Jeff Lamkin says he flew a plane across the Texas Gulf coast a few years ago, and about five minutes after he landed plunked a couple million dollars down on Texas beachfront dirt. Jeff is the developer of Cinnamon Shore on Mustang Island near Port Aransas, a beach front development done “Seaside-style” in the new Urbanism mode that is giving buyers an upscale taste of living on the Texas coast: it’s as good, if not better, than Florida’s panhandle coast. (Certainly, it’s much closer!) And, according to Jeff, Texas is a great buy. Maybe, in fact, the ONLY buy.
“This is the next hot spot for Beach Property in the United States . Properties have held their value and even appreciated in many instances in this market, despite the national housing issues. Vacation rentals here are up over 20% year over year,” he told me.
Specifically, Lamkin says there’s 12% return for every dollar invested, which means that as appreciation takes place, current owners stand to earn better returns than in other investment opportunities. They also get the benefits of a world-class beachfront community to build their own family memories in. The areas’ three fishing lakes are name after Lamkin’s sons. With no debt on the development, he is the sole owner and says he wants Cinnamon Shore to be around for his kids and grandkids.
Jeff, who was born in Texas but lives in Atlanta, came to Dallas Monday night for a Cinnamon Shore event at The Marquee Grill at the Highland Park Village Theater. It was a serious crowd of about 30 to 40 beach enthusiasts, two of whom are home owners at Cinnamon Shore (and love it), the rest real estate groupies like me who wanted to know more about Texas beach dirt. Several are circling a purchase. One homeowner, Susan Brough of Dallas, owns TWO homes at Cinnamon Shore. Another home-owner who lives in San Antonio but spends a lot of time in Dallas, loves not just his home but his investment: by leasing his Cinnamon Shore home, he made $$26,000 in 2011 — that’s net take home.
Besides potential homebuyers, real estate heavy-hitters were out for the evening, shopping for clients. A crew from Ebby Halliday and Allie Beth Allman was there — Mark Cain, Karen Luter, Maribeth Peters, builder Jogy Koshy— but the biggest surprise of the night was a visit from Dallas real estate grand dame Ebby Halliday, who charmed everyone and told Jeff Lamkin she wanted to visit Cinnamon Shore and wiggle her toes in the sand, just like the feet on the invitation! (Sorry for the “Cinnamon-colored photos — trying out a new camera, but I’m sure the beach was influencing me!)