ResalesSweet Home Alabama: New Jobs Usher In Homebuying Season
Occupied by native Americans, then discovered by the Spanish in the 1500s and settled by the French in the 1700s, Alabama has a rich multi-racial history highlighted by the Civil War (Montgomery was the first capital of the Confederacy,) the training of the "Tuskegee Airmen" of WWII, and racial protests throughout the mid-20th century, launched by the Rosa Parks" Montgomery bus incident in 1955.
Wanting to be better known for its Southern hospitality today, than its controversial past, Alabama is putting out the word that it has everything to offer relocating companies and individuals - warm weather, a coastline, beautiful topography, and easy access to the major business centers of the South, Southwest and Northeast.
Alabama"s central Southern location makes it ideal for construction, manufacturing and shipping. The state offers a wide range of lifestyles from simple country living to sophisticated seashore retirement.
In Montgomery, the region is excited over the news that Hyundai will build a $1 billion auto assembly plant which will supply over 2000 jobs to central Alabama. "Hyundai expects the plant to begin production in 2005," says Realtor Frank Harmann. "Growth is expected in population,
housing, tourism and commercial enterprises. We are anticipating continued growth and activity through the fall and winter months. 2003 should be a banner year for real estate in the Montgomery area."
In addition to jobs, people relocating to central Alabama will find foothills, lakes, national forests and people from all over the world, says Realtor Gladys M. Williams. "According to Birmingham, Al. MLS data, homes have been selling briskly this past quarter (January through March), despite some fall off in sales during March when compared with sales the previous March (an 8.5% dropoff, from 982 homes sold in "01 to 899 sold in "02).
"A total of 2323 homes sold the first quarter of "02, exceeding last year"s record 2304," says Williams. "The fall off? Easter, Passover, and spring break are the reasons experienced Realtors give."
But an upturn for the second quarter is expected. "Buyers are purchasing less expensive homes - so selling Realtors are urging their clients to price their homes aggressively," advises Williams. "A buyer seeks the "breakpoint home" - one costing $129,600 rather than the one costing $131,250. The latter home, though both are comparable, sits on the shelf months without an offer."
Expensive homes in excess of one million dollars are not selling as well as in 2001, notes Williams. "Recession and stock market ups and downs have hit this market area," she says.
Mobile is also turning from its buyer"s market. "Our re-sale market remains strong, however we"re seeing a minor shift from a "buyers market" to mostly neutral (or normal) type of market, says Realtor Barbara Higgins. "New construction (new homes) remains very strong and the price range of $150,000 to $190,000 has been depleted rather quickly. A few builders are still specializing in the $125,000-$150,000 range and having tremendous luck.
"We have a lot of waterfront property, i.e. rivers, canals, and the bay," she explains. "All categories of waterfront property have seen a rather fast uptick in prices in the last two to three years. The demand is tremendous and that is driving prices. Our rates remain in the 6 7/8 -7 1/8 range and that is another very positive factor in our great real estate market!"
And relocation shows no sign of slowing down, with such advantages to the area.
"Mobile is 120 miles East of the "Big Easy" of New Orleans and the panhandle of Florida," says Higgins. "We have the whitest sand of any beaches in the country in Dauphin Island, Gulf Shores and Orange Beach. We enjoy all types of fishing - both salt water and fresh water. Our golf courses are playable 12 months a year and the climate cooperates almost as long! Newcomers to our beautiful area can throw out the snow plows and shovels, get themselves a push mower (for exercise) and weed eater and enjoy the great weather year round. Our seafood is second to none! And fresh! It may be still moving when it"s put on the grill!"
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