Condos Enhancing Biloxi's Housing Market - WLOX.com - The News for South Mississippi

01/31/05

Condos Enhancing Biloxi's Housing Market

The Seabreeze condos on the old Golden Nugget site help make up the $44 million  in condo construction now underway in Biloxi. Mayor A.J. Holloway says a thousand more units are on the drawing board. 

"This is not to say that we'll see all those condos, but the units under constuction right now represents a significant boost to our property tax."

And, the mayor says, at a cheaper price to buyers. 

"An upscale condo in Destin might go for $800,000. You can easily get that same condo right here in Biloxi for half that price," the mayor says.  

Mayor Holloway is on the mark with that price, but developer Mike Boudreaux says it won't last. 

"Right now you can probably get a condo at that price but we're topping out at 800-thousand right now. Next year, we'll be in the $800,000 the same market Destin is. It's coming, it's here already."

Boudreaux is juggling eight projects. He says there's no fear about filling up the towers coming out of the ground. 

"As the mayor said you probably have a thousand in the works. You could put 5000 and they could all be filled up overnight and be rented for a dollar value that makes the investment very good."

There is no shortage of customers looking to invest in the condo market. 

"These are the people that are coming here to buy these condominiums initially, it's not necessarily to stay in, like a second home or a primary home. These are investments for condo-tels to be rented out on a daily basis and yes there's a multitude of people comin' to buy these," Boudreaux says.

byMarcia Hill

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