palisade palms

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?

Source

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