There's more proof Wednesday that the Eagle-Ford Shale discovery is having a major economic impact on South Texas.
In this case, a small community just inside the city limits of Port Aransas has noticed a four-fold increase in sales of luxury beach-front homes.
300 pastel-colored homes nestled among the island dunes stand out among other Port Aransas developments. They are priced from $300 thousand to well over $2 million, and surprisingly they're being snapped up by anxious buyers from the Coastal Bend area.
"Primarily, before this a lot of our market had come from Dallas, San Antonio, Austin and Houston," developer Jeff Lamkin said. "Now, the local market here has become a really big segment of our renter and buyer profile."
The development is called Cinnamon Shore, a complex with the state's only beach-front community designed in the new urbanism style. Each comes furnished with all the modern appliances one might expect in a luxury condo or home.
Lamkin said sales have been steadily going up since 2007, and credits the Eagle-Ford Shale and those reaping from the find.
"We've got buyers that have come down from Ingelside, Cuero, Beeville or Corpus directly, and these are businesses that either provide services or homeowners or landowners there that have been directly benefited because of Eagle-Ford Shale and some ancillary thing," Lamkin said.
Lamkin also said that once the first condos are completed, work on another set of condos will begin. He said there are prospective buyers interested in those too.
All content © Copyright 2000 - 2013 WorldNow and KIII. All Rights Reserved.