Luxury Condos Up For Auction In Galveston

by Deidre Woollard (RSS feed)
May 12th 2010 at 12:01AM

I've written about the Palisade Palms project in Galveston since 2008. Back then, all aflush with condo optimism, the two towers on Galveston Island were selling for $500,000 - $1.6 million. Flash forward to now and have we got a deal for you. On June 6, 27 condos will be auctioned off in an "inventory reduction" that has sellers naming their own price.

Prior to Hurricane Ike the condos were selling briskly but after the hurricane and the subsequent real estate slump sales slowed to a crawl. The Kennedy Wilson Auction Group is running the sale and starting bids will range from $125,000 to $375,000. The two towers have panoramic views over the Gulf of Mexico and amenities include two pool areas with spa hot tubs, a plaza deck with a fire pit, fitness center, tennis court, media lounge, private party room, gazebo, concierge service and more.

[via KHOU]

Units for sale are two to four bedrooms with two to four bathrooms and up to 2,767 square feet.

Units have terrace with Gulf of Mexico views.

Originally more towers were planned but for now there are just these twin buildings.

Unites feature combined dining and living spaces and have plenty of light.

The pool and spa area has ample lounging space and separate hot tubs.

Towers are located right on the beach.

The building includes a morning bar and coffee lounge.

There is an open air refreshment bar and lanai lounge.

Tags: condo auction, galveston, galveston island, palisade palms, texas real estate

Filed under: Auctions, Real Estate Developments

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Reader Comments (Page 1 of 1)

reallytorkedoff May 12th 2010 12:10AM

"panoramic views over the Gulf of Mexico"

On a windy day, it looks like the Gulf of Mexico would be in the ground-floor lobby.

Doesn't anyone read those stories about global warming? The ocean levels are supposed to rise over the next few decades? Sound familiar?

It's a shame, really. They look nice if you don't look too hard at how close the beach is.

MelaineA May 12th 2010 10:03PM

The first floor is at 33 feet above sea level. The Galveston seawall is at 17 feet.

reallytorkedoff May 12th 2010 7:23PM

33 feet ASL is great (I'm assuming that is at high tide).

If the attached URL is correct, the Galveston seawall is on the East end of the island ( http://blogs.chron.com/sciguy/archives/2008/09/post_39.html ). Please note that the website is mostly concerned with Category 3 hurricanes, not the REALLY big ones.

I don't see a seawall in any of the photos of the condos.

The more I look at the climate change data, there may only be a half-meter rise in the next century anyway. The condos will probably be replaced by then.

This means the main dangers are from storm surges and tsunamis. I don't think tsunamis have been a problem so far.

But Galveston has a history of being hit by a huge hurricane on rare occasion with the 1900 hurricane and Hurricane Ike (September 2008) being the best examples. The storm surge and winds have proven to be very rough on Galveston.

It's still a bit risky to live in Galveston. I'm sure insurance is a bit pricey.

As the story points out, since Hurricane Ike, prices have been down so resale may be tough.

I still think the condos look nice, and they were originally very highly priced, so...

beanspants May 13th 2010 12:09PM

The seawall ends a 1/2 mile or so farther south. No seawall separates this condo from the Gulf. Considering that many buildings and hotels above the seawall are still wrecked, damage from a major hurricane to this place is likely.

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