David Pellerin/Caller-Times file HEADED SOUTH: New homes are being built at a rapid rate on the city’s Southside, as homebuyers move to take advantage of low interest rates and strong schools.

Growth continues moving south
Schools, low-interest rates help subdivisions gain popularity

By Laura Elder, Caller-Times

  

Housing Market Home prices Median sales prices for existing homes for the month of June in the past seven years. June 1996 $81,000 June 1997 $82,500 June 1998 $82,500 June 1999 $87,900 June 2000 $92,000 June 2001 $90,000 June 2002 $96,000 Source: The Corpus Christi Board of Realtors, compiled by Texas A&M University-Corpus Christi graduate student Lois Huff. On the Net For more information about the Corpus Christi housing market, go to recenter.tamu.edu/ data/hs/hs190b.htm Visit caller.com, keyword homes, to: Survey the marketplace for residential, land and acreage, and commercial properties in your price range.

Spurred by low interest rates, strong schools and accessible retail, homebuyers are driving the city's southward growth.
   Residential building activity is occurring at a dizzying rate to the south, where developers continue to expand on successful subdivisions such as Kings Crossing, the Village at Dunbarton Oaks and Barclay Grove, to name a few.
   The fastest growing Corpus Christi area is the tract bound by Staples Street, Yorktown Boulevard and Oso Creek.
   Activity on the south side also is driving the number of new home starts.
   From January to June in 2002, developers applied for 489 permits for single-family home starts, according the most recent information available gathered by Lois Huff, a graduate student of business at Texas A&M University-Corpus Christi. The number of permits for single-family homes for the same period last year was 415.
   At the same time, existing home sales dropped. From January to June this year, 1,869 existing homes were sold in the Corpus Christi market, compared with 1,997 for the same period last year.
   Interest rates drive sales
   New-home construction may be more popular, as the statewide mold mess makes it more difficult to insure existing homes, said Swint Friday, professor of finance at Texas A&M University-Corpus Christi.
   Reputable schools such as Jones Elementary and Mireles Elementary also are pulling people to the south side. But record-low interest also is encouraging homebuyers to look at new construction.
   "What's driving this are interest rates," said Jim Grady, vice president of sales and marketing for Braselton Homes Inc. "It's pretty incredible."
   Braselton Homes is behind some of the newest developments in an area of town where residential construction shows no signs of slowing. The developer plans to keep up with demand.
   Some newer Braselton Home developments include Yorktown Crossing, where homes range from $115,000 to $145,000, Village at Dunbarton Oaks, where homes sell for $140,000 to $180,000 and Village at Oso Creek, where prices range from $140,000 to $190,000. The homebuilder also has some homes in Kings Crossing, one of the frontrunners of residential development on the south side.
   No plans to stop
   The 865-acre Kings Crossing already has 800 lots complete with homes, and is planning 400 more in the next five years, said John Wallace, spokesman for Kings Crossing Realty, Kings Crossing Country Club and Shell Development Co.
   Kings Crossing home prices range from $150,000 to $1 million, with lots going for $35,000 to $100,000.
   Hogan Homes also doesn't plan to stop development in the area anytime soon. Neill Amsler, Hogan Homes president, has several subdivisions on the south side, including Victoria Park, where about 300 homes have been built, with 100 to go. Considered entry-level homes, prices range from $76,000 to about $90,000 at Victoria Park. Hogan Homes also is developing Barclay Grove, where homes sell in the $120,000 to $170,000 range. Barclay Grove is a 450-lot development with about 200 more lots to go.
   Experimental subdivision
   In an experimental move, Hogan Homes also is developing Sundance, a neo-traditional subdivision with 80 lots. For $98,000 to $120,000, Sundance is built to encourage neighbors to interact.
   "It's oriented toward getting people involved with each other," Amsler said. Homes have old-style front porches and quaint colors, and the subdivision is a "big loop," designed to encourage residents to walk and jog while discouraging through traffic, Amsler said.