In our year end roundup of top stories in 2017 just two weeks ago, we noted the good news this past fall of the quick recovery of Mustang Island’s hurricane-stricken Cinnamon Shores vacation rental community. Now here’s great news from the luxury residential development in Port Aransas: Cinnamon Shore developer Sea Oats Group just announced the property recorded fourth quarter sales nearing $20 million, up more than 50 percent over the year-end 2016, and bringing total sales for 2017 to $33 million.
“Despite Hurricane Harvey, Cinnamon Shore’s sales exceeded all expectations,” said Jeff Lamkin, CEO of Sea Oats Group. “In fact, we’ve closed on 10 residences and homesites post-Harvey, with another five closings scheduled before the end of this year,” he added.
Here’s more detail about this pedestrian-friendly “New Urbanism” community styled in Gulf Coast vernacular, a bright spot in the unfolding recovery of the Texas Coast:
The Port Aransas area in general sustained severe damage to 70-80% of its structures when Hurricane Harvey, a Category Four Level storm with winds of up to 130 miles per hour, hit the Texas Coast in late August, 2017. Built to recent hurricane standards, Cinnamon Shore sustained minimal damage. The development company also took quick action to bring in structural engineers to assess damage, and workers to mitigate moisture, make repairs, clean its beachfront, and assist homeowners in making insurance claims (an example which makes an excellent case for going with a managed vacation home property.)
Strong sales of the luxury development are a win for the Port Aransas community, where locals are rebuilding and the economy is highly dependent on tourism. In conjunction with the Chamber of Commerce, Cinnamon Shore established the “New Day for Port A” fund to provide support and recovery assistance. Both put the word out that relief funds were important, but what the area needed was the return of visitors. Texans responded in a big way. About 40 percent of Cinnamon Shore owners are from the Austin-Central Texas area, as are more than 50 percent of the community’s vacation guests. About 30 percent hail from the San Antonio area, while approximately 30 percent are from the Houston or Dallas/Ft Worth vicinities.
“Buyers recognize there’s no other community like Cinnamon Shore on the Texas Gulf Coast, and they continue to flock to it,” said Lamkin. ” “Through appreciation and vacation rental revenue, Cinnamon Shore homeowners are seeing a healthy return on investment of 7-20 percent annually,” Lamkin said. “We offer not only a highly desirable lifestyle, but an excellent investment.”
In June, Sea Oats Group announced a $1.3 billion, 300-acre expansion of the development. Phase II of Cinnamon Shore will include a 3,300-foot wide beachfront. Ultimately, the development will span both sides of State Highway 361, with a golf cart bridge enabling residents to easily access amenities on both sides of the highway.
“We have it all,” said Lamkin. “A concierge lifestyle in an unparalleled seaside setting; luxurious, superbly crafted homes; fine dining in casual restaurants and bistros; world-class golf; and excellent retail shopping – all in a family-oriented, walkable community. We look forward to 2018 being an even bigger sales year than the one we’ve just enjoyed.”