Don't Buy This vs. Buy That!

[00:00:02] Speaker A: Welcome to Short Term Shopping, where we explore homes for sale in the best vacation markets in America. Some homes we do like, some homes we don't like. Brought to you by the Short Term Shop. It's Short Term Shopping. Here we go. Short Term Shopping. We're going to look for some properties in Texas. I got a couple of co hosts with me here today, so that's cool. And I've got Kelsey. How are you? [00:00:38] Speaker B: Great. How are you doing? [00:00:40] Speaker A: Wonderful. Enjoying every bit of the summer and every minute with the kids. It goes by too fast. Matter of fact, I. I switched all my vacation rental listings to fall themed yesterday, so that was a little bittersweet. But it's time. You know, we're only recording. We're only a couple weeks away from. From NFL if you count the preseason at the recording of this podcast. So time's just slipping into the future. And a good way to make yourself feel better about that is to buy more real estate. Right? But I want a beach house. So let's see what we have available in the. The beaches of Texas. What do you say? I guess introduce yourself before we get into that. I'm so sorry, I forgot to mention that. [00:01:25] Speaker B: Yeah, you're good. My name is Kelsey Ardwin. I am your short term shop agent in the Galveston Crystal beach market. I've been here for about five years now and I put together a little buy this, not that for today along with some other listings. [00:01:41] Speaker A: Oh, we've got some. Don't buy that. Don't buy. I like that. That's cool. [00:01:45] Speaker B: All right, so we'll kind of show you. Sometimes you need an example of what not to do and an example of what to do. [00:01:53] Speaker A: Absolutely. I agree. I like seeing what not to do. So without further ado, just show us if it's a good one or a bad one. [00:02:02] Speaker B: So on its face, this looks like a good listing, but this would be an example of what I wouldn't buy. So it looks attractive and they're doing some things right. It's very beachy. I like the murals. I like the fire pit. It's cute. Even inside it's well decorated. I would say, don't do this. These cushions will fly all over the place. But let me get to indoor photos. I'll try not to scroll too fast. [00:02:31] Speaker A: I got. You got the cute little outdoor. The ceiling is painted a good color, beachy color. [00:02:36] Speaker B: That's cool paint. Blue, but yeah, so I mean, it's cute inside. The problem is that it's only three bedrooms. It's priced at 615 and it's many rows away from the beach. Let's see if I can show you where on the map it is. So you're not going to have a view. It's priced at 615. It's only got three bedrooms. It just wouldn't be a buy for me [00:03:10] Speaker A: simply because it's too much money. Like what, what price would this make sense at? [00:03:16] Speaker B: Well the next one that I would buy with the same money would be a new construction. So this one's priced at 615. I can show you one. So I debated on which one to show you for a buy this, not that there's two. An alternative for that same money would be this one. So this one is my listing. It's five bedrooms, three and a half bathrooms, will have a view. It's going to have a tiki bar, shower, sand shower. It has a whole bunch of decks. I would all day buy this house over that house for 6:15. [00:04:02] Speaker A: When it says completion October 27th, do you know these people? Will it actually be done by then? [00:04:08] Speaker B: Yeah, they are very. There are three identical houses. 873-875-And-877 873 and 875 are about halfway through construction and they've been going for about a month and a half. [00:04:25] Speaker A: How much new construction is there? Is there a lot of it or not really. [00:04:31] Speaker B: Crystal beach and Galveston are places where typically you're seeing development one street or one house at a time. That's more so the truth in Crystal beach than in Galveston. But it's very much the case. So there's construction, but usually it's here and there. It's project based. So like this builder, it's very typical. Bought three let's three lots next to each other and has builds planned for all three. You'll see a developer snatch up like a swath of land, you know, plan a street and do houses on either side. [00:05:10] Speaker A: So what we're saying here is why buy the old one that's only got three bedrooms for the same price as the new one that's got five bedrooms? [00:05:15] Speaker B: I don't think it's old. I think it's built. [00:05:18] Speaker A: Oh, it's not old though. [00:05:19] Speaker B: But it's brand new. So it's brand new. But why would you buy one that has three bedrooms? So in this market, bigger is better. Houston absolutely caters well. Crystal beach and Galveston absolutely shine when it comes to hosting big groups. [00:05:36] Speaker A: Okay. [00:05:37] Speaker B: That's where your money is. So that's why I would recommend bigger. [00:05:40] Speaker A: And it's interesting like let's go back to the one that we don't want to buy in this scenario. It's. Why are they selling so quickly? Is what builder? Oh, it's. It's never been sold. [00:05:51] Speaker B: I don't think so. [00:05:52] Speaker A: Okay. [00:05:53] Speaker B: I think it's the builder. I wonder in the meantime, again, it's exactly that thing he built. There was one builder who bought out this swath of land and has built and is selling all the houses on Petregal. [00:06:08] Speaker A: I see. This just isn't as good a deal as the other one. Maybe because he bought the land, you know, at the peak or something like that. And, um, harder to make the numbers work if you, you know, bought it 20, 22 prices and things like that. I got you. All right. [00:06:23] Speaker B: Not sure. I mean, a builder should have a decent amount of wiggle room in it, but do we. [00:06:29] Speaker A: Do we know what the inside is going to look like on the new than the other one on the. The five bedroom? [00:06:34] Speaker B: It's going to be like above builder grade. I've negotiated with the builder because I represent the builder to do like granite countertops. And where the backsplash. The granite will go up the backsplash, there will be backlit mirrors. There's going to be four sets of queen over queen bunk beds built in upstairs in the two bedrooms. And it's going to sleep 22. And I can tell you, I've walked the decks of 873 and 875 and the view is really nice. And he's staggered. I talked to him about staggering each one of the houses. So the one that's closest to the goal is set 15ft back. The middle one is set 10ft back. And this one will be set 5ft back from the street. So each one is having a view. So you're not being blocked. [00:07:30] Speaker A: That's smart. [00:07:32] Speaker B: Yeah. [00:07:32] Speaker A: Okay. [00:07:33] Speaker B: And gonna be nice. [00:07:38] Speaker A: Yeah. All right. I like it. [00:07:42] Speaker B: You want to move on to the next one? [00:07:44] Speaker A: Well, I had another question. I forgot what it was. So, yes, we'll move on to the next one. [00:07:48] Speaker B: Okay, here's another. Don't buy this and buy something else instead. [00:07:56] Speaker A: Okay, cool. I like this game. [00:07:59] Speaker B: So this one is just what I would call squatty house. So for reference, I'm sorry, what house? A squatty house. [00:08:07] Speaker A: Squatty. Oh, sure, Nationwide one. One floor. [00:08:11] Speaker B: Yeah. No, no, it's not even that. It can be one story. That does make it more squatty at being only one story, but that's not in and of itself a squatty house for me. I don't Want to sell somebody a house that's seven feet off the ground? This beach house floor plans are extremely efficient. You don't usually get a second living space. This area underneath the house, the shady area on the ground floor is your second living space. It's your fun area. That's where you're going to play games, hang out as a family. That's where you feel like you're at the beach. You go inside to kind of get away from the, you know, keep, you know, go to sleep, get food. The outside is the fun area. And you should not skip on the. You should not skimp on the fun in this market. [00:09:02] Speaker A: Ladies and gentlemen, a squatty house. [00:09:06] Speaker B: Yes. And you can tell it's a squatty house because that's the garage door. [00:09:10] Speaker A: Ah, yes. [00:09:11] Speaker B: Seven feet tall. And I mean, I'm, I'm not. I'm in a very average height person. I'm like five. Five. If I walk under a house that's like seven or eight feet tall, I have no business doing it, but I will duck. It just feels like not comfy. And I mean, I have relatives who are taller and I know that they wouldn't want to hang out in a space where they have, you know, 8 inches of head height. [00:09:35] Speaker A: I still want to see it, though. Can I see the inside? [00:09:37] Speaker B: Yeah, absolutely. So we're getting into another one of the whatnot to buys. I mean, it has a view. Now, this is an open. Oh, well, actually it used to be open. They bought it. Never mind. [00:09:51] Speaker A: This is 200 grand less than the. The other three bedroom. [00:09:55] Speaker B: Yeah. And they've done some updating. It's. I mean, you probably need certainly not that table. You don't want that. [00:10:05] Speaker A: The countertop. [00:10:06] Speaker B: I don't know why we have green tile. [00:10:08] Speaker A: Yeah, the green's not that great, but the kitchen looks pretty good in, in general at the old accordion doors there in Florida. We call those Florida tiles over here in Florida. [00:10:21] Speaker B: Yeah, it's not bad. [00:10:23] Speaker A: It's not horrible, but it definitely, you know, and then there's, you know, from a management perspective, sometimes I do feel like guests have been trained to expect everything to be like brand new and perfect. And I'm not sure where they got that from. So sometimes I'll even like, if I got an older house that I'm renting, I'll even tell them, like, hey, this is an older house, you know, expected to look older, you know, but yeah, if you want. In other words, if you want brand new, this isn't it. But what's the price? History on this. I feel like this has been for sale for a long time. [00:10:52] Speaker B: I can see the price history better in my mls on the market a long time. [00:10:58] Speaker A: Yeah. Texas is weird, I think. But go back to the listing and scroll down and it should tell you. [00:11:02] Speaker B: Oh, oh, here we go. [00:11:03] Speaker A: Yeah, all the way down. [00:11:06] Speaker B: It's been relisted a few times is what I mean. I see I've done a price cut. I can pull it up and see. [00:11:12] Speaker A: But no, it's all right. No, we don't go break. This current listing is 32 days. [00:11:17] Speaker B: Okay. So what I would buy instead of this one. [00:11:22] Speaker A: Yeah, sorry, I'm getting off off topic here. Go ahead. [00:11:25] Speaker B: Good. I would buy nine seven zero Pelican. Now. This is my listing. But it's making established revenue. They just cut the price. It's really a comparable. If you liked 1992 Pedregal and you just want to pay less for the house. This house sleeps more people. It sleeps 15. It's got a hot tub, it's got a tiki bar and it's making 78k in revenue. [00:11:59] Speaker A: I think those numbers seem to work. How do you sleep 15 people in three bedrooms? [00:12:04] Speaker B: I know they have two sets of queen over queen bunk beds in one of the rooms. So they have really generous sized rooms. Here's a built in king. [00:12:12] Speaker A: That's a much better kitchen than the. Than the purple house. [00:12:16] Speaker B: Oh yeah. I mean it's really more of a comp to Pedregal, which shows you how overpriced Pedregal is. Now this one doesn't have a view and neither does Pedregal. So it's really a comp for Pedro and an argument for why it should. [00:12:32] Speaker A: But this thing's ready to go. This is ready to go. [00:12:35] Speaker B: Very turnkey being used as a obviously a vacation rental. Now I have been shocked that it hasn't sold. Honestly, [00:12:45] Speaker A: any you're listing. So you're getting any action at all, Any viewing, any showing? [00:12:50] Speaker B: Yeah, I'm getting showings on it. I mean people tend to want a view. We have a lot of second home buyers right now. And sometimes, you know, they're not wooed by say like a rental history or maybe they just. Their priority is of you over being able to sleep 15 people. So this is one of the bedrooms. This is a queen and that's a twin over queen, I think. Or twin over fool. I can't recall which. And then the other bedroom is queen over Queensland. So that's how they're sleeping. [00:13:28] Speaker A: That's cool. [00:13:29] Speaker B: And you obviously don't have to sleep 15. You can sleep one person in each of those beds. But you do have the option and it makes it flexible. So another thing I say is that I'm always going to do a queen over a fool. I'm always going to do an XL twin over a twin because I want adults to be able to, to sleep there if they wanted to. Or teenagers because lots of teenagers are adult sized. [00:13:54] Speaker A: Yeah, the. So I mean the strategy on this thing is that you can get a, a good deal if you're going on vacation and you're looking to bring two or three or four families and you're willing to be in a, you know, small face, small space for that many people, let's be real. But I would imagine for the number of people, the price per night is probably a pretty damn good deal on such a newer, a newer house too. So that's, I think from a management perspective, I think that's where you're at. [00:14:23] Speaker B: Yeah, I mean they've put a lot of amenities here. They're doing a lot of things right. It's a short walk to the beach. We'll look at the distance. Built in 2021, it's comparable in distance to Pedregal. So this one's 615. Super cute. This one is 465 and has established rental history, which would make it easier if you want to qualify with like a DSCR loan. [00:15:00] Speaker A: Okay, I like it. Yep, that, that seems to be my favorite option so far anyway. At least, you know, the view is a bit of a downside. But it's. How far is it from the beach? [00:15:10] Speaker B: Probably like a five minute walk. [00:15:12] Speaker A: Five minutes, okay. [00:15:13] Speaker B: But you can also drive. So we have a drivable beach in Crystal Beach. So you can just literally get in your car and drive to the beach, onto the beach. [00:15:22] Speaker A: I can see this one being fairly easy to manage for the right price per night you get, you get happy guests that don't really care about the view because they got a good deal. [00:15:31] Speaker B: Well. And they care about the amenities. You can have a beachfront house, but unless you're somebody who's really committed to just sitting on the deck and everybody who comes with you, which is, you know, all ages of people entertaining all of those people is important. So thinking about, well, I could go lay on the beach and be entertained, but I have to entertain people who are small kids, teenagers, you know, there's guys in the group, women's women in the group. What is everybody going to do all day? What if it rains and we're not at the beach. Are we going to have fun at the house? So people will pick amenities over a view Because a lot of those beachfront or second, third row people, they have nothing. They have a pretty place to sleep and a view and they provide nothing. It's super low hanging fruit. If you are, you know, anywhere in Crystal beach to add these things. The outdoor amenities don't cost that much money, but they make a big difference. [00:16:38] Speaker A: I got you. I like that one. [00:16:40] Speaker B: Okay. All right, let's see. Here's another. Let's see. Here we go. Here's another one that I wouldn't buy. I wouldn't buy this one due to the age. So this one was built in 1986, so 40 years old. I do like the view. I like the neighborhood. Sometimes I think people see a house like this and they just don't realize that everything else in the market looks like this. And yes, you can change out things like, okay, well, I'll repaint the deck or I'll change out, you know, the front of the fireplace to be something. Or I'll change out the floor. But at the end of it, you know, what have you got? And you already started at 499. Like, why would you buy that if you could buy that? I wouldn't sign up for a project and pay out of pocket. [00:17:50] Speaker A: No view. [00:17:51] Speaker B: I mean, nice view. I like it. [00:17:53] Speaker A: Oh, it does have a view. Okay. [00:17:54] Speaker B: It does. Yeah. So how long has it been for sale? Drainage. [00:17:58] Speaker A: Go back to the listing and scroll all the way to the bottom past the map. Keep going all, like all the way down. [00:18:06] Speaker B: 89 days on Zillow. [00:18:09] Speaker A: So I mean, according to this, which is probably not right, they listed it in April of this year and have owned it for 20 years is basically what they're saying. But it's probably not right. [00:18:19] Speaker B: So it could have changed hands. I can look it up in Har and see if there's any price history, like where it's been listed previously. [00:18:28] Speaker A: Nope. That's all right. Let's see a better option. [00:18:31] Speaker B: Some of them have been held a while. It seems like the kind of house that there was one that would have been held for a while. [00:18:36] Speaker A: Yeah, that does seem like honestly, they finally died [00:18:45] Speaker B: possibly. Okay, so while I wouldn't buy that one, I would buy this other one instead. So for the same. Let's see. So this one's priced at 480. So that one was 499. For 20,000 less dollars, you could be this close to the water. Go back on the carousel. Oh, doesn't want to do it. There we go. This close to the water. They've replaced the deck. They've replaced, I think an H vac system, I think a water heater. They've done all kinds of maintenance on the house and there's already fun built in. So four bedroom, two bath house. It's a good time. This is what people are looking for in general. They want a tiki bar, they want a comfortable place to sleep. It's cute. It's. I think it's the most affordable four bedroom. Yeah, it's the most affordable four bedroom that looks like vacation. Like, not like sad or ratty. Like, this one does not look like vacation. People always want to stay in a house that is as nice or nicer than their primary home. And I wouldn't want to say the other one because it just is not as nice as my house. It doesn't feel like vacation to me. But let's take a look. And they've come down at the price a lot. We started at, I think 550. They've come down 70,000 over the course of, I think about the last six months. That pretty new deck furniture. [00:20:41] Speaker A: This needs a little. Some. Some things. [00:20:44] Speaker B: It could use a little. It could use some zhuzing up inside, maybe some cabinet paint because the cabinets look a little outdated. There's some things that could be done here. But when you're starting off at 480 and you're talking about changing some furniture, that's a totally different thing than how do we remake this whole house at, you know, 499mm? [00:21:11] Speaker A: So you think this one makes sense at the price that it is right now, or what would the offer be? [00:21:17] Speaker B: Yeah, and it's making. In 2025, it grossed 72k in revenue. [00:21:24] Speaker A: So you like the offer price? [00:21:27] Speaker B: Yes. [00:21:28] Speaker A: Okay. And how long does a house like this sit before it, you know, actually sells in today's right. Right now, today, like, how long does it take to sell a house like this? [00:21:38] Speaker B: We've experienced pretty long days on market. The average days on market right now is something like, I think 128 or something. The. We've had a big imbalance between buyers and sellers. It's definitely a buyer's market and we have a ton of inventory. Now what I've been telling people is that we're starting to see that change. So it prices have gone down and down and down. And I really feel like we're about at the bottom of the market because I've started to receive reports where our average Price Average home sale, instead of going down 3% or down 4% each month, comparing the previous 12 months to the 12 months prior, has instead started going up 1%. It went up in May and went in June. So I think we're at the bottom of the market or very close to it. So there's still a lot of inventory. Sellers are still negotiable, which also means [00:22:42] Speaker A: things will start moving a little faster than 180 days. [00:22:47] Speaker B: Yep. [00:22:47] Speaker A: Most likely those things, those two things are. [00:22:50] Speaker B: I think it's just that the buyers are there and they're not just looking, they're making offers. Things are getting under contract. I'm seeing more showings, I'm seeing more offers being made. [00:23:02] Speaker A: And why is that? Because the interest rates are still not good. What's your perception there? [00:23:07] Speaker B: It's kind of a mystery to me. I mean, you would expect it if interest rates had gone down. I kind of think people, I think it's inflation related. People want to park their money in real estate instead of a bank. Maybe fueled by the war, I don't know. Or maybe they just can't sit on the sidelines anymore. [00:23:29] Speaker A: Yeah, that's part of it too. [00:23:30] Speaker B: Waited and they've. [00:23:31] Speaker A: Yeah. So, yeah, I think, I think honestly the holding tight of the interest rates is probably helping the market. [00:23:37] Speaker B: I think they've accepted. I think they've accepted that the interest rates, they've gotten stable. They've accepted that the interest rates are what they are. They're not just going to be able to, I don't know, wait a month for the Fed to meet and then something's magically going to change. I think they've just realized, well, I either buy or I don't buy. Okay, well, summer's here, I want to buy. And they don't have anything else to wait for. And prices have come down since they looked last. And we have second home buyers who are being invited back into the market. So that's kind of driving things along and creating a little more urgency for investors too. Because they're starting to see houses that they liked go pending. [00:24:27] Speaker A: Yeah, yeah. We didn't see those at all there for a couple years and now they're back. And because there are people that are sick of it and they're sick of the stock market and they're. And let's be real here, Kelsey. You get into real estate, you start to realize that there are way more wealthy people in the world than you thought there were. And sometimes they see something they like and they buy it. It's as simple as that. [00:24:50] Speaker B: You know, when it's the right price. [00:24:53] Speaker A: Yeah. [00:24:54] Speaker B: Okay, let's see. I have, I think one more don't buy. And it's a specific reason. So. And it's not a hard and fast rule, but it's just something you would have, you would need to take into account. [00:25:12] Speaker A: Oh, it's the same street. Oh wait, that's the same house. [00:25:16] Speaker B: I pulled up the wrong house. Sorry. [00:25:19] Speaker A: I'm out on that Blue Wave wallpaper, by the way. I don't. I like wallpaper, but that's not doing it for me. [00:25:25] Speaker B: It's actually a mural. Oh, it is a mural on there. Yeah. But okay, so [00:25:33] Speaker A: how do you know that? Look at you. She knows that that wasn't wallpaper. This is somebody that knows her market. [00:25:40] Speaker B: So the. I wouldn't buy this house because it's in a COBRA zone. Now, now it has a beautiful view. COBRA or cbrs, Coastal Barrier Reef System. Now for me, what that means for everybody, what it means is that you cannot buy government backed windstorm or flood insurance. That means you have to buy private flood insurance instead. It doesn't mean that this area is more prone to flooding. It's just that the government essentially designated swaths of land and said, hey, we want there to be a place for water to go if we ever have a, like a water event. We want some areas of land to be under or less developed. And so we're discouraging development by not offering government backed flooded windstorm insurance. This, this house happens to be located in the Biscayne, which is a really cute neighborhood. I'll show you the pictures of it. Let me see. There we go. But you would end up paying. I don't know why this looks so green or brown. Those terrible photos. There we go. What was I saying? Would end up paying like $14,000 a year in insurance as opposed to something like 7 for the same house if it was located not in a COBRA zone. Now those aren't insurance quotes. I'm not trying to, I don't know cosplay being an insurance agent, but it's roughly that. So if you can make it good enough that you're willing to pay an additional 7k a year, maybe you're going to put a pool in the backyard and it's going to be amazing. Okay. And you can make a, you know, you've judged that you can make enough revenue for it. That's okay. I just need you to know about it before you buy that your insurance costs would be more. [00:27:45] Speaker A: Yes. And you Mentioned the pool, which I'm no expert here, but I had a house that was similar to this where it was too close to the water, basically barrier reef situation. It required engineering to put the pool in which was like some sort of, I don't know, some sort of government situation where the engineer had to pass things through some federal system, blah blah, blah. Anyway, it was going to end up being like 50, 50,000 plus just to get the approval on that pool. Again, I have no idea if that's what the situation here is with this house. [00:28:19] Speaker B: So this is like a flood zone thing. So this is, I'm sure that it's in flood zone be but like pretty much the entire peninsula. Crystal beaches and ve flood zone. Galveston as well. But there's an overlay. It's what they call an overlay and it just means. So it's still in a VE flood zone. It just means that in this area you can't get government backed flood and windstorm insurance. [00:28:50] Speaker A: And I see a little green circle on the left hand side of the house next door. Is that a grinder pump? What is that septic? [00:28:58] Speaker B: Left hand side of the house to [00:29:00] Speaker A: the right, to the back? [00:29:02] Speaker B: Probably. It could be a grinder pump. It might be septic. If it's a bubble shaped, it's septic. [00:29:10] Speaker A: So you do have septic tanks. [00:29:11] Speaker B: The texture. Yeah, we have a mix of some houses have septic and some houses have sewer with a grinder pump. Every house is. It's possible to get sewer on the peninsula even if you have septic. Now it might involve a line extension fee in order to get sewer. But it is possible for every house in the peninsula. [00:29:34] Speaker A: Okay, cool. [00:29:36] Speaker B: All right. [00:29:36] Speaker A: You got one more? [00:29:40] Speaker B: Yeah, and I don't have a specific one. I mean it's not that I absolutely wouldn't buy it, but it's something you would want to know about. Let me pull up. Here's one that I found interesting. So I have a couple and if anybody's interested, a couple of special financing. This one is a beachfront listing priced at 1,150,000. 4, 3. It's right next to a beach access street. And this is in Galveston, not Crystal Beach. And they are offering so online it's listed at this price. But privately the listing agent has told me that they would accept a million dollar offer. They would offer seller financing at 4.99% at 15% down for a three year loan amortized over 15 years. So that would mean there would be a balloon at three years. You'd have to get your own financing. Actually, I have here. I'm sorry, I confused it with another one. It's a 15 year loan. [00:30:56] Speaker A: Oh, 15 years. They'll hold it for 15 years? [00:30:59] Speaker B: They'll hold it for 15 years. They said, wow. And they're flexible on their term. [00:31:04] Speaker A: What'd they pay for it? [00:31:07] Speaker B: I could look in har. So we're not a disclosure state, but I can find it. They only had it for about two years. They owned it. I think they're four plus hours away and they just don't use it as much as they expected. [00:31:28] Speaker A: How long has it been for sale? Pull it up. [00:31:33] Speaker B: This one, it's only been listed. Well, actually, I think this one might have been relisted. This one's been on this listing, has been up for 82 days. [00:31:45] Speaker A: And so if they'll take a million with all their seller financing, maybe they'll take 950 without it. You never know, you know, because it's about throwing offers out there. Have you, have you had any luck with that lately? With throwing offers that were, you know, I hate to say low ball, but low offers, getting. Getting it. Are you getting anywhere with those? [00:32:03] Speaker B: Yeah, yeah, it depends. I mean, people ask about, you know, low offers all the time. It depends on where in the life cycle they are. Like these people are already willing to take $150,000 off after whatever time period. Let me look up. Let's see. They purchase for 842 back in February of 2022, 842,000. They've been listed as high as 1.25 million. And they've listed three times. So they've gradually come down on their price each time they've listed and done some price cuts as well. [00:32:54] Speaker A: Real talk. In your experience, are you seeing things trade today for what they were trading for when they bought this in 2022 [00:33:02] Speaker B: or more or less less. So we're typically. We're about back to 2021 pricing now, it looks like. So they bought in February. That means they closed in February of 2022. Things really went crazy right at January, February 2022. But if they were under contract really before things went off the rails, then they were priced more like 2021. So the 2021 price thing that they probably got to. Let's see when they listed. So okay, they listed it in at the end of January of 2022, the previous owners. And they priced it based on the comps, I'm sure from the previous six months. And so I would say 842 is probably the 2021 price. Get a month or two down the road when you get into bidding wars, and there's the comps from those bidding wars. You get into higher prices. Things really went off. It just climbed in a crazy way. [00:34:13] Speaker A: So again, statistically, here's what you're saying is this house is maybe worth a little more than they paid for it. And then. But then let's take like, the comps. [00:34:23] Speaker B: It's not the same house that. [00:34:24] Speaker A: Yeah, but it's also waterfront. Like, how much are you seeing? Four bedrooms. Go for waterfront in general right now, [00:34:30] Speaker B: or are they not going in Galveston? It's usually at least 1.2 if the house looks like something you'd want to vacation at. [00:34:38] Speaker A: So you think this is a pretty good price? [00:34:40] Speaker B: Yeah. The 1 million? Yes. [00:34:43] Speaker A: Okay. All right, cool. [00:34:46] Speaker B: Especially owner financing at 4.99. [00:34:50] Speaker A: What's with the 51 grand increase in April? [00:34:57] Speaker B: I can't tell you. I don't know. [00:34:59] Speaker A: Yeah, it's a little weird. Maybe that's when they started offering the seller financing or something and they wanted a little cushion. Who knows? [00:35:05] Speaker B: I think that's new. I think it's based on the. On changes that they made, perhaps. [00:35:10] Speaker A: I see. I got you. [00:35:12] Speaker B: That's. That's the only thing I can guess. I don't know for sure. [00:35:15] Speaker A: Okay. All right, cool. All right. Got anything else? I hope not, because I gotta go. [00:35:24] Speaker B: I do. I always have more. [00:35:25] Speaker A: Okay, we can do one more. [00:35:28] Speaker B: Here's one that's interesting to me, and [00:35:33] Speaker A: I didn't mean to sound rude for the listeners. By the way, I have to go to another meeting to. To accommodate more. More folks. And give, give, give, give. So. And which, by the way, it's the. We're recording this on a Wednesday. You can come to that meeting, the meeting I'm going into next. And any Wednesday, it's stsconsultation.com or STR. Same link, two different URLs. And you're welcome to come to that. And we do have that in just a few moments. But anyway, go ahead. Look at this brown thing here. We got 8.99 for seven. [00:36:05] Speaker B: It is very brown. But fun fact, it's seven bedrooms. And my family actually rented this like seven plus years ago, before I was an agent, before I owned property in this market. And we stayed here for our big family vacation. So it was me and my two brothers and my parents and all of our kids. And there was more than enough room. We could have had a whole other family in there. [00:36:29] Speaker A: Good memories. [00:36:31] Speaker B: Yeah, but you don't very often see a seven bedroom house come up available. It's also. So it's in Playa San Luis. It's very str friendly. There's nothing that they tell you, you know, can't access. There's a community pool on the bayside of the neighborhood that guests can access and there's multiple beach access walkovers in this neighborhood. So I mean, yes, it is very brown, but it's also seven bedrooms accommodates a lot of people. It could use some judging up judging. It needs. It needs some. It needs some help a little. But I mean the bathrooms are nice, the bedrooms are big. I mean, I wouldn't use that furniture for my own. But it has two living spaces and it's just the sheer size of the house itself because again, bigger is better here. You can make money with this. [00:37:37] Speaker A: How long has it been on the market? [00:37:40] Speaker B: Not very long. I don't think either. I saw. Oh, I guess I saw a price decrease recently. Let's see, 62 days. [00:37:51] Speaker A: Ideal for relaxing after a day in the sun. Did you relax after the day in the sun? [00:37:57] Speaker B: Well, I had a six month old [00:37:59] Speaker A: when I went no relaxing. There was no relaxing. [00:38:02] Speaker B: I'm sure I tried. Scroll down some relaxing. [00:38:05] Speaker A: Scroll down a little more to that map. Oh, no, you passed it. The map. [00:38:10] Speaker B: Oh, sorry, map. I was thinking your other. Yeah, yeah, there we go. [00:38:14] Speaker A: Okay. And you love. You enjoyed the location. [00:38:17] Speaker B: Yeah. [00:38:18] Speaker A: Okay. [00:38:19] Speaker B: It seems it is on the. It's on like the western tip of the peninsula. The island, not peninsula. So you are a little further out there. This is where all the things are to do. You're about 30 minutes from in town. But I can say that from how my family vacations, we really aren't. Once we get to the beach house, we're not trying to go pay $25 a person to go do something. The beach house is the vacation. And that's really what most families are doing. They're hanging out at the beach house, they're going to the beach. They're just having family time. [00:38:57] Speaker A: Yeah, it seems like it's pretty decent price for such a big house. [00:39:02] Speaker B: I think so. [00:39:03] Speaker A: All right, listen, I gotta go. And anybody that wants to join me, don't think I'm rushing out of here because I don't care about you. I do. It's SDS consultation.com SDSconsultation.com Every Wednesday we have that call which this shows come. I think this show comes out on Thursday these days. So anyway, who cares? But I'm Luke at the shorttermshop.com and we have Kelsey the shorttermshop.com and. And thank you so much for your time. [00:39:32] Speaker B: Absolutely. Anytime. [00:39:34] Speaker A: All right, we'll see you next time. [00:39:36] Speaker B: Bye. [00:39:37] Speaker A: Bye now.