If you are looking to purchase commercial property in Midtown Birmingham, now is the time! The owners of five multi-tenant office buildings have decided they are putting the buildings on the market and are looking to cash in and sell these Birmingham assets. The midtown market is strong, and has been for a long time, and currently there isn’t much space available for companies looking to put roots in the area—until now.
The buildings are located throughout Birmingham, at SouthBridge, Lakeshore Park, University Place, Brookwood Center, and Grandview. The Birmingham commercial movers are impressed at the volume of properties that are available all at once from a typically tight local market.
The timing is great for both sellers and buyers, because there haven’t been large chunks of property available for investment purchases in the area for a while, and the market is better for selling now than it was a year ago. Developing a property is a much bigger task to take on than simply buying a property that already exists. Plus, lending rates for developers still aren’t at a point that makes sense as an expense.
As far as developing Birmingham goes, there are some areas that historically have not drawn crowds or retail/commercial vendors. One of the main areas that needs improvement in the downtown area—a place that most cities have thriving nightlife, commercial and residential offerings, and people, something that Birmingham can’t quite achieve. For a variety of reasons, the downtown Birmingham area has struggled to be a place where residents and tourists opt to spend their time. With a million-plus residents in Birmingham, the supply of people to spend time downtown is certainly there, now the city needs to make it into a place worth visiting.
The Birmingham local movers have found that with small businesses, retail shops and restaurants all preferring Birmingham proper, new apartment complexes downtown and other modern advancements are needed to draw a crowd back to the downtown area. If the downtown region can draw in tourism and consumers, there could be a rebirth of the city that the residents have been waiting for. Another item on the table that residents feel could use improvement? Public education.
The metro area in Birmingham is reaching new highs lately, with July showing 23.6 percent growth over July 2012. Additionally, year to date sales are up for the area by 11.2 percent, which is consistent with statewide sales growth. The Mobile local movers have found that inventory in Birmingham increased by 0.2 percent from June 2013, which counteracted traditional findings of a decrease in July inventory in the previous four years.
The market equilibrium is considered to be 6 months of inventory, and the local market in July had 6.7 months on the market, which is a strong sign for the Birmingham real estate scene. Residential sales improved 5.2 percent from June 2013 to July 2013, and it is a pleasant surprise from the typical decrease in sales for that timeframe. From 2008-2012, home sales have declined from June-July at a rate of about 10.9 percent. Existing family home sales were about 85 percent of total sales, while 11 percent were new home sales, and 4 percent were condo buyers.
The building known in Birmingham as the Booker T. Washington Insurance Co. building is undergoing a transformation in the coming months, according to AL.com. The online news site shares that the building will be revamped into The Parisian, an apartment and retail project in downtown Birmingham that will introduce 32 apartments and commercial space into the historic building. Before the building was named for Booker T. Washington Insurance, it previously was The Parisian department store. The building will add a parking deck with 160+ spaces and there will also be a fitness center, club room, a rooftop deck and extensive amenities for residents.
The Birmingham local movers are excited at what the remodeling of this iconic building could do for boosting the downtown scene. On the retail side, there are talks on adding a restaurant, a bar, a deli, and other tenants that will cater to the residents as well as downtown visitors. Plans are projected for a November groundbreaking and the process is pending the Birmingham Design Review Committee’s approval. We have also learned that The Parisian is one of several potential projects offering new residential housing in Birmingham. As of right now, there are three other properties planned for the downtown area.
Downtown Birmingham has notoriously struggled throughout the years as an area of town that could never quite get off the ground, much less attract tourists or new businesses. However, recent developments in the area hope to change that for downtown and bring a surge of new business to the area that was once home to brutal civil rights discrepancies. Railroad Park, a 19 acre project that includes green space, an amphitheater, lakes, and more, was a $25 million endeavor that has contributed significantly to revitalizing downtown Birmingham.
Following the Railroad Park project, the Regions Bank Field opened this past April with 8,5000 seats for guests to watch minor league baseball games. Seemingly one by one hotels and other downtown buildings are getting facelifts in hopes of keeping tourists and residents downtown to spend time and spend money. Industry insiders hope that throughout the next decade downtown Birmingham can really take off as a hot destination.
Residential development will likely be updated soon too, to keep the estimated 9,400 residents of downtown Birmingham living in the area. As the downtown part of town continues to evolve and grow, the Hoover movers will keep you posted on what’s changing and what’s to come.
In a recent report by Money Magazine, the Birmingham suburb of Pelham was ranked among the top 50 places to live in the U.S. Pelham ranked at #47 among a list of areas throughout the country that are thriving economically and welcoming to families with plenty of green space, a bounty of good schools, and a strong sense of community. Throughout the state of Alabama, Pelham was the only city to make the list. The gorgeous suburb boasts a low property tax rate and an unemployment rate of 4.5 percent--one of the lowest rates on the 50-locale list.
Pelham is located along Oak Mountain State Park, an area rich with natural activities such as hiking, boating, biking, fishing and more. The Pelham movers have found that the median home price is quite affordable at $135,000, and the job growth for the region is 5.8 percent. At the time of publishing, Pelham's population was 22.297.
Other Southern cities to make the list include Apex, North Carolina, The Colony, Texas, Coppell, Texas, Evans, Georgia, and a handful more.The top-ranked city is Sharon, Massachusetts.
There are plenty of ways to enjoy nature and get outdoors this August, and there are exciting events that the whole family can enjoy. The Mobile movers want to see everyone away from technology and enjoying the outdoors! Check out our area calendar for events the first week of August that you can enjoy:
Thurs., Aug. 1, 10 am — Guided Beach Tour, Gulf State Beach Pavillion
Meander along the shore, with our guide, looking for shells and learn about some of the local sea life. Free.
Thurs., Aug. 1, 9pm –Crabbing on the Beach, Gulf State Park Pier
Bring a flashlight and a bucket! Free.
Friday, Aug. 2, 6 pm — Saltwater Fishing Series- Adults and Kids at Gulf State Park Pier
Learn basic fishing techniques and how to bring in the fish. Free, bring a fishing pole! Free.
Saturday, Aug. 3, 10 am — Hikes for Tykes, Birmingham Botanical Gardens
Join storyteller, Verna Gates, for a magical tour of the Gardens. A hands-on tour geared towards pre-schoolers and their families. Email: Events@FreshAirFamily.org for info. Free.
Saturday, Aug. 3, 9:30 am – Summer Tube Float, Locust Fork River
Get relief from the summer heat on the beautiful Locust Fork River in any kind of floating device you want to bring. This is a fun, lazy float. Free.
Tuesday. Aug. 6, 10 am — Turtle Tuesday, Huntsville Botanical Garden
Live turtle demonstration in the Purdy Butterfly House
Wednesday, Aug. 7, noon – Wacky Wednesday, Huntsville Botanical Garden
Stop by the Children’s Garden on Wednesday for a butterfly program.
Enjoy the last few days of summer… outside!
According to the Center for Business and Economic Research in the Culverhouse College of Commerce at the University of Alabama, the economy in the state of Alabama is poised to grow this year by 2.2 percent. That figure is slightly higher than initial predictions which anticipated growth to the tune of 1.6 percent. The Hoover local movers have found that there are several industries which are growing in the Alabama region, such as transportation equipment manufacturing, food services, administrative support, educational services, health care, social assistance, finance, and insurance related careers and industries.
The state is expected to continue to grow, with economy expectations increasing an additional 3.2 percent in 2014. Throughout the remainder of this year, there are an expected 15,000 jobs that are estimated to be added to the state of Alabama.
New homes in Alabama are selling at an increasing rate, according to a report by ACRE Corporate Cabinet, which as found that new home sales in the state are up 15 percent from April 2012. Thus far for 2013, new home sales are already up 13.1 percent. Mobile is leading the state in terms of the highest amount of sales growth, with a recorded growth rate of 69 percent. Tuscaloosa was next with 54 percent, Birmingham with 30 percent, and Montgomery with 11 percent.
The Mobile movers have found that Huntsville, however, actually had a negative level of growth, at -16 percent. Alabama’s new home sales growth rate underperformed the national average, but regions from the Southern US are up 37.5 percent from April 2012. As far as what’s to come? April 2013 had 9.7 percent more building permits filed than April 2012.
Nick Saban’s multimillion dollar home on Lake Burton in North Georgia has been delayed at the auction block, according to reports by the Associated Press. The Tuscaloosa movers have found that the property, which encompasses 9,600 square feet, didn’t sell as expected in an early June auction so it has been pushed back to the June 27th auction. The home was originally priced at $11 million and was developed by Saban with a developer in the north Georgia mountains. The family has a second home on the lake which they will keep.
But that’s not the only piece of Saban on the auction block–a University of Alabama football package, which includes four seats in the Saban family’s private box will be sold, with proceeds going to Saban’s namesake charity.