Posts Tagged ‘Real Estate Industry’

Al Cheney’s Comments and Opinions for 29 August 2010.

As a local, born and raised in the Mobile Bay Metro Area, I am sincerely happy that the bubbling crude has finally been capped after 90 days-after 90 days! It is worth repeating since this horrific ecological and environmental disaster should have never lasted this long if it wasn’t for the many faux pas by BP Oil and our own government. They say, the majority of the surface oil has dissipated and now can’t be found. Oh, really? The “on the surface” crude problem is only hiding in the depths of the sea-harming crustaceans, oysters and other seafood for years to come.

And, yes! I do realize that biological organisms will thrive on the raw crude and eventually remove it as a major threat but, this will take a very long time. The damage has already been done and its true damage is still hidden in the depths of the sea. Enormous amounts of crude, damaging dispersants, oil soaked wetlands and sea bottoms are here to stay for decades. A possible ecological disaster lurks beneath the sea and within the wetlands for years to come.

Furthermore, the inappropriate government overreach in shutting down oil rigs (overdramatic and very political), media sensationalism damaging our Gulf Coast tourism, and an already weaken real estate industry has created more negative affects upon Alabama and the other States along the Gulf Coast. Honestly, at this time, the affects of any significant real estate and tourism recoveries are unknown.

The fact is that, a fragile economy and a weakened real estate industry have been further exacerbated by the crude ecological and environmental disaster, and the crude politics of Washington. And, our tourism for this year has been damaged by irresponsible journalism by the media. Even so, the coastline of the Gulf States and its real estate will overcome this adversity and will eventually be less affected by the BP oil spill and the many missteps of Washington. The media needs to practice more responsible journalism and avoid the traps of sensationalism. Sensationalism is not journalism!

Well, our coastal properties along the beaches as well as other properties with gulf views and close to water tributaries will eventually improve over time. For now, the recent past spreading of crude through the Gulf of Mexico has resulted in a deeper real estate market slowdown affecting property values near and along the Gulf Coast. Whether legitimate, or not, many homes located well off water tributaries have also been affected to some degree. It is a real estate market slowdown caused by a fragile economy and the worse oil spill known in North America.

From my standpoint, the negative value affects for homes located off the beaches and the Gulf of Mexico should be negligible as time leads us into the future. When looking back in time, I believe, this catastrophe will reflect “a blip on the radar screen” when focusing only on the 90-day oil spill disaster. Then, there could be the possibility of a more normal level and slight positive return of property values; if a more normal level can be equated with a fragile economy under severe stress.

The fragile economy with high unemployment (9.5% but does not include the people who have given up) and uncertainty will be much more of a future problem for Gulf Coast property values than the BP oil spill. As time leads us into the end of 2010 and into the beginning of 2011, an even more fragile economy and real estate industry might be the result when continuing to implement recessive programs and tactics by the government while banks, entrepreneurs and small businesses mostly sit on the sidelines, “digging in their heels” or “going out of business” sales. Only deregulation and lowering taxes, the cessation of large government spending, small business incentives (get the oil riggers, shrimpers and other parts of the Gulf Coast seafood industry back to work) as well as “just plain honest positive talk” from the current Administration and our government representatives (most of them forget that they work for us) will improve the real estate industry– part of the backbone of America!

Certified Real Estate Appraisers and the Mobile Area Association of REALTORS provide statistics on the real estate activity for the last quarter.

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The 2009 fourth quarter, 1st October 2009 to 31st December 2009, indicates at least 838 sales within Mobile County, Alabama according to online REALTOR information records. The total sales can be broken down into four property type categories: (1) condominiums & townhouses, (2) manufactured homes, (3) new construction homes, and (4) single family older homes. Also, the last quarter of total sales compared to the third quarter of total sales indicate a drop of 146 sales, or -14.8%.

The approximate 31 condominiums & townhouses had an average list price of $107,838, 69 average days on market (dom) and a sale price to list price percentage of 91.03%.

The approximate 13 manufactured homes had an average list price of $41,923, 61 average days on market (dom) and a sale price to list price percentage of 86.24%.

The approximate 131 new construction homes had an average list price of $179,631, 70 average days on market (dom) and a sale price to list price percentage of 99.39%.

The approximate 659 single family older homes (18.44% drop when compared to the third quarter) had an average list price of $142,956, 86 average days on market (dom) and a sale price to list price percentage of 95.8%.

The average days on market (dom) for the fourth quarter was around 82 days and the average per square foot was $78.

The fourth quarter indicates more new construction in west Mobile, south of the Mobile Regional Airport, Semmes, southwest Mobile County, Theodore, and the Tillman’s Corner area when compared to other areas of Mobile County. Most of the single family residential or home sales occurred in the areas north and south of Cottage Hill Road, Municipal Park area & city west central, west Mobile, Semmes, Midtown area near downtown historic Mobile, and areas east of Wilmer, Alabama.

The average sold terms for the fourth quarter was CASH (21%), CONVENTIONAL (27.3%), FHA (42.4%), VA (6.4%) and OTHER-ASSUMPTION, AUCTION, VENDOR LIENS (2.9%).

The above statistical information has been compiled by Albert Marshall Cheney, Cheney Appraisal Services, located in the Mobile Bay Metro Area, Baldwin County and Mobile County of Alabama. Albert Cheney is an active Certified Residential Real Property Appraiser and FHA Approved Appraiser with 35+ years experience in the real estate industry. Contact Albert Cheney at (251) 533-2424 or Albert@CheneyAppraisalServices.com if you require more information about Alabama real estate and ordering a “Certified” real estate appraisal report.

For more information about the Mobile County statistical real estate listings and sales, call a local real estate agent and member of the Mobile Area Association of REALTORS.

STATE OF GEORGIA

Cheney Appraisal Services, Albert Marshall Cheney, Certified FHA Real Estate Appraiser in Mobile, Alabama, Baldwin County & Mobile County, (251) 533-2424, assists the Appraisal Management Companies (AMCs), Clients, Lenders and Property Owners in finding active and approved Certified FHA Approved Real Estate Appraisers in the State of Georgia.

ATLANTA, GEORGIA
www.PAGAppraisal.com/
Thomas A. Mileur, GACR269996
Professional Appraisal Group
6595-G Roswell Road, Suite 243
Atlanta, Georgia 30328

www.PiedmontAppraisers.com/
Charles E. Wright, GACR290511
Piedmont Appraisers, L.L.C.
1746 Meadowdale Avenue
Atlanta, Georgia 30306

www.CleanSlateAppraisals.com/
Janet L. Montgomery, GACR304266
Clean Slate Appraisals, Inc.
Post Office Box 29083
Atlanta, Georgia 30359

AUGUSTA, GEORGIA
http://www.dorrappraisals.com/

http://www.perdueappraisal.com/

Cheney Appraisal Services, Albert Marshall Cheney, Certified FHA Approved Real Estate Appraiser, Baldwin County & Mobile County of Alabama, (251) 533-2424, has made an effort to provide current information with only active and approved Certified FHA Real Estate Appraisers with company websites. Each Certified FHA Approved Real Estate Appraiser should also be in good standing with the Federal Housing Administration (FHA) and their licensing state. If anyone using this appraisal list has a legitimate reason why a Certified FHA Approved Real Estate Appraiser should not be listed within this appraisal listing, then forward your information to Cheney Appraisal Services, Albert@CheneyAppraisalServices.com, for review and removal consideration. Thank you!

Are you a Certified FHA Approved Real Estate Appraiser with an active website and wanting to swap web-links with Albert Cheney at http://www.CheneyAppraisalServices.com/? If you are, call Al Cheney at (251) 533-2424 or email your interest to AlbertCheney@CheneyAppraisalServices.com. Also, the listing is FREE!  Thank you!