Great Port Aransas Investment
Six, three-bedroom, two and one half bath, fully-furnished rental units to be built at Village Walk Condominiums, Port Aransas, Texas. These units will be located on six adjoining lots (Units 1-6), and have been specially designed to combine optimal rental income potential, low maintenance, and long-term investment value. Each unit will contain 1,062 square feet of A/C space.
Village Walk Condominiums is one of the premier single-family residential developments in Port Aransas, with its in-town location less than a two-minute drive to the beach, and close proximity to all of the shopping and restaurants in town. The first homes in Phase I (56 Units) of Village Walk were completed in late Summer of 2007, and by the end of 2008 a total of 40 Units had been built and sold. Based on this strong market demand it was decided to proceed with the construction of Phase II (42 Units), which was completed in January 2009. We all know what happened shortly thereafter in the financial markets, and while this economic slowdown has has adramatic negative effect on the Nation in general, Village Walk has managed to sell another 9 Units since the beginning of 2009. This continued success has given us the confidence to proceed with the development of the Casitas today.
The concept for the Casitas at Village Walk was actually born during the initial planning stages of the overall development. These six smaller lots were programmed to be built as smaller versions of the larger Units typical of Village Walk houses in order to provide a more affordable alternative for groups just too large to rent a single house in Village Walk. The extra guests can rent one of the Casitas for less than a second larger Unit, and still be “part of the party”. After consulting with the owner of one of the Island’s leading rental agencies, we were encouraged that our proposed design (by Nick Lorette - Port Aransas Coastal Homes) would be very well received by the rental market.
In general, the rental of Units at Village Walk for the past two years has be nothing short of phenomenal. The dozen or so Units that are available for rent have stayed full for virtually the entire summer season, and at premium rates of $440 to $550 per night. With the Casitas filling in the market for a Unit that can be rented for $350 or less per night, a much larger market will be able to enjoy Village Walk.
The Casitas land is presently owned by Village Walk Development Corp., the developer of Village Walk, and the design of the Casitas was done by Nick Lorette, a highly respected Port Aransas builder, who is responsible for constructing most of the Units in Village Walk today. We estimate that the Casitas can be completed in eight months, which means that they can participate enjoy all of next year’s rental market if this transaction can be closed by October 1, 2010.
Available For:$1,368,000 or $228,000 each.
$60,000 Lot
$168,000 Construction and Furnishings
Six, three-bedroom, two and one half bath, fully-furnished rental units to be built at Village Walk Condominiums, Port Aransas, Texas. These units will be located on six adjoining lots (Units 1-6), and have been specially designed to combine optimal rental income potential, low maintenance, and long-term investment value. Each unit will contain 1,062 square feet of A/C space.
Village Walk Condominiums is one of the premier single-family residential developments in Port Aransas, with its in-town location less than a two-minute drive to the beach, and close proximity to all of the shopping and restaurants in town. The first homes in Phase I (56 Units) of Village Walk were completed in late Summer of 2007, and by the end of 2008 a total of 40 Units had been built and sold. Based on this strong market demand it was decided to proceed with the construction of Phase II (42 Units), which was completed in January 2009. We all know what happened shortly thereafter in the financial markets, and while this economic slowdown has has adramatic negative effect on the Nation in general, Village Walk has managed to sell another 9 Units since the beginning of 2009. This continued success has given us the confidence to proceed with the development of the Casitas today.
The concept for the Casitas at Village Walk was actually born during the initial planning stages of the overall development. These six smaller lots were programmed to be built as smaller versions of the larger Units typical of Village Walk houses in order to provide a more affordable alternative for groups just too large to rent a single house in Village Walk. The extra guests can rent one of the Casitas for less than a second larger Unit, and still be “part of the party”. After consulting with the owner of one of the Island’s leading rental agencies, we were encouraged that our proposed design (by Nick Lorette - Port Aransas Coastal Homes) would be very well received by the rental market.
In general, the rental of Units at Village Walk for the past two years has be nothing short of phenomenal. The dozen or so Units that are available for rent have stayed full for virtually the entire summer season, and at premium rates of $440 to $550 per night. With the Casitas filling in the market for a Unit that can be rented for $350 or less per night, a much larger market will be able to enjoy Village Walk.
The Casitas land is presently owned by Village Walk Development Corp., the developer of Village Walk, and the design of the Casitas was done by Nick Lorette, a highly respected Port Aransas builder, who is responsible for constructing most of the Units in Village Walk today. We estimate that the Casitas can be completed in eight months, which means that they can participate enjoy all of next year’s rental market if this transaction can be closed by October 1, 2010.
Available For:$1,368,000 or $228,000 each.
$60,000 Lot
$168,000 Construction and Furnishings
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