J.A.S.O.N. Posted August 22, 2007 Share Posted August 22, 2007 NBC Nightly News does Galveston By Leigh Jones Did any of you catch the NBC Nightly News segment on Galveston last night? It was titled "In Harm's Way" and basically marveled over the "fact" that although we are so vulnerable to hurricanes, we have one of the hottest real estate markets in the country for vacation homes.A lot of major media outlets continue to talk about Galveston's real estate boom, but are we really in a boom? I see lots of vacant lots in developments on the West End when I go out there. Locally people seem to be talking more about a real estate market slow down. Even Marquette Land Investments representatives acknowledged the market is not what it was a year ago when they bought in. There's lots of property being developed, but are people buying those homes?Here is the link to the videohttp://video.msn.com/v/us/v.htm??g=0e06e65...amp;fg=rss& Link to comment Share on other sites More sharing options...
TheNiche Posted August 22, 2007 Share Posted August 22, 2007 NBC Nightly News does Galveston By Leigh Jones Did any of you catch the NBC Nightly News segment on Galveston last night? It was titled "In Harm's Way" and basically marveled over the "fact" that although we are so vulnerable to hurricanes, we have one of the hottest real estate markets in the country for vacation homes.A lot of major media outlets continue to talk about Galveston's real estate boom, but are we really in a boom? I see lots of vacant lots in developments on the West End when I go out there. Locally people seem to be talking more about a real estate market slow down. Even Marquette Land Investments representatives acknowledged the market is not what it was a year ago when they bought in. There's lots of property being developed, but are people buying those homes?Here is the link to the videohttp://video.msn.com/v/us/v.htm??g=0e06e65...amp;fg=rss&Even a couple of years back, City officials were making remarks to the effect that all the good deals are gone.I don't believe that to be the case. I think that it is more likely that although there has been a slow down, developers are saying that it's a terrible market to keep other developers from coming in and building much more supply in what is still a pretty small market. As for the City, I'm just perplexed at half the things they do and say. The other half tend to contradict the half that perplex me, too, so I dare not try to figure out a motive on their end.Meanwhile, the media interprets increasing supply to mean that a place is booming. There is a fair bit of office space being built in downtown Dallas, but I wouldn't refer to it as a booming market because so much of it is dark. Don't tell that to the DMN. Link to comment Share on other sites More sharing options...
MidtownCoog Posted August 22, 2007 Share Posted August 22, 2007 According to my full-timer neighbors in Jamaica Beach, nobody is buying all the new homes. And their hobby is real estate. They own a home on the canal and another off the beach that they lease. They say most of the action is high dollar, like the new stuff on the bay in Pirates Beach. Link to comment Share on other sites More sharing options...
Vertigo58 Posted August 22, 2007 Share Posted August 22, 2007 Texas's vacation paradise quote unquote. Cinematographer did a great job making Galveston appear tropical and clean.lol Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.