CORPUS CHRISTI, Texas — Falling water levels at Lake Corpus Christi are reshaping more than the shoreline. They are beginning to drag down property values in surrounding communities.
RELATED: With curtailment looming, we go to the source of our water
What used to be a short walk to the water from her home is now a much longer distance for Indian Point resident and realtor Sabra Herschap. She says the lack of water is directly impacting demand for lakefront homes.
“ The beauty of living on the Lake is the water, and that’s the number one factor why people buy out here, and as you can see, we’re not going to get a lot of buyers with the water. This is considered two water lots, and I’ve seen the water of course, all the way up to our bulkhead right here, and it has not been this low since I believe 1958.”
Herschap says the slowdown is already showing up in the numbers, with more listings seeing price reductions and fewer buyers willing to commit.
“ I have seen a lot of prices drop. It’s just been incredibly difficult to encourage people that hate the lake is going to be back next summer, because we don’t know when the lake is going to be back.”
Homes that once advertised waterfront access are now sitting farther from the shoreline. In nearby Lake City, more properties are hitting the market and staying there longer, signaling a shift toward a buyer’s market.
“Back in the day, you would have fiesta Marina with the dances, and they would do their short-term rentals. The lake was up. People were out skiing. And you just can’t sell that package right now.”
Just a few miles away in Mathis, Economic Development Corporation Executive Director Sabas Encinia Jr. says the broader economy remains stable despite the lake’s decline.
“ Mathis isn’t just about the lake, obviously, we would like the lake full. We would have more visitors. But, overall, in doing some retail numbers, we are still overachieving.”
Encinia says the focus is on diversifying beyond lake-driven tourism to maintain growth even as water levels remain low.