TAK Posted April 25, 2006 Share Posted April 25, 2006 Do any of you know about rents in Galveston? I look at HAR and see lots of SFH and MFH for prices that aren't bad at all. The places look like they "have great bones" and just need updating.Do people rent in Galveston, or would I be throwing my money into the Gulf?I like Galveston a lot and wouldn't mind living there, myself. It looks like things are starting to boom.Thanks! Link to comment Share on other sites More sharing options...
SpringTX Posted April 25, 2006 Share Posted April 25, 2006 Do any of you know about rents in Galveston? I look at HAR and see lots of SFH and MFH for prices that aren't bad at all. The places look like they "have great bones" and just need updating.Do people rent in Galveston, or would I be throwing my money into the Gulf?I like Galveston a lot and wouldn't mind living there, myself. It looks like things are starting to boom.Thanks!Knowing only a little about Galveston, I can say that I agree with your assessment - it looks like it's starting to take off. So I would say that ANY sort of property investment there will stand a reasonable chance of seeing a real appreciation in value in the upcoming years.As for renters, I think you're looking at a smaller market. So while there may be smaller demand, you're also looking at a smaller supply.You're talking about long-term rentals and not vacation rentals, right?And are you talking upscale or are you talking low-brow? Link to comment Share on other sites More sharing options...
TAK Posted April 25, 2006 Author Share Posted April 25, 2006 i'm thinking long-term rentals, but would also consider use vacancies for vacation rentals during high times.I don't have high-end dollars, yet, so I'm thinking of taking something 'low brow' and making it as nice as i can afford / as nice as the rent would support. Link to comment Share on other sites More sharing options...
MidtownCoog Posted April 25, 2006 Share Posted April 25, 2006 We dabbled with this in Jamica Beach.It not really worth it. You need multiple properties and have to be prepared to be in it for the long haul.And the last thing Galveston needs is more "low brow" housing. Galveston has plenty of slum lords and government housing to begin with. Link to comment Share on other sites More sharing options...
TAK Posted April 25, 2006 Author Share Posted April 25, 2006 by 'low brow' i mean - i can't afford to build or buy one of the new highrises.i don't want to offer anything 'slum'. i like galveston a lot.but for example (giving away a potential diamond, maybe):www.har.com/6689487these look like they could be decent - 3 duplexes. i don't know much about the area they are in, or what shape they're in, but they look like they could be nice (or made to be nice.)i'm not sure if there is much of a rental market in galveston, but these are supposedly fully rented, and if they're rented at the price they're suggesting, they're making money.am i missing something? Link to comment Share on other sites More sharing options...
lwood Posted April 25, 2006 Share Posted April 25, 2006 Do any of you know about rents in Galveston? I look at HAR and see lots of SFH and MFH for prices that aren't bad at all. The places look like they "have great bones" and just need updating.Do people rent in Galveston, or would I be throwing my money into the Gulf?I like Galveston a lot and wouldn't mind living there, myself. It looks like things are starting to boom.Thanks!Properties anywhere close to UTMB are usually easy to rent. I would check that immediate area first. Spend an afternoon in that neighborhood driving around and see what is available that looks good from the street. Link to comment Share on other sites More sharing options...
J.A.S.O.N. Posted April 25, 2006 Share Posted April 25, 2006 by 'low brow' i mean - i can't afford to build or buy one of the new highrises.i don't want to offer anything 'slum'. i like galveston a lot.but for example (giving away a potential diamond, maybe):www.har.com/6689487these look like they could be decent - 3 duplexes. i don't know much about the area they are in, or what shape they're in, but they look like they could be nice (or made to be nice.)i'm not sure if there is much of a rental market in galveston, but these are supposedly fully rented, and if they're rented at the price they're suggesting, they're making money.am i missing something?That neighborhood is actually pretty decent. On 35th, from about Ave. O on up to the Seawall is ok. The thing you may be missing about Galveston is that most neighborhoods on the east end are generally mixed income. You could very well see a row of nice Victorians, next to two or three, well......shacks. Nothing dangerous about these neighborhoods though... Link to comment Share on other sites More sharing options...
SpringTX Posted April 26, 2006 Share Posted April 26, 2006 by 'low brow' i mean - i can't afford to build or buy one of the new highrises.these look like they could be decent - 3 duplexes. i don't know much about the area they are in, or what shape they're in, but they look like they could be nice (or made to be nice.)i'm not sure if there is much of a rental market in galveston, but these are supposedly fully rented, and if they're rented at the price they're suggesting, they're making money.am i missing something?Based on what the Galveston residents on this forum are saying, it sounds like this might be good. I just have 2 bits of general advice. 1) Never buy real estate in an area you don't know well. Location is the most important thing. And the name of the game in real estate is knowing more than "the other guy". That's how a buck is made. 2) You'd have to think that there is an advantage to living nearby, where you can easily: check on things, talk to the tenants, show the units to prospective renters, do emergency maintenance, etc.Also, never believe everything you read. Just because they said something in their ad on HAR, doesn't mean it's true or that there isn't something they're not telling you. There's almost always a catch somewhere. Good luck. Link to comment Share on other sites More sharing options...
TAK Posted April 27, 2006 Author Share Posted April 27, 2006 1) Never buy real estate in an area you don't know well.That's the thing... I wish I knew more about Galveston - I love it. If I weren't always so busy, I'd spend all of my weekends there. Matter of fact, I guess I need to spend this Saturday there, weather permitting. Link to comment Share on other sites More sharing options...
The New Juniper Posted April 27, 2006 Share Posted April 27, 2006 That's the thing... I wish I knew more about Galveston - I love it. If I weren't always so busy, I'd spend all of my weekends there. Matter of fact, I guess I need to spend this Saturday there, weather permitting. Rental rates for the professionals that live on the island are commensurate with what we see in downtown Houston, which says all you need to know about rates in downtown Houston We have clients that we leased some relo space for in Galveston and we actually paid a higher rate down there than similar relo clients we had in downtown Houston Link to comment Share on other sites More sharing options...
cabanaboy Posted May 12, 2006 Share Posted May 12, 2006 Rental rates for the professionals that live on the island are commensurate with what we see in downtown Houston, which says all you need to know about rates in downtown Houston We have clients that we leased some relo space for in Galveston and we actually paid a higher rate down there than similar relo clients we had in downtown Houston Galveston has 4 colleges and a steady influx of new renters who's parents have deep pockets. Property appreciation of all types is strong. All raw land is being rapidly gobbled up by various developers. I believe there are currently a half dozen or so high rise condo's going up. Emerald by the Sea, Palisade Palms and the two high rises down at Seawall near 8 mile Rd. are all at price points over $300K for a 2/2. There will be a steady influx of empty nesters in the coming years. All of these look like good signs to me. Link to comment Share on other sites More sharing options...
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