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Cell: 361-877-1111 Phone: 361-749-5712
Website: www.mustangislandrealestate.net
Address: 200 S. Alister, Port Aransas, Tex. 78373
E-Mail: bettyturner@centurytel.net
WATERFRONT REAL ESTATE EXPERT
Mustang and North Padre Islands are heralding the island developments that are underway or are forthcoming as paying enormous dividends to real estate investors seeking investment opportunities as well as property owners on the island.
The local real estate market is being heavily influenced by reports of the proposed new 547 acre, Schlitterbahn Beach Country Village and the proposed new smaller-scale San Antonio River Walk, both are being planned for North Padre Island. Phase I of the Water Park will be completed by the summer of 2013 with Schlitterbahn to complete its piece of the project within two years. The Schlitterbahn Master Plan, as reported by The Corpus Christi Caller Times, "includes a small portion of Lake Padre adjacent to Park Road 22 and a large tract of land west of the highway that will include a marina, a Schlitterbahn water park with lodging, a golf course and residential property". The entire resort project build-out will likely take 18 or so years to develop out fully.
Earlier this year, the Corpus Christi City Council gave its unanimous approval to a change in zoning on Padre Island that will effectively transform 112 acres just west of Park Road 22 into a proposed development that includes areas for lodging, shops, golf and restaurants. The new zoning permits a development such as the popular Schlitterbahn. The council approval now means that most of the former skepticism is gone; no more delay except for financing and approval of a major incentives program, so that Schlitterbahn can finally move forward with plans to design and secure financing for the entire resort project.
The water park resort includes a 200 foot buffer zone between the development and the nearest home and a height restriction that says that nothing on the property will be taller than 60 feet or five stories giving rise to support from several hesitant local residents.
A small portion of the Padre Island Golf Course will be incorporated into the buffer zone adding golf as another area attraction to the project as well the additional golf available at the stunning award winning 18 hole Arnold Palmer Golf Course that is located but a few miles down the island parkway in Port Aransas.
Early plans for the nearly $41 million Schlitterbahn resort even includes a retractable roof that should make the water park usable year round.
The development includes a new 80' wide bridge with a 14' overhead that would elevate a portion of Park Road 22 between Whitecap and Commodores Drive allowing small boats to pass through the proposed canal. Once built, the project would include wide pedestrian walkways along the canal establishing the new mini River Walk project and entertainment destination The canal would also provide direct access to the Gulf of Mexico effectively finishing what Packery Channel was supposed to start. Without this, fishing boats would have to travel through the Laguna Madre to Corpus Christi Bay to get to the Gulf of Mexico- a long trip - as they have had to do .
Schlitterbahn should add about 300,000 more annual visitors, 3,000 more per day, adding to the 7 million tourists who already come to the island each year.
Visiting families will be anxious to enjoy the park but will most likely reserve rooms at the many island beachfront condos rather than at the inner city hotels or condos in Corpus Christi. SO- it is a good time to consider the purchase of one or more of these condos. Several investors are doing just that and sheltering their hard earned dollars in real estate purchases. One seasoned area investor recently bought 100 condos on North Padre Island in anticipation of the increase in business.
Construction on the project should start the first of next year. The project is expected to be complete within 12 to 15 months or certainly by 2014.
BUT_ The eagerly awaited economic bonanza doesn't stop there. The South Texas Eagle Ford Shalehorizontal crude oil play in this area is proving to be one of the largest domestic crude oil and natural gas discoveries in more than 40 years. According to the Caller Times, "The Eagle Ford Shale, a geological formation, is a 50 mile wide by 400 miles long underground formation - a ribbon of oil and gas deposits trending northwest for about 400 miles from the Rio Grande to Central Texas and beyond" covering 24 Texas counties in South and Central Texas. The Eagle Ford Shale development is proving to be totally overwhelming to the area given the unmet need for support services including housing for the thousands of persons involved with this operation. The shale is expected to have a $21.6 billion total impact and create some 67,900 full time jobs within the next eight years.
And that's just for openers. Many, many companies are finding huge pools of oil and natural gas. Much of this production has been so successful that the companies are busy acquiring increasing acreage. The economuc impact generated by the Eagle Ford is mind boggling - By 2020, the Eagle Ford is expected to generate $21.6 billion in economic output and support more than 67,000 fulltime jobs.
We shall be seeing a substantial increase in the number of wells placed in production this year and in subsequent years. The money being made in this venture is gradually being translated into both sales and acquisition of area real estate.
A recent oil, gas and transportation jobs fair held in Robstown, sponsored by Eagle Ford Shale industry companies, worked to fill 2,000 jobs. Another jobs fair was held in Corpus Christi earlier this year with a similar recruitment goal and a third fair has been scheduled for later thisyear.
If you happen to drive down the highways and back roads from Austin to this Coastal Bend area you will be amazed at the hundreds and hundreds of tractor-trailers, pickups, oil field vehicles, packed restaurants and overflowing parking lots all along the way. Lots of money is being made, thousands of new employment opportunities are being created and filled and many new investors are coming to the area, some for the first time, looking for wise investments causing severe housing shortages an straining local infrastructures. In fact, we plan to open a satellite office in Kenedy to capitalize on the growth and development in the area. Sales Associate Peggy Baker will be the Office Manager/ Sales Associate.
Given the uncertain economy today and the volatile stock market, as well as the limited ways we all have to invest money for good returns, this may well be the prime time to explore the area's excellent real estate investment opportunities. There are some great investment opportunities in Port Aransas, North Padre Island and the surrounding area.
It looks like the soft real estate market we have been experiencing here for some time is beginning to turn around. But given what is happening in the area, there is still time, though limited it may become, to take advantage of some good buys. In fact, this may well be the BEST time in a long time for you to find some historical bargains, motivated sellers, amazingly low mortgage rates and many more good reasons to think real estate. Call or email us for more information.
- Betty Turner
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