Entries Tagged 'Real estate' ↓

Foreclosures haven’t hit local condominium associations as much as their peers in some states, but that may change as new assessments are sent out to help pay for insurance.

Condo foreclosures hit a plateau about six months ago, according to attorney Daniel Craven of Gulf Shores. “We’re not in as desperate financial condition,” as other parts of the country, he said. “And collection efforts on delinquencies have held their own.”

Ala. coast condo foreclosures hit plateau

A feisty group of taxpayers got an opportunity to fire questions, complaints and marching orders last week to a panel of local and state officials on the still-simmering issue of property tax appraisals in Baldwin County.

The group of nearly 40 people had differing opinions Thursday on whom to blame for dramatic tax bill increases and record-setting numbers of appeals, but spread it around to lawmakers, state revenue staffers and the local appraisal department. It was the second of four forums on the subject, with two more scheduled this week.

Switching to annual appraisals in a big, diverse county such as Baldwin has proven to be a daunting challenge, even with the state takeover of the local Revenue Commissioner’s Office, said Alabama Revenue Commissioner Tim Russell, former mayor of Foley.

Property tax frustrations on display in Fairhope

What is the problem with annual appraisals? Frequent appraisals may not be best for you if property values are rising but if values are falling a 4 year cycle can cost you money.

If your house is worth $100K this year, you pay taxes on that. If it’s worth $200K next year, you’re assessed on that. With a 4 year cycle on appraisals, when your property value goes down, you’d still be paying taxes on the higher appraisal from 4 years ago.

The problem is with the overall tax rate, not the frequency of the appraisals.

Board of adjustment members met Aug. 7 to discuss additional signage requested by developers of the Spanish Fort Town Center, Cypress Equities.

The board granted variance for the additional sign and each will now work on the legal documents, according to Rebecca Gaines, who sat in for City Attorney David Conner.

The proposed location of the new sign will sit 900 feet east of the current sign, city officials said. The development has 6,000 square feet of frontage along Interstate 10.

S.F. Town Center granted second sign

The auction of 35 gulf-front condominium units at San Carlos in Gulf Shores has been canceled at the request of the seller, auctioneers Sheldon Good & Co. said today.

An investor from Portland, Ore., purchased the last 87 units in the 142-unit building in June 2007 for $40 million. Financial brokers said at the time that the that investor planned to put the units back on the market.

Potential bidders who purchased a bidders information packet will be sent a refund

Gulf Shores condo auction canceled

• Bangkok Thai Cuisine has leased 3,200 square feet at Jubilee Pointe Shopping Center on U.S. 98 in Daphne and will open later this fall
• Paint and Pals , which offers instructional art classes and parties, has opened in 1,600 square feet at Jubilee Pointe
• Tameron Honda Eastern Shore is offering its former 29,000-square-foot facility on about 4 acres on U.S. 98 in Daphne for sale at auction on Thursday at 1 p.m

Real estate news

Down five members because of absences and a resignation, the Baldwin County Planning and Zoning Commission nonetheless again recommended approval of the Cypress Point development north of Spanish Fort.

Members voted 5-1 Thursday to endorse changing the zoning from R-2B to R-6 (single family) to allow the former massive condominium project to instead feature rustic cottages with one condo tower.

Cypress Point OK’d again

Developer Terry Chapman touts the “million-dollar views” from the porches and decks of his new townhouses in Steelwood off Alabama 59 in Loxley, and in fact, almost every window has a great view – even the laundry room.

The Point at Steelwood overlooks the 200-acre bass-stocked lake and the 18-hole Jerry Pate golf course in the private, gated community tucked in the woods not far from Interstate 10.

Two of the four townhouses have just been completed and are listed for $1 million each, according to Chapman. The 2,800-square-foot, two-story units also have 1,400 square feet of outdoor decks, as well as an outdoor kitchen and fireplace.

Million-dollar views’ touted at Steelwood

• Cellar 43, a wine store and wine bar, has leased 3,858 square feet at Eastern Shore Centre on Alabama 181 in Spanish Fort, according to Mark Kraft , manager of the center. The owners of Vino e Grappa in Jubilee Square on U.S. 90 in Daphne, plus an investor partner, plan to open the wine store in mid-August and a wine bar in late September
• A two-bedroom, two-bath furnished condominium unit in Caribe Resort in Orange Beach and at least nine residential lots in the Dunes on Fort Morgan were purchased at an absolute auction for a total of $1,996,500 last week, according to The National Auction Group based in Gadsden. The Caribe unit sold for $528,000. The auction drew 51 bidders from as far as Colorado.
• Snap Fitness has leased 6,000 square feet in Spanish Fort Plaza at the northeast corner of U.S. 31 and U.S. 90 in Spanish Fort
• Platinum Contracting Group, Marvin Hicks Exter minating and Alabama Spine & Sport Chiropractic have leased space in an office building on U.S. 90 across from Spanish Fort Plaza

Real Estate News

Homeowners, developers and, of course, banks are turning to auction companies to unload property. Some own ers aren’t desperate, but want to sell what they hold quickly and move to other investments. Others are feeling the economic pinch of paying interest on unsold lots or see foreclosure clouds looming over their excess inventory.

Auction frenzy continues at Gulf

• David and Bess Marx of La- Z-Boy Furniture Gallery in Mobile paid $1.27 million for almost 2 acres in Spanish Fort Town Center near the intersection of Interstate 10 and U.S. 90/98 in Spanish Fort, according to court records. They plan to build a 17,500-square-foot La-Z-Boy store and open in December
• A local investor paid $95,000 for a 1.6-acre lot on Alabama 59 in Loxley just north of Interstate 10 near Penske Truck Leasing

Real estate news

South Baldwin County Realtors and elected leaders are worried that a state plan to collect taxes on real estate sold by non-Alabama residents could further dampen an already sluggish market.

In April, legislators passed a bill that changes how taxes are collected from out-of-state sellers of Alabama real estate. In an attempt to ensure those transactions are taxed properly, lawmakers placed the burden of payment on the buyers.

By doing so, state revenue officials say, Alabama stands to annually collect about $3.5 million that it has been missing out on.

New way of taxing sales of real estate questioned

With new subdivisions popping up all across Baldwin County, one stands out for Green living. This new development, located in Whitehouse Fork has taken on the challenge to be more eco-friendly.

While there’s plenty of space to build, there is a limit on the number of home.

“What we don’t have are golf clubs and density. Twenty five homes on 1150 acres is quite a lot of open space.”

Green Subdivision – Alabama Whitehouse Fork Dauerwalden Beebe Farm.

The Grand Harbour Development, located on Terry Cove in Orange Beach, Alabama, one of the largest undeveloped properties on the bay featuring 23.37 +/- acres will be offered via sealed bid auction. J. P. King Auction Company, one of the nation’s leading auction marketing firms specializing in luxury properties is managing the sale.

Last major development site in Orange Beach to sell

The Baldwin County Commission on Tuesday approved changes to the subdivision regulations that appear to narrow officials’ discretion in voting against developments in unzoned areas.

The amendments could reduce county officials’ ability to address neighbors’ concerns about increased flooding and other issues that might make the property unsuitable for development.

Greg Smith, a county engineer in the Highway Department — which manages the subdivision approval process — said the changes were intended to clarify the approval process and reconcile it with the authority granted to Baldwin by the state code.

County OKs changes in subdivision regulations

• A 12,700-square-foot Party City store should be finished in early fall at the Eastern Shore Plaza off Alabama 181 in Spanish Fort, according to Mark Kraft , general manager of the plaza and the adjacent Eastern Shore Centre. The Jenny Craig Store has opened in 1,600 square feet next to Tuesday Morning in the plaza, he said.
• More than 2,000 acres and 7 miles of waterfront on Perdido Bay in Lillian will be offered at absolute auction July 22 at 11 a.m
• A group of local investors paid $1.18 million for three furnished condominium units on the Baldwin County coast, according to Henry Darnell of Darnell & Associates , who represented the buyers. The units were at Caribe Resort , Orange Beach, for $540,000; Crystal Tower , $345,000, and Sanibel , $297,000, both in Gulf Shores.
• One of 32 condo units at Is land Villas at Sunset Bay off Baldwin County 6 in Gulf Shores was sold at auction for almost $400,000

Party City due early fall at Plaza