Port Aransas Real Estate

PORT ARANSAS, Texas - The 2010 Cinnamon Shore Seaside Home Tour is well underway.

This tour features a collection of the best work and new ideas by the area’s top designers, architects, and builders. Visitors will be able to tour distinctly beautiful homes set in a traditional seaside village.

Tour Dates and Times

June 9 – Sept 6
Wednesday – Sunday 11AM – 5PM

$5.00 admission with 80% of the proceeds benefiting the Port Aransas Education Foundation.

More About the Home

Simple elegance describes this 5 bedroom, 5.5 bath home. A classic beach home with porches on two sides and gulf views that extend beyond the horizon!

The Enterprise Blog offers more insight on how the Texas economy is outperforming other parts of the country...

New Geography, the online magazine created by Joel Kotkin and others with a special focus on demographics and trends, has been tracking the implosion of California in an interesting way: by comparing it to Texas.

Texas and California are America’s two most populous states, together numbering approximately 55 million people, which is only about 6 million less than the United Kingdom, where I live. California, as everyone knows, has a coolness factor that Texas cannot match. Hollywood, Silicon Valley, and wine. Say no more. But, unless one has been living in a cave, everyone knows that the cool state is also the broke state. If Hollywood turned California’s budget and fiscal position into a movie, it would be a blockbuster horror film indeed.

Texas, on the other hand, is growing, creating wealth, and attracting the entrepreneurial and creative classes that too many people think only go to places like New York and California. This interesting post by Tory Gattis at New Geography explains why. He shares a four-point analysis from Trends magazine:

Read the complete article here:

The Corpus Christi Caller Times is reporting that 94.5 acres of undeveloped land on Padre Island will be up for auction next Saturday (11/21).  Beachfront land and a potential marina site are included.  Read the complete article here.

Thank you for visiting the Port Aransas real estate blog.

Keith McMullin – Broker/Realtor

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PORT ARANSAS, Texas - Construction on Sunrise Cottages will begin in October and will be completed in time for the Spring 2010 Season.  Port Aransas Coastal Homes (Nick Lorette) will be the builder for the 4 bedroom, 2.5 bath, 1,380 sq ft cottages.  

The Cottages will build on many of the design features made popular in Twin Palms, Royal Palms and Village Walk: Detached homes with open kitchen/dining/living areas featuring polished concrete floors downstairs and wood floors throughout the second level.  The inclusion of a one-car garage will also provide ample storage for fishing and beach gear. A screened front porch will will offer comfortable outdoor living space.   The units surround a central swimming pool, pavilion and landscaped common area.

After decades of custom home building in Austin, Nick says that he enjoys creating coastal cottages that fit the needs of today's buyers.  "When you come to Port A, you want a comfortable place with a coastal look and feel that requires little, to no maintenance." 

Pre-sale activity has been strong as six of the ten units are reserved.  The four remaining units will be listed in MLS this week at the pre-sale price of $225k.  One of the reasons that the cottages have been so well received is that they are zoned to allow short-term vacation rental.  Based on comparable properties, they could produce $20k in annual rental revenue.

Six Of The Ten Cottages Are Already Reserved

Sunrise Cottages - 301 East Avenue C At Tenth Street In Port Aransas

The 1st Floor Features An Open Kitchen/Dining/Living Area

The 2nd Floor Features A Comfortable Master Suite Plus 3 Bedrooms And A Bathroom

Thank you for visiting the Port Aransas real estate blog.

Keith McMullin – Broker/Realtor

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PORT ARANSAS, Texas - The question on everyone's mind is whether or not now is the right time to buy.  Will prices go lower?  Will mortgage rates go down?  There is one undeniable truth.  Nobody knows where the bottom of a market is, until it has passed.  Trying to time the market is exceedingly difficult.

The Port Aransas real estate market continues to outperform most other markets.  Prices have come down in some cases, but condos and homes have not seen the sharp declines experienced in other communities.  Many properties continue to appreciate.  The only segment that is undergoing a market correction would be in residential lots and unimproved land.

It is a buyer's market with a large inventory.  On Mustang Island, there are currently 290 condos & townhomes, 124 detached homes and 282 lots on the market (MLS 8/22/09).  30-Year fixed rate mortgages are still in the historically low range at just under 5.25%  Let's take a look at The Big Picture.

Supply

They're not making any more coastline.  Why is Port Aransas a growing community?  Part of the reason is that Mustang Island boasts a large portion of the total Texas coastline available for development. Of the 375 miles that make up the Texas coast, 293 miles are unavailable for development, 56 miles are fully developed, and 26 miles are available for development.  Many of those 26 miles lie on Mustang Island.

Demand

All the long-term trends show that the population of Texas will grow significantly.  The Real Estate Center at Texas A&M published "Looming Boom - Texas Through 2030" which shows the population to grow by ten million people, from about 23 million in 2005 to 33 million by 2030, a 43.5 percent increase.  A June 2009 article in the Austin Business Journal illustrates the projected robust growth in the Texas major metropolitan areas.  Released earlier this year, "The Texaplex" sums up these forecasts in an impressive video that is a must see.

The increasing Texas population coincides with a growing number of baby boomers planning their retirement.  There are countless studies indicating that it is the desire of many to retire to the coast.  I hear and read this trend daily in phone conversations and emails from prospective buyers.  Most are trying to get a foothold in the local market with retirement still on the horizon.

Timing

Mortgage rates are low, inventory is plentiful and long-term trends are frankly a bit overwhelming.  This may not be the right time for some, but it sure looks good when you consider The Big Picture.  If you missed any of these recent posts, you might want to check out: Why Port A?  Condos And Homes  What Are The Costs? and stay tuned for more information.

Take a little time and explore Port A

Thank you for visiting the Port Aransas real estate blog.

Keith McMullin – Broker/Realtor

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PORT ARANSAS, Texas - The purchase of a second home or condo on the coast has many of the same mechanics as buying a primary residence in an inland community.  However, there are additional costs and some important considerations.

Financing

Despite what you may have heard in the news, there are plenty of lenders eager to loan money to qualified buyers.  That remains true for the purchase of vacation properties as well.  Loans for detached, single-family homes are more readily available.  Some lenders do not participate in condotel loans.  However, there are plenty that do.  It is important to note that the terms will differ and it is advisable to do your homework in advance.

Speaking of doing things in advance, one of the most important things a potential buyer should do is to get pre-qualified for a loan.  This does two things:  It helps define an appropriate spending limit and it also increases your bargaining power with sellers.  A contract/offer from a pre-qualified buyer carries more clout.  

Property Tax

In the immortal words of Benjamin Franklin, "In this world nothing can be said to be certain, except death and taxes."  Ad Valorem/property taxes on vacation properties do not qualify for the homestead exemptions that are applied to a primary residence.  In Port Aransas, a good assumption to calculate a "ball park" amount for annual taxes on any given property is to use 2% of the sales price.  This will of course change over time, but this serves as a good starting point.

Insurance

Hurricanes are a fact of life for those of us that live and own property on the coast.  Here are two important things to remember:  Insure your property and get out of the way.  There are three insurance policies that are required by lenders and appropriate for all island property owners:  homeowners, windstorm and flood.

Inland property owners are familiar with homeowners insurance.  These are typically broad coverage policies that offer protection for the dwelling, possessions and personal liability.  

Insurance for windstorm coverage can be costly, but it is of critical importance.  In Texas, coverage is typically provided by the Texas Windstorm Insurance Association (TWIA). These supplementary policies cover Gulf Coast property owners in the event of catastrophic loss resulting from wind and/or hail.  

The National Flood Insurance Program (NFIP) is managed by FEMA.  Flood damage is not typically covered by a homeowners policy.  Coverage through the NFIP is relatively affordable with policies on most properties costing $500 or less per year.

Condo Insurance

Generally speaking, Home Owner Association (HOA) fees in a condominium development include coverage for general liability, windstorm and flood.  In most cases, owners only need to consider additional coverage for contents and furnishings.

Have Questions...Get Answers

Although some of these subjects may seem a bit foreign, they are all quite common for those of us in a coastal real estate market.  Remember that there is no such thing as a stupid question.  If the team at Port Aransas Realty can answer any questions or be of any assistance, we would love to hear from you.

Thank you for visiting the Port Aransas real estate blog.

Keith McMullin – Broker/Realtor

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PORT ARANSAS, Texas - Tourism continues to be the lifeblood of this Mustang Island community.  Business is booming as families have decided to visit the coast this summer.  Perhaps it is the "staycation" phenomenon that has become a popular option in recent years.  Holiday weekends such as July 4th in Port Aransas have been very busy.

For many, a vacation in Port Aransas must take place in a beach house.  As the name would suggest, the Port A Beach House Company has exactly what you are looking for in Mustang Island rentals.  They offer 22 luxury beach homes ranging from quaint three bedroom cottages to large Gulf view homes big enough for multiple families to share.  Their website features photos and in-depth descriptions of each home as well as the availability for the coming months.  Customers can book their beach vacation online.