Galveston Again

[houstonfella]

Galveston / Regatta

This should be under the original Regatta post. A link to HBJ's newest article on this one. I didn't know how to delete this one and move over.

Edited October 30, 2006 by houstonfella

[Montrose1100]

So we're passing up Destin (as far as residential condo towers)?

[editor]

This was scheduled to start construction in January, 2007. Anyone know if that happened?

[The New Juniper]

This was scheduled to start construction in January, 2007. Anyone know if that happened?

This one is dead.

[lockmat]

This one is dead.

Is this outdated then?

http://beachandbaylife.com/Resort-Properties/?c=Regatta

Webstite:

http://www.regattagalvestoncondos.com/home.html

I read recently that more or less half of condo sales must be accomplished before financing is promised. Or something like that.

Edited June 12, 2007 by lockmat

[rhino]

You know, my unscientific prediction was that this one would be cancelled. I check condo for sale listings every week just to see what's out there, and a large portion of these are still listed week after week. It doesn't appear that their presales have done well. It didn't look compelling to me in relation to other options out there.

I think the Drake East Beach development is dead too. I called them a few months ago to get current prices, and they said they weren't taking any more deposits. Very evasive about it.

Also, I saw an ad a few weeks ago in the WSJ I believe, and some Pointe West condos were basically being given away. About $100K to $200K less than the retail price.

In my opinion, too many condo towers were announced last year, and it's actually better for the market if a few of them fall by the wayside. I'd rather not see the place get too overbuilt. That just hurts the people in the more viable condo developments. It's all about supply and demand. Galveston is really becoming a hot spot, but I prefer to see orderly, rational development myself.