GALVESTON ISLAND ECONOMICS

The time has never been better for buying in Galveston. Prices are better than ever and interest rates remain low.  How long this may last is anyone’s guess.

With the state legislature again looking at gambling for Texas and push coming from Galveston Island, time for great prices may vanish. In the fall the Galveston Chamber of Commerce conducted a survey of Island business owners and found that 79% of the respondents agreed that gambling would help their business.

Gambling is a $31 billion industry and employs over 330,000 paying out over $13 billion in wages each year. It also adds economically over $5 billion in gaming taxes each year.  The best model to compare Galveston with for gaming would be Mississippi. Since 1993 casinos have paid the state over $4 billion in taxes. Now may be the perfect time to get casinos on the Island. With the damages from Hurricane Ike, the budget shortfalls and the slow economy, the time is now!

Should the Island indeed get the nod…It will be way too late to get in on any good real estate deals in Galveston or the county for that matter.  Don’t be left out…. whether you are interested in investing or purchasing that great ‘get away’ home…NOW is the time!