South Padre Real Estate

 

It's reality time in paradise.  Our real estate market place is starting to show a slowdown in sales. Data collected from our Property Listing Service (our local MLS) shows an average monthly decline of 21.5% in the number of sales in the Laguna Madre Area over the past 6 months in 2007 compared to the same period in 2006.  South Padre Island, as part of that marketplace, shows an average monthly decline of 36% in the number of sales in 2007 compared to the same period in 2006. Our foreign market is still strong but our local markets have held back.

 

National news is forecasting an upturn nationwide by the first of the year and an increase in new home sales next year.  We always lag the rest of the country by 6 months or more so if you have been considering purchasing resort property on South Padre Island, now is the time.  It is definitely a buyer's market right now in paradise. Hot sheets with price reductions are being sent to the office several times a day now. We now have a flood of properties on the market looking for buyers.  

 

Buyers, do not hesitate to make offers.  Now is a good time to be in the market on South Padre Island.  This is still prime resort property in a strong growth area with limited land resources and a strong foreign market from Mexico. 

 

Sellers need to price their property correctly to meet the current market and make sure they are competitive if they want to sell. Sellers also need to make sure their property is the best on on the market condition wise to get the best offers.  Sellers, do not be offended with any offer presented. This means that there is an interest in your property and as long as the ball is in play there is a possibility  that a meeting of the minds can still take place.