Cinnamon Shore, "New Urbanist" Vacation Community, Grows in Texas

A "new urbanist" development has taken root in Texas. Cinnamon Shore, a vacation home community on Mustang Island, is growing despite the credit crunch, "We have 23 homes either complete or at various stages of construction and 10 homes that will be breaking ground in the next 60-90 days," a spokeswoman said. "Our phase 1 amenities that are complete consist of our golf-cart-accessible dune crossover (beach access), Fishing Pavilion and Boardwalk on Lake Colby." Phase 1 of the community consists of consists of 82 homesites, of which 41 are sold, and an additional 6 are pending with builders. By March, the pool and pool house will be finished. Mustang Island is opposite Corpus Christi on the Gulf of Mexico, but suffered no damage during Hurricane Ike, which hit the Texas coast last summer. "The protective dunes (which were an integral part of the design of the community) shielded the development from any storm surge and harsh weather," wrote PR consultant Randi Tucker in answer to my email about this.

Pt. Mansfield, TX: 2nd Home Investor Hotspot?

Here's a spot for second-home investors that you might not have heard about: the fishing village of Port Mansfield, Texas, about 61 miles north of Brownsville on the shore of Laguna Madre.

"Most of the buyers are second-home investment buyers," The Brownsville Herald quoted Patsy Nolte, who runs SeaWatch Realty, as saying. "People are still discovering Port Mansfield." Even now, with the real estate market collapse nationwide, sales are still hot here, according to Nolte, who said she sold about a dozen homes here so far this year.


An oddity: "the Navigation District leases the land that's luring newcomers here," the Herald says. Port Director Mike Wilson said leases go for monthly charges of $3 per square-foot along the harbor to annual fees of $3 to $6 a square foot in other parts of town. The 30-year leases can be renewed any time, Wilson is quoted as telling reporter Fernando Del Valle of the Valley Evening Star. "Under the terms of the lease, you agree to certain (conditions). You're not as in-control of property as you would if you have a title to land. We have ordinances much like a town does," Wilson is quoted as saying.

Where to Invest? Charlotte, Dallas Show Price Gains

Charlotte and Dallas are beckoning second-home buyers and perhaps investors. The latest news from the S&P Case/Shiller home index report is that for the first time in as many months, "we finally saw monthly price appreciation" in these two metro areas," David M. Blitzer, Chairman of the Index committee at Standard & Poor’s, said today as the dismal first quarter housing numbers showed declines elsewhere. "Charlotte was up 0.2% in March over February, and Dallas was up 1.1%.”

On the negative side, Las Vegas "remains the weakest market, reporting an annual decline of -25.9%, followed by Miami and Phoenix at -24.6% and -23.0%, respectively. Charlotte is the only market with appreciation over the past year, returning +0.8%. In March, half of the MSAs and both composites fell by more than 2% over February. Miami was the worst performer, returning -4.5%.

"Overall," according to the report, "the markets that grew the most during the recent real estate boom are the ones that are leading the current decline."

Houston Hosts First Second-Home Expo

The "Escapes! Second Home Expo" is set for Houston Apr. 19 and 20. Organizers say Texas is the "new hot spot for retirement, according to a recent study using U.S. Census data." Texas has now "leapt past Arizona and California to become the No. 2 retirement spot in the US. "Florida is still No. 1, but Texas is gaining." Spokesman Tony Wood suggests buyers from the greater Houston area, where the energy-driven economy is thriving, are in a better position than most to invest in a vacation home these days. The 200 exhibitors who will take part in the show at The Woodlands Waterway Marriott Hotel and Convention Center represent not just Texas destinations but Mexico, Costa Rica and Panama, all reachable by nonstop flights from Houston. More info: EscapesExpo.com

Spa + Celeb Fitness MD= "Wellness Homes"

How's this for a hot idea catering to boomers: own a vacation home not on a golf course but at a "wellness" center. Who's doing it? Dr. Kenneth Cooper, the man who made "aerobics" a watchword. His Texas outfit has put its name on a a $2 billion residential wellness community called Cooper Life at Craig Ranch, north of Dallas, the NY Times reports. "The first 800 private homes, town houses, brownstones and midrise condominiums are priced from $400,000 to $2 million..." more are planned. Amenities: "athletic training center named for the Olympic sprinter Michael Johnson. The community will also include a hospital and research institute, parks, gardens, three schools, shops, offices, restaurants and a hotel."

Still Going Up: NC, Texas, Montana

Smile if you are selling a vacation home in North Carolina. The National Association of Realtors reports that's where the biggest total sales increase was for the third quarter. Existing-home sales rose 9.7 percent compared with the third quarter of 2005. In Texas the third-quarter resale pace rose 8.6 percent from a year earlier, while Montana experienced the third strongest gain, up 6.4 percent.