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Grand Old Building Scheduled For Face-lift
By Bill Riales Anchor
Published: Thu, March 27, 2008 - 5:00 am
Last Updated: Thu, March 27, 2008 - 11:24 am
Last Updated: Thu, March 27, 2008 - 11:24 am
Bill Riales
Realtor Julie Martin of Port City Realty says, "The interest is bigger than I've ever seen it."
Martin and her colleagues say they are getting calls everyday from private investors wanting to buy property in Mobile and Baldwin Counties.
"We have a lot of them from California, from out of state--Atlanta, Florida--We have them from Massachusetts, Tennessee, North Carolina." says Martin. "They're reading about us in other places."
Realtor Joe Winans agrees. "We're getting so much positive input into our economy." Martin and Winans say the interest ranges from small lots or single family homes--to large tracts of land wanted for development.
Says Winans, "My first real contact with a large scale investor came from Massachusetts--looking for property to develop, small subdivisions, as well as multi family, RV centers thinking about the influx of construction coming in for the Thyssenkrupp plant and the necessity for rental properties."
Thyssenkrupp, The Northrop Grumman, EADS contract, as well as existing industries like Austal or the State Port are drawing investor's attention. One of the first things potential investors seek is information. And one of the first places they call is the real estate center at the University of South Alabama.
Director Don Epley says he might spend as much as half his work week talking to potential investors on the phone. Epley says he's taken calls from New York. "Downtown New York from private consultants." He told News 5. "We had one last week from Boston, they told me they were interested in buying a very large chunk of land in Baldwin County. We've had calls from Southern California, from Dallas, --all different kinds of property--we've just been engulfed."
Epley says many private investors are expressing interest in apartments or condominiums--or at least large enough tracts of land to develop these multi-family dwellings.
Epley says, "If its multi-family and a good buy, it will be purchased.
"That probably has the greatest potential for growth, in the short term." Winans told us.
While Epley has tons of information about the real estate market, he's hard-pressed to put a dollar figure on the amount of money pouring into the South Alabama economy from outside investors. And his guess may be a conservative one.
Bill: "But if you had to guess you could easily say in the millions?"
Epley: "Multi-millions."
Realtors do have a word of warning for out of state investors. Alabama is a buyer beware state. Other state's have disclosure laws that Alabama does not have, so realtors say make sure to do your homework, visit the property, and work with an inspector.
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