Urbannizer Posted July 6, 2009 Share Posted July 6, 2009 Will be located next to the Isola Bella high-rise and will become the tallest building on SPI at 39 floors. www.kiranasouthpadre.com http://www.kiranasou...dre_Island.aspx Prices start at $655,000 and go up to 3 M for the 5100 square foot Penthouse. The developer is planning to start construction in December and will be finished at the end of 2011. Link to comment Share on other sites More sharing options...
Urbannizer Posted July 6, 2009 Author Share Posted July 6, 2009 AliceDonahue,com announces the new Kirana Pyramid Beach High-rise on South Padre Island.South Padre is about to be taken to new heights, literally, with the new Kirana oceanfront condominiums, which will bring a new class of luxury - and will become the tallest building on the Island."Kirana is an Indian word meaning "ray of light" and the new design shines bright for the lone star state with a pyramid style high-rise like nothing the Texas coast has ever seen. This project rivals anything in the world," says Alice Donahue, broker for AliceDonahue.com."We are excited to have this class of product come to the Island and the pre-construction prices put this product on price par with our 1980's built beach condos, but this high-rise design towers above anything on our Island," says Alice Donahue.These residences rewrite the rules of style, form and function. Kirana offers a refined collection of beautifully appointed 3, 4 and 5 bedroom luxury condominium residences and penthouse units."South Padre Island is outperforming nearly ever market in the country right now," says Alice Donahue, "and it's a great time to buy here, with our strong median price and record sales levels for 2009."***Yahoo News! Link to comment Share on other sites More sharing options...
lockmat Posted July 7, 2009 Share Posted July 7, 2009 I like it, except for the backside. I can see it becoming dated quickly though. Link to comment Share on other sites More sharing options...
TheNiche Posted July 7, 2009 Share Posted July 7, 2009 I know that they're counting on rich Mexican nationals as their bread and butter, but the Peso has devalued against the US Dollar and the foreclosure rate is higher in the Rio Grande Valley than in nearly any other market in the country. I predict that a projected December start date is merely a smokescreen. The project will not be built. Link to comment Share on other sites More sharing options...
Urbannizer Posted July 7, 2009 Author Share Posted July 7, 2009 The project will be built. Stats Show South Padre Island Is Hot! http://www.emediawir...rweb2450964.htm South Padre Island, TX (PRWEB) May 24, 2009 -- Nation leading 1ST quarter gains in sales and median price, combined with a lower months-supply-of-inventory, all point to a full recovery for South Padre Island according to statistics compiled from the local MLS and analysis by AliceDonahue.com, the area's leading real estate brokerage. "The numbers speak for themselves", says Alice Donahue, and she adds "in 2009 we are finally seeing substantial increases in sales and interest from the Internet and in our local sales offices." "We are so happy to see this level of activity on the Island again after nearly two years of slower sales, the worst we've seen in ten years." "There is a lot of cash buyer interest from Mexico, Canada, and the Texas Metros: Houston, Dallas, San Antonio and Austin - and from the Midwest and California." says Alice "Also the newly completed Sapphire High-rise on the beach and the new storm-resistant smart town houses of Marina Vista Villas at The Shores are bringing in a lot of activity." Alice Donahue says she agrees with Warren Buffet and the Texas Real Estate Center about future inflation concerns, and adds that the limited supply of South Padre Island's resort properties are a great hedge for the future inflation. Michael Stuart, CEO of TexasGulfCoastOnline.com says, "With the trillion dollar levels the federal government is printing to stimulate the economy, its common "cents" that sometime in the near future the money supply will be diluted and inflation will result." "When that happens, one of the few investment options that will hold their value will be rare and remarkable real estate like we have on the Texas coast", "where we have the best market fundamentals and most affordable oceanfront property in the United States." - says Stuart South Padre Island is the envy of Texas and the nation with these kinds of numbers, with : *Sales volume (up), *Median Price (up) and *Months Supply of Inventory (down). All three fundamental market indicators are showing substantial improvement compared to the last two years. Link to comment Share on other sites More sharing options...
TheNiche Posted July 7, 2009 Share Posted July 7, 2009 Stats Show South Padre Island Is Hot! http://www.emediawir...rweb2450964.htm Do not take for granted how awesome HAR's MLS is. They have people on staff whose full-time job is to ensure the quality of data, they engage in extensive training of members, and they're not above issuing fines to individual Realtors that make a habit of gunking up the system. In contrast, the MLS system in the Rio Grande Valley not only has a low rate of use but is plagued by poor data integrity. I am not the least bit confident that their market data is reliable, especially in the highly-segmented SPI market. I've only been frustrated when I've tried to use it, forcing me to rely on well-connected local appraisers and permitting data from local governments. Even assuming that the data is at all reliable (which it is not), witness the precipitous drop in the Dollar volume of sales in May. The amount is now so low that there are a fair number of individual homes on SPI which could by themselves account for the entire month's transactions--but of course we know that that is not the case because the median home sale volume is not in the seven digits. More likely is that there have been a statistically insignificant handful of sales tracked by the MLS averaging approximately $400k each, reflecting not only a profound slowdown in terms of the absolute number of sales, but that the slowdown has disproportionately and massively affected lower-end homes, skewing the median figures in such a way as appears to indicate a positive trend. The most recent figures also suggest that the press release is categorically false in claiming that sales volumes are continuing to increase year over year. Do not deny the effect of a Peso devaluation within the Rio Grande Valley. It is severe. The press release from a Realtor (which is always a red flag) is trumpeting the effect of inflation of the US Dollar, but makes no mention of the far more severe and immediate Peso devaluation that is already dramatically affecting the RGV's base economy. If the real estate play to be made is guided by international monetary economics, the RGV is a place that ought to be avoided like the plague, at least for another year or so, until energy prices increase again and bolster the Peso. Link to comment Share on other sites More sharing options...
Urbannizer Posted July 7, 2009 Author Share Posted July 7, 2009 I see your point, thanks Niche. Here's a look at which units have sold in this Condo... Link to comment Share on other sites More sharing options...
TheNiche Posted July 7, 2009 Share Posted July 7, 2009 Here's a look at which units have sold in this Condo...If that's all they've presold, then they are not in any position to be promising a groundbreaking date. Even 18 or 24 months ago, a 40% presale requirement was attached to most condo construction loans. As the financial crisis wore on, the requirement crept up to 50%, then to 60%, and I'd even heard about one requirement that was up to 75%. For all intents and purposes, those loans just aren't available anymore. Link to comment Share on other sites More sharing options...
lockmat Posted July 7, 2009 Share Posted July 7, 2009 Do not deny the effect of a Peso devaluation within the Rio Grande Valley. Are Rio Grand Valley Mexicans the majority of Mexicans buying condos and visiting SPI? Link to comment Share on other sites More sharing options...
TheNiche Posted July 7, 2009 Share Posted July 7, 2009 Are Rio Grand Valley Mexicans the majority of Mexicans buying condos and visiting SPI?Wealthy Mexican nationals from the interior of Mexico support a huge swath of the SPI condo market. Without them, it'd be pretty dead.The retired 'snowbirds' from the upper Midwest and Canada that move to the RGV seasonally generally cannot afford a highrise condo, and since they're there during the off-season, hotel pricing on long-term stays is generally very favorable. Most of them stick to the mainland, though. Link to comment Share on other sites More sharing options...
Urbannizer Posted August 14, 2009 Author Share Posted August 14, 2009 The units in this condo are going fast now! August 2009: Link to comment Share on other sites More sharing options...
Urbannizer Posted December 6, 2009 Author Share Posted December 6, 2009 Official Websitehttp://www.kirana-spi.com/ Link to comment Share on other sites More sharing options...
Urbannizer Posted January 31, 2010 Author Share Posted January 31, 2010 Building on the Beach Friday, January 22, 2010San Antonio Business Journal - by Travis.E PolingMexican development money is behind the planned 38-story Kirana luxury condo development, a stair-stepped glass and steel structure that would be the tallest building on the island.Bernardo Flores Chapa, one of the developers behind the project, says construction on the project is expected to begin in April. http://www.bizjournals.com/sanantonio/stories/2010/01/25/focus1.html?b=1264395600%5E2775211&s=industry&i=resi_real_estate Link to comment Share on other sites More sharing options...
LTAWACS Posted January 31, 2010 Share Posted January 31, 2010 Do not take for granted how awesome HAR's MLS is. They have people on staff whose full-time job is to ensure the quality of data, they engage in extensive training of members...I almost spit up my coffee when I read this and I must say I disagree. I deal with their data on a day-to-day basis. They have enough trouble just ensuring they send the correct number of bathrooms a property has. Try telling them that if they would just enable column constraints, 82% of they data quality issues would never happen in the first place. They wont listen. Not to mention they are plagued with DB synchronization issues, replication, and uptime. Trust me. They aren't the worst... but they are FAR from the best. Link to comment Share on other sites More sharing options...
Urbannizer Posted August 3, 2010 Author Share Posted August 3, 2010 Kirana Recieves Permit, Groundbreaking in August.After four long months of delay upon delay, Kirana has received the necessary approval and construction permits. The delay, while costly, allowed Kirana the opportunity to voluntarily redesign aspects of the Tower to meet the new IBC (2009) building code which was developed after Hurricanes Katrina, Ike and Dolly. The result will be a safer and stronger tower, resulting in more value for purchasers.Link Link to comment Share on other sites More sharing options...
LTAWACS Posted August 4, 2010 Share Posted August 4, 2010 This is indeed good news. Thanks urbaniizer. Link to comment Share on other sites More sharing options...
editor Posted August 11, 2010 Share Posted August 11, 2010 There's an update about Kirana from the Valley Morning Star in Texas Construction this week:http://texas.construction.com/yb/tx/article.aspx?story_id=148423274 Link to comment Share on other sites More sharing options...
TheNiche Posted August 12, 2010 Share Posted August 12, 2010 There's an update about Kirana from the Valley Morning Star in Texas Construction this week:http://texas.construction.com/yb/tx/article.aspx?story_id=148423274An open permit does not mean that groundbreaking is imminent. And that they "may" break ground by September is not a statement that--to me--is effusive with optimism. I don't trust them.You want to see what oceanfront condos marketed at 2007 prices are really worth? Go to a condo auction. There are about a half dozen this month for the Houston area, and Clear Lake and Galveston are being well-represented. Link to comment Share on other sites More sharing options...
Never-never Land Posted August 23, 2010 Share Posted August 23, 2010 We're moving on up! Personally, I am pleased that these projects are happening more frequently here in RGV. Link to comment Share on other sites More sharing options...
Urbannizer Posted December 19, 2010 Author Share Posted December 19, 2010 Kirana Luxury Condominiums TowerThe Mayor, City Council members and staff attended the ground breaking ceremony for the Kirana Luxury Condominiums Tower on Thursday, December 16, 2010. Kirana Luxury Condos is a 39-story condominium tower with 91 units which 70% of them have been pre-sold.Link Link to comment Share on other sites More sharing options...
LTAWACS Posted December 20, 2010 Share Posted December 20, 2010 Not sure that this will happen but I want it to. I will it to be the truth. Link to comment Share on other sites More sharing options...
Urbannizer Posted April 9, 2011 Author Share Posted April 9, 2011 Ok, well I emailed South Padre Island's building department, and they told me the building will be 421 feet tall. That makes it the tallest building in town. I also got the height for Sapphire, and they told me it is 403 feet tall.Link Link to comment Share on other sites More sharing options...
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