Galveston Real Estate is on the Rise

(PRWEB) July 28, 2007 -- Ryson Real Estate outlines a hip new real estate market developing in Galveston Texas.

Ten years ago Galveston was a quiet, largely undeveloped island without a lot of beach town glamour. However, a flurry of media attention has touted Galveston as Americas last affordable beachfront, and drawn attention to its' miles of waterfront, picturesque historic downtown and fishing fleet, many cultural events, and 8 months of warm weather per year. As the city "grows up", so do the number of attractions and activities available to visitors and residents. Galveston has been discovered, and the Galveston real estate market is booming in response.

The once fast and furious markets of California, Las Vegas, Florida, and Arizona are floundering. They had to - prices had simply soared far out of reach of the average homebuyer. For investors, it was practically impossible to achieve positive cash flow on a rental property. In much of the country, the long-feared real estate "bubble" seems to finally have burst. Values and sales numbers are dropping, and properties are sitting unsold for months in many cases. According to Jason Keeling, Broker of Ryson Real Estate, "The once fast and furious markets of California, Las Vegas, Florida, and Arizona are floundering. They had to - prices had simply soared far out of reach of the average homebuyer. For investors, it was practically impossible to achieve positive cash flow on a rental property."

Texas, however, has retained its affordability, and combined with its strong economy it has remained one of the few bright spots in the US real estate market. The population is increasing rapidly - over 20% from 1990-2000 according to The Texas A&M real estate center, a trend which is continuing and indicates real, continued demand for housing, as opposed to the rampant speculation which fueled "bubbles" in other markets. Our affordable housing and lifestyle is one reason for this growth; others include our excellent and affordable public university system, and our unparalleled business and employment climate, with low rents, low taxes, limited regulation, and more Fortune 500 companies calling Texas home than any other state.

Texas has remained solid while other real estate markets have faltered, and among all Texas sub-markets, Galveston has the strongest appreciation rates, and is perhaps the most attractive to out-of-area buyers. Galveston is quickly becoming a "beach resort town" and is extremely close to one of the largest population centers in the county.

Demand has soared as retirees, second home buyers, and investors flock to Galveston Island. The supply side has responded with a wide variety of new homes, condominiums (both new construction and historic downtown renovations), as well as a steady supply of resale homes in existing neighborhoods, both contemporary and historic. The Galveston TX real estate market is fairly well balanced between buyers and sellers, with a sizable inventory of properties available, but also brisk sales. While Galveston has experienced great appreciation rates, homes here are still a great bargain, averaging $175,000. According to the Texas real estate center at Texas A&M a spacious, front-row beach house can be had for under $500,000, and newer canal/bay front homes are often under $300,000. These are ideal weekend getaways or investments - often renting out for $2000+ per week, or more in summer. There is true value in these properties and plenty of room - and cause - for property values to continue their climb.

Jason Keeling and Ryson Real Estate can help you with all of your Galveston Texas real estate needs. We work with commercial real estate, residential real estate, and vacation homes. Please visit www.sellinggalveston.com for more information on Galveston.