Local Realtors who sell properties in Ono Island and Orange Beach, Alabama report that business is booming in the Gulf, at least until Hurricane Ivan arrives.
"Ono Island is that most private island," says Realtor Richard Wittig, "boarded to the south by Orange Beach and Old River, Perdido Key and the blue waters of the Gulf of Mexico and to the North by the Intercoastal Waterway and Perdido Bay. Sometimes man does improve on nature. Ono island is that "Sand Dune" that has been converted into a semi-tropical paradise for many. Surrounded by water on all sides, it is a boaters paradise in a private island setting."
About the market, Wittig says, "There's supply and demand: decreasing supply and increasing demand. They all combine to produce rapidly increasing prices. This summer the real estate market is hotter than the weather. September 16th brings us a very unwelcome visitor - terrible Hurricane Ivan.
"In August, sales of existing condominium and cooperative sales set a record in the second quarter, marking the first time this market segment has ever approached the one-million sales level, according to the National Association of Realtors®. The seasonally adjusted annual rate* for existing condo and co-op sales jumped 6.6 percent to 996,000 units in the second quarter from a 934,000-unit rate in the first quarter. Sales activity in the second quarter was 15.4 percent above the 863,000-unit sales level during the same period in 2003. Interesting though, there are a few small units in the sub $200,000 (older but some with beach access) still available. Investment in all types of Realty, 1031 transfers, retirement homes, condo investments, and beach homes are all hot products in Alabama real estate. Now is the time to buy as tomorrow it will be much more expensive - at least current history seems to indicate property is the best buy."
Explains Realtor Bobby Hill, "While the economy may not be doing well in many areas of the country, this market is in its strongest position in history. A volatile stock market and the lowest interest rates in 30+ years has made this a seller's market with many water-oriented properties coming on the market and lasting less than a week. In the past, these properties could usually be purchased for three to five percent less than listed price, in today's market most properties are selling at or above list price. I've been advising buyers: 'The property you looked at today and plan to buy tomorrow is the property somebody looked at yesterday and plans to buy today.'"
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Published: September 16, 2004
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