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Tuesday, Mar. 30, 1999
Portland community may expand
Bayfront development may see increased home construction
By ANDREA JARES
Staff Writer

   The way lots have been selling at NorthShore Country Club and Development in Portland, additional housing developments may be on the horizon, said the marketing manager for the development.
   The 210 additional lots, which would more than double the number of homes in the bayfront community, could be announced this summer, said Pamela MacLure-Stanley, general manager for Coldwell Banker Myers-Gallagher in Aransas Pass and marketing manager for the Portland housing community.
   Housing sprung up just after the country club was built at 801 E. Broadway Ave. in the early 1980s. Building was stagnant until the early 1990s, when Golf Communities of America bought the development, she said.
   In October 1997, Coldwell Banker Myers-Gallagher entered the development to market the remaining homes. In that time, they've sold 24 spaces for custom homes, MacLure-Stanley said.
   A third of the lots at the Tradewinds subdivision, which is part of the country club development, remain. There, lots range from $24,000 to $30,000 each. There arev also four lots left at the Breakers subdivision out of the original 19 spaces, where lots range from $30,000 to $120,000. The Enclave subdivision has larger, oceanfront lots near the golf course which range in price from $50,000 and $240,000. Seven lots remain out of the original 20, including three adjacent to the golf course with a bayside view of the Corpus Christi skyline.
   MacLure-Stanley said NorthShore is popular with area industrial company executives, doctors, attorneys and families.
   The newer developments also are popular with some families who bought NorthShore homes in the first wave of development in the 1980s. At least five families have repurchased homes in newer parts of the community.

Theater work steps up

   Construction crews assembling the 16-screen theater at 6685 S. Padre Island Drive for San Rafael, Calif.-based Century Theatres have been pushing to ensure that the theater opens on time.
   Stephen Hundley, the architect with Dallas-based Partners in Architecture, the firm that designed the theater, can sum up their motivation in two words:
   "Star Wars," he said.
   It's no coincidence that the May 19 opening date is the same as the movie's premiere date.
   "They're going to have to press a little bit," he said. "They're slightly off schedule, but they're going to make it."
   At stake is the distribution contracts of the films scheduled to be shown and missing waves of potential movie-goers.
   "Virtually every theater project is like that,"' he said. "It's one of the few building types where you can't miss the opening date."
   The new 60,910-square-foot building will have THX sound system, developed for premier sound isolation. The building had to be approved by THX sound engineers.
   The $5-million building will include stadium seating, a gourmet coffee bar, dual-aisle concession area for easier access to the concession area.

Housing affordability high

   The state's housing affordability hit an all-time high in the fourth quarter of 1998, according to the latest statistics available from The Real Estate Center at the Texas A&M University.
   In Texas, 67 percent of homebuyers could afford a median-priced home at current interest rates. That's up from 64 percent who could afford a median priced home the year before.
   Corpus Christi was similar to the rest of the state, with 69 percent of homebuyers able to afford a median-priced home, according to the center. The quarter before and the fourth quarter a year ago, the affordability rate hovered at 68 percent.
   Some of the lowest interest rates in the state helped Corpus Christi's housing affordability: an average 6.78 percent recorded in the fourth quarter, said Jack Harris, research analyst with the center. This is also the state average. The median price of a home in Corpus Christi was $83,800 in the fourth quarter.
   Foster Edwards, chief executive officer of the Board of Realtors, said he expects that people will pay more for homes that remain in the inventory, bringing the Multiple Listing Service its first year when the average price of a home tops out at more than $100,000. In 1999, houses averaged the highest ever - $97,201.
   It makes sense that homes are selling for more and that more people can afford them because money is less expensive to loan these days, Edwards said.
   "Interest rates are at 1970 levels," he said. "Money costs less than it did then."
   Corpus Christi was tied for 13th out of 44 areas for the most affordable areas. Corpus Christi has the same affordability as Amarillo, Lubbock, Montgomery County, San Angelo and Tyler.
   The affordability study assumes that people could make a 20 percent down payment.
   The highest affordability rate is in Garland, Fort Bend, Paris and Wichita Falls.
   Interest rates have risen slightly over the past few weeks, but Edwards said it is not likely that the lowest interest rates in a generation are a thing of the past.
   Business writer Andrea Jares can be reached at 886-3678 or by email at jaresa@caller.com. On Real Estate is published every other Tuesday in the business section. Items for consideration may be faxed to 886-3732.

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