Gulf Shores, AL

by Cheré Coen of The Times of Acadian

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Photo by Cheré Coen Lulu's at Homeport Marina

Who ever thought that when Jimmy Buffett sang Cheeseburger in Paradise, about a dieting Caribbean traveler enjoying the comfort of "a big warm bun and a huge hunk of meat" at port, that the legendary Buffett meal would turn green?

And we're not talking envy.

Lulu's at Homeport Marina in Gulf Shores serves up the famous Cheeseburger in Paradise, mostly because Lucy (Lulu) Anne Buffett is Jimmy's sister. But even though this menu appeals to America's "carnivorous habits," it was time to join the green revolution and enlighten restaurant visitors at the same time, said General Manager Johnny Fisher.

Lulu's cheeseburgers are now created from grass-fed beef raised at nearby Boutwell Farms in Dothan, Ala. Because the cows are brought up in open grass pastures, they feed on a proper diet - not one loaded with starches. Starches unnaturally fatten up cows, but produce fatty meats for us.

According to the Boutwell Farms Web site, their grass-fed bovines have 200 to 400 percent more omega-3 fatty acids, 400 percent more vitamin E and 200 percent more provitamin A and beta carotene and 73 percent fewer calories and less fat and 66 percent less cholesterol.

Lulu's cheeseburger is still "heaven on earth with an onion slice" - or pineapple slice and other accoutrements - but Jimmy can now feel less guilty about jumping off the sunflower seed diet.

The menu change is also part of the restaurant's long-range goal to buy and serve local food products in an effort to reduce energy consumption, Fisher said, although it's difficult to find enough local produce to fill the needs of the thousands of people who visit monthly. For instance, the restaurant uses 62,000 tomatoes each year, some of which grace the 90,000 burgers they serve annually. The restaurant is unofficially the largest in Alabama, Fisher added.

"We have trouble getting local produce, because of the volume we use," Fisher said. "But we're doing everything we can to change that."

Other environmentally hip changes made at Lulu's include a wind turbine, which "resulted in so much dialogue," Fisher said, adding, "We've got to raise the awareness."

Lulu's 10,000-square-foot restaurant lines the Intracoastal Waterway in Gulf Shores and includes a sandy area for children to play, a Bama Breeze outdoor bar, a snowball stand and a merchandise shop. Live music is offered nightly, and many of the musicians hail from Louisiana. Fisher worked at the House of Blues in New Orleans for years before moving to Lulu's and is in charge of acquiring bands. Currently, he's hoping to lure Sonny Landreth over to Lower Alabama.

"It truly is a family restaurant in that it offers something for everyone," he said.

On Valentine's Day, the restaurant will host a mass vow renewal at 6 p.m. on its "beach," followed by a champagne toast, dance and special meal. Couples are welcome to call and register, Fisher said.

Mardi Gras marks the restaurant's fifth anniversary with a New Orleans brass band performance and 5 p.m. boat parade. Lucy Buffett will be on hand to sign copies of her cookbook, Crazy Sista Cooking: Cuisine & Conversation with Lucy Anne Buffett.
For information, visit www.lulusathomeport.com.

Recipe: Sweetness

Sugar, spice and everything nice! Your Valentine will love this Italian Cream Cake with Vanilla Cream Cheese Frosting. The recipe is found in the Junior League of Lafayette's newest cookbook, Something to Talk About, Occasions We Celebrate in South Louisiana. This would be a delicious way to celebrate Valentine's Day.

Italian Cream Cake with vanilla cream cheese frosting

Cake
1/2 cup (1 stick) butter, softened
1/2 cup shortening
2 cups granulated sugar
5 egg yolks
2 cups all-purpose flour
1 teaspoon baking soda
1 cup buttermilk
1 teaspoon vanilla extract
1 cup chopped pecans
1 cup shredded coconut
5 egg whites, at room
temperature

Directions: Preheat the oven to 350 degrees. Cream the butter, shortening and granulated sugar in a mixing bowl until light and fluffy. Add the egg yolks 1 at a time, mixing well after each addition. Sift the flower and baking soda together in a small bowl and add to the creamed mixture. Add the buttermilk and vanilla and beat until smooth and creamy. Stir in the pecans and coconut. Beat the egg whites in a mixing bowl until stiff peaks form. Fold into the batter. Pour into 3 greased and floured 9-inch round cake pans. Bake for 30 minutes or until the layers test done. Remove to wire racks to cool.

Frosting
1/4 cup (1/2 stick) butter, softened
8 ounces cream cheese, softened
1 teaspoon vanilla extract
1 (1- pound) package confectioners' sugar

Directions: Cream the butter and cream cheese in a mixing bowl. Beat in the vanilla and confectioners' sugar until smooth.

To assemble, spread the frosting between the layers and over the top and sides of the cake.

Serves 10-12.

Wednesday, February 11, 2009, By JEFF DUTE, Outdoors Editor. Unfavorable sea conditions and high winds throughout winter have pushed back the expected completion of the Gulf State Park Pier to at least the first of May, a park official said Tuesday. The state parks department issued a press release in December stating that the 1,520-foot, $17 million pier at Gulf Shores would be finished as planned in March. But Trey Myers, assistant superintendent at the park, said the contractor, LCI Inc. of Memphis, Tenn., has not been able to work as many days as anticipated. "They've only been able to get their crane barge out there to work three or four times in the past month-and-a-half," he said. "Even when they get it set up, they've been limited to two or three days by rough seas or high wind." The new pier's length will make it the longest fishing pier on the Gulf Coast. It will be 20 feet wide and stand an average of 20 feet off the water. Myers said Gulf waters were relatively calm when the cold north wind blew this winter, but when it picked up above a certain speed, it affected the ability of the crane operator on the barge to effectively operate the pile driver used to set the pilings that support the pier. When the wind turned to the south, it often kicked up waves too high for the crane barge to be safely moored at the end of the pier. "It was either too rough on the Gulf, or when they were able to get the barge out there, the wind was blowing too much and they couldn't operate the crane," he said. Toward the end of last summer, Myers said LCI was close to having all of the pilings driven when a number of them were damaged by waves generated by Hurricanes Gustav and Ike. Myers said engineers determined much of the damage to the pilings was caused because they had not been "tied into" the rest of the pier. Also, the pier's designers said it appeared that the waves had crashed directly on the tops of the unfinished piling caps, the worst possible scenario at the time. Complicating the recovery from the storms, Myers said, was since the pilings are driven in sets of three, if one piling had the slightest damage, all three had to be replaced. "The weather has not cooperated to the point that they're (LCI) not back to their pre-storm levels," Myers said. "In my estimation, if they could get steady working days, they probably could have it finished in 45 days if they could work every day." He estimates more than 50 pilings remain to be driven. Myers added that the pier's "sacrificial" wood deck panels worked as they were supposed to during last summer's storms. The panels are designed so wave action displaces them, reducing the stress on the underlying pilings and girders. "We lost a few panels and the pilings would have withstood those storms if they had been finished out," Myers said. Despite the setbacks, Myers said the project is within budget and state engineers remain confident in the pier's design, which is rated to withstand a Category 3 storm. "We're still comfortable with the design," he said. "It'd probably do better from a direct hit from a Cat 3, than if the storm hits to the west. If a storm hits closer, the waves would be higher and likely would break over the top of the pilings. Or if it were farther away, they'd be breaking under it. "In a Cat 3 storm, we'd probably lose those wood (floor) panels and some of the railings, but the pier substructure should be OK. Of course, there's no guarantee about anything." Once the pier is completed, Myers said fishermen will likely have to pay more than they did to fish off the old pier. It cost $5 to fish the old pier and $1.25 just to take a stroll on it. Fishermen also could buy annual permits. "We haven't determined what the fees will be, but the rates are going to go up," said Myers, who indicated the increase would not be dramatic. Fishermen also will be able to buy the required saltwater fishing license on the pier, Myers said, which was a service begun about a year before Hurricane Ivan blew away the old pier in 2004.

Wednesday, February 11, 2009

By RYAN DEZEMBER, Staff Reporter with Mobile Press Register

Wachovia Bank has won a $20.4 million judgment against the developers of Bon Secour Village, who consented in advance to the ruling and have joined the lender in trying to sell about 900 acres of the Gulf Shores property to clear the debt.

"There was no reason to have a trial because we know what we borrowed and we know what we owe," said David Anderson, a Birmingham-based lawyer who represents Bon Secour Village LLC and two of its principals. "We don't dispute the debt."

Ending the federal foreclosure case, Anderson said, allows the bank and the developers to concentrate on selling the property, once pegged to be home to a $500 million town-within-a-town development.

U.S. District Judge Kristi DuBose signed an order last week requiring Bon Secour Village LLC to repay the $20,416,689.17 outstanding on a loan it took out with the North Carolina lender in late 2005. The loan, originally for $20.36 million, was used to buy 26 acres on the Intracoastal Waterway and 880 acres on the north side of Waterway Boulevard West, as well as provide cash to build a 3,500-square-foot sales office and a 60-slip marina.

The quintet of developers who made up Bon Secour Village defaulted on the loan in 2007 and the property - much of it piney woods along the Intracoastal Waterway's northern shore - has been managed by a court-appointed receiver since then.

The receiver, Jeffrey Granger of the Tampa, Fla., based Focus Management, will have spent nearly $400,000 on the property since taking it over, much of that money going toward legal bills, marketing expenses and his own company's fees, according to a recent court filing.

In that Jan. 20 filing, Granger's lawyer, Jennifer Harris, reported that while a court-ordered auction of the property last fall yielded no acceptable bids, it did generate interest in the project from investors in 14 states and several countries.

Of the 69 parties that inquired about the property, 38 completed confidentiality agreements that allowed them to bid on the project, Harris wrote. Auctioneers Tranzon Driggers will continue to market the property and there is a belief that changes in "credit conditions" and other factors "will create an environment conducive" to selling it, Harris wrote.

"With the holiday season and its traditional slowdown in commercial transactions now over, expectations are high that the former high bidders will submit revised offers, while other interested parties will submit new offers," she wrote.

Should the property sell, the proceeds would be used to clear as much of the $20 million judgment as they can, Anderson said.

"Being practical, the property is probably not going to sell for the value of the judgment," he said.

The company has no assets other than the property, Anderson said, and faces several unresolved lawsuits in state court. Additionally, three of Bon Secour Village's partners - Cullman brothers Josh and Eddie Canaday and Michael Knight of Destin - filed for Chapter 11 bankruptcy protection last summer, reporting debts, in each the Canadays' cases, exceeding $160 million.

Anderson said that the other two Bon Secour principals - Atlanta developer Rick Skelton and Birmingham businessman Clint Guthrie - remain interested in helping to develop the 1,000 acres they assembled, which, because of special zoning, are far more valuable together than if they were broken up in individual parcels.

"It needs to be developed and it will," Anderson said. "My clients will lose some money and the bank will lose some money but it will be developed."

Tinsley Myrick, RE/MAX of Orange Beach, AL, February 10, 2009

I attended our monthly sales meeting this morning led by broker/owner, Patrick Daily. Here are the some of the highlights we discussed:

ARE WE THERE YET?

Patrick feels that we will see banks and lenders freeing up funds by this summer. How do the banks make money? They make money by lending it. The closer we get to a real estate "bottom," the more comfortable they will feel in loosening their standards because of less risk for the buyers and the bank.

Interesting point: Once we see the banks loosen the funds, we've already missed the bottom!

Real estate sales are up 37% in California and Nevada. They are up 17% in Florida. A large majority of these sales are foreclosures and short sales. It doesn't really matter what type of sales they are .... It's real buyers buying property!!

IRAs: IRAs are being converted into real estate. They are buying property that will cash flow for .50 on the $1.00. With a respectable amount of time to retirement, these properties have time to appreciate. There are strict guidelines for self directed IRAs. If you buy real estate yourself for your IRA, it must be at "arms length" and you can't use it yourself. The IRA must be able to totally support the property.

SAN CARLOS AUCTION held on February 7, 2009

• Over 1000 people attended the auction
• There were 283 registered bidders from 30 states
• $20.5 million in real estate exchanged hands. More were sold after the auction and are still being sold. Units are still available.
• See my article posted on February 9, 2009, for more details on the auction.

There will be more auctions as banks get audited and are forced to move their inventory that isn't moving.

MORTGAGE UPDATE

• No PMI available on 2^nd home or investment properties anymore. (No surprise here)
• 4%, 30 year amortization loan being discussed for primary home buyers, government backed. 20% down required.
• Fannie and Freddie just say NO to condotels!
• Fannie Mae recently said no more than 4 mortgages per person. Now they have raised it to 10! My guess is that they are trying to get investors back in the market.

WHAT THE MEDIA DOESN'T TELL YOU!

• 52 million households hold a mortgage
• 97.2% are NOT in foreclosure
• 93.8% are current on their mortgages
• 40% of foreclosures are not owner occupied

These numbers tell me it's not as bad as everyone is saying! It also says 40% of the foreclosures are in our Second home/investment market. Great opportunity for buyers looking to pick up some deals.

As we heard in the RE/MAX Foreclosure Summit last month in New Orleans, we will have to contend with foreclosures for the next 18 months to 3 years. A loan officer with Countrywide told me that they are not even halfway through their foreclosures. This isn't the best of news for sellers trying to compete with foreclosure listings. The good news is that property can be sold if it is priced "right."

Alabama ranks 40^th in foreclosures. Not bad!

Good stuff....food for thought.

By Tinsley Myrick, RE/MAX of Orange Beach, February 9, 2009

I attended the auction at San Carlos in Gulf Shores on Sat, February 7, 2009. It was held in a tent in the parking lot by the National Auction Group, the same company that handled the auctions at Crystal Tower and Emerald Greens, both in Gulf Shores. An investment company was holding somewhere around 75 San Carlos condos that had never been occupied. Most bidders in the auction got some good deals ..... but others got some REALLY GREAT deals. The best deals to be had were on the interior 3 bedrooms. 5 sold at $250,000 + the buyer's premium = $275,000. These units are 1419 sq ft so that means they got them for $193 per sq ft for a Gulf Front condo! Incredible. When someone wins a bid, the auctioneer will ask if anyone else would like one at that price. Once someone won the bid at $250,000, a bunch of bidders rushed the stage trying to get one at that price, as well. However, the auctioneer said they were only allowed to give 5 at that price for that round and started the next bid at $275,000, which is still not a bad price for a large three-bedroom condo in a Gulf Front building that opened in 2006. Tommy Green, an investigator with Gulf Shores Police Department, was on-hand to assist with crowd control. Tommy was very visible when everyone was rushing to the front waiving their bid cards. Karen Way of Clear Title was onsite handling cash closings and prep work for people that were to close within 30 days. She said, all in all, they sold 61 condos at the auction. (Only 30 were promised....but they typically go over the promised number if things are going well from the seller's prospective.) Although there a couple of 4 bedrooms sold and some two bedrooms, most of the units sold for three bedrooms.

I think this will help the market overall to have these units sold and owned by individuals rather than an investment company. Lenders have been reluctant to finance units in San Carlos since the building opened in 2006 because they considered it "investor saturated" and worried about the health of the association. Hopefully this will clear up those concerns. Plus, it is my hope, that having these units "off the table" will attract buyers to more of what's being offered in other buildings in Gulf Shores and Orange Beach. This auction has been a bit of distraction from other good deals available on the island. I have other listings to sell and I'm ready to sell them! Finally, I'm not alone in believing that the auction (or any auction) has gotten people excited about our market and in a buying mode!