We noticed that you're using an unsupported browser. The TripAdvisor website may not display properly.
We support the following browsers:
Windows: Internet Explorer, Mozilla Firefox, Google Chrome. Mac: Safari.

Sapphire

Which South Padre Island hotels are on sale?
dd/mm/yyyy dd/mm/yyyy
See hotels
Denver, Colorado
Level Contributor
13 posts
21 reviews
Save Topic
Sapphire

I am thinking of purchasing a condo at the Sapphire and was wondering if anyone has any comments on what the Real Estate Market is doing in South Padre Island? Does it appear to be holding pretty steady or diving like some other areas of the country. Also what are rentals like? What do you think a three bedroom that sleep 8 would rent for during high and low season.

Arlington, Texas
Destination Expert
for South Padre Island
Level Contributor
809 posts
21 reviews
Save Reply
1. Re: Sapphire

We are owners at Bridgepoint, next door to the Sapphire. My advice is to do thorough research before you buy. Our rentals have been off the last few years, but partly that was due to big building renovation. Overall, I think tourism is down on SPI, like most other places. Property taxes and insurance are high for coastal areas so factor that in. You can contact me through this site if you want more details.

homesweetspi
Level Contributor
404 posts
5 reviews
Save Reply
2. Re: Sapphire

We are also condo owners who are in a rental pool from March through October. Actually, our rental income to date this year, is on a par with last year, which was the best we had in the 15 yrs. we've had our place. The prices of real estate on SPI have not fallen nearly as dramatically as other resort areas in California, Florida, Nevada and Arizona. On the other hand, they were never as high as many of those areas. That being said, stuff listed is not selling as quickly as a couple of years ago. Statistically, the Texas Gulf Coast has some of the least expensive waterfront real estate in North America.

I do think Sapphire is a good investment but, if I was planning to use rental income to help finance the purchase, I'd look long and hard at all the numbers. Because it's a new entity there are no stats on rental history so that's hard to estimate. I would find out how Sapphire's rental pool works, the amount they will charge per unit, what the split will be between owner and management, etc. If there is an onsite rental management use it. It will do the best job for you because it's in their best interests for you both to make money. To see some sample rates, some sites are www.suntideiii.com; www.latitude26.com; www.service24.com and www.vrbo.com for South Padre Island. Of course Sapphire, being the newest and the most upscale on the island, will probably have much more expensive rates.

Just some food for thought.

3. Re: Sapphire

-:- Message from TripAdvisor staff -:-

This topic has been closed to new posts due to inactivity. We hope you'll join the conversation by posting to an open topic or starting a new one.

To review the TripAdvisor Forums Posting Guidelines, please follow this link: http://www.tripadvisor.com/pages/forums_posting_guidelines.html

We remove posts that do not follow our posting guidelines, and we reserve the right to remove any post for any reason.

Removed on: 02 October 2009, 13:15