Galveston Is really Growing & Real Estate inventory is shrinking

Galveston Is really Growing & Real Estate inventory is shrinking

Real Estate Agent · Austin, TX · Member since 2017 · 2 posts · 0 votes

Hey! everyone, Look to invest in a Beach Condo, a heads up prices are rising due to low inventory.  Some Condominium has not had the price increase yet, others you can see prices rising from 70K to 100+K.  

Here is Why!

GALVESTON - Galveston has set a record for the number of tourists visiting the island for the fourth consecutive year, rising to 6.4 million in 2015 and even much more in 2016 with help from a surge in cruise passengers, according to a recent study for the Galveston Tourism and Visitors Bureau.  

Even piles of smelly seaweed and an oil spill failed to keep a record number of tourists away from Galveston Island last year 2016. 

The Park Board this year also decided to spend $41 million to improve its two largest and most popular beaches, Stewart Beach and East Beach.

New Extended Beaches - have you heard the news yet? Galveston Beaches

will soon become bigger and better. The Galveston Park Board – in partnership with the City of Galveston and Texas General Land Office – Has Finished a $19.5 million beach expansion and nourishment project that will widen existing Seawall beaches between 12th and 61st streets. If your ready to invest in some inexpensive Condo's that only average a sale price of 80K to 100K, this is the perfect time to invest during the growth.  I Tarek Boulbol remember when I first visited 61st a couple years ago it was all Big Rocks, no Sand, now miles and miles of Sand and another Beach Expansion. WOW!

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  • Real Estate Agent · Galveston, TX · Member since 2015 · 255 posts · 219 votes
    9y

    Now that the beach restoration has been complete the beaches look amazing! If you look at the photo above, the new beaches extend about 2/3 out on the jetties. The large wide beaches are going to allow for many more tourists for years to come without the feeling of the island being crowded. Galveston is definitely worth visiting and investing!

  • Specialist · Houston, TX · Member since 2012 · 579 posts · 301 votes
    9y

    I agree!  The area from 25th North was the 2nd highest neighborhoods in terms of appreciation. Prices are rising quickly and it's getting harder and harder to find homes that haven't already been rehabbed.  I tell folks Galveston does well in any economy b/c of its proximity to Houston.  When the economy is down, upper and middle income folks curtail long distance travel and vacation here.  When the economy is great, lower incomes who could only afford day trips can now afford to stay overnight or for a few days.  

    We have everything from beachfront and bayside tent camping to multi-million dollar beachfront mansions and everything in between.  Plus, the Chamber and City have done a great job of filling the convention schedule with tons of off-season events to keep hotels busy in the winter.  We've purchased and are now running two AirBNB properties and have over $30k in pre-bookings and we've only had them for less than two months!  We've already taken in over $10k so I'd say it's a solid business model.  Can't make that cash flow from monthly rentals.

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