Byrom said.
Permits were secured and construction was about to start, but property values started rising. Byrom re-thought his plan, and this week he will start on five speculative homes in the 22-home subdivision featuring half-acre lots.
However, Byrom is cautious, too.
He's keeping an eye on the market and watching which homes are selling.
"There's a lot of stuff for sale," he added.
About 60 of the 87 lots at Laguna Harbor have sold, said Jim Hayes, a principal with Crown Team Texas. Lots in Seagrass and Audubon Villages also are selling well.
"Every day people are stopping by," said Alice Donahue, Seagrass marketing manager.
That's what the Smiths did several months ago. Now, they split their time between Bolivar and Florida, using their 38-foot RV to run back and forth.
Speaking of running back and forth, Howard Smith has discovered another unexpected benefit of the Bolivar house.
"It makes me a young man," he said about climbing the 32 stairs up to the house. |
|
|
Click here to post a comment |
|
| | | | | | | |
|
|