Foreclosure house listings that include beachfront homes in Alabama are now available for prospective home buyers and investors looking for bargain properties.
According to real estate professionals in the area, condo units selling for $400,000 in 2005 and 2006 are now being sold at $200,000 to $250,000. Gulf-front lots purchased for over $1.5 million during the boom are now being sold for $500,000 to $600,000.
In August, there were nearly 1,800 condo units available for sale in Baldwin County. A total of 37 beachfront homes were sold at the average sales price of $412,000, based on data from the Baldwin County Association of Realtors.
Realtors in Alabama said that many of the property buyers were from Louisiana and Tennessee and that they are knowledgeable about real estate investments. They research the history of the properties, the construction materials used and the rental projections. They said that sales have not reached the level during the housing boom, but the pace of sales has been soaring because of the low-priced foreclosures.
A real estate businessman based in Orange Beach said he is amazed that the buyers looking at his foreclosure house listings have a lot of funds for property investment. He added that they are capable of obtaining bigger mortgage loans, in addition to the funds they already have.
Another real estate businesswoman increasing her income from real estate transactions in Alabama said she has sold $15 million worth of residential properties since January, including 15 foreclosure sales and short sales. She added that she sold 5 condo units in the past months, with each property sold for over $700,000.
A Fort Morgan real estate business owner also reported increasing his sales in recent months. He said so far his sales are now double that of his sales last year and that he expects more sales. He is a bit sad though that most of his sales are foreclosure properties.
He reported that out of the 109 beachfront homes in Fort Morgan and in Gulf Shores that entered the market in August, approximately 30 percent were foreclosed properties and that most of them were sold below $500,000.
Real estate analysts in Alabama believe that home prices in many areas in the state, such as Baldwin County, will linger for a couple of years at the bottom before going up. This means that foreclosure house listings in Alabama will contain low-priced properties for about two years more.
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