So I hit the books and did a little research. I can't compare condos yet, as they have zero land, but I was able to compare land lot prices in terms of dollars per acre.
- Block Island, RI: $0.7M per acre
- Martha's Vineyard: $0.8M per acre
- South Padre Island: $1.4M per acre
This came as quite a surprise because the prevailing logic that SPI is cheaper than most other places. I can do some more research, although it involves putting numbers into a spreadsheet, but I don't think the answers would change much. The prevailing logic was wrong. Face it, we're trying to screw the market and the potential home buyer knows it. Here are the chief reasons:
- The average home lot is only 0.14 acres in SPI, a small postage stamp
- Other places offer land at in terms of 1 to 2 acres, with small lots being 0.25 acres, lots of space that people really value
- The Town of SPI isn't nearly that great or pretty to offset the very high cost of land
Until recently we did. That all stopped about two years ago when the housing market dried up. The only moving down here are condos and townhomes and they aren't doing too great either. It is simple math: we're too damn high.
To tell the truth, I moved here for quality of life and knew about the costs and did my research. But I wouldn't expect "zoomers and boomers" to fall from the sky because we're totally upside down on our land prices. I can tell you why islanders move to Port Isabel or Bayview though: you can get an entire acre or more for the price, including a $250,000 house on it.