The Watershed, The Colony At The Grand’s newest collection of gated homes begins construction! Designed by the celebrated Walcott, Adams, Verneuille team, The Watershed is the fashion in which Point Clear will live in the 21st Century – refined and refreshed.
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The Alabama Center for Real Estate (ACRE) reported this week on residential sales statewide. Residential sales in October 2011, when compared to October 2010, are up 20.3% which is the first time positive sales growth has been seen in October since 2009. According to the National Association of Realtors, Alabama even outperformed the national market which only increased 13.5% year over year. Specifically in Baldwin County and along the coast, condo sales are up 25% from 2010.
Shrinking inventory, decreasing prices, agreeable weather (lack of natural disasters) and impressive incentives have all helped to boost the sales figures this year. If this upward trend continues through November and December, the year-end sales in 2011 could be in the positive numbers for the first time since 2005.
This week the Alabama Center for Real Estate (ACRE) measured the various residential markets in Alabama for YTD sales data and ranked the leaders for each market. When compared to the same year-to-date period in 2010, Baldwin County ranked as the leader in overall sales for mid-size markets, as well as the leader in decreased units available.
Through September 2010 Baldwin County had 2,332 home sales, while so far in 2011 the county recorded 2,863 sales. This is an increase of nearly 23%, and places Baldwin County at the top of ANY of Alabama’s major markets, let alone mid-size markets. The county also had a significant decrease in available units for sale (21.8%), leading all other markets for this category as well.
Baldwin County remains one of the strongest residential markets in Alabama as sales of homes and new condos along the Eastern Mobile Bay are fueled by retirees and vacation home buyers.
To read all of the statistics from ACRE’s latest study, view the full report here.
Alabama Home Sales Up 18% This September
Residential home sales throughout Alabama were up over 18% in September when compared to September 2010, a surprising increase that has not happened in 5 years. According to the Alabama Center for Real Estate and the National Association of Realtors, Alabama even bettered the national average of residential sales, which came in at 11%. Overall the southern US averaged 10.5% increase in sales from last year
Even as the area’s real estate market comes out of its peak summer season, statistics show that the dropoff in sales was considerably less heading into the fall this year. Sales for the entire year are just under where they were at the same time last year, however the 3rd and 4rth Quarter trending so far suggests that 2011 will have the first year over year sales growth since 2005.
Statewide pricing in September increased .6% this year while inventory decreased 11%. Over half of the local Alabama markets reported gains in 2011 vs 2010, with mid size markets leading the way in sales.
Baldwin County is showing very impressive gains, especially with the condominium market. Condo sales in September alone are up 98% since last year, and YTD 2011 vs 2010 condo sales are up 30%
Picking the Right Condo Community
A large house with a big yard isn’t for everyone. In fact, the market for people searching for modest living spaces is as strong as ever. Condominiums nicely suit the needs of everyone from first time homebuyers with small budgets, to retirees looking to downsize. Condos are in high demand in many areas, where they usually offer the best value for the average buyer. However, how do you know if a condo is right for you? Even more specifically, how do you know WHICH condo is right for you?
Owning a condo has some obvious benefits, benefits such as the services that are covered under association fees. Landscaping, snow removal, janitorial staff and sidewalk cleaning are generally all included for most communities. Some larger repairs such as roof or heating maintenance can also be included in many associations.
It’s no secret that condominium communities usually offer quite a bit to residents. Clubs, gyms, common areas, and social activities are quite common in most communities. Each community or association chooses their offerings based on the popular interests of residents, so each community is different, meaning that it is important to carefully choose which condominium is right for you.
Below is a basic checklist of topics to discuss with the leasing agent that will help you understand the community better:
1. Amenities – What do the residents have access to? Be sure to visit all available amenities during your showing.
2. Rules – What are residents not allowed to do according to the association government? This is important for anyone who may eventually be looking to make renovations or upgrades to the condominium. For example, certain rules may also prevent pets or even home businesses in the community. To avoid surprises later on, get all of the information on the community’s rules upfront.
3. HOA fees – How much, and what exactly to the fees cover for residents?
4. Storage – One thing that condos sometimes lack is excessive storage space. Is more storage available to residents, and at what cost?
4. Due diligence – Check how often the HOA fees have been raised over the last few years. Also, is the community involved in any major lawsuits?
Here at the Colony at the Grand in Fairhope AL, we have a spectacular lineup of luxury condominiums available, with the ability to suit the needs of varying residents. Contact us today to learn more about our wonderful community!
30-Year Mortgage Rate drops Below 4%
Shoppers for new homes and condos in Baldwin County (as well as nationwide) received great financial news last week…even lower interest rates! The recent changes from the Federal Reserve have now resulted in even lower interest rates, making this market quite favorable for home buyers. The average rate on a 30-year mortgage went from 4.01% down to 3.94% in the last week, due to the Fed’s buying and selling of its short-term vs long-term securities.
Even before this week’s drop, rates have been near historic lows for months in an attempt to boost sales of previously occupied homes. The Fed’s shuffling of securities has also helped drop the rate of a 15-year fixed loan to 3.26%. By dropping the rate on the 15-year fixed, not only do new homes for sale look more attractive, but so does the option to refinance and existing mortgage.
The lowered rates help not only to boost home sales and refinances, but the money saved on mortgage payments inevitably gets pumped back into the economy. The economic benefit to the situation is two-pronged, and has makes for the best time yet for home buyers to be looking for new homes for sale in Fairhope and other Baldwin County communities.
Check out a few shots from the Alabama Association of Realtors party held on the beautiful terrace at the Colony!
At the start of this year, real estate analysts set some high expectations for the market as things started to look positive. The good news is that so far in 2011 Baldwin County AL has had strong gains in volume over 2010, and has certainly been heading in a positive direction.
According to the Alabama Center for Real Estate (ACRE), YTD transactions in Baldwin County are up over 1200, nearly a 25% increase from the same time last year. This summer alone had a 37% increase in transactions when compared to last summer. The county’s total volume during this summer (June – August) reached over $507 million, a 42% increase from last summer according to Baldwin County MLS.
To read more about the data from ACRE and Baldwin County MLS, visit AL.com for the full review.
The Alabama Center for Real Estate (ACRE) reported this week on AL.com that residential sales for July 2011 have increased over 28% when compared to 2010. The report noted that July 2007 was the last time Alabama recorded positive sales growth when compared to a previous year. Tuscaloosa had the biggest uptick this month, up nearly 73% since 2010. Nationwide, residential sales were up 21% from 2010 according to the National Association of Realtors.
The report does note that the sales figures were boosted by irregular factors, such as the end of last year’s tax credit as well as this year’s natural disaster in the area. However encouraging signs are the steady decline of available inventory, as well as the overall dip in sales from June to July this year. June is generally the peak of the residential sales season, with a sharp dropoff in July and through the rest of the year. Typically that drop from June to July is over 6%, however this year the drop from the season’s peak month was only 1.4%.
Baldwin County still leads the way for midsize markets in the state with sales growth of 19% YTD. July’s residential sales in Baldwin County totaled 318 units..which is 91 more than the same time last year.
The Alabama Center for Real Estate (ACRE) released its mid-year report which compares the state’s January through June sales data in 2011 to the same period in 2010. The report, which is broken up by market size, posted Baldwin County as the leader for sales in the mid-size market, as well as the leader in the biggest decrease in available inventory. Those interested in finding homes and condos for sale on Eastern Mobile Bay are well advised to act quick, prices in Alabama’s mid-size markets are quickly on the rise from last year.
(photo credit: AL.com)
To read the full study and stats on Alabama’s other metro areas, visit the ACRE site here.
