Manny Mehos, a Galveston native and CEO of Green East Realty, recently discovered a beautiful beachfront area west of Bermuda Beach, which he had never seen before. Surprised by the beauty and potential of the location, he decided to develop it into an upscale residential project.
The land, which had been abandoned by a previous developer, was sold to Mehos, who is now preparing for a high-end single-family home development called Roseate Beach. This project is one of several new real estate initiatives happening in Galveston, despite a slow housing market and growing climate concerns.
Mehos’ Discovery and Vision for Roseate Beach
Three years ago, Manny Mehos walked along a stretch of beach west of Bermuda Beach and was amazed by its beauty. He had no idea the area even existed and knew immediately that it had potential. “Where’d this come from?” he recalled thinking as he walked with his daughter along the beach.
At the time, Mehos recognized that the property was a great find, especially considering the reasonable price. His discovery led to a partnership and a plan to create a luxury home development on the 65-acre site, about two miles from the Galveston Country Club.
The project, named Roseate Beach, will feature 160 homes designed with modern and luxurious features that Mehos believes will set the development apart from other projects in the region.
The homes will include high-end amenities and are meant to offer a different kind of living experience compared to most existing homes in Galveston.
Challenges and Opportunities in Galveston Real Estate
Despite a slowing real estate market, Mehos and other developers are continuing to invest in Galveston. The broader housing market has softened, with many would-be buyers waiting on the sidelines due to high mortgage rates.
The Galveston housing inventory is currently at 18.2 months, which means it would take over a year and a half to sell all the homes at the current sales pace. This is much higher than the typical 4 to 6 months of inventory seen in a balanced market.
However, Mehos remains optimistic about the luxury market in Galveston. “Galveston has the bones to be a wonderful city,” he said. He believes that, with the right investment and care, the city can flourish. The development of luxury communities like Roseate Beach is part of this vision.
Roseate Beach: A High-End Project Amid Market Uncertainty
Mehos acknowledges the challenges the market faces, such as high mortgage rates and uncertainty in the economy. These factors have made it difficult for many potential buyers to invest in luxury homes.
Despite these issues, he sees Roseate Beach appealing to wealthier buyers who are less affected by the current economic volatility. Beachfront lots in the Roseate Beach project start at around $1.2 million, while inland lots range from $300,000 to $600,000.
When considering the total cost, including a custom home, the price could go up to $2 million to $4 million.
Although this is significantly higher than the median home price of $450,000 in Galveston, Mehos doesn’t consider his project to be in competition with other homes on the market.
“We’re in a different market than those houses that are all for sale,” he said. He expects that developments like Roseate Beach will take time to sell, with most projects like this selling out within four to five years.
Manny Mehos’ Roseate Beach development is just one of many real estate projects in Galveston, signaling a shift towards luxury living despite the current housing market challenges. With beautiful views and high-end designs, this project is poised to attract buyers looking for something unique.
While the city still faces a slower market and concerns about climate change, Mehos and other developers believe that with the right vision, Galveston’s real estate market will continue to evolve and grow.
