Entries Tagged 'Real estate' ↓

Insurance companies are cancelling wind and hail policies this year, leaving thousands of Gulf Coast homeowners scrambling to find coverage.
Farmers Insurance will drop 10-thousand wind policies by July. Alfa Insurance is no longer writing wind policies in Southwest Alabama.

A State Farm spokesperson told News 5 they’re writing limited polices north of I-10 and are no longer writing wind policies south of the interstate. USAA Insurance recently cancelled more then 15-hundred wind policies in South Mississppi and is refusing to write new polices in Coastal Alabama.

Insurance Companies Dropping Wind Coverage

An Ivy League law professor put out a report this week showing that Baldwin County had the highest bankruptcy rate in the country last month, but he apparently used incorrect data.

When the Press-Register examined the numbers, however, it found that the number used by Mann was higher than the total number of bankruptcy filings — of all types — in the entire 13-county region covered by Mobile’s bankruptcy court.

And it means that Baldwin County did not come close to leading the nation last month in bankruptcy rates.

Using inaccurate data, report falsely shows Baldwin with nation’s highest bankruptcy rate

Alabama’s foreclosure rate ranks the state among the bottom half of the nation, at No. 33.

Ala. foreclosures remain high for 2010

A local developer paid $225,000 for less than an acre on Ala. 59 in Robertsdale, and plans to build a Big 10 Tires store

Local investors paid $150,000 for 4 acres of bank-owned land zoned for apartments on Lake Forest Boulevard in Lake Forest in Daphne

Global Security International has relocated its headquarters to 2,400 square feet of office space in Austin Place at 8757 Rand Ave., in Daphne

Real Estate News

• An out-of-state investor paid $536,000 for seven completed or partially finished bank-owned cottages on Baldwin County 6 in Gulf Shores, according to Herndon Luce of Vallas Realty. The purchase included four lots and 13 boat slips on Bon Secour River. Shirley Poulos of Carney Realty represented the buyer.
• The Episcopal Diocese of the Central Gulf Coast paid $375,000 for the 7,500-square-foot, bank-owned building it was leasing for its Holy Spirit Thrift Shop, on 3.5 acres at 6798 Gulf Shores Parkway in Gulf Shores
• CoffeeHeads, a gourmet coffee shop, and Mission 25 Hair Salon will open Feb. 1 in Pelican Place on Ala. 59 in Gulf Shores

Also (in Mobile), Ciggy’s 4 Less?

Real Estate News

Having spent the last couple years working to wipe away lingering traces of storm damage along the beach, city officials said they are now focusing their attention on derelict properties in residential neighborhoods.

To that end, the City Council at its meeting today will consider declaring five properties public nuisances, which would allow city employees to clean up the properties, in some cases demolishing structures, and billing the owners.

“We’re not out harassing people if they don’t clean their yard up every two weeks,” Mayor Tony Kennon told residents last week during a public forum. “We’re talking about public safety, public heath. Serious issues. Vermin. Something of that nature

Derelict properties under scrutiny

Baldwin County property owners are breathing a collective sigh of relief. Last year, appraisals were raised, leading many people to contest the amounts. But this year, appraisals will be down eight percent.

But, a lower tax bill means fewer dollars going to schools. Earlier this month, the school board had to layoff more than 150 support workers. So leaders like Spanish Fort Middle School Principal Carol Palumbo are calling on parents to help pick up the slack.

Baldwin Co. property taxes take a dip

Baldwin County building starts in July were up by 14.5 percent from June, but still down 23.7 percent when compared with July 2008, according to the Alabama Real Estate Center at the University of Alabama in Tuscaloosa.

Getting rid of inventory is the biggest challenge for builders in the current economy, according to the new construction report, which says there are more than 5,000 new homes on the market statewide. And some local builders predict it will be a long, cold winter before the market improves.

The $150,000 to $250,000 price range is the most active in sales in Mobile and Baldwin counties, according to Realtors.

Economic downturn forces Gulf Coast homebuilders to focus on lower-end houses

• Spanish Fort BBQ Co. has leased a 2,500-square-foot building on U.S. 31 near Coleman Lane just east of Ala. 181 in Spanish Fort, and plans to open in August, according to Dane Haygood of H Proper ties , who represented the tenant. KV Properties worked for the landlord.
• Snappers Lounge leased 2,400 square feet in Wolf Bay Plaza on Canal Road in Orange Beach, according to Beau Haginas of Atlas Group in Orange Beach.
• Anchor Title has leased 1,500 square feet in the Coast al Bank & Trust building on Canal Road in Orange Beach, according to Donna Haginas of Atlas Group.
• Founders Square developer Mike Bernhardt said he plans to start construction later this fall on 3,400 square feet of office space and a loft apartment in the second phase of his project off Section Street in Fairhope. The four gated townhomes in the first phase are sold. The 1,600-square-foot loft apartment is priced at $619,000, he said.

Spanish Fort BBQ leases building

• Sauce’s, a take-out Cajun food and wine store, has leased 600 square feet at Spanish Fort Plaza
• The former Beachhouse Grill at 5872 Battleship Parkway in Spanish Fort has been leased to a local businessman, Bob Beach, who plans to open Gators in early April. The new restaurant will feature comfort food at lunch and hand-made pizza at night
• Four tenants have leased space in The Pelican Place Lifestyle Center, formerly Co lonial Pinnacle Center, on Ala. 59 in Gulf Shores, according to Chris Tilley , leasing manager for the center’s new owners, Langley Property . Set to open this month are Accessories Galore & The Bag Lady , 3,772 square feet, and The Dunes, A Cigar Bar, 3,000 square feet. In April, In nerlight Surf & Skate will open in 6,755 square feet and Sand Dollar Life Styles will open a 6,717-square-foot store. Construction should begin this spring on a Publix Super Market in Pelican Lifestyle Center, with a spring 2010 opening date, Tilley said. LifeQuest of Florence plans to invest $5.7 million to build a 32-bed specialty care, assisted living facility in Gulf Shores, according to the State Health Planning & Develop ment Agency in Montgomery. The firm is looking at two sites, one on Baldwin County 4 and another on Baldwin County 10, both near Ala. 59

Real estate news

• Books-A-Million plans to relocate to a new, 12,500-square-foot building adjacent to J.C. Penney in Spanish Fort Town Center off U.S. 90 in Spanish Fort this fall, according to Josh Bur meister of SRS Real Estate Partners, who represented the developer. The book store will move from Jubilee Square on U.S. 90 in Daphne when the new store is finished
• Café Malbis has leased more than 5,000 square feet in Malbis Place , a planned 23,900-square-foot commercial center on U.S. 90 near Ala. 181 in Daphne, according to Bennett Long of The Cirrus Group , which is developing and leasing the center. The restaurant will relocate from its location on Ala. 181 when the center opens. The center is 50 percent leased and construction will begin when a few more tenants sign on
• A local investor paid $125,000 for a 1.1 acre commercial lot in Daphne Busi ness Park on Stanton Road off U.S. 98 in Daphne, according to court records and Realtors

Real estate news

• Investors bought 19 units and 14 boat slips at Vista Bel la on Ole River in Orange Beach according to Bob Shal low of REMAX Paradise in Orange Beach and one of the buyers. The units’ mortgages were bought from Regions Fi nancial , and the purchase price was not disclosed. The units were appraised at $9 million, Shallow said. The units are priced at $500,000 and up, and at one time were selling for $1 million or more. Thirty-one of the 50 units have sold in the 14-story complex.
• Curves, a women’s fitness center, has leased 1,625 square feet on Professional Park Drive in Robertsdale, according to Richard Mann of Prudential Cooper & Co. commercial division
• Nail Décor has leased 1,100 square feet in Twin Oaks Shopping Center on Ala. 59 in Robertsdale and will open later this month
• The Hendrix Co. , a building supply firm, has leased 7,500 square feet of warehouse space off Railroad Road in Loxley

Real Estate News

• Local physician Katrina Skinner paid $208,000 for more than half an acre at 19807 Greeno Road, north of Twin Beech Road, in Fairhope, and plans to build and open Fairhope Pediatrics by this summer
• Planet Beach Contempo Spa has leased 3,700 square feet at 325 S. Greeno Road in Fairhope. The spa owners have another facility in Foley.
• Cobalt , a new restaurant, opened at Caribe Resort in Orange Beach, according to developer Larry Wireman , whose company built the eatery that seats 300. Brian Har sany , owner of Cosmo’s Restaurant & Bar in Orange Beach, partnered with Wireman to run the 14,000-square-foot restaurant, which features an oyster bar and gourmet pizzas.

Real Estate News

Home sales improved in December in Spanish Fort, Daphne, Fairhope and Point Clear. Sixty-six homes sold in December, up from the abysmal statistic of only 47 home sales in November.

Pending sales dropped to 86 under contract as of Jan. 3, 2009. That’s a decrease from the 98 under contract in November on the Eastern Shore of Mobile Bay in Alabama.

Inventory dropped from 1,157 homes for sale on the Eastern Shore as of early December to 1,079 homes for sale Jan. 3, 2009. But this is only because a tremendous number of listings expired with the old year. Expect them to be brought back on the market rapidly.

Home sales in Spanish Fort, Daphne and Fairhope, ALabama for December 2008

• Local investors paid $800,000 for a 1.1-acre lot on Ala. 181 in Daphne across from the Eastern Shore Centre and plan to build an office building, according to Nathan Cox of Bellator Real Estate & Devel opment , who represented the seller, State Bank & Trust .
• Local investors paid $368,280 for 3 acres of commercial property at Interstate 65 and Ala. 225 in Stockton, according to B.T. Roberts of Roberts Brothers Commer cial & Property Management and one of the investors. The land is adjacent to 100 acres the buyers own at the northeast quadrant of the exit

Daphne site to be office building

Bon Secour Village development property ordered auctioned to pay debt

A federal judge has ordered that the Bon Secour Village property in Gulf Shores be auctioned to clear the more than $20 million that the failed project’s developers owe Wachovia Bank.

In an order signed last week in Mobile’s federal court, U.S. District Judge Kristi DuBose outlines the process by which the lender, through a court-appointed receiver, can sell about 880 acres.

Billed as a town within a town along the northern shore of the Intracoastal Waterway, the $500 million development has been mired in financial and legal problems for the last year