Real Estate

Construction in the Rio Grande Valley exceeded the $798 million mark in 1999, more than half of it for new homes and apartments. And demand for additional houses and apartments continues to increase.

Its bustling economy and natural attractions continue to bring new people to the area, be it for employment, business ventures or retirement. In addition to the vast economic benefits the Valley has to offer, South Texas continues to be a target area for retirees because of its mild winters, relaxed pace and points of interest.

The ideal climate (a year-round average of 74 degrees) has long attracted people to make the Valley their permanent home. The occupancy rate of apartments in the Valley can reach 99 percent. Classified listings in the Valley's major newspapers can be a big help if you are looking to rent before buying.

Apartments, condos and houses run the gamut from very cheap to luxurious. South Padre Island is a perennial hotbed of real estate activity with its condominiums - including many on a time-share basis - and rental beach houses. Other Valley cities, such as McAllen, Mission, Weslaco, Harlingen and Brownsville offer lush residential developments with country club atmospheres that rival anything found in bigger urban areas.

If you are an entrepreneur, there are plenty of industrial parks in major Valley cities that rent or lease space. Valley towns have largely bucked the nationwide trend of declining downtowns. Locals, Mexican nationals and Winter Texans pack into downtown retailers, making for thriving retail districts independent of malls and suburban strip centers. Window shopping is still a popular Valley pastime and that foot traffic makes for a palatable investment for those interested in owning a retail establishment.

As a matter of fact, incentives are available in some Valley areas for those ready to start a business. For example, Central Power and Light, the company which supplies electricity to most of the region, has offered an economic development rate for qualifying customers who either relocate or expand operations in CP&L's service area and can demonstrate that they are boosting the local economy. It is available to customers who have a load of at least 100 KW. For more information on business incentives, contact the cities' economic development offices.

The Valley is known for its flat, fertile land, plenty of which is available in large or small tracts for sale or lease to those interested in becoming part of the world-renowned South Texas agricultural industry. Some plots are not tilled; others already boast thriving orchards or fields of melons and vegetables.

Regardless of what area you choose, all regions of the Valley have something that will suit your needs, whether renting, buying or investing. As the Valley continues to accommodate its expanding economy and ever-growing population, retail value on homes promises to rise even faster. Commercial real estate also remains affordable with a variety of incentives added.