real estate on gulf coast (Gulfport, Biloxi: condos, home, buy)

[blueridgemama]

I am primarily interested in the western portion of the Mississippi coast (Pass Christian, Bay St Louis, Waveland), but any insight for any part is helpful! For those that are familiar with the area, how did Katrina affect housing prices along the gulf? Do you expect housing prices to rise in the area as rebuilding continues and more people come back? Is the MS gulf coast much of a vacation destination in the sense that people buy vacation properties there? If so, is it more near the beach in the towns, or in the little canal communities? I am trying to assess how smart of an investment it is to purchase property there, since we are relocating to the area. Thanks!

[southernbutler]

Great questions. The area is still recovering as it was at the epicenter of destruction. Prices are near pre-storm levels. In my opinion it is better to get property within the canal communities because it offers the important extra ammenity of boating from your own backyard. Not to mention that waterfront property is some of the most appreciable property anywhere. There are properties that are more appreciable based on location within those waterfront communities. [mod] edit [/mod] I definitely think that overall the MS Gulf Coast is poising itself to become the next Vegas. The difference being that we're on water here and not desert! That's an incredible advatage for real estate investing here.[mod]edit [/mod]

[MrBiloxi]

After just returning from the Gulf Coast, I can honestly say that if your thinking about investing there, now is probably a good time, as its going to become even more costly as the recovery effort continues. I am a realtor, and this is just my opinion. Biloxi and the coast in general is poising itself to become a tier one destination. Several hi-rise condos (450K+) have risen on the coast, more are in the planning stage. These cater to the tourists mainly, which are golfers and gamblers. Tourist yearly totals have gone as high as 12 million vistors a year (pre-katrina). Hard Rock Casino and the upcoming Jimmy Buffet Margaritaville (1 Billion Dollar beachfront resort) are all indicators of a healthy gaming industry, and these resorts appeal to a World audience, not just this nation. Plus two projects, yet to be built, will add to the mix with condotels. Mind you, the coast market has slowed just like the rest of the country, and several projects are on hold. The thing, I think, to keep formost in your mind, is what kind of resort area is this. I believe it offers more than any other coastal resort in terms of entertainment, golf, weather and uniqueness. Its for these reasons it will probably obtain its tier one status soon. You should speak to a local realtor about the GO Zone opportunities that exist for investors. You may find out that you actually can not afford NOT to invest on the MS Coast! I realize you are looking for your own personal residences, but everything I have mentioned are good indicators for a personal home investment as well. Good luck!

[tyeebeacon]

Biloxi Gulfport have always been overpriced in my opinion, of course if you like commercialism and crowded roads this is your place. I prefer Waveland Bay st louis because I like the small town feel and hate the congested roads biloxi/Gulfport have to offer. I also hate that too many pawn shops are on every corner.

[Muhnay]

I would even consider Slidell. I agree that it will be the Next Vegas.. or better.. because it will be the Vegas on the water that Atlantic City used to be in its hay day.

But with the economic times we are all headed for, higher gas, and cost of living, and food, I hope these things don't kill tourism... to places like Biloxi/Gulfport. More people are staying home now.. the cost to fly is huge, and getting more costly, as well as driving less because they can hardly drive to work let alone to a vacation spot.

I so want to move back there.. but at this time.. I just cant.