Galveston Texas Real Estate Boom
December 27, 2005 (PRLEAP.COM) Business NewsThere is no doubt Galveston Island Texas is in a real estate boom. Galveston’s real estate is still affordable, yet increasing in value. According to Texas A&M Real Estate Center, Galveston real estate has risen steadily for the last few years at about 15%. Nice and steady. With the average real estate sales price at $200,000, Galveston is still affordable. Some locations are over-heated and may “burst” eventually, but Galveston real estate still has much value. For example, in many vacation destinations prices have been rising at 30%-40% according to the Office of Federal Housing Enterprise Oversight. These vacation cities are also running over $400,000 for the average sales price. Many of these homes in Florida and California can run in the millions of dollars. With only a small percentage of consumers able to purchase a home of that caliber, Galveston real estate is looking more attractive. Just look at the Galveston MLS to see the price difference. Galveston Texas is growing at a fast pace and has a lot to offer. In fact, with a new water park, great beaches, and a great cruise ship industry Galveston is poised to rake in millions of happy vacationers. Galveston’s neighbor to the north is one of the largest cities in America and Galveston is often lovingly referred to as “Houston’s playground.” This real estate boom will not be short lived. Over 80% of our buyers come from Houston and surrounding areas see Galveston as the place to retire. As the demand grows and the land available shrinks, prices will continue to rise. New construction has also jumped in the last few years with the addition of 4 new condo towers, 5 new beach and bay developments, and 2 new water parks. This boom will also continue as land is far undervalued in comparison to other resort beach towns.
Jason Keeling has written many articles on Galveston and is quickly becoming “the” Galveston real estate specialist. His website on Galveston Texas real estate is becoming the portal with which people find information, maps, and pictures about Galveston homes for sale. Jason Keeling was the recently featured realtor on the hit travel channel TV show “Vacation home search-Galveston.” Please contact Jason at 409-750-2222, or Jason@sellinggalveston.com.