Lyndsey Garza

Every year brings with it new challenges. Some of those challenges may even require us to do things that we would never have thought possible. Over the past year, the housing market seemed to dry up with little to no future for agents seeking to expand their profession into new areas. Instead, agents have had to adapt to changing housing market. One area that I found I could grow into was vacation residence management.

Vacations homes are an attractive investment for a lot of people. The second home is usually located in a place where people love to spend their vacations, and vacation homeowners can use the second home as a means to earn extra money throughout the year. The problem with owning a second home is all the work that goes into upkeeping the property. Vacation residence management allows homeowners to contract services to maintain the property, keep the property clean between rentals and, in some cases, finding renters to stay in the home.

Adapting to a new profession has had its challenges. There is the need to educate oneself of all the aspects of the new business. The process has been rewarding, and is an experience that I hope others will endeavor to take.

Since I moved to the Island 13 years ago, every year I would hear talk of casinos coming to Galveston, but I really did not start paying attention to the speculations and opinions from fellow Islanders until about 5 years ago when I started my career in real estate. As each year passed, more and more clients would ask me what I knew about the controversial issue and what impact it would have on the city of Galveston. It seems that this became a popular debate and “what-if” scenario for Island property owners since 2009. After the painful year Galveston experienced in 2008 due to Hurricane Ike’s wrath as well as UTMB, one of the Island’s major sector of the economy, laying off over 3,000 employees, more and more people seemed to support the idea of expanded legalized gambling in Texas. Many people see it as the only way for Galveston to get back to the “glory days” and get back on its feet. It’s not only Galveston. And it’s not because of Ike. The state of Texas is experiencing a historic budget deficit of an estimated $11 billion (resources all cite different amounts). Texas legislators are looking at various cuts in other important government sectors, such as education, instead of slapping a higher tax bill into our laps. Within the past few years, the environment has improved for proponents of expanded legal gambling in other states which ended up adopting legalized gambling as way to overcome budget pitfalls. It seems as financial despair has had an effect on some lawmakers stance on adopting expanded gaming. So far this year, I feel like there is a story in the paper at least 3 times a week addressing the controversy and updating us Island residents on the saga that never gets resolved, and each new session, our elected officials seem to start the whole process over again! What was going on?? I recently made the decision to stop listening to everyone’s opinion, and research the facts, then come up with my own stance on the debate. I also wanted to have the information to share with clients, or have the ability to provide them with internet resources when asked “When is gambling coming??” As a Realtor, I take a lot of pride in the value I place on being ethical with my clients, so having documented facts from the state’s government website to discuss makes me a lot more comfortable. I do, however, have my own opinion as an individual and would like to share some things that I learned and read that helped me reach my position on this controversial topic.

I was quite aware of the fact that the states bordering Texas all offer gambling, especially since I am one of those Texans that looks forward to that trip across the state line to the casino to play 3-card poker, Texas Hold ‘Em, and of course, Wheel of Fortune! What I was not aware of was that 32 states have casinos, and every state other than Utah and Hawaii have some form of legal gambling. (Although while doing my research, I did see an article published last week that Hawaii may be changing their minds on this as well.) Americans, especially Texans, are ready to play. Money spent (lost) by Americans has more than doubled since 1995, growing from $16 billion to $33 billion in 2010. Tax revenues projections brought in by expanded legalized gambling in Texas reach as high as $4.5 billion. There is also a push for electronic gaming and slot machines to be added to state racetracks. Reports have estimated that by adding these gaming devices could produce up to an additional $1 billion revenue for the state.

It is starting to look like gambling’s best bet may be the support from the House of Representatives if the issue can make it to a public vote. Rep. Craig Eiland (D) Galveston, Sen. Rodney Ellis (Houston), and Rep. Jose Mendez (D) San Antonio, presented a joint resolution to the House supporting expanding legalized gambling. (HJR 112) The main call to action within this joint resolution proposes creating a constitutional amendment that would allow the creation of the Texas Gaming Commission. This commission would be responsible for authorizing and regulating slot machines and casino table games. This resolution would also create the Texas casino and slot gaming fund into which all revenue collected by the state due to expanded gambling would be deposited. The governor would also be required to appoint the members of the Texas Gaming Commission by January 1, 2012. Individuals that would serve on this commission will be asked to adopt the rules necessary to be in the position to begin running casinos and slot machine establishments by March 1, 2012. Apparently up to 6-7 casino gaming licenses could be issued to “destination areas” within Texas, and up to 2 more casino licenses could be issued to development projects on Gulf Islands who meet the requirement of having had at least 1,000 guest rooms for visitors as of January 1^st of this year. (Hmm…wonder where they could be talking about?)

Tomorrow...part 2: More Money, More Problems?

References:

1. San Angelo Standard Times “Gambling: The Real Deal or the Devil?” Kiah Collier April 22, 2011

2. www.parade.com 2007 edition = May 20, 2007 “Is Gambling Good for America?”

3. www.texastribune.org “In Texas, Gambling’s Odds Have Improved” February 25, 2011 Ross Ramsey

4. Fiscal Notes, 82^nd Legislative Regular Session – HJR 112 March 28, 2011

I graduated from college (Texas A&M - WHOOP!) with a 2 year old son, Nicholas. I received a BS in Marine Biology/Marine Fisheries, and it was always my dream to be involved with animal care at a zoo or an aquarium. Since I was 5, my ideal career never changed...I always answered the question of what I wanted to be when I grew up the same way..."a zoo keeper". After being blessed with the arrival of my first son, my priorities did a 180 degree change. Instead of working weekends, holidays, and evenings as I would have done caring for animals, I decided that I needed a flexible job that would provide me with as much time with my son as possible. That thought turned into me taking a high school science teaching position...I was enthralled with the idea of weekends off, eventually having the same schedule as my children when they got older, and of course, THE SUMMER OFF! I have to admit, I am a great teacher and loved my students almost as much as my own. Towards the end of my first year of being Mrs. Garza, I was thrilled to find out that my husband and I were expecting a second child! My daughter, Mia, came into our lives with the thunder! Teaching was even hard with 2 kids at home, both under the age of 3.

Don't get me wrong, my real estate aspirations did not come to me in a dream suddenly one night. I had always had an interest in the market, especially the resort market that Galveston is blessed with. I did get my real estate license while I was teaching, "just in case". When I was approached by Centex Destination Properties to come on board at their new development, Pointe West, I was thrilled and intrigued by the paychecks that would soon make my teacher checks look like grocery money. I sadly left the school, but dove into selling property head first. I was incredibly successful at Pointe West when there was still developer property to be sold! Selling came naturally to me, just like teaching did. While my bank account was growing, my time that I was able to spend with Nick and Mia dwindled. Weekends are a MUST in the second home market, as well as the holidays during the summer. I hear so many agents talk about how "flexible" real estate is...I don't know who started that rumor, but real estate and flexible may as well be an oxymoron. I have to admit, I did miss a lot of important time with Nick and Mia, who are now 9 and 6 years old. Luckily, I am blessed with a husband who is a wonderful father and was not going to allow my kids to feel that they were being neglected in any way. What I missed on the weekends, I did my best to make up for during the week on my slower days.

Guess what? In September of 2008, Galvestonians experienced a little weather disturbance named Hurricane Ike. You hear about the "Ike babies" that were born the next year due to "lack of electricity", "boredom", or just coincidentally. Well, Ike dealt us some windstorm damage AND my now 16 month old son, Thomas! In our market, there are only about a handful of Realtors that have young kids like me. Some agents have used this against me in listing presentations, but luckily, my clients know me and my extremely type A personality. I would have to say being a Realtor has to be the toughest job for a young mom. If you are like me, you know what I mean when I say I always have work to be done. Although I have missed quite a few birthday parties, movies, and trips to the museum, I can say that I have developed a talent for typing with one hand while holding a child, learning when a good time is to call a client without a crying baby or tantrum throwing older one in the background, and I have discovered how productive even a quiet hour can be at 5 am. Do I question my career and the time it takes away from my family? For sure. But I love real estate, even in this challenging of a market, and think that I really found what I wanted to be when I grew up! I am in this business for the long haul and am not in any hurry for my 3 munchkins to grow up. It can be done, but it's all about having a support system, lots of babysitter options, and learning time management. (which I am still working on) Personally, having those 3 kids that other agents see as a "weakness" motivates me to work harder & smarter so that my time out is hopefully not spent being a tour guide. Hats off to the other mommies and daddies in this business - keep at it, but make sure you aren't missing too much. Those heathens grow up so fast, and I promise you don't want to miss a thing!

I sold my first foreclosed property in 2008. Until Hurricane Ike paralyzed Galveston Island and the economy collapsed the very next day. foreclosed property listings were not common at Pointe West, the West End resort community that is my specialty. And what the heck was a short sale? I had not even heard of that type of a transaction until 2009. Well, let's just say that I was forced to learn what these transactions were and how to walk a buyer through the purchase while maintaining their level of confidence. The amount of distressed sales at Pointe West skyrocketed and I saw list prices on properties that were 50% lower than what our Centex sales team had sold them for initially from 2005-2007.

3 years later, representing buyers that purchase foreclosured properties has become a huge part of my business. I just wrote an offer for some clients on a foreclosed condo that I sold for almost $275k more than the list price in 2006. Strange occurence, but I have been selling the same condos twice! I think that the hardest part of working with buyers on foreclosure deals is that they slow the process of getting a great deal by making low offers. When I work with a buyer and we have reached that point - advising my clients of the current market value of the property to determine an offer amount - I now come well-armed with all of the past sales that have occurred that year. It used to be that when Realtors, doing their job, suggested an offer range the buyer agreed to take our credible knowledge. With the national media constantly talking about the number of foreclosures, how buyers are getting "steals", etc., I think we all keep our fingers crossed when the client instructs us to write the initial offer for. That initial offer price amount usually will indicate to me whether my deal can get done.

Luckily, the offer I wrote tonight can get done. Although my clients are offering less than what I advised the market value to be, we're close. I feel very confident we'll able to negotiate this one out. What I have noticed (and am thrilled about) is that these lenders are now aggressively pricing their foreclosed properties to sell. This makes the properties a lot easier to sell to the buyers (price tag looks good) and the negotiating time spent is less! We'll get to the bottom here soon, and hopefully these lenders and banks will make the short sales and negotiations on foreclosures a lot easier. I think I can see the light at the end of the tunnel!

I did come to fully understand the term "blogging" until just recently, attending a Rain Camp in Houston. I can't promise that my grammar, spelling, and punctuation will always be perfect, but I can promise that blogging is going to become a new, awesome part of my Pointe West real estate and marketing campaign.

I have been a part of Pointe West since 2004...nothing was out there but grass and great hunting and fishing. The initial developer, Centex Destination Properties, hired my husband, Marco to be the construction superintendent for the pending cottage section. The ideas and concepts that a Fortune 500 company was bring to Galveston Island was genius...get the resort feel without having to get on a plane or leave the country. It was a fresh, new concept...and we believed in it. In 2004, we had our son, Nick, who was then 2, and I was pregnant with our second baby. We believed in it so much, we scraped together my school teacher salary & his paycheck leftovers and purchased 2 lots in the neighborhood right next door, Laguna San Luis. (We got a deal, by the way...no one went out that west unless they were fishing.)

To make a long story short, about 2 years into the Centex career and watching Pointe West come to life, my hubby and I swapped roles. I was being hard pressed to get involved on sales team, and Marco had always wanted to have his own custom construction company. Let's just say it was a great idea...it brought out talents in the both of us that we did not know existed. I love selling at Pointe West. I have closed well over 100 transactions out there, for the developer and currently resale, and I still smile as big as I did when I got my first contract. If you are looking to buy real estate at Pointe West in Galveston, I am your woman. Pointe West is where I cut my teeth, and I guarantee there is not another buyer's agent that would be more knowledgable about the community.

My entries will be about business, my personal life, struggles and rewards for working smarter, Pointe West, Galveston, and much more. I promise there will never be a dull moment in this blog!