Oil spill disaster taking its toll on real estate on Gulf Coast

SPANISH FORT (AL): By Friday, my real estate company had already reported two lost sales as a result of the giant, menancing oil spill in the Gulf of Mexico.

Agents based in Baldwin County's pristine beach markets of Gulf Shores and Orange Beach were also reporting lost sales, as condo buyers pulled the plug on prospective purchases that would immediately be turned into rental properties.

Baldwin and Mobile counties are the two "toes" of Alabama that dip into the Gulf of Mexico. Separating the counties is Mobile Bay, which is fed by five rivers. The river delta area contains more than 250,000 acres of waterways, woods and wetlands, according to the 5 Rivers Delta Resource Center.

Below the delta are the Baldwin County suburban enclaves of Spanish Fort, Daphne and Fairhope, all with water access. Across the bay, is Mobile County with its bucolic waterways. And south of there you get to the beaches and barrier islands of Dauphin Island, Gulf Shores, Fort Morgan and Orange Beach, as well as the fishing village of Bay La Batre.

On Friday, my broker reported that she had lost a sale when her buyer -- whose source of income was his seafood business -- backed out of his deal. A fellow agent also lost a sale on her listing when the buyer became concerned he wouldn't be able to rent his condo if the beaches were soaked in oil. That buyer's agent said this was one of three sales he had lost before noon on Friday.

Saturday, the Mobile Press-Register (where my husband is the managing editor) reported 10 class-action lawsuits had been filed regarding loss of income. Among the group were several real estate and property rental agencies.