Corpus Christi Caller Times Caller.com - Callicoatte Estates begins next phase in Calallen

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Tuesday, June 22, 1999

Callicoatte Estates begins next phase in Calallen
Also: Railway Inn Suites has train ride; rural land values strong
By Andrea Jares
Caller-Times


   Tamez Development is building the next phase of the 200- to 250-lot Callicoatte Estates in the Annaville area.
   The fourth phase of 33 lots will feature custom homes ranging from $95,000 to $110,000. Lots start at $16,900 and 6,642 square feet, said John Tamez, president of the development firm.
   He said he expects the lots in this area to sell out in 14 to 18 months, before he opens the next phase of the development. Callicoatte Estates will have as many as 250 homes in the subdivision when completed.
   Tamez said the development off Yellow Oak Avenue addresses a strong need for moderately priced homes in that area.
   "We felt Calallen is an untapped market," he said. "The market is pent up, especially in that price range."
   The past three phases were built during the 1970s and '80s.
   He said he is already fielding calls from Calallen residents who want to move into a larger, custom designed home. The homes will be about 1,200 square feet, but some customers are already planning to build upward of 2,000 square feet, Tamez said.
   Customers are also craving vaulted ceilings, whirlpool tubs and a kitchen area that opens into a living area.
   Tamez said he is taking contracts now while his company finishes paving the streets in the development. A grand opening will be in the beginning of July.
   Railway Inn Suites
   One of Corpus Christi's newest hotels, Railway Inn Suites, has been bringing the history of the railroad through its rooms and memorabilia in the lobby. This month, it adds another component - a train that offers guests a ride throughout the property.
   The family-owned hotel at 4343 Ocean Drive, built last year in the style of an old railway depot, added an amusement park-style train handcrafted in Phoenix by J&R Railroad Co., one of the few companies in the country that still builds park trains. The train is 10 months late from the opening date, but Bob Arnold, who owns the hotel with his wife, Carol, is glad that his dream of having such a train has now come full circle.
   "I thought it would be neat to have something like this in my back yard, but it was hard to justify," Arnold said.
   Guests at the Railway Inn can take a ride on the train as it makes a quarter-mile loop around the property. An official unveiling of the mini railroad scheduled for Monday has been postponed until next week.

   Rural land values
   Rural land values are expected to remain strong in Texas despite weak agricultural prices and the effects of the 1998 drought, according to The Real Estate Center at Texas A&M University in College Station.
   The most successful market is the growing number of non-agricultural buyers, who are expected to keep prices up - especially those in urban fringe areas - for the rest of the year, according to a report by the Real Estate Center.
   "Areas where farmers and ranchers are the dominant land buyers will continue to have lower prices," says Charles E. Gilliland, research economist for the Real Estate Center. "But there aren't many of those areas. Overall, the rural land market appears headed for continued prosperity as long as the general economy continues to thrive."
   The report shows that Texas rural land has primarily been bought by growing numbers of consumers and investors since 1988. They purchase it for recreational and rural home sites, not agricultural production or investment, according to the report.
   The land is most frequently sold because of retirement, to settle an estate or financial stress.
   Rural land is used for subdivisions, and a strong demand for small tracts for ranchettes, according to the report. Water issues and hunting potential on the land are also important to rural land buyers in Texas.
   According to information from the Texas Agricultural Extension Service, the number of farms has decreased in recent years. At the same time, these farms have gotten larger.
   For example, in 1964, there were 108 farms with more than 1,000 acres. In 1990, there were 250.








Business writer Andrea Jares can be reached at 886-3678 or by e-mail at jaresa@caller.com. On Real Estate is published every other Tuesday in the business section.