Own Your Own Beach on an Island - Mustang Island Real Estate Developer Quotes

$4 million. 4 minutes. Sold! 58 tracts of island go - 3/11/2007)
(Corpus Christi: Housing)
In an auctioneer's tongue roll of escalating numbers, a surprise maneuver by the winning bidder of the first Padre Island property sold padded the sale purse with $4 million in the first four minutes. An unidentified man won his choice of two Gulf front seawall hotel/condo sites about 225- by 500 feet each. In the next five minutes, individual Lake Padre waterfront lots on Granada Drive, advertised as multifamily sites, climbed $35,000 in value from the first sale at $250,000 to the third for $285,000. In less than an hour, the full auction package of 58 lots, 28 in housing subdivisions, yielded $10.6 million that will change hands the next 30 days. One lot on the original list of those for sale was combined with another. The least expensive lot, a residential property off the water, sold for $50,000. Of the 195 registered bidders, there were 21 buyers who must develop the property within three years. There 'is still only 25 miles of developable land on the
Texas coast.

(Corpus Christi Caller Times)

Development in full swing on Mustang Island - 9/27/2006
(Corpus Christi: housing)
(Mustang Island) - Major construction is underway on an 1,800-acre development project on Mustang Island. The new development, Newport Beach And Golf Community is located on State Highway 361. The new coastal community resort will be the home of an Arnold Palmer Signature Golf Course. According to the Port Aransas City Manager, Michael Kovacs, the plans call for much more than a state-of -the-art golf course, it will be a boost to the local economy. Upon completion, the resort community also will include residential villages, hotels, a marina, tennis and beach clubs to Mustang Island, on the south end of Port Aransas. The project, created by Craig Millard and Charles Castor of Texas Gulf & Harbor Ltd., is scheduled to open in 2008, according to the company's website.
(KRIS TV)

Developers lining up on island road - 5/25/2006
(Port Aransas) - Port Aransas is on the grow. Single-family homes, multifamily units, commercial tracts and a gulf course are under construction of about to begin construction along State Highway 361 from Ave. G south to the city limits. Planning and projects director for the City of Port Aransas, David Parsons, summarized the projects. One of the most visible of the projects is Newport Beach and Golf Village North. Ground was broken late last year on the development, located on the east side of State Highway 361 between Beach Access Road 1A and the Pioneer RV Resort. Tentative plans for the corner of Ave J and Alister (which turns into State Highway 361) involve a commercial project. South of that, a commercial development now known as Pleasant Valley will include new retail. On the west side of the highway, a project called Paradise Point is in the planning stages. It will include 100 lots as well as some commercial lots facing the highway. South of El Cortez Condominiums, a 60-acre mixed-use planning community called Cinnamon Shore is already moving dirt. It will include single and multifamily lots, including "live-above" style residential/commercial units. Farther south, adjacent to Gulf Waters RV Resort, plans for 105-lot single family residential development called Deseo Dos are under way. Construction of developments along State Highway 361 will result in a network of new residential streets on both sides of the highway. When finished, current projects will add $1,063.000 to the city's tax rolls and $4,360,000 to the school district's tax rolls.
(Port Aransas South Jetty)

Miami firm plans Mustang Island project
With coastal real estate prices sky high in the Sunshine State, a Miami investment firm has looked to Mustang Island
as the place to build twin luxury developments
...Beachside lots for the new developments will range between $500,000 and $1 million.

(Nelson. Caller Times, Dec 2005)

For Irene Cochran, buying land on Mustang Island was a no-brainer.
“I’m selling off everything I have there (in Florida), and I’m buying everything I can on Mustang Island,” said Cochran,
who plans to eventually relocate to the Coastal Bend. It’s ripe for the development.”

(Caller Times, Nov 2004)

Sunny Castor, a developer who has worked on Mustang Island since 1959,
said the value of property on the islands compared with other coastal property around the country still is a bargain.
“You have to look at it like another commodity, like an ounce of gold,” he said.
“It’s not worth less in Texas than it is in California or Florida, pricing is based on scarcity and demand.”

(Caller Times, Nov 2004)

In La Concha Estates, a Gulf-front three-phase residential development on Mustang Island,
Ponton said waterfront lots didn’t last a week after they went on sale in April.
“From the day we put them on the market, we sold every single Gulf front in seven days,” Ponton said.

(Caller Times, Nov 2004)

Kevin Dean, a developer who was born in Corpus Christi but now lives in Maine,
is in the process of buying three large tracts of land. “You can’t find a piece of land this big on the coast of Maine anywhere,”
Dean said. “And if you did, it would be three times as expensive.”

(Caller Times, Nov 2004)

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