galveston

Luxury Condos Up For Auction In Galveston

Filed under: Auctions, Real Estate Developments

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]

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

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Should A Hurricane Tax Zone Benefit Luxury Condos?

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

A luxury condo project in Galveston, Texas is causing controversy. Last year we mentioned the Palisade Palms project, a pair of new towers on the beach that are selling for premium prices up to over $1.5 million. The project has sold well but as the Houston Chronicle reports, some want to know why the developers of the project were able to take advantage of the Tax Increment Reinvestment Zones (TIRZ) meant to bring jobs to the area after Hurricane Ike. Critics say that the TIRZ laws were meant to help the poor and not provide incentives for luxury businesses.

The article in the Chronicle lays out the arguments with strong words on both sides. Greg Leroy, the head of Good Jobs First, a Washington, D.C., group that promotes corporate accountability calls using zones to build luxury homes "just another extreme example of the perversion of the program." Also two developers chair TIRZ boards that oversee the expenditure of tax money on their developments and control a majority on their board, a situation that one of the Houston Chronicle commenters referred to as the fox guarding the henhouse. Construction of luxury condo projects does bring money to an area and upscale buyers do stimulate the local economy but should the developers be able to take advantage of these types of programs to create properties that serve the upper tier of the community?

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Tags: condo, condominium, galveston, palisade palms, PalisadePalms

The Village at Laguna Harbor

by Deidre Woollard (RSS feed) —

Filed under: Estates

Bolivar Peninsula in Texas aims to be the latest place to charm second-home buyers and aging boomers into luxury condos. Crown Team Texas is at work on The Village of Laguna Harbor, a waterfront community on Galveston Bay's Intracoastal Waterway. The 80-acre development on the northwestern tip of the Bolivar Peninsula is designed to be eco-friendly and features canals that are six to 10 feet deep. Each home site in Laguna Harbor has water frontage for a private boat dock that can accommodate vessels from 20 to 100 feet. There are four main sections: Estate homes which are half-acre residential home sites, Cove homes which are quarter-acre home sites, Harbor Houses which have a boat slip directly at the front door and the luxury condos in The Village. As of October 2006, approximately 75 percent of home sites in The Cove have been sold and approximately 50 percent of the home sites in The Estates have been sold and the three Harbor Houses shown above are nearly complete and available for purchase.

[via Houston Business Journal]

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Tags: galveston, homesites, laguna harbor, LagunaHarbor, texas

Harborwalk Home Tours

by Deidre Woollard (RSS feed) —

Filed under: Estates

Those who are interested in checking out luxury homes in the Galveston, Texas area can partake of the Street of Dreams tour of the new Harborwalk complex which is being held now through May 21. Harborwalk is a new gated community that includes a marina and a yacht club with lighted tennis courts, family and adult swimming pools, a fitness center and a restaurant . The Tidewater Collection is a set of six homes that features the latest in home design. Prices for the homes start at $1.2 million. The homes, all their contents, and the boats docked outside are for sale so browse with wallet in hand.

[via The Galveston Daily News]

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Tags: development, galveston, harborwalk, housing development, marina, yacht club, texas, texas real estate