Port Aransas Real Estate

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.

PORT ARANSAS, Texas - While many vacation destinations are struggling due to the challenging national economy, more and more people are coming to play in "Port A" this summer.  That was especially evident during the recent July 4th Holiday Weekend.  

In a recent story in the Port Aransas South Jetty newspaper, local business owners were asked about the July 4th weekend.  Their answers tell the story:  "slammed" "phenomenal" "heavier than last year" "very strong" "record sales" "we're lucky here" and many more.  The entire article is available here.  For more information on the Port Aransas tourism industry, visit the Chamber of Commerce. 

July 4th Fireworks Over The Harbor In Port Aransas Texas

PORT ARANSAS, Texas - Craig Millard and Sunny Castor (Principals with the Newport Dunes Golf Course at Newport Beach and Golf Development) made major announcements tonight at a meeting with members of the local real estate community.

A new incentive program includes three local builders that will be starting homes, condos and town homes on golf course lots.  Details to follow on the floor plans and pricing.

For a very limited time, residential lots adjoining the new Arnold Palmer Signature Course now start at $120k.  This offer will end soon and without advance notice.

The links course has been open since October 2008 and is already gaining critical acclaim with 24,000 rounds played to this point.

For more information or to purchase a golf course lot, please send email or call 361.749.7500

 

PORT ARANSAS, Texas - Port Aransas Realty is pleased to announce a new floor plan in Village Walk.  The "Shamrock" is a two-story, 3 bedroom, 2 1/2 bath 1,400 sq ft home priced at $245,000.  This plan feautres an open kitchen, dining and living area with plenty of outdoor space as well.  Located at 2525 South Eleventh Street, Village Walk features new homes starting from the $230's.

Village Walk is a gated community of 98 single-family homes ranging from 1,400 to 3,000 square feet. Village Walk features landscaped greenbelt walkways, two pools with pavilions and a lit, tree-lined boulevard.

"Most of our buyers are families from Austin, San Antonio and Houston. They are enjoying the benefits of owning a vacation home in Port Aransas," said Buster Hoffmaster, President of the Village Walk Development Corporation.

Village Walk offers two and three story floor plans with popular design elements that reflect coastal living. The gulf view lots feature three-story homes which include outdoor balconies and rooftop terraces. These floor plans also include elevators for added convenience.

"Our homes are designed to be low maintenance which allows owners to come to Port Aransas and enjoy the beach or fishing and not working around the house," added Nick Lorette, Owner (Port Aransas Coastal Homes LP).  Village Walk is zoned to allow short-term vacation rentals. Homes feature fenced private yards with tropical landscaping and drip irrigation systems. All floor plans include an enclosed two-car garage.

About Port Aransas Realty

Established in 1986, Port Aransas Realty has two locations and a team of 17 real estate professionals specializing in residential and commercial properties in the Port Aransas and Mustang Island, Texas markets.

PORT ARANSAS, Texas - Newport Beach and Golf announced the "Founders Club" at a meeting held last night for members of the local real estate community.  The golf course has been receiving accolades from golfers and awards from a variety of golfing publications since it opened last September.

In an effort to launch residential lot/home sales, they have announced the Founders Club.  This is an exclusive offering to the next 10 lot buyers.  Included in this program: Free Newport Dunes membership for life (husband and wife), two free sets of custom golf clubs and the $5,000 initiation fee will be waived for membership at the upcoming Las Palmas Beach Club.

Lot prices start at $240k and the team at Newport Beach and Golf anticipate several home builders will start construction in the coming months.

Please contact me if you would like to take advantage of this incredible opportunity.

About Port Aransas Realty 

Established in 1986, Port Aransas Realty has two locations and a team of 17 real estate professionals specializing in residential and commercial properties in the Port Aransas, Mustang and Padre Island, Texas markets.

PORT ARANSAS, Texas - Are Americans ready to move money from Wall Street to Main Street?  We're seeing some signs that investors are looking to diversify and move money away from the volatile equity markets.  I've had several client conversations along those lines in recent days.  In the coming days we will be rolling out information on how to purchase and own real estate within a retirement account.  This approach can provide an additional option for real estate investment.

Real estate is by no means a sure bet.  However, as the baby boomer generation ages, thoughts of an investment that also accommodates time off along the coast can be very compelling.  The demand for vacation homes dominates the Port Aransas real estate market.  Condos and homes priced between $200k and $400k continue to be the "sweet spot" in the marketplace.

A big part of the draw is vacation rental income.  Port Aransas is popular with families looking for a fun, affordable vacation destination.  "Port A" is an easy drive from most major Texas cities.  It is a good stretch from DFW, but American Eagle, Continental Express and SW also service the nearby Corpus Christi airport.  Having lived in Houston, Dallas, Austin and San Antonio, I can assure you that life in Port A can feel like a world away.

Onsite property and rental management makes Royal Sands a popular option for investors.  Royal Sands is an established beachfront community.  Rental income last year ranged from $25k to over $45k as vacationers chose a Royal Sands home for their beach getaway.  Add golfing at the new Arnold Palmer course to the list of local amenities which includes offshore and flats fishing, birding, kayaking and of course exploring the Mustang Island beach.

Visit Port Aransas Texas Real Estate for more market information (including homes and lots in Royal Sands, plus featured area condos).