GALVESTON – As summer’s easy pace gives way to cooler weather, home sales along Galveston’s coastline are refusing to slow down.
Real estate demand on Galveston Island remains strong and competitive.
“We are currently having a very successful fall in sales and listings. Our spring and summer sales were fantastic,” says VJ Tramonte, owner of Tramonte Realty, which has operated on the island since 1981. “Most of our listings get a contract within days of going on the market, and we generally have multiple back-up contracts. If this upward trend continues, we should start out 2022 on a very positive note.”
Tramonte adds that quality homes on the island frequently sell for more than their original asking prices.
“Galveston Island is still experiencing record sales,” says Stacy Weber Rubio, a Realtor with Sand ’n Sea. “There was a slight slowdown in late-summer sales, but we’ve seen an uptick in activity this fall — second-home and investment-property sales remain robust.”
“I believe we are still firmly in a strong seller’s market, and second-home and investment buyers are often finding themselves in bidding wars,” Rubio continues. “There is currently only 1.4 months of inventory on the West End of Galveston Island. My buyers investing in vacation and second homes cite three main reasons for buying: they want solid investments in the current economic environment; they want the flexibility to work from anywhere; and they want to spend more time with friends and family.”
Demand Up 60 Percent in September
Galveston’s market reflects a national surge in vacation-home interest that accelerated during the Covid era. Redfin’s survey shows that, in September, demand for second homes nationwide was 60 percent higher than it was before the pandemic.
Amy Chance, a Realtor with Compass, says her team recently closed about a dozen transactions entirely online — to buyers who never visited the properties in person.
“People are still coming. They are looking for beachfront and bayside homes, beach condos, and buildings with amenities. Interest in coastal properties is high; everything seems to be selling. The west side of Galveston has remained a highly sought-after area,” Chance says. “I have many clients asking for newer properties and new construction. I even had six calls on one Thursday from buyers looking for a new building on the beach.”
New Condo Towers Break Ground
New development is responding to that demand. In early November, a 66-home condominium project called Tiara on the Beach was announced. Developed by Houston-based Satya, the project will sit on the West End of the island adjacent to Diamond Beach Condominiums on San Luis Pass Road near the west end of the seawall. Tiara on the Beach will be marketed by Nan and Company Properties.
Nan and Company, led by Nancy Almodovar, is also marketing another condo development under construction on nearby Tiki Island.
Short-Term Rentals
Given Galveston’s proximity to Houston — about 50 miles to the north — demand for short-term rentals has long been strong.
“We were very involved in major home selling about a year ago. We’re now shifting more of our business toward rentals, but the market is still super-hot,” says Emily Root, owner of Galveston-based Emily’s Design Center. “The challenge is low inventory. We’re doing many renovation projects for new owners — sometimes a second buyer will pay cash and take the property before the first buyer even closes. We currently have more buyers than available inventory.”
Galveston’s Historic Homes
Michael and Ashley Cordray host the DIY network show “Restoring Galveston,” which chronicles their renovation work on the island. “Each home we touch often has a forgotten story,” says Ashley Cordray. “It’s our goal to tell that story. Many once-incredible homes have suffered years of neglect and face demolition. ‘Incredible’ to us isn’t only grand mansions — we cherish 600-square-foot tenant cottages with the same passion as a 6,000-square-foot mansion. No historic home should be willfully destroyed and rebuilt with inferior materials. These architectural treasures need advocates. Many of these homes have stood for more than a century; we want to give them new life so they’ll survive another hundred years.”
Galveston still showcases homes that survived the Great Hurricane of 1900, the deadliest storm in U.S. history with more than 6,000 fatalities. Historic-home tours continue to draw thousands of visitors each year.
The island’s appeal long predates Glen Campbell’s 1969 hit “Galveston,” a reminder of a coastal town that was once Texas’s largest city.
Nov. 7, 2021 Realty News Report Copyright 2021
Photo: Courtesy of Galveston Economic Development Partnership
File: Galveston Realty Still Hot
File: (2) Tiki Island. Amy Chance. Galveston Realty Still Hot as Vacation Home Trend Continues. AJ Tramonte. Restoring Galveston. Michael and Ashley Cordray. Stacy Weber Rubio. Sand ’n Sea