The coastal communities of Orange Beach and Gulf Shores, Alabama, have seen significant price reductions in both condo’s & single family homes. These new price levels are now starting to attract buyers who have been following this local real estate market.
A Market View
- Beachfront - 2/2 recently built condo’s starting in the high 300’s
- Some Quality developments …..Selling at 35 - 40% off high selling price
- Buyers looking for PRICE… AND… QUALITY
- Lowest priced units in specific developments are being “picked off” first
- Large investor groups are buying remaing developer inventory
- Only two new Beachfront developments coming on line in 2008 - both high priced
- Many units are now being sold at less than building replacement cost
- Buyers are monitoring specific developments and buying at certain price points
- 2007 was the strongest rental year ever - 2008 is on pace to exceed 2007
- Rental Income versus Purchase Price ratio’s are now much more balanced
- No new developments are being started
What the Market tells us…….
- Many Sellers are ……highly motivated AND have to sell….. many own multiple units
- Excellent selection of quality resale units at value prices
How to get the Best Value…….
- Determine your criteria….. primary use - personal or rental, beachfront, #bedrooms, price range, type of amenities (some deveopments have year round amenities)
- Focus in on specific developments
- Contact us and …..ASK QUESTIONS!!!
- Get pre-approval from a mortgage lender
- Monitor the market - recent sales & new offerings
- Write a clean contract with …..QUICK CLOSING!!!
- ….OUTSTANDING BUYING OPPORTUNITIES!!!
