My family and I are looking for a home to purchase in the Pirates Beach area. Let me know who you know that may be interested. Five 12 six 35 0909.
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Pirates Beach, Galveston
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Last: 1 yr ago by 94chem
FastFreddy said:
My family and I are looking for a home to purchase in the Pirates Beach area. Let me know who you know that may be interested. Five 12 six 35 0909.
There is a Galveston AirBnB Facebook Owners group you may want to join and post this is in. A lot of chatter in that group about how the Galveston AirBnB market is over saturated and their booking have taken a hit.
FastFreddy said:
My family and I are looking for a home to purchase in the Pirates Beach area. Let me know who you know that may be interested. Five 12 six 35 0909.
What BTHOTolls said. Also, once the pain sets in prices will drop.
The same situation happened to us a few years after Ike. Once everything was put back together, there was a sudden surplus of rentals on the west end and prices dropped dramatically. We lowered our rates two or three years in a row and still weren't filling up. It was a real struggle.
The time is probably right for a correction, because VRBO rates in Galveston have gotten ridiculous. We rented a four-bedroom house in Pirates Beach in 2019 for the week of Thanksgiving for around $2,500. Two years later, that same house was going for $5,000 a week.
I love Galveston but I'm not spending $5,000 to go there.
The time is probably right for a correction, because VRBO rates in Galveston have gotten ridiculous. We rented a four-bedroom house in Pirates Beach in 2019 for the week of Thanksgiving for around $2,500. Two years later, that same house was going for $5,000 a week.
I love Galveston but I'm not spending $5,000 to go there.
yep...at the top of the market, everybody thinks the good times will last forever.
I feel like you and I were discussing this dynamic a while back when Port A properties were trading for $400/sqft, based on STR figures.
I feel like you and I were discussing this dynamic a while back when Port A properties were trading for $400/sqft, based on STR figures.
Let's say your family owns a bay house on the west side, needs some rehab & furnishing (mainly cosmetics - decks are in good shape, etc.) House is owned free & clear, so only long-term debt obligations are prop taxes & insurance.
Market over saturated to the point of making the effort of turning that house into a STR pointless? Would think it difficult to imagine you couldn't gross $15-20k/yr?
Not my first STR, familiar with how to operate one, etc. More a hypothetical to gauge the market from those who might operate there.
Market over saturated to the point of making the effort of turning that house into a STR pointless? Would think it difficult to imagine you couldn't gross $15-20k/yr?
Not my first STR, familiar with how to operate one, etc. More a hypothetical to gauge the market from those who might operate there.
Galveston is a cheaper alternative than the rest of the gulf coast. It's getting more expensive because there is only so much beach and the demand is pushing west.
OP, just to be clear, you're asking people if they know someone wanting to sell in the circled area that has yet to engage a realtor and sell on the MLS?
OP, just to be clear, you're asking people if they know someone wanting to sell in the circled area that has yet to engage a realtor and sell on the MLS?
I would argue a big reason it's getting more expensive is that we've gone a relatively long time without a major hurricane to decimate a barrier island. Coming from a guy who lives in the Meyerland area, I can tell you that people have short memories.
So OP needs to wait for the hurricane related dip.
correct
I don't think it's pointless at all, especially with no mortgage. You could definitely gross more than 20K, if you're willing to keep it open all summer and holidays for rentals. Especially if it's three or four bedrooms and in decent shape.bkag9824 said:
Let's say your family owns a bay house on the west side, needs some rehab & furnishing (mainly cosmetics - decks are in good shape, etc.) House is owned free & clear, so only long-term debt obligations are prop taxes & insurance.
Market over saturated to the point of making the effort of turning that house into a STR pointless? Would think it difficult to imagine you couldn't gross $15-20k/yr?
Not my first STR, familiar with how to operate one, etc. More a hypothetical to gauge the market from those who might operate there.
The people who may have trouble making a go of it are the pandemic buyers who paid $750,000 for a 1980s three-bedroom three streets back from the beach.
EclipseAg said:I don't think it's pointless at all, especially with no mortgage. You could definitely gross more than 20K, if you're willing to keep it open all summer and holidays for rentals. Especially if it's three or four bedrooms and in decent shape.bkag9824 said:
Let's say your family owns a bay house on the west side, needs some rehab & furnishing (mainly cosmetics - decks are in good shape, etc.) House is owned free & clear, so only long-term debt obligations are prop taxes & insurance.
Market over saturated to the point of making the effort of turning that house into a STR pointless? Would think it difficult to imagine you couldn't gross $15-20k/yr?
Not my first STR, familiar with how to operate one, etc. More a hypothetical to gauge the market from those who might operate there.
The people who may have trouble making a go of it are the pandemic buyers who paid $750,000 for a 1980s three-bedroom three streets back from the beach.
Appreciate the response.
There's stuff available in Pirate's. It's just way too overpriced, just like all galveston real estate is.
Thinking maybe someone interested in selling and we could save on sales expenses
There are deals to be had in every market. Been looking for a few years and got a heads-up last Fall on a canal home, a week before it was to be listed well under current market value. The difference-maker for us was that we built a relationship with a local Galveston realtor (he's an Aggie too). The 'born on island' community there is a tight network.DrEvazanPhD said:
There's stuff available in Pirate's. It's just way too overpriced, just like all galveston real estate is.
I have a house going up in the next few days in Beachside village. 2500sqft. Let me know if you're interested.
Care to share the name of the agent?
That is probably to big and more than we want to spend.
aggie897 said:
I have a house going up in the next few days in Beachside village. 2500sqft. Let me know if you're interested.
You an owner or a builder?
Owner and a builder
What are building prices looking like there? I know a few folks who bought lots then opted not to build because of crazy inflated costs.aggie897 said:
Owner and a builder
I own on Bolivar. Got in before the two year run-up in prices. I don't know how people buying now will make ends meet with respect to cash flow. Hoping to get high occupancy this spring/summer by undercutting more recent buyers on rates.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
the new builds cash flow very well. people are still vacationing but a lot are doing it locally.94chem said:
I own on Bolivar. Got in before the two year run-up in prices. I don't know how people buying now will make ends meet with respect to cash flow. Hoping to get high occupancy this spring/summer by undercutting more recent buyers on rates.
From what I've seen, they cash flow for the builders just fine. They must be making 100%.Furlock Bones said:the new builds cash flow very well. people are still vacationing but a lot are doing it locally.94chem said:
I own on Bolivar. Got in before the two year run-up in prices. I don't know how people buying now will make ends meet with respect to cash flow. Hoping to get high occupancy this spring/summer by undercutting more recent buyers on rates.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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