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Galveston Script

Galveston Island has rebuilt in the past decade since Hurricane Ike, with tourism and real estate seeing strong growth. However, beachfront property is limited island-wide. The island can be divided into West Beach, the Sea Wall frontage, and East Beach. West Beach has more affordable homes but inconsistent beaches, while the Sea Wall area is expensive with no beach access. East Beach has the best beaches but high insurance costs have lessened demand for homes, though mid- and high-rise buildings are an option to develop the limited land. A 28-acre tract on East Beach could support a residential continuum from affordable to luxury housing.

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365 views4 pages

Galveston Script

Galveston Island has rebuilt in the past decade since Hurricane Ike, with tourism and real estate seeing strong growth. However, beachfront property is limited island-wide. The island can be divided into West Beach, the Sea Wall frontage, and East Beach. West Beach has more affordable homes but inconsistent beaches, while the Sea Wall area is expensive with no beach access. East Beach has the best beaches but high insurance costs have lessened demand for homes, though mid- and high-rise buildings are an option to develop the limited land. A 28-acre tract on East Beach could support a residential continuum from affordable to luxury housing.

Uploaded by

Michael
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as RTF, PDF, TXT or read online on Scribd
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Galveston Script

548 words

The Lodging Continuum


2008 was a bad year in MANY respects. We had a financial
meltdown, stock market crash, the Lehman brothers bankruptcy
-the housing bubble burst and the country began many years of
severe recession that took a complete change in government to
start a turn around in 2016.
On top of all that — the Texas Coast suffered on of the most
devastating hurricanes ever. Galveston island the Boliver
peninsula took a direct hit from Hurricane —Ike.
Much of the low lying homes and businesses were washed
away by tidal surge and high winds. Over the past ten years
though Galveston has rebuilt homes and businesses to the
point that it has become a popular destination for tourists and
second homes. This has happened in a quiet and methodical
manner. Then- this year the entire island showed significant
gains in all areas of commerce—
—The hotels
— beach rentals
— home sales
— restaurants
— fishing guides
— retail businesses
— and others...
All show historic increases in business activity.
So we took a closer look at possible opportunities on the island.
The biggest concern regarding Galveston businesses in the past
has always been the seasonal nature of most activities.
This year though the entire 2018 results show good numbers. It
looks like a good time to start almost any business if you have a
good product.
So we decided to look at real estate possibilities and what
opportunities may have appeared along with these good
numbers.
We decided to focus on housing and lodging.
We looked at the entire length of the beach front properties
along the island.
One thing sticks out. There is very little quality beach frontage
available anywhere on the island. Even beach view property is
limited.
The island can be divided into three distinct areas.
—West Beach
—Sea Wall Frontage
—East Beach
Each of these has distinct characteristics.
First—
West beach is rebuilding and has less expensive property
available. The main negative is that the quality of the beach is
inconsistent. Also the concern about hurricane damage and the
high cost of wind insurance has slowed demand. Still -For less
expensive ground level homes this is the best area.
Next- The sea wall frontage is not well suited for individual
homes and the beach itself is slowly eroding to a point that itis
becoming less desirable.
Sea wall frontage sites are quite expensive and have no direct
beach access.
(You have to walk across sea wall boulevard).
East Beach is the most expensive, most desirable and most
limited in the amount of property available.
There is ground level home development going on but there is a
problem.
The threat of hurricanes and the high cost of wind insurance
has lessened the demand here also.
Several things are interesting about this portion of the beach
however.
First the beach is by far the best on the island.
It is growing where most other areas are decreasing.
Next- the ability to build Mid and High rise structures exists
here.
All of west beach is limited to a maximum of six story high
buildings.
For Example—
The best tract available for a significant residential development
is this one.
It’s 28 usable acres. This will easily accommodate at least four
sites for a Continuum of residential properties.

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