Construction continues to steam along in Port Aransas. City records show development moving at a brisk rate.
Port Aransas is “a solid, healthy market with willing sellers and willing buyers,” Local Developer Lorette said. “These are individuals, people wanting to have a part of Port Aransas and come and enjoy it”.
Many buyers are longtime Port Aransas residents who see a strengthening economy happening all around them.“ They see prices going up and figure, if we’re going to buy something else, we’d better do it now.”
- The Port Aransas real estate market is growing increasingly attractive to the San Antonio market. The South Padre Island market still is strong, but it’s not as attractive to San Antonio as it used to be. “You can’t go have fun in Mexico, because it’s not safe,” Lorette said.
- Another Port Aransas growth factor lies in the fact that more and more people are moving to Texas and discovering Port Aransas. And many Houston area residents decided they like Port Aransas after visiting Mustang Island instead of Galveston in the wake of Hurricane Ike, which struck the northern Texas coast in 2008.
- Port Aransas is attractive partly because it still contains relatively inexpensive property that’s close to the beach, compared to Florida, California and other coastal locations around the U.S.
Oil money is a big part of what’s driving the market, both directly and indirectly. Across South Texas, Eagle Ford shale gas and oil drilling has produced billions of dollars in wealth in the past several years. Many who have profited from the frenzied drilling are just now finding the time to take some time off and spend some serious time in Port Aransas.
Customers coming from Austin and San Antonio, that whole area,” said Harris, owner of Bay Area Title and Brite Star Construction. “They love Port Aransas, and they want to be in Port Aransas. We’ve seen a huge increase in traffic looking to buy property.” People see Port Aransas real estate as a safe investment, he said.
- “It’s an investor’s dream, because you can use it part of the time and rent it when you’re not here,” Harris said.
- Most new owners of short-term rental properties in Port Aransas never have to dip into their existing funds to make mortgage payments because rental income takes care of it, he said. Harris said he knows some folks who are a year ahead on payments right now.
The development firm of Koontz McCombs began construction on Village North, a residential development planned within the newly named Newport Dunes at Palmilla Beach golf course.
Further south down The Island Road, construction is underway on Two Town Center, a 15-unit condominium at the popular Cinnamon Shore development, said Lee Ann Peters, sales director at Cinnamon Shore.
Eighteen single-family homes also are under construction at Cinnamon Shore, Peters said. A $1 million community swimming pool complex opened last spring at Cinnamon Shore. It’s the development’s second such pool.