Coast Condo Market Red Hot - WLOX.com - The News for South Mississippi

09/29/04

Coast Condo Market Red Hot

It seems like every week we hear about a new proposed condo project moving to the Mississippi Gulf Coast. We spoke to some of the people on the receiving end of those proposals. They say right now, interest in building and buying condos on the coast is red hot.

Real Estate agent Debbie Gomila's phone has been ringing off the hook lately. On the other end are investors desperate to purchase units in one of a seemingly endless number of new condo developments.

"In the last 2 weeks, I've probably sold 65 to 70," Gomila said.

Owen and Company owner Sherry Owen says there are a number of positive factors drawing developers and their clients to Mississippi.

"I think we going to be like another Destin. It's so over populated and overcrowded in Florida, a lot of the people are wanting to move up... They're finding out with the casinos, close to New Orleans, and us having the water, everybody's moving up this way."

The market in Biloxi is also soaring with another new development proposed just last week for the property neighboring the planned Portofino condo on Beach Boulevard. Biloxi Mayor A.J. Holloway believes this is the start of something very big.

"It brings people in here... to buy food, buy gasoline, to go to the casinos, to strengthen the economy. In my opinion, we're right on the verge of an economic boom with condos. I think we have probably eight or ten people looking right now at getting options on properties through out the City of Biloxi."

Mayor Holloway was quick to point out that they've taken steps to insure the condos do not threaten the economic or architectural integrity of existing businesses or homes, in particular the casinos, Keesler Air Force Base, and Biloxi's beautiful historic homes.

If you're in the market for a condo, most units are starting at between $400 to $500 a square foot.

by Don Culpepper

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