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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

As mentioned before, I have only been keeping hard records of this information since November. That is probably not enough of a time frame to establish any kind of trend, so take this for what it is. It is an accounting of the number of foreclosure notices listed in the legal section of The Dothan Eagle each week.

Keep in mind that foreclosure notices are printed in the newspaper for three consecutive weeks, so when you see over 30 during the week of January 21, that is likely not 30 newly foreclosed properties.

Not much indication of any direction in this. We?ll keep an eye on it. If you would like a list of foreclosed properties, give us a call or contact us by email.

Posted by Charles Woodall | Currently 1 Comment »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Judy had a great post yesterday about the new Country Crossing development to be located here in Houston County. I have read through some of the documents related to the project, especially the economic impact study, and here are some interesting nuggets.

• The master plan is being completed by Apogee Attractions. Apogee has designed numerous other projects, including Epcot Center, Disneyland Resort, and Universal Studios. I don’t think this will be a couple of metal buildings with a rock driveway.
• Out of the estimated one million visitors forecast to visit Country Crossing once all the venues are completed, only an estimated 15-20% will be local. That is 800,000 visitors coming into our area every year. You think traffic is bad now.
• Eight to ten venues are expected to be open by the second quarter of 2009. That is only about 16 months from now. The commercial district, with retail, commercial, and some lodging, will be the last phase completed, sometime around year six.
• Projections are for over five millions dollars in annual tax revenue generated for Houston County by its fifth year of operation, and over $24 million by year ten. Houston County?s total revenues for 2006 was just over $34.6 million. If the projections work out, this project will effectively double the tax base of Houston County.
• The development is expected to employ between 1,500 and 2,000 people in years one through four, and upwards of 2,500 beyond that, making it the largest employer in Houston County. Southeast Alabama Medical Center is currently the largest employer, with over 2,000 employees.

To give you an idea of the size of this project, I have a map below showing how big about 500 acres is in relation to downtown Dothan. It comes close to one square mile of real estate.

View Larger Map

Anyway you look at it, Country Crossing is going to have a huge impact on our area.

What are your thoughts on this project? What are the drawbacks you see? Let us know by commenting below!

Posted by Charles Woodall | Currently 3 Comments »

By: Judy Spears
Broker Associate, CRS, ABR, GRI, CNHS

http://www.judyspears.com

Ronnie Gilley and George Jones may want to talk to you.

More details are to come, but the Houston County Commission yesterday gave their support to a proposed country music themed development in Houston County, somewhere just outside of Dothan. The scope of this development, headed by Gilley and Jones, is huge, and was compared to what has been built in Branson, Missouri as far as size and economic impact.

Tentatively named Country Crossing, the development plans include a 10,000 seat amphitheater, several resort hotels, restaurants and retail shops, and themed stores with ties to various country music artists. Some of the artists mentioned as already supporting this development are Kenny Chesney, Brooks and Dunn, Alan Jackson, Big and Rich, and George Strait.

The economic impact of this development could be staggering. There are currently about 2,800 jobs in Houston County tied to tourism, according to Bob Hendrix, Dothan Area Convention and Visitors Bureau Executive Director. This project could potentially add over 4,000 more and draw over a million people to the Dothan area each year. The privately funded project is expected to cost between $100 and $300 million and seems to be on the fast track. A site is expected to be picked within the next couple of weeks.

Here is some coverage from the local media.

Dothan Eagle story includes drawing of the proposed development, details of the possible economic impact, and information on the new regulations concerning charitable bingo related to Country Crossing.

WTVY coverage

This project was originally planned for the Enterprise area. WDHN has a story on Enterprise reaction to the change in venue.

For a lively discussion among local residents on this project, head over to Wiregrass Live.

Posted by Judy Spears | Currently 4 Comments »

By: Ann Bourland
Lending Edge Mortgage

http://www.lendingedge.net

NOTE: I am pleased to introduce Ann Bourland with Lending Edge Mortgage as a guest here on Dothanhomesearch.com. Ann will be sharing information on the Dothan mortgage scene.

Charles Woodall

Last week as a rollercoaster ride for mortgage rates. Rates reached their highest level of the year early in the week, only to retreat late and end up almost back where they started. With the Fed cutting rates and pumping liquidity into the economy, and the government implementing fiscal stimulus programs, mortgage investors became increasingly worried that the stimulus would lead to higher inflation, which is negative for mortgage markets. This explains why 30-year mortgage rates have jumped 0.75% since the Fed’s aggressive January 22 rate cut.

Today, both conventional and FHA/VA rates are up to around 6.25%. Even though standards have been tightened in on some conventional products such as stated income, FHA loans still have relatively the same requirements. Remember, conventional loans are driven by your credit score, government backed (FHA and VA) are not.

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Contact Ann Bourland or Kim Kennedy at Lending Edge Mortgage at (334) 836?0963 or by email at aborland(at)edgeloans(dot)com

Posted by Ann Bourland | Currently No Comments »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Meet anybody new here in Dothan, you?ll inevitably ask this question. Of course, this is southern hospitality at its best, taking a keen interest in those we come in contact with. While the answer is typically somewhere close by, it is interesting to note that some areas a little further away have a good number of people moving to our little slice of heaven here in southeast Alabama.

Here are the areas that had the greatest number of households moving into Houston County in 2006. This information comes from the National Assocation of REALTORS study of relocation patterns. NAR gets its data from the Internal Revenue Service.

• Surrounding counties in Alabama (Dale, Henry, Geneva, Coffee, Pike, Barbour) ? 921 households
• Florida panhandle ? 174 households
• Central Florida (includes Tampa and Orlando areas) ? 90 households
• Birmingham area ? 51 households
• Mobile area ? 49 households
• Montgomery ? 39 households
• Pensacola area ? 39 households
• South Florida (Miami area) ? 25 households
• Atlanta area ? 23 households

This leads me to the question I posed in the title. Whether you are new to our area, or have lived here a while, where did you moved to our area from? How do you like it here?

Posted by Charles Woodall | Currently No Comments »

By: Christy Manning
REALTOR Associate

http://www.dothanhomesearch.com

Many of us here in Dothan do not fully realize the economic impact that Fort Rucker, the Home of Army Aviation, has on our area. Military personnel, Department of Defense civilians, and contract civilian employees all put money into our economy from their paychecks, and there are also contracts for various services on and off base that figure in.

Here is a brief overview of the some of the numbers.

Personnel

Economic Impact

• On any given day, more than 300 flying classrooms (aircraft) take to the skies in and around Fort Rucker. Those aircraft operate in an area from Montgomery, Alabama to the north to Panama City, Florida to the south, and from Albany, Georgia to the east to Evergreen, Alabama to the west.

• It is estimated that Fort Rucker lends support to close to 15,000 military retirees in southeast Alabama. These retirees, as well as military personnel and employed civilians, shop in area stores, eat in area restaurants, and pay property and sales taxes.

• Around sixty foreign countries have sent students to Fort Rucker for aviation training.

The next time you hear the helicopters, or when you see a man or woman in uniform out and about, be thankful for what Fort Rucker means to our community.

Posted by Christy Manning | Currently No Comments »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Tastefully appointed home in a quiet, rural area outside of Cottonwood, or about 20 minutes from Dothan. Features include a spacious, columned grand room and separate dining room, both with tray ceilings; covered front and back porches; hardwood and ceramic tile flooring throughout. A 20′ x 20′ workshop plus a 10′ lean-to give plenty of room for work and storage out back. The courtyard off the back porch makes for a place of quiet relaxation, and the large one acre lot gives plenty of room for those that need to stretch their legs.

A spacious laundry room next to a bonus office is located near the side entry. The kitchen features tile countertops and a built-in Sub-zero type refrigerator. The master bedroom has a gas fireplace and separate entrance to the courtyard. There is a parking pad that could easily be turned into a detached garage.

Property stats - 471 Pat Wells Road

Posted by Charles Woodall | Currently 1 Comment »

By: Judy Spears
Broker Associate, CRS, ABR, GRI, CNHS

http://www.judyspears.com

The dirt is moving on project that we told you about back in November. This will be the first development of its kind here in the Dothan area.

Here are the quick details.

The plan from Epcon is to build Stone Creek Landing, a 118 unit ranch style condominium development that will include 28 4-unit buildings and three 2-unit buildings, with each unit ranging in size from 1325 to 1926 square feet. The development will also include ponds, walking trails, a fitness center, plus many other amenities.

As always, construction schedule is dependent on the weather. I’ll keep you updated with regular posts on this new type of development for Dothan. If you think you might be interested in purchasing one of these units, I?ll be glad to notify you as soon as sales open. Drop me an email to judy(at)c21keyrealty(dot)com.

Posted by Judy Spears | Currently 2 Comments »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

January is usually our slowest month. Looking at the sales numbers from last week bares that out. When sales slow, inventory typically rises.

Inventory

As predicted, inventory is back up this month, almost to the peak reached last October. Look for some fluctuation in the number of homes on the market, but we expect the level to remain around where it is now for the immediate future.

Absorption rate

The absorption rate for February is up to 11.76 months. In other words, if no more homes where added to the market, it would take nearly a year to sell everything currently listed, based on current sales rates.

Inventory and absorption rates can vary between different areas around Dothan. If you would like to see these numbers for a particular area, drop us an email or leave a comment below with your request!

Posted by Charles Woodall | Currently No Comments »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Let’s talk seriously for a minute.

You may have seen the most recent National Association of REALTORS public awareness commercials (If not, click on the video at the bottom of this post for one example). For better or worse, the NAR is looked upon by many in America as a reputable source of information on the housing market. I personally don?t think this ad warrants that trust. For my tastes, it doesn’t paint an accurate picture, and therefore doesn’t meet the standard of what should be considered reliable information.

I decided to take this commercial line-by-line and examine it for accuracy. My opinion, as stated below, is based on my knowledge of the Dothan and southeast Alabama real estate market. Your results may vary.

“When you have a family, it’s always a good time to buy”

The first one…right out of the gate…is just wrong. Blanket statements such as this usually are. If you don’t plan on owning this newly purchased home for at least four or five years, now might not be a good time to purchase. There will likely be very little, if any, equity gained over that time, so you need to strongly consider what your situation will be when you get ready to sell, before pulling the trigger.

“It’s a great move up market”

It depends. If you can sell your home and be able to stomach what you may have to settle for dollar wise, then you will have lots of options on the buying side. It may be possible to gain some equity back from your sale when you buy. Maybe. John Harper has a good post on this very scenario.

“In this market, there’s a lot of options”

True as far as choices of property. Maybe not true for choices in financing. Since inventory across the country is high, home buyers are finding lots of homes to choose from. However, mortgage lenders have tightened their grip somewhat on the money needed to buy. Still, if you have decent credit and some money to put down, financing will likely not be an issue.

“interest rates are low”

The first absolute truth so far. Mortgage rates are low, and have been for several years. They have moved up in the past couple of weeks and have been fairly volatile, with sometimes daily changes. Still, all indications are rates will remain around 6%, give or take 1/2%, over the foreseeable future. Keep an eye on the ?Mortgage Rates Watch? widget in the middle column to your right.

“It doesn’t make sense to spend the same amount of money renting when we could own it”

Jim Duncan had an interesting discussion about this last week. It seems real estate as an investment doesn’t perform much better than inflation, even over extended periods of time. I still contend that we have but two realistic choices regarding our domicile…we either rent or we buy. We get absolutely no return when we rent, so all else being equal, this one is true.

“Working with a REALTOR took all the guess work out”

Another blanket statement. Not all REALTORS are created equal. I feel I should say something similar to what you hear on those late night infomercials, you know the ones on how to lose weight or get rich in real estate. Here goes.
DISCLAIMER - These results (”Working with a REALTOR took all the guess work out”) are not typical. Your results may be significantly less spectacular.

Is that fair? I know it is accurate.

“This is the best market in years in terms of choice”

Same as the options statement above.

“Interest rates are at historic lows” and “Home choices have increased”

Already covered.

“Prices are favorable”

This commercial is aimed at buyers, so I guess this is true. I think some sellers might disagree.

“If we didn’t buy now, we would have missed the opportunity on this home”

This one could be true. Homes that are priced right, in good condition, and in desirable areas are selling. Opportunity is where you find it, and I think there are alot of places to find it right now. Even within a particular market or zip code, there are discrepancies. Which brings us to the end?

“Every market is different” and ?Call a REALTOR today?

Absolutely! Yes, this is going to sound like blatant self promotion, but a good, local real estate professional is almost always your best source for market information. A good REALTOR will give you the facts, and help you weigh your options.

While some of the statements made in the ad are half truths, consumers need to take away the feeling that they should contact a local REALTOR for advice. That was certainly NAR?s goal. They are a trade association you know.

I just don?t think the end justifies the means.

Posted by Charles Woodall | Currently 8 Comments »