Just bought a place in Galveston on a canal. I have fished the Dallas area lakes for years bass fishing. I use Loomis rods with Shimano 100 and 50 mag reels. Someone told me that the magnesium reels would not last long on the coast due to the salt water?? The reels are very light and cast well. If I can't use them on the coast what are my options.

you can use them just step up the maintenance:
rinse then off with low pressure freshwater (no spray nozzle) then dry an lightly oil with a good reel oil or you can get a can of reel scrubber a acadmy.
when time and money allow get some gear made for salt water, but even that will last longer if maintained like that.

Bass Tackle works great but you are right about the Mg reels. The citica or Curado would be great for the areas that you will be fishing. Citica is a good reel for the money. The daiwa advantage or the Abu Revo line of reels also might be worth looking into. All the reels mentioned are light weight, low profile and should last you a good while. If you dont mind spending 200$ get a curado or Revo STX. The chronarch would also be a good reel of choice but I think the line capacity is less than the other reels mentioned but I am not 100% sure.
There are two lines of the chronarchs also, the Mg series and the reg. The Mg is cheaper than the other model. I think there is a 20 or 30 dollar difference.

I'd recommend picking up a used Curado 200. Not one of the new ones, but one of the older models. For $70 or less, you can get a good reel that you won't have to "baby."

I've bought two from Southwestern Parts on Mockingbird Lane with good results.

http://southwesternparts.com/intro.asp

Like they say just make sure you rince off everthing after fishing in saltwater. Not just the reels. The rods, the tackle everything. Saltwater wil ldo a number on anything, if not rinsed with fresh water. I rinse all my reels after every outting, some are made for salt some aren't. My reels have lasted a long time. I don't oil every time out maybe aobut once a month. Unless my reel was submerged in saltwater then I open it up run freshwater in it and then dry, oil. It will keep your gear working for years on end.

Just about all I fish is saltwater.. I have 4 curados one d model, all the rest are the old model.. I have never had a problem out of any of them.. the d model is new the others range from 4 years old to just 2 years.. When I buy any new reel it will be a curado..

def. get salt water gear. Will last longer with proper cleaning.

I FISH A 6"6 CASTAWAY WADER SPECIAL WITH A CALCUTTA 50.DOES NOT
WEAR YOU OUT WADING LIKE A 7" ROD.

I fish old style curados on falcon rods for bays. Hopefully 7 of them will last me for another 10years...

I never knew you could get tired using a 7ft rod. I always thought rods were light as a feather!!!! You think there is much difference in a 6'6 rod and a 7ft rod as far as weight is concerned?