Village Walk Casitas Now Available...

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

www.gotexascoast.com

www.vacationinporta.com

Half-Finished Condo Tower Bankrupt...

The development partnership behind the La Vista on Lavaca condos, also known as The Fondren Building, has filed for bankruptcy and wants to sell what’s left of the project it’s been unable to finish for a decade.

LaVista Partner LP has tried to sell the project for $10.3 million since at least May, and it’s still being marketed.

The nine-story building was supposed to be a spot where movers and shakers could be near the Texas Capitol, smoke cigars and make deals. Instead, it’s a concrete skeleton on the corner of Lavaca and 17th streets, standing like a monument to the recession and reminiscent of the ill-fated Intel shell downtown.

Project mastermind Mary Guerrero-McDonald of Guerreo-McDonald and Associates couldn’t be reached for comment. The phone number listed on her firm’s website is disconnected.
The building skeleton is designed for a restaurant, rooftop entertainment area, luxury residential condos and office condos, plus about 100 underground parking spaces, according to marketing material.

LaVista partnership manager Mac Pike said the Chapter 11 bankruptcy filing is meant to “flush out the real buyers” for the 89,800-square-foot shell.

Pike, a partner in the Sutton Co., blamed the project’s failure on circumstances in the market and within the partnership, but declined to elaborate. He said he does not know Guerrero-McDonald’s status. Pike said the project’s failure has nothing to do with its location or the concept, and he is excited to talk to anyone with an offer.

“We have always been transparent. It is a very good project. We know it will be successful,” he said. “We have an extension on the site plan and also on the construction. We are in good shape.”
The initial bankruptcy filing, which is incomplete, estimates there are more than 50 creditors. It states the partnership has less than $10 million in estimated assets against more than $10 million in estimated liabilities.

More than $4.1 million in claims from five of the top 20 creditors are disputed, according to court records. About $3.7 million is claimed by Dallas-based Precept Builders Inc. and an affiliate.
The Web address and phone number for Precept were not working on July 13. A former executive could not be reached.

Guerrero-McDonald, one of the original partners in the project, sold portions of the project to Pike, Austin real estate developer Jimmy Nassour and a third undisclosed partner, she said in 2008.

Guerrero-McDonald had previously partnered with Gene Fondren, a lobbyist for the Texas Automobile Association who suffered a stroke a few years ago.
The Fondren family is still owed $200,000, according to court records. The family is not descendants of Walter Fondren Sr., founder of Humble Oil, which merged with John Rockefeller’s Standard Oil Co. and later became Exxon Corp, the family lawyer said.
Guerrero-McDonald is still a committee chairwoman at the Austin Building Owners and Managers Association, but the committee co-chair and BOMA’s executive vice president said they do not have a contact number and did not know her firm’s status.

In 2000, she told the Austin Business Journal she planned to build the condos for $15 million and sell units for $252,000 to $637,500. In mid-2006, the project had not started, but Guerrero-McDonald said the tower would break ground that year; meanwhile, the project cost grew to $25 million.

The project had also received a 10-year tax exemption through the city’s Smart Growth program, she said at the time.

After two more years of inaction, the project’s cost estimate rose to $30 million and Guerrero-McDonald told the Austin Business Journal the project was moving forward with a new investment team that included Pike and Nassour. Nassour was traveling and could not be reached.

After completing the concrete skeleton, developers decided to cease construction in September, Pike said. A website lavistaonlavaca.com still boasts of high living. A 1,600-square-foot condo is listed for more than $1.1 million, and prices go up to $2 million.

The original architect for the building, Ponciano Morales, of Morales and Associates said Pike told him Guerrero-McDonald lost control of the project in 2008, although she was still a partner.
“Somewhere along the line the funding dried up [and] everybody stopped us from working,” said Morales, who has a $32,500 claim for work on the project, which the partnership is disputing.


Read more: Half-finished downtown Austin condo tower bankrupt - Austin Business Journal

The Reserve at Lake Travis Marina now open!

Our full-service marina offers comprehensive concierge-style services
including a complete care facility to keep your craft ship-shape in every way. The meticulous housekeeping staff allows you to boat virtually maintenance free. Slips can accommodate boats up to 80 feet, and our state of the art security system provides maximum protection for our 250 covered boat slips.

Visit The Reserve at Lake Travis Marina
Brand new, and Lake Travis’ largest and deepest water marina, our state-of-the-art facility is currently taking reservations for moving in your watercraft, so contact us today for slip rental prices and availability.

Is it a boom in Port Aransas?

Is it a boom? No. But it’s not a bust

BY DAN PARKER
Port Aransas South Jetty

On top of things Mark Coston of Port Aransas nails together lumber in a house under construction by Fusso Construction, at the Cinnamon Shore development on Friday, June 11.

No one is yelling that an economic boom is underway, but city records and interviews with some Port Aransas merchants show that island business and development are holding their own as the summer tourist season begins to heat up.

“It’s actually going very well for us right now,” said Gail Spinn, owner of Silver Sands Realty. “Prices have come down to a more realistic level, and people are out there in droves, looking for a bargain. We’ve actually been seeing an upturn (since March). I’m really encouraged.”
Mark Grosse Real Estate is “way ahead of last year,” Grosse said.
While potential property buyers were waiting and watching in 2008 and also, somewhat, in 2009, they are more likely to be moving ahead and buying this year, Grosse said.

“Buyers now have a comfort level that they are not buying into a falling market,” he said. “I’m optimistic.” Builder Nick Lorette said his business is moving along at about the same pace as last year, and that’s just fine by him. “By the end of the year, I will have built 14 or 15 houses, which I’m really pleased with,” Lorette said. “The rental market has been really strong, and I think that’s what kind of springboards my buyers.”

Building permit fee amounts collected by the city over a given period of time show how much construction is going on around town. Two measurements of those fees show recent increases in that kind of activity, but just how big those increases are depend on what periods you compare.


The city took in $100,943 in residential and commercial permit fees from January to May this year, said Darla Honea, the city’s finance director. That’s a good deal more than the $68,914 that flowed into city coffers during the same period last year.

A look at a broader period of time shows a more modest increase. Some $131,908 in building permit fees were collected from October 2008 to May 2009. From October 2009 to May 2010, the total was $142,968.

One building project currently underway is at Island Moorings Marina, where a private boat ramp is being constructed on the south side of the marina. The ramp, valued at about $150,000, is expected to open for business on July 1. Even though the ramp isn’t open yet, marina Manager Debbie Dean said she is seeing a surge in business. “During the Memorial holiday period this year, we tripled what we did over last year with fuel, bait, ice and transient dockage,” Dean said.


Also among those taking the plunge and deciding to build lately are Bob and June Petitt and their children. The Pettits own the Port Aransas Brewing Company, and they recently undertook construction of a building for a new eatery to be called Beaches Café and Bakery, at the corner of Beach and Church streets.

June Pettit said she is confident that the Port Aransas economy can accommodate another restaurant. “Absolutely, it can support it,” Pettit said. “There are a lot of restaurants here, but there are also a lot of people coming here. I don’t want to sound like a cliché, but this (town) is its own paradise.” Not all of the recent economic numbers have been good. Sales tax revenue has been down most months this year. It started off good. State payments of sales tax revenue to the city were $53,002 in January this year, as compared to $43,082 in January last year.
Then totals slid, with payments of $52,003 in February 2010, compared to $61,895 in February 2010; $40,310 in March 2010, compared to $54,529 in March 2009; and $46,807 in April this year, as opposed to $63,981 for the same period last year.

Sales tax revenue increased in May this year, with $93,773 coming in. That’s compared to $83,109 in May last year. But then revenues dropped again this month, with $59,434 flowing in, as opposed to $62,499 in June last year. Hotel-motel tax revenue is up slightly so far this year. While collections totaled $438,977.78 from January through May last year, they were $441,305.12 during the same period this year, according to city records.

As a group, Port Aransas condominiums managed by the Condominium Consulting Management and Services (CCMS) firm saw business activity during the past six months that was “probably behind” what the condos experienced during the same period in 2009, said Jim Triplett, managing director of CCMS.

“We’re behind last year’s schedule, but that was a banner year,” Triplett said. “We’re hoping for a better summer. Advance deposits, an indicator of future reservations, are quite good.”
Mike Hall, co-owner of the Family Center IGA, said the first three months of this year were “kind of soft, but not terrible.” April was “fairly decent,” but May was “unremarkable,” partly because Texas schools let out for the summer later than last year, he said.
Business has been good since the summer began, Hall said. “Since Memorial Day weekend kicked in, it looks like they (tourists) are here,” he said. “We’re very optimistic about the rest of summer.”

The Port Aransas Chamber of Commerce Tourist Bureau continues to get inquiries from folks looking to buy property on Mustang Island and possibly establish businesses here, said Ann Bracher Vaughan, executive director of the chamber.

“I think we just continue to be kind of the shining star as far as people wanting to invest and be a part of the community,” Vaughan said. “All in all, despite the uncertain situation with the economy and other factors, I think we are still in that upper echelon of an area that people are very interested in.”

Upon arrival Anglers depart the jetty boat at its dock on San Jose Island just after dawn on Friday, June 11. In addition to fishermen, visitors to San Jose Island commonly include beachcombers, surfers and others.
On top of things

Alan Hinojosa, left, and Rick Thunberg do roof work at a restaurant building under construction at the intersection of Beach and Alister Streets on Friday, June 11. The business is to be called Beaches Cafe and Bakery.
Ramping up

Workers pour concrete while building a new ramp at the Island Moorings Marina on Tuesday, June 15. The ramp work is one of a number of construction projects currently under way in Port Aransas.

Sale of 'Le Belvedere' sets new record for 2010...

Sale of 'Le Belvedere' sets new record for 2010

More on the long rumored sale of the Bel Air mansion "Le Belvedere" in today's Los Angeles Times article, "Bel-Air mansion fetches highest price this year for a U.S. residence."
In a nutshell:

Although he wouldn't release the sale price, seller Mohamed Hadid confirmed that it was in excess of the previous record of more than $46.5 million set this spring in Colorado, falling between $50 million and the asking price of $72 million. In Los Angeles County, sale prices can take more than a month to appear on the public record.Designer-developer Hadid had listed the walled and gated estate 15 months ago at $85 million.The 48,000-square-foot estate, called Le Belvedere, was bought in the name of a limited liability company, not an individual. "Even I don't know who bought it," said Hadid, who has built Ritz-Carlton hotels, office buildings and king-size estates nationwide during his 30-year-plus career.

An Insider's Guide to Galveston Island...

David Bowers, 2010 president of the Galveston Association of Realtors®, offers tips to enjoy yourself while on the island.

Take a Walk
“There’s a very easy 5K that’s on the weekend of the convention—a lot of people walk it. It’s a great race that takes you through the historic neighborhoods. It’s presented by the Galveston Historical Foundation, of which I’m president.”

The Galveston Rebirth 5K Run/Walk is scheduled for Saturday, Sept. 11, at 8:30 a.m. Register at GalvestonHistory.org/Galveston_Rebirth_Race.asp. All proceeds benefit the Galveston Historical Foundation.

Tour the tree stumps
“Not only did we have the hurricane, but we had one of the largest deforestations ever seen in this country. We lost 44,000 trees. The trees have been taken away, mostly for shipbuilding projects across the country.

Many people in neighborhoods that lost their trees have used their stumps to create fantastic sculptures. There’s all this art right there in people’s front yards.”
Find a list of the Galveston Island Tree Sculptures and their addresses at Galveston.com/City040110.

See the town from a saddle
“One thing I love about Galveston is that the city has a 19
Head to GalvestonHistory.org/Plc-Map.asp and Galveston.com/Maps for maps of places to visit on your ride or walk.


Hungry?
“Galveston, of course, has great seafood, but here’s an insider tip: we also have great mom-and-pop Mexican restaurants.” Whatever your palate, here are some recommendations:

+Salsa’s Mexican Restaurant
4604 Seawall Blvd.

+Casey’s Seaside Cafe
3802 Seawall Blvd.

+Gaido’s Famous Seafood Restaurant
3828 Seawall Blvd.

+Benno’s on the Beach
1200 Seawall Blvd.

+Fisherman’s Wharf
Pier 22, 409/765-5708

+Rudy and Paco Restaurant and Bar
2028 Postoffi ce St., 409/762-3696

+Luigi’s Italian Ristoranti
2328 The Strand, 409/763-6500


Courtesy of TAR- Article

Austin Number One City for the Decade...

Austin tops Kiplinger's List on 10 Best Cities for the next decade...


They're prosperous, innovative, and they'll generate plenty of jobs, too.

We live in challenging times. Unemployment remains high, and the U.S. lead in technology and science is slipping as many foreign countries gain ground. But some U.S. cities, though slowed by the Great Recession, still thrive by lifting good old American innovation to new levels. And that will help put more Americans back to work and keep our international edge.

In Kiplinger's latest search for top cities, we focused on places that specialize in out-of-the-box thinking. "New ideas generate new businesses," says Kevin Stolarick, our numbers guru, who this year evaluated U.S. cities for growth and growth potential. Stolarick is research director at the Martin Prosperity Institute, a think tank that studies economic prosperity. "In the places where innovation works, it really works," he says.

After researching and visiting our 2010 Best Cities, it became clear that the innovation factor has three elements. Mark Emmert, president of the University of Washington in Seattle, put his finger on two of them: smart people and great ideas. But we'd argue that it's the third element -- collaboration -- that really supercharges a city's economic engine. When governments, universities and business communities work together, the economic vitality is impressive.

And it's no coincidence that economic vitality and livability go hand in hand. Creativity in music, arts and culture, plus neighborhoods and recreational facilities that rank high for "coolness," attract like-minded professionals who go on to cultivate a region's business scene. All of which make our 2010 Best Cities not just great places to live but also great places to start a business or find a job.

1. Austin, Tex.
Austin is arguably the the country's best crucible for small business, offering a dozen community programs that form a neural network of business brainpower to help entrepreneurs. Now overlay that net with a dozen venture-capital funds and 20 or so business associations, plus incubators, educational opportunities and networking events. Mix all these elements in what many call a classless society, where hippie communalism coexists with no-nonsense capitalism, and you've got a breeding ground for start-ups.

Don't discount the fun factor: In the self-proclaimed live-music capital of the world, music and business creativity riff off one another. The city's famous South by Southwest festival, where concerts, independent film screenings and emerging technology overlap, is a prime example.

Read More Here