Condominium Resorts - A Wave Of Change To The Landscape Of Our Coast

By Aimee Hester

They stand tall and majestic, beautiful names that beckon and intrigue. The Sea Breeze, South Beach, and The Ocean Club. As we drive along Hwy 90 (Beach Boulevard), we are curious about the luxurious penthouse suites that appear to almost touch the sky. Most of us would love to take a peek inside these architectural masterpieces that are popping up along the beach. The landscape that was once so familiar to us all, is now constantly changing.

Katrina altered the scope of condominium projects that were on the drawing board. There is much speculation that the industry is in peril, and the housing market is in recession. GTP went to the experts to talk about the impact on the Coastal market, and to get a sense of what the future holds.

Mike Boudreaux, CEO of GCID Development, explained, “When you look at the results of Katrina, what you are left with is a clean slate in areas that are zoned for this type of development. Before Katrina, the average project was approximately 1,400 square feet and was priced at around half a million dollars. They were primary residences, as well as second homes, and investment properties. We had around 18 projects n the works.” He continued, “Now, investors are more inclined to build units that are smaller in size and scope. We are looking at projects that are more like a hotel, with a check in desk, and a concierge. Concentrating on more amenities, as guests will want to take advantage of all that the properties have to offer.” Boudreaux believes this trend will continue well into 2010.

Mr. Allen Headley, General Manager of Sterling Resorts, addressed the issue of current price factors and the unsold inventory. He told GTP, “Many of the planned developments along the Gulfport/Biloxi region have been stalled for the last few months due primarily to economic woes and skepticism.” He continued, “However, the region has not encountered a dramatic price reduction because of the infancy of condo development here.” In regard to the possibility of prices falling on the unsold inventory, Headley said “You can’t reduce something that was already under priced. We are very fortunate to be in a region that has so much room for growth.” Sterling Resorts manages the Sterling, Beau View, and the Sea Breeze properties.

Projects such as Revelay and Bacaran Bay have been put on hold. Many builders, developers, and investors are waiting to see the results of South Beach, an RW Development. This property is speculated to be the most impressive resort ever built in Biloxi. It is sure to raise the bar for all future projects in the area.

The upscale lifestyle associated with condominiums is quite appealing. The amenities that come standard provide plenty of R & R for the homeowner or visitor. Although construction of these splendid giants may have tapered off, Condo living is a part of the new coast, and it is here to stay.