The Real Deal

By Sharman Egan Lagniappe columnist

Ever wonder what all those cool lofts downtown look like inside (but not badly enough to call a real estate agent)? You’ll have a chance to find out at the Downtown Living Tour on Saturday, Oct. 20. Tickets are just $15 in advance, and that’s for 20 homes with something to suit everyone’s taste – from the fabulous Switzer Loft mentioned in an earlier column to the Creole Fire House, a circa 1872 fire station converted to a home, plus townhouses, apartments, historic homes and My Victorian Bed and Breakfast.

There’s no telling when, or if, you’ll ever have a chance to see these homes again. For details, call the Downtown Mobile Alliance at 434-8498 or go to http://www.downtownmobile.org/tourdowntown.php. A tip, especially for the ladies: wear flip flops or you may not get in. The tour brochure says soft-soled shoes only, no high heels.

And as long as you’re downtown, make a day or a weekend of it. Help Keep Mobile Funky by leaving a little of your money behind at the new (and old) local businesses downtown. Eat at one of the new restaurants (Royal Scam, Noell B’s, Bacchus, Market at 219 and Samarai J, among others) or at one of your old favorites. Stop at Market on the Square (Cathedral Square, 7:30 a.m. – 11 a.m.) for fresh veggies and other goodies. Then visit the Gulf Coast Antiques, Food and Wine Festival at the Convention Center (10/19-10/21; www.gcafw.com).

And one more thing while you’re downtown: make a mental note of what it looks like now. This time next year, there’ll be so many new restaurants, lofts and shops, you won’t even recognize it.

Backwater no more

Seems all you hear about these days, at least in the real estate biz, is the housing slump and the mortgage industry meltdown. So it’s nice to read a little good news for a change, especially when it’s about your hometown. Go to CNNMoney (money.cnn.com) and you’ll find the cover story for the September issue of Business 2.0 magazine, How to play the real estate bounce-back. The story lists 10 cities investors should “get in while the getting’s good.” And there we are – Mobile, AL. Not to mention Montgomery. Who’d have ever thought there’d be two cities in Alabama on any top 10 list, never mind one about making money?

B2.0 says Mobile has emerged “as the South’s next boomtown and a magnet for megaprojects.” That’s a pretty big high five for the home team. Of course they had to throw in a nasty little comment about Mobile being a “low wage backwater at the beginning of the decade,” but at least they’ve seen the error of their ways. The article goes on to say opportunities here (meaning low prices, of course) have attracted speculators from California, Colorado and Florida.

So maybe that explains all the suits I see scurrying around Oakleigh these days. Who are those people? And why do I always see stakes with survey tape flapping in the breeze a few days after they decamp? I’m thinking they could be some of those speculators from out west so I made a few calls to see what I could find out.

If you’re familiar with the Garden District, you know there are a number of small apartment complexes scattered throughout the neighborhood, some of which have seen better days. Many Oakleighans hope these apartments will be converted to condos or at least be renovated. (I live within spitting distance of two; I’d be happy if one of them would just get a dumpster large enough for six apartments.) From what I hear, these small, cheap (presumably) and somewhat aesthetically challenged complexes are a prime target for the money guys from out west.

For the most part, all my calls produced were rumors, and there seemed to be at least as many local buyers involved as out-of-staters. The owner of one of the buildings on my block confirmed he’s under contract to close shortly, but he wasn’t giving up any more details. The owner of the apartments across the street says he has received several calls from investors wanting to make offers but he’s not interested in selling.

At least one project is real. Oakleigh Village on Selma Street at George has been sold and the new owners are renovating 18 of the 44 units.

One rumored proposal has Oakleigh up in arms. Apparently, a local shipbuilding company has purchased some apartments in Oakleigh to house workers from Mexico. I’m told some neighbors don’t like the idea of transient workers living nearby and they’re trying to stop the plans. And I hear the company’s local workforce isn’t too happy about the situation either. But all this is rumor. I couldn’t reach the owner of the company and no one else would say anything definitive. Stay tuned for updates.

At any rate, it seems to me the Mobile real estate market is only going to get hotter, and we’re going to see more investors from out-of-state. I just hope this doesn’t turn out the way it did for the markets where B2.0 says all these investors are coming from – California, Colorado and Florida. If so, the rest of us won’t be able to afford to live here much longer. And then there’s the inevitable bubble burst….

Sharman Egan is Lagniappe lagniappe columnist. Contact her at Sharman@SharmanEgan.com.

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