Interesting reading all the answers to your question, Lee. I am a Padre Island resident, homeowner, investor and Broker-Associate with RE/MAX Padre Island. I am seeing some incredible deals out there right now in our market and I think it's a great time to be seriously looking and if you find the right property that you really love and meets your needs, then jump on it! You didn't mention if you are looking for an investment property, retirement home, second home or vacation/rental property. The increase in foreclosures and decrease in the second home market has driven prices down considerably. I am seeing some prices lower than I've seen in over 5 years. Corpus Christi has always lagged behind the rest of the nation and our market has been down now for the past 3 years. Our market tends to stay a little more even and didn't spike as much as the rest of the country. It may not be the bottom of the market but I think we're close. If you wait for the bottom though you'll miss it - It never fails! We have seen an increase in activity recently. Remember that interest rates are at an all time low and I suspect that they will start to rise again this next year. We are also the lowest priced coastal real estate in the country. The homeowners that are selling here have to compete with the foreclosures so don't limit yourself to looking at just foreclosures. I don't agree with B & Jake, in that our community does have allot to offer and thank goodness it isn't a big metropolis like LA , it does still have a small town feel. We don't have traffic or polluted air, we have clear, warm water in the bay and Gulf of Mexico, some of the best fishing in the country, shopping, restaurants, theaters over the bridge and you can get anywhere around Corpus Christi in 20 minutes or less. It is very quiet and laid back on the island ( isn't that why people come here?) and we have spectacular warm winters where you can where bathings suits & walk on the beach and get a tan. Did I mention that you don't have to drive in traffic?
Yes we have higher taxes than Oregon & CA and you have to remember the windstorm & flood insurance but the prices on resale homes are way down below what you could build for on new construction.
Let me know if I can help you find a home, Lee.. You can search the MLS on my website or I can set you up on an email auto-notification from my MLS program for homes that meet your search criteria as soon as they hit the market and as soon as they are reduced in price. Good luck & don't miss out. It's a Buyer's market!

I wish I had the Crystal Ball for the Real Estate market. What a great tool it would be.!! Ever since the Island got into the excitement of the opening of Packery Channel, we have gradually increased our inventory of homes/condo-townhomes for sale. I believe we are now seeing the correction of the marketing on the Island. No one actually knows when the reduction of prices will start going back up, so I am feeling positive in having my buyers move forward in purchasing. The Island is one of the last resort areas to have so much available for developement. With this will come higher prices in the future. Why wouldn't a buyer jump on board now. Thanks for your time, Beth

I have lived on Padre Island since 1991 and been in Real Estate since 1994. This community has continued to grow in a positive way ever since. With our limited amount of buildable coastal land this is a great investment opportunity as well as a great place to live.

Demographics tell me that Padre Island housing prices will continue to rise long-term. Prices on the Island are down from 18 months ago and choice has never been greater. If and when the economy improves, buyers will return and today's prices will seem like bargains. If your personal finances allow for the purchase, now is probably a good time to buy. I moved to the Island. I would not postpone living here based on what might happen to prices in the short-term.

The area is not depressed, so timing and the current economic conditions likely have virtually nothing to do with resales on the island. If you had a good agent, he/she could have told you this. There are more important considerations.

Hurricane Beulah flattened nearly everything on the island in '67. If this does not give you pause, given the dire prospects raised by the global warming issue, it should give you something to consider in addition to the other reasons that properties on the island are hard to sell. Properties on the island are unique and therefore relatively expensive, inconveniently situated for most home buyers and vulnerable to natural disaster. Therefore, they will usually be difficult to resell. They are low demand properties.

If you are in it for the long term, and the possibility of significant loss, or expense and effort to save your possessions, and the inconvenience of evacuating the island during hurricane season does not matter, go for it--but get buyer representation.

I'd not trust much in investors. Most of them i've met out here are just "bottom feeders" who look only at prices and buy what they think is cheap in comparison. But just a tiny bit of research will show you everything Jake said. There just isn't anything in this city that will ever make people flock here. So buying high in this city will force you to wait for the next big nationwide real estate boom before you can sell and get a good investment out of your property.

Besides all of that. I recently talked to my banker who told me that they have tons of foreclosures. They had a lot on the island that was bought for 325k that they foreclosed on (smart investor) the bank didn't want to sit on that property any longer so they had to sell it.. it ended up selling for 125k (less than half what they originally wanted) his advice to this very topic is search only for foreclosures and if you can't find any just wait because there are many more to come.

I have been in the Corpus Christi area for the past week for business. I spent the weekend looking around the island and there are PLENTY of homes to choose from. Being from LA where homes are very expensive, my initial reaction was that the prices were cheap. However, after I researched the area I think the homes are actually still overpriced. My concerns are the lack of good paying jobs in the area, the simply ridiculous property taxes (no, the lack of income tax does not make up for this), the insurance costs, 8.25% sales tax (what?!? I would purchase everything possible on Amazon with free shipping to avoid this tax) and the state of the overall economy. A search on Zillow really shows how much the prices spiked in 2006 and they have barely gone down at all in relation to the appreciation. As a potential buyer this is just scary because there is plenty of room to fall and there really is simply just no reason to buy now. The local government here needs to work hard at bringing in large companies that can pay good wages to a college educated workforce. The people in the Corpus area are very nice and absent at least a couple of the issues listed above, I would love to raise a family here. There is so much potential here, but as of now it is seemingly wasted. In short, wait it out my friend. This market has to fall more before we see any housing recovery.

I must say I disagree with "B". Texas as a whole has not experienced the drastic price appreciation or "bubble" that many markets in the rest of the nation have. We still have the best prices for waterfront property in the Nation and they will continue to rise. The demographic/personnel that make up Ingleside is very small in comparison to the personnel that come to Corpus and are based at NAS Corpus Christi and Kingsville. The only people left at Ingleside are those that are shutting the base down. With the Arnold Palmer and Jack Nicklaus golf courses being installed on Mustang Island, as well as all the developments there and on Padre Island, it's only a matter of time until prices soar out here. I talk to many investors and retirees who are leaving California and Florida and the rest of the East Coast and are buying property here like crazy because they get more for their money.

All of the prices out here are still bubble prices. 170k for a 1300 square foot house that you'll have to pay 7k in taxes is bubble price. We are still very much at the peak of this bubble and it is just going to get worse. The subprime issue is something that will be very long lasting. Your best bet is to look for foreclosures and lowball the heck out of them.

Also they are closing the base in ingleside in 2010. Many of those people live in the corpus area and on the island. That will tank the market even more.

If I were you I'd only buy a super lowball deal. Something where you can stand to lose 30k in equity and still break even.

wait
prices will drop if they haven't already
be patient
if you're in a hurry to lose thousands, buy now
you need to look for one that was purchased
before the bubble, 2001 or earlier
you can get them down on price
because they didn't pay bubble price for the property


anyways

good luck

I bought a condo there in 2004 and sold in 2006. I made good money but I wish I'd have kept it. It's appreciating more every day.

It is a buyers market best time to purchase is off season when Padre Island is a vacation area, the homes on the market during the "off season" Nov - March seller are probably wanting to sale and move on. When the busy season April - Aug. people are seeking their vacation homes and enjoy during those months... so I would go out shopping now. !

Personally, I think now is an excellent time to buy property on the Island. Prices have fallen a bit but we are seeing them stabilize. The influx of military aviator students going through flight school provides a constant stream of renters which makes the current prices very attractive for long-term investors, which we see quite a lot of activity from out here. The homes that are staying on the market for months are those that are over-priced and under-marketed. There are excellent homes on the market here that are selling at wonderful prices. I just listed a few properties on the Island that are under market value, as the sellers are millitary and are being transferred. Please contact me for more information or check out my website for details on my island properties! I hope this helps.

If you are going to be in the house for a long time, then anytime is really a good time to buy. What are your objectives. If you hire a good agent they should be able to help.
J.