When the real estate market crashed and people started to lose their homes and commercial properties to foreclosure, the number of vacant properties started to escalate – even in Birmingham. When buildings and homes are vacant, the number of squatters and trespassers also tend to increase.
Last week, an abandoned hotel went up in flames, which can possibly be attributed to the property’s vacancy. Buildings that are not inhabited are more prone to fire for a variety of reasons, primarily due to the delayed time from the initiation of the fire to the time that someone notices that there is a problem.
Therefore, as businesses and investors look to move into the available areas of downtown Birmingham, the number of vacant properties will decrease, which will improve the overall real estate market in the area.
Fortunately, the city’s real estate market is making significant strides toward recovery and as a result, the number of these instances should decrease as the market improves.
There are a lot of residential plans in the Birmingham area and a renewed interest in the city that will expedite the recovery efforts.
For example, the new Regions Field and Railroad Park will more than likely play a large role in continuing to encourage revitalization efforts for the downtown area. Furthermore, a tax credit for redevelopment projects – which was approved in May – is providing even more incentives for developers and investors looking at the potential Birmingham real estate market investment opportunities.
At the end of the day, the real estate market in the city is improving and these steps forward should cut down on the number of abandoned properties and also the related random fires throughout the city.
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