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Another High-Rise Condominium Development


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A regular poster to this site (not me) owns property within a block of this development and one block away from the sea wall. Does anyone have any thoughts on how this development may impact nearby property values?

Positively. Each successive project brings an incremental number of new visitors to the island and bolsters Galveston's employment. Eventually, you'll start seeing workforce housing cropping up here and there. One block off the seawall will become a very desireable place for folks without the income necessary to own on-the-beach condos.

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Negatively? If their gulf view is obstructed...

Ah, the part about "within a block of this development" didn't sink in.

Yeah, the short-term impact could be a problem. Given 10 years and a whole lot more of these kinds of developments, it might not be a problem at all...but for the time being, your friend owns one big question mark of a property.

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Ah, the part about "within a block of this development" didn't sink in.

Yeah, the short-term impact could be a problem. Given 10 years and a whole lot more of these kinds of developments, it might not be a problem at all...but for the time being, your friend owns one big question mark of a property.

I thought that the commercial development would follow the large condos. Restaurants, bars, etc.

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I thought that the commercial development would follow the large condos. Restaurants, bars, etc.

I would think you are correct. The high dollar condos and restaurants may seek the Seawall for the views, but the supporting retail will locate on the other side, or just off the Seawall. Either way, the value of the land increases.

As for blocking a view, a property one block from the Seawall is actually 2 blocks from a beachside tower. Only a sliver of view is taken. Any homebuyer buying off of the Seawall expects less than perfect views in exchange for a less expensive property.

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Mosaic will be built before this building is built

Wrong submarket. He's referring to a pair of 30-story high rises near the TMC and Hermann Park up here in Houston.

I thought that the commercial development would follow the large condos. Restaurants, bars, etc.

Historically, the supportive commercial uses have preferred to front the seawall as well...and land prices are still low enough to allow that kind of development. Hell, even Wal-Mart and Kroger are located on Seawall Blvd!

Any homebuyer buying off of the Seawall expects less than perfect views in exchange for a less expensive property.

The key phrase here is "less expensive property". That phrase is incompatible with new construction unless the difference in value is made up for in a commensurate difference in land values.

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Wow, you're really going out on a limb with that prediction. . . Isn't Mosaic already under construction?

I drove by there Monday. Yes, one tower at Mosaic is under construction. I understand the units will be for lease.

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  • The title was changed to Another High Rise Condo Project
  • The title was changed to Another High-Rise Condominium Development

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