Mobile, a port city in Alabama, is situated in the center of the Gulf Coast. There are direct flights to Mobile from Atlanta, Dallas, Houston, Memphis, Orlando, Cincinnati and Charlotte. The three regional airports are: Mobile Regional Airport situated at 8400 Airport Boulevard, Mobile, AL 36608; Pensacola Regional Airport, 2430 Airport Blvd., Ste. 225, Pensacola, FL 32504; and Gulfport-Biloxi International Airport, 14035 L Airport Road, Gulfport, MS 39503. These airports serve interstate passengers to arrive at Mobile.
There are several national car rental agencies at these
airports to take the traveler to downtown Mobile. On land, Greyhound Bus Lines
connects Mobile Bay with cities all over the United States. The bus terminal is
located at 2545 Government Blvd, Mobile Bay. Many people also use Mobile's
vibrant waterfront to cruise in to Mobile Bay.
Perhaps the best sightseeing option in the city is to use
the Moda - the city's electric trolley. Also, a public transit system known as
the Wave operates throughout Mobile County.
The Annual Alabama Deep Sea Fishing Rodeo attracts fishermen
from across the nation.
The city's entertainment district is filled with several
restaurants and live music venues situated within walking distance of the
downtown hotels. The city's bars, nightclubs and live music venues provide a
range of musical entertainment.
Mobile Bay offers all the big city comforts at small town
prices.
Mobile, Alabama (pronounced 'moe beel') is a city located in
southwest Alabama at the mouth of the Mobile River. Today, Mobile, Alabama is
one of the country's hottest growth markets. Additionally, the State's docks
are undergoing the largest expansion in its history by expanding its container
processing and storage facility and increasing container storage at the docks
by over 1,000%.
Don Epley, a business professor from the University of South
Alabama, who projects local economic growth as part of his focus on real estate
markets, has projected that Mobile County will grow between 5.5% and 6% in
2008. HOUSING MARKET
The residential real estate market is booming. In 2007,
Mobile was ranked by CNN.com as the "Seventh Fastest-Growing Housing
Marketing in the Country." Homes in the Mobile Bay area have appreciated
between 5% and 8% annually over the last 5 years.
In the first quarter of 2008 Mobile had a 1.63% increase in
home values. As of April 2008 the housing inventory in Mobile was 8.5 months
worth of homes -- a healthy supply for a growing market. EMPLOYMENT
Employment is a critical factor to the short and long term
stability and growth of any real estate market. Mobile's total non-farm
employment has increased steadily over the last three years. 2005 recorded a
3.2% increase followed by another 2.2% and 2.0% increase each year thereafter. Job
growth in 2008 is expected to reach 2.57% with an additional 27% growth
predicted over the next ten years. The total labor force increased steadily
from 176,275 in 2004 to 184,696 in 2007 -- an increase of 8,421 workers (or
4.6%). Mobile's unemployment rate as of April 2008 was a mere 3.5%, similar to
its 2007 unemployment rate of 3.58% and 3.64% in 2006. Alabama tied Kansas for
the 17th lowest unemployment rate in the nation. Nationally, the average
unemployment rate was 4.8% as of April 2008.
SUMMARY
Unlike the stock market, local real estate markets usually
move in slow, predictable cycles. Appreciation is not luck or magic, it
correlates closely with economic development and population growth in a local
area.
So, if you missed out on Las Vegas, Phoenix, and Miami (or
if you rode those waves and know what it's all about), you have another
opportunity to invest in Mobile, Alabama, ranked by Moody's and Forbes as the
#1 market in the country for economic growth between 2008-2012.
(See an example of an investment opportunity in Mobile,
Alabama on the Norada Real Estate Investments website )
Marco Santarelli is an investor, author, and president of
Norada Real Estate Investments - a national real estate investment company
offering investors well-researched investment opportunities in emerging US
markets.
No comments:
Post a Comment