Cinnamon Shore, the Texas Gulf Coast’s only master-planned beachfront community, joins Governor Rick Perry in inviting business owners in California to compare the business climate and quality of life to their home state.
Governor Perry launched an advertising campaign to persuade business owners in several major California cities to relocate to the Lone Star State, where taxes are low, a state income tax is non-existent and the cost of doing business is significantly less than both the national and California averages.
In November, cash-strapped California approved the highest sales tax in America, and also the highest marginal income tax rate on millionaires to try to balance its budget. More than two-thirds of the state’s business leaders said it was more difficult to do business in California than in other states, and 62 percent believed its economy was worse than the rest of the United States, according to a recent survey by the California Business Roundtable.
In contrast, Texas citizens enjoy one of the nation’s lowest tax burdens – paying less than 8 percent of their income – for the 15th year in a row, partly due to the fact individuals pay no income tax, a USA Today state-by-state survey of tax rates showed. The low taxes, booming oil and gas sector and one of the nation’s most pristine coastlines have created an attractive climate for real estate investment and a quality of life that is hard to beat.
Prices per square foot for luxury beachfront homes and condos at Cinnamon Shore (http://www.CinnamonShore.com/press-kit/) are less than a quarter of the cost of comparable properties in Malibu, California.
Cinnamon Shore is a 64-acre New Urbanist development on Texas’ Mustang Island, a barrier island north of Padre Island, that broke ground in 2007 and offers custom luxury homes, home sites and condominiums for sale and vacation rental.
Atlanta-based Sea Oats Group has developed and sold more than $150 million in inventory through the worst of the U.S. real estate downturn and posted record sales in 2011 and 2012. Cinnamon Shore property owners saw record rental revenue in 2012, and the development is on track to return another season of double-digit rental revenue increases in 2013, Sea Oats Group Chief Executive Jeff Lamkin said.
Cinnamon Shore boasts on-site entertainment and dining for the whole family. From fresh coastal cuisine at Lisabella’s Bistro and casual poolside fare from C-Bar to fishing, biking, Kid’s Camp and private golf cart beach access, Cinnamon Shore boasts all the amenities of a top-tier beachfront community.
For more information about Texas' advertising campaign, visit http://www.texaswideopenforbusiness.com/ca.php.
