Investors have been interested in Birmingham, AL real estate for years now, ever since those from outside the state began discovering the potential of the Magic City and the metro area in terms of economic recovery and future potential. Outside investment is a sign of strength for the area and an indication that conditions in Birmingham are improving to the point where more investors are noticing and sizing up our city as a possibility for development. Case in point: It was announced today that a real estate investment trust (REIT) based in Indiana has a deal worth $307 million to purchase over two million square feet of retail properties across the Southeast – which includes a heavy portion coming to Trussville and Clay. Other deals and developments announced so far in 2013 alone include:
Michigan-based ROCO Real Estate LLC purchased two apartment complexes in Birmingham for $21 million in October;
ROCO announced plans for an additional purchase of 350 apartment units in December;
Denver-based Forum Real Estate Group purchased 270 apartment units in June for $10.25 million;
Homebuilder DR Horton announced plans to build 10 new communities in the Birmingham area.
Increased Development a Result of Improving Conditions As I covered previously, stats for the real estate market in Birmingham look promising – especially when compared to where we were a year ago. September stats from the Alabama Center for Real Estate suggest substantial yearly improvement in median selling price, average days on market, and the inventory-to-sales ratio for the surrounding market. Birmingham unemployment is down to 6% for August 2013, which is almost a full point lower than the 6.9% mark a year prior. Also, affordability for rentals is better than it has been in years. Investors have plenty of reasons to turn to the Magic City metro area. For more information on how you can take advantage of real estate in Birmingham, AL and the potential of the area, contact gkhouses.com and call 205-940-6363.