ORANGE BEACH, Alabama — What a difference a year makes in condominium sales.
A three-bedroom, gulf-front condo unit in Orange Beach's Phoenix 10 sold for $384,000, a jump from $330,000, according to Tina Maynard of REMAX of Orange Beach.
“That's really good news for the sellers,” she added. “I keep telling my buyers that the bottom has gone.”
via Condo sales on upward trend on Alabama Gulf Coast | al.com.
ORANGE BEACH, Alabama — Developer Larry Wireman says BP gave a $37.2 million steroid shot to competitor Phoenix West II, and now he’s wondering why the oil company hasn’t done the same for his $375 million Turquoise Place condominium project.
via Orange Beach developers want BP funds for Turquoise condo project | al.com.
MOBILE, Alabama — Lance A. Collins moved from Georgia to Baldwin County in 2002 with dreams of going into real estate or restaurants, according to his testimony today at his sister’s mortgage fraud trial.
“And I really didn’t want to cook fish,” said Collins, who has pleaded guilty to federal criminal charges and awaits sentencing.
MOBILE, Alabama — A former Gulf Shores condominium owner testified today about his experience selling his vacation home to a woman standing trial on federal mortgage fraud charges.Fred Lackey, who is the special assistant to the president of the University of Mobile, told jurors that Melissa Gulledge made an offer to buy the condo at 400 W. Plantation Drive in late 2006 for $330,000. Lackey testified that the deal included a seller-financed second mortgage.
via Former Gulf Shores condo owner testifies he got only 2 loan payments from defendant | al.com.
PERDIDO KEY, Florida =- Eleven condominium units in the upscale Florencia on Old River in Perdido Key sold at absolute auction for a total of $3.35 million this past weekend, according to the National Auction Group based in Gadsden.
The event drew 81 registered bidders from 10 states including New York, Michigan and Texas. Each bidder was required to submit $35,000 via check or certified funds.
via Perdido Key condo auction draws 81 bidders; 11 sold | al.com.
GULF SHORES, Ala. – Pete Vakakes just sold 2 condominium units in Crystal Tower for $219,000 and $229,000, where 2-bedroom units in the Gulf Shores complex originally sold for $450,000 each.
“All the people that got shut out when prices were crazy, are coming back in the market,” said the agent at REMAX of Gulf Shores. “We’re seeing a lot of cash buyers. People are cashing in their CDs or stocks.”
via Let’s make a condo deal at the Gulf; cash buyers flock to coast | al.com.
Condominium bookings are on par with this time last year, and sales activity appears to be on the rebound as the anniversary of the Gulf oil spill approaches.
via Condo activity appears to be on rebound after oil spill | al.com.
ORANGE BEACH - The Phoenix West II condo project is back on track in Orange Beach.
BP has paid developer Brett-Robinson the $37.2 million settlement both sides agreed on back in November.
ORANGE BEACH, Ala. — BP PLC has paid Brett/Robinson $37.2 million to finish the 31-story Phoenix West II condominium tower in Orange Beach, and the developers plan a Wednesday topping out celebration at the project.
via Phoenix West condos back on track after BP spill | al.com.
They’re different kinds of beaches, but these days they have one thing in common — there’s a virtual two-for-one sale on high-dollar condominium units along the Alabama and Mississippi coasts.
Fifty bank-owned condominium units at Holiday Isle on Dauphin Island will be listed for sale at prices from $210,000 to $269,000, according to Marion Laney of ACP Real Estate, which is marketing the units.
via 50 condos for sale on Dauphin Island; hotel to get brand soon | al.com.
Just as some agents report that resort sales are picking up, Orange Beach has been ranked the 10th-worst housing market for 2011 by a national forecaster.
Property values are projected to drop by 9.3 percent in the city on Alabama's Gulf coast, according to a list of the 25 most troubled markets compiled by housingpredictor.com. The report cites reasons including the BP oil spill, the overall economy and foreclosures — none of which help a mostly second-home or vacation market.
Developers say that all but a handful of the 188 owners in Phoenix West II have signed releases agreeing not to sue BP PLC in exchange for a $37.2 million payment from the oil giant that will aid completion of the 31-story condominium tower in Orange Beach.
Prepare for a little sticker shock when booking your summer vacation. Condo rental prices are back where they were suppose to be in 2010 as Alabama’s gulf coast gets ready for an uncertain tourist season.
via Condo Prices Back Up to Pre-Spill Rates | GULF SHORES, Alabama.
A four-bedroom, 5½-bath gulf-front penthouse condominium unit with two fireplaces in Opal in Orange Beach was purchased by out-of-town buyers for $1.4 million, according to Bob Shallow of REMAX Paradise.
via McDonalds’ franchise owner buys corporate office building | al.com.
Orange Beach developer Larry Wireman plans to discount 10 Turquoise Place condominium units by $200,000 to sell them, then file a claim for loss of value due to the Gulf oil spill.
He has contracts to sell 10 upscale gulf-front units in the 36-story Turquoise high-rise in Orange Beach for $725,000 each, a 21.6 percent drop from the $925,000 asking price, he said.
via Orange Beach developer plans to sell Turquoise Place condos at $200,000 discount | al.com.
A young Louisiana couple plan to spend their first Thanksgiving in a three-bedroom cottage one block off the beach, a bargain purchased for $174,000 compared to a previous $300,000 sales price.
via Lower condo prices bring buyers back to Alabama shores | al.com.
In markets as slow as beach real estate has been, even heavy discounts don’t diminish the importance of sales.
“Anytime anybody sells 89 condominium units, that’s fantastic,” said David Milstead of Milstead & Associates in Gulf Shores.
At least, say Realtors, the sales at The Wharf provide a shot in the arm for the Intracoastal Waterway, which has several bank-owned projects waiting for buyers.
Eighty-nine of the 190 units in Levin’s Bend at The Wharf, on the Intracoastal Waterway in Orange Beach, sold in about 30 days at prices starting at $100 per square foot, according to Charter Landing Inc. of Orange Beach.
Local investors purchased the bank note on 89 condominium units at Levin's Bend at The Wharf in Orange Beach, then sold them at net prices starting at $100 per square foot, Realtors said.
A local architect hopes to win a quarter-million from the “Pepsi Do Good for the Gulf Project” to help property owners rebuild an Orange Beach condominium complex destroyed by Hurricane Ivan.
The idea, submitted by Phillips Owens of Coast Architects in Spanish Fort, is one of 1,000 proposals in the national grant contest offered by Pepsi, which said that it hopes to have a positive impact on the coast in the wake of the BP oil spill.
via Architect hopes to rebuild Orange Beach condo by winning Pepsi contest | al.com.
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