Realty Executives Gulf Coast
Realty Executives Gulf Coast
Historically, the month of May has been one of recuperation after spring-breakers return home and preparation for soon-to-arrive summer visitors by the millions. Yes, millions. In 2016 alone, more than 6 million people took a vacation along Alabama’s Gulf Coast and spent a total of $4.2 billion!
Although May and other “shoulder” months have provided a brief respite in the past, they are quickly becoming popular for visitors. The Hangout Festival, the NCAA Beach Volleyball championship and a host of other springtime events continue to draw an ever larger group of people to our shores. The energy is non-stop! For those seeking peace and quiet, no need to fear. A May morning on the beach remains tranquil and glorious.
Much like tourism, the energy in the local real estate market continues to buzz. According to the Alabama Center for Real Estate at the University of Alabama, condo sales in Baldwin County during the 1st quarter of this year are up 35.4% versus the same period in 2016 while the average sales price of a condo is up 13.7% at $320,013 versus an average sales price of $281,386 in 2016. The pace of home-buying has pushed condo inventory down by 19.6% versus last year and 26.3% versus five years ago! Demand is certainly pushing prices up. If you want to buy, you have to act quickly; the average number of days a condo sits on the market is down by 14.7% versus a year ago. And, if you’ve been contemplating putting your place on the market, now is the time! You can access the full report by clicking here.
As I’ve mentioned in previous blogs, a number of new condo developments continue to rise over our landscape. In Orange Beach, the 36-story Ascension and the 35-story Grace (both pictured above) at the corner of Beach Boulevard and Highway 161 are under construction. According to the developer, they will be the second and fourth (respectively) tallest buildings in the entire state of Alabama. Ascension will consist of 200 Gulf-front units (140 four-bedroom units and 60 five-bedroom units). Size will range from 2,700 square to 3,700 square feet. Grace will consist of 76 Gulf-front condos (18 three-bedroom units, 56 four-bedroom units and 2 five-bedroom penthouses). Give me a call if you’re interested in learning more!
In Gulf Shores, the beautiful, state-of-the-art 78-unit Abaco development (above) is soon to get underway at 903 West Beach Boulevard. The only gated condo development in the city, Abaco will rise 24 stories and offer 3 bedroom & 3.5 bath units, with only 4 units per floor. Club Level units on floors 5 and 17-23 are offered with added benefits, such as preferred parking, private coded floor access (on the 5th floor), and upgraded luxury interior. Penthouses enjoy the same benefits. Prices of available units range from $750,000 to $775,000 with potential annual rental income of more than $70,000 based on similar properties. Again, give me a call as units are pre-selling quickly!
Although overall inventory is low right now, some good deals on some beautiful properties exist. Give me a call if you are interested in buying in the area or just want to get your feet wet exploring what’s available. I would be happy to show you around! In the meantime, feel free to check out my current listings at ChristineSlaughter.com. And, if you want to sell your place, now is the time! There are more buyers than available properties. Don’t let this opportunity to sell when the market is ripe pass you by!
I hope you have a terrific Spring and Summer!