Many of us on Dauphin Island have wondered how the new SaltAire development will impact our sales and rentals.
I believe this well marketed development from some of the folks associated with the stunning JOE company developments at Watersound and Windmark beach can only drive awareness of our beautiful and affordable location in south Mobile County.
Here is snippet from a recent article:
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SNIPPET:
Economist: SaltAire could have $1billion impact on area
Sunday, August 17, 2008 By KATHY JUMPER Real Estate Editor
The town of SaltAire on the western shoreline of Mobile Bay could have a $1 billion economic impact on the area over the next nine years and keep upscale home buyers from moving to Baldwin County, according to a report compiled by a local economist.
The 500-acre mixed-use community off Alabama 193 could attract high-income households, according to Semoon Chang, an economics professor at the University of South Alabama, who was paid to do the study.
SNIPPET:
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A new marketing campaign to target potential visitors within a 250 mile area of Mobile Alabama has been announced.
The theme of the promotion should have a direct effect on my beach home market on Dauphin Island. As our warm gulf waters and white sands are only 30-40 minutes from Mobile, Dauphin Island will be the natural SunSand and Surf location to "Chill Out". Check out the beach view from the Dauphin Island webcam. Snippit: Ad campaign urges tourists to 'Go Coastal' Sunday, August 17, 2008 By RHODA A. PICKETT Staff ReporterThe Mobile Convention & Visitors Bureau will soon launch "Go Coastal," a new advertising campaign promoting the Mobile area as a comfort zone. Bureau officials recently presented the campaign to the Mobile County Commission and asked the county for $1.5 million from lodging tax money to fund the promotion. County officials received gold T-shirts with white letters that read "Go Coastal." Aimed at event planners, leisure travelers and anyone living within 250 miles of Mobile, the campaign will highlight the availability of fresh seafood and tout the relaxed coastal lifestyle filled with fishing, boating and swimming, said Leon Maisel, who heads the bureau. The bureau plans to use about $1.2 million for the ad campaign, Maisel said Friday, with the remaining $300,000 it has requested from the county going to sports-related events. |
Snippit
For those who know I am involved in various businesses besides Real Estate, here is link to my most recent project. The full series airs in September. Enjoy!
A little preview of the style of the series. Each Sunday in September.
FEASTING ON WAVES webisode
Posted from my home base on Dauphin Island, Alabama.
Cheers,
Marion
The power of one photo. Dauphin Island makes it onto Webshots!
This morning I checked email and saw a BUNCH of emails from WebShots commenting on a photo of "Dune House" I had posted. At first I thought it was bogus as my account showed no comments. Then the emails kept coming so I figured out that a photo of the sleeping porch at "Dune House" was the featured shot in the Home and Garden section. No forewarning from WebShots, I was pleased about the recognition but a note to notify me would have been good.
The moral is the old law of unintended consequences. I placed this photo on Webshots to ease the chore of imbedding it in multiple sites and in response to renter inquiries. Certainly never expected it to be chosen as a featured photo with all they have to choose from. Anyway enjoy looking around all the beautiful photos. Marion
This has been a great summer for us on coastal Dauphin Island. Although sales continue to be slow, the home and residential lot market has stabilized with several new closed and pending transactions of homes and lots.
Home construction continues on all parts of the island and inquiries from 2nd home buyers, full timers and investers about local builders continues to grow.
With such a good vacation rental market and a growing residential market in Mobile the prognosis is for continued strengthening and a return to appreciation in the mid-term.
Publicity over our towns new West End public beach on Dauphin Island increases profile among nearby buyers who remain our principal source of home sales. The press about the billions ThyssenKrump and Northup Grmana/Airbus/EADS are now or plan to invest in our area also generates inquiries. Even the protest by Boeing generates headlines aound the world directing eyeballs to our little Gulf Coast jewel.
How are the coastal markets in your areas?
MOBILE AND DAUPHIN SHARE THE SPOTLIGHT WITH AMERICA"S JUNIOR MISS CONTESTANTS
Mobile has had the first dance but today was Dauphin Island's turn to host the beautiful ladies of America's Junior Miss Pageant. These smart, poised and attractive young ladies, escorted by their Mobile Alabama host families took the short drive to the beaches of Dauphin Island's West End.
The venue was the just opened West End Beach public beach. The setting was gorgeous with plenty of sun, sand, salt water and palms. Unfortunately, the clouds threatened but quickly let the sun shine for the days events of the host family & their contestants building sand castles in the power white sands.
America's Junior Miss on Dauphin Island.
Mobile, Alabama: Where home prices/values continue to rise.
We in Mobile, Alabama are just very lucky to live here during this turmoil in the real estate industry. We are in one of the few places where buying a home does not mean loosing value the day after you close on ownership.
The recent Office of Federal Housing Enterprise Oversight report continues to show Mobile and this narrow section of the Gulf Coast as a bright spot in home value appreciation.
All the good news from industry and technology entering our area is driving these positive trends. For a link to the report click on this link:
In Mobile, Alabama Airbus under the guise of EADS North America is lobbying to build the planes at the former airbase and seaport Bookley Field.
If EADS wins the contract then Mobile, nearby Mississippi, Dauphin Island and parts of Florida will reap the rewards of 1500+ high tech jobs and salaries. EADS already has a military contract to construct helicopters in Mississippi.
This week the Paris Air show highlighted Mobile's high profile in the race to land the contracts.
In reception rooms filled with southern drawls could be heard the Gallic tones of top officials from EADS and Airbus. Sharing the dais with Governor Bob Riley was Louis Galois, co-ceo of EADS (Parent of Airbus), Ralph Crosby, the chief executive of EADS North America, and Allan McArtor, chairman of Airbus North America.
Also, attending were Senator Jeff Sessions, senator, Richard C. Shelby, members of the State Legislature and a majority of the members of the Mobile City Council.
The contact by the European aerospace and military giant wants to secure a $40 billion contract to provide 179 aerial refueling tankers to the US Air Force.
As excited as I am for the project I am concerned about the vulnerability of the location. The State of Alabama, Mobile County, Senators and local media seem to have a vendetta against a critical element in protecting Mobile Bay, the harbor, shipping channels, oil and gas infrastructure and the invaluable Mississippi Sound Intracoastal Waterway. The element in question is Dauphin Island, Alabama which as a barrier island is the first and most important structure protecting the low-lying mainland, bays and nearby rivers from a devistating storm surge. These entities are tunnel visioned upon the petty subject of private ownership of some of the municipalities waterfront. Instead of seeing the forest for the trees, or a region for a beach, or protect billions by investing few million for rebuilding they focus on doing nothing to restore the damage to this vital natural storm barrier because a few folks were lucky enough to build a beach cottage 20-30 yrs ago when land cost a few $1000. I do not understand how businesses can RISK building in the Mobile basin until the decision is enacted to protect and minimally restore this barrier to its Pre-Ivan/Katrina form.
There are many areas to live on the island but the West End and East End areas must be restored to continue their valuable function as a storm speed bump.
One of the areas I enjoy focusing on I have dubbed the "ForgottenGulf" . This area encompasses coastal Alabama and parts of Mississippi. My favorite subject in this area is Dauphin Island, which for unknown reasons was labeled as "destroyed" by hurricane Katrina by media outlets. Nothing could have been further from the truth and has just added further veracity to my term for the region.
Yes there was damage, I lost a cottage that had been on the glorified but glorious sandbar called the WestEnd. It sat a few hundred feet from the hightide line, it had survived many storms at 13 ft above sea-level and was destroyed by another home hitting it. The house directly behind it was practically untouched. The reason I say the damages were overblown is I have another home 1 mile to the East, tucked behind a dune that only lost a couple screens in the porch. The island was hardly "destroyed" except for the press that even 2 years later have longtime vacationers called in to ask if the bridge has been rebuilt. Of course the bridge over the Mississippi Sound was not damaged and the road to Dauphin Island was opened one day after the storm. The press can be our worst enemy and best friend.
Well onto my story of new blood on the beach. This is not a fish story or an excerpt from a Stephen King novel.
These reports are from myself and an insurance company executive friend:
1) On the day that ThyssenKrupp (a German multinational) announced their 3.9 Billion investment in Mobile county (and not in La) I was having lunch at the Gulf front restaurant, Flamingo Fae's (located at the 18 hole gulf front Isle Dauphine golf club) when I notice a couple near me having lunch. At about that time another gentleman walked in and loudly made known that they were acquaintances but was surprised at seeing each other. The significance of this meeting was they were both German and both had found this little hidden gem independently.
2) A week or so later my friend was down on the golf clubs beach and spied a couple of guys walking the beach dressed in a style seen in Miami and Europe but not on Alabama beaches. When they strolled by he overheard the German language being spoken.
Basically, we are seeing what I hope are scouting parties who will bring more Europeans to our piece of Forgotten Gulf and jump-start the 2nd home market. they are already snapping up primary homes in Mobile (30 minutes inland) so the next step will be to follow in the footsteps of Mobilian's and have a nearby beach or boating home.
Foreign Direct Investment Magazinelisted Mobile as a leader in several categories:
Top 10 small cities of the future: Ranked # 8 Mobile, AL
Small cities - best economic potential: Ranked #2 Mobile, AL
Small cities - most business friendly: Ranked #1 Mobile, AL
All these rankings raise the area's profile internationally with the business/industry site selection groups.
These comments along with the Antebellum/Creole/Mardi Gras charm of Mobile, the strategic location on a deep water port, access to plentiful supplies of energy and beautiful coastal playgrounds elevate the area to one on a longterm growth spurt.
If you do not know Mobile and the region surrounding her then you are truly missing out. Even with price appreciation in Mobile the values are like low hanging fruit. And the buyers market along the Gulf Coast is expected to follow the trend of any beach front region and rebound sooner than later.
See may next blog on the "incursion" of new blood along the beaches.
Dauphin Island & Mobile =Forgotten Gulf. A barrior island w/ stunning 2nd Hm, investment & retirement home/lots/condos. Gulf front- protected Dune lots. GO Zone. Also, in Panama City Beach/Destin
Marion’s transactions of primary homes, 2nd homes, investment property, auctions, 1031 exchanges, lots, land and developments positions him to understand your needs. He has investment/rental property on Dauphin Islands West End and lives on the islands East End while maintaining property in Atlanta and Florida’s Panhandle where he also holds a Florida Real Estate license.
A native of historic Cheraw, SC (founded in 1750). He and his parents managed over 300 acres of crops, cattle and timber. During this time he consulted with his father on various property developments while maintaining concern for ecological balance and wildlife ecosystems.
Participating on the pilot episodes for Food Networks "Good Eats" series with Alton Brown, Marion remains involved in continuing the development of the series, now in its 11th season.
Marion and Dana Popoff are partners in, ideaWercs, Inc which provides production and program development for Food Network and others.
Through these endeavors Marion expands the marketing exposure of Dauphin Island for Real Estate buyers and sellers.
Marion has had the opportunity to travel all over the world in his business including Chile, France, Spain, Italy, Bolivia, Mexico, Virgin Islands (US & British), Iceland, Hawaii, Bermuda, Ireland, etc. and has always been on the lookout for the secluded beach villages and town markets. The same was true while growing up along the East coast where many relatives had coastal property in S.C. (Cherry Grove, Beaufort, Charleston, Sullivan's Island, Fripp Island and Bluffton) and FL (Titusville, Cocoa Beach). The old style beach and fishing villages have always been part of his coastal vernacular. Throughout the years he has spent around the water he has had the rhythm of the seas in his blood.
After discovering the Florida Panhandle Marion spent time (and invested) around Cape San Blas, Apalachicola, Seagrove, Seaside and Port St. Joe. As those areas began growing rapidly, he continued to seek out a slower pace which harkened back to the natural rhythms of the sea. Marion was so impressed on his first visit to Dauphin Island that he purchased two properties. One is his Gulf view home on President Jefferson Ct. located on the islands West End and a dune lot in DeSoto Landing on the islands East End. Marion understands the bittersweet trials of coastal ownership as the home he originally purchased on President Jefferson Ct known as "Surf Sand & Sun" was taken by Katrina and he has built a new Gulf view cottage which is offered for rental as “Chill Out”.
Marion has been around construction in various capacities starting with his father owning a sawmill, renovating homes in Columbia and in Atlanta partnering with his wife, who is a graduate of Cornel University’s schools of Architecture and Interior Design, to renovate and build new homes for personal use and investment. Their most recent personal Atlanta home has been featured in Home and Jezebel magazines. Bon Appetit and Southern Living magazines have also featured the “Good Eats” kitchen, located in their home, which Dana designed.
Marion chose to affiliate himself with America South Realty's office on Dauphin Island beacuse of the people. Our broker has developed on Ono Island and gated gulf front communites on Dauphin Island (DeSoto Landing & Audubon Place). HIs newest breakout success has been the "Fishcamps on Dauphin Island" with a private covered boat slip with each freestanding unit. Expect more of these types of pre-construction projects to be available.
Marion is planning other building projects on Dauphin Island and nearby areas using a modular systems approach after building "Chill Out" and will also incorporate "Green" and Energy Star considerations in future construction. He follows developments in New Ruralism, New Urbanism and Placemaking. Since locating to DI he has befriended many local residents and transplants who share the awe that such a serene place continues to exist in our modern era.
Whether in the office, car, home or ON THE BEACH Marion has direct wireless access to new listing websites, up to the minute mortgage info. Using the newest technology from Verizon, Microsoft, Google, Sony and Apple, Marion stays connected for his clients. His 8 passenger 4x4 SUV comes equipped with GPS, wireless networking, printer, fax and scanner. Property viewing by watercraft as well as airport pickup on DI or in Mobile can be arranged with prior notice...
Disclosure: I am not a tax or legal professional. These notes on the GO Zone are excerpted published documents from Federal/State souces. I recommend you ask your tax/legal advisor to determine if these programs are applicable to your situation.
Allows 50% Bonus Depreciation within the Zone.* This incentive allows businesses to claim an additional first-year depreciation deduction equal to 50% of the cost of new property investments made in the Zone. This depreciation allowance applies to software, leasehold improvements, and certain equipment and real estate expenditures. All depreciation deductions would be exempt from Alternative Minimum Taxes. This provision applies to property placed in service through December 31, 2007, or December 31, 2008 for real property. The provision also provides a one-year extension of time to place assets in service in the Zone in order to qualify for the bonus depreciation provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. Provides enhanced Section 179 expensing for Small Businesses.* Eligible small businesses (businesses with less than $400,000 of annual investments) may expense $200,000 of investment made in the Zone. This amount is up from $100,000, and will be allowed on investments from August 28, 2005 through December 31, 2007. The phase-out floor for investment is also increased from $400,000 to $1 million through 2007. Extends Net Operating Loss Carryback.* The net operating loss ("NOL") carryback period is extended from two to five years for losses attributable to:
-- New investment and repair of existing investment damaged by Hurricane Katrina
-- Business casualty losses due to Hurricane Katrina
-- Moving expenses and temporary housing expense for employees working in areas damaged by Hurricane Katrina.
Taxpayers with losses associated with public utility property caused by Hurricane Katrina may either carryback a net operating loss attributable to certain casualty losses 10 years, or treat certain casualty losses as having occurred five years prior to the disaster.
Expands low-income housing tax credits within the Zone. The emergency allocation of low-income housing tax credits is $18 multiplied by Mississippi's population in the Zone. (This is up from the existing allocation of $1.90 per capita.) This allocation is increased for 2006, 2007, and 2008. Unused allocation amounts may not be carried forward. Increases Rehabilitation Tax Credit to help restore commercial buildings. The existing tax credit of 10% of qualified expenditures incurred for qualified rehabilitated buildings was increased to 13%. For historic structures, this credit was increased from 20% to 26%. These increases apply to qualifying expenses incurred from August 28, 2005 through December 31, 2008. Allows Employer Provided Housing Incentives. For a six-month period, employers are eligible for a 30% tax credit for the cost of employer-provided housing for employees, with a maximum cost of $600 per month per employee located in the Zone. Additionally, up to $600 per month of such costs would be excluded from the employee's income. Provides for expensing of cleanup costs. Businesses may expense 50% of cleanup and demolition costs in the Zone. Brownfield expensing is also extended and expanded to include sites contaminated by petroleum products. This incentive expires after December 31, 2007. Provides relief for small timber owners. Timber owners with less than 500 acres of timber in the Zone may expense $20,000 of reforestation costs incurred from August 27, 2005 through December 31, 2007. These owners may also elect a five-year carryback of net operating losses incurred after August 27, 2005 and before December 31, 2007. Expands the Employee Retention Tax Credit. Provides a tax credit equal to 40% of the first $6,000 of wages paid per employee to employers that maintain eligible employees on their payroll. Wages must have been paid prior to January 1, 2006. This credit is available to employers whose businesses are inoperable as a result of damage sustained by Hurricane Katrina, and is not affected if the employee reported to work at another location while the business was inoperable. Increases New Markets Tax Credits. $1 billion in New Markets Tax Credit authority is provided from 2005 through 2007. This authority is for investment in Community Development Entities with recovery and redevelopment of the Zone as a significant mission. Increases Hope Scholarship and Lifetime Learning Credits. This provision doubles the Hope Credit dollar amounts so the maximum credit is $3,000, and doubles the Lifetime Learning Credit percentage to 40%, for a maximum Lifetime Learning Credit of $4,000. Room and board are considered qualified expenses. Provides additional Bonding Authority.* To assist in the rebuilding effort, the state is authorized to issue up to $4,773,000,000 of a special class of private activity bonds called GO Zone Bonds outside the state volume caps. The State or municipalities may issue these bonds, with the proceeds used to pay for acquisition, construction, and renovation of non-residential real property. Low-income housing rules are relaxed, so more bond proceeds may be used to rebuild housing in the Zone. Mortgage revenue bonds may be used to repair homes (up to $150,000), with the first-time homebuyer rule waived. Interest payments are not subject to Alternative Minimum Taxes. This authority expires after December 31, 2010. Allows Mississippi and municipalities to reduce costs by restructuring outstanding debt. One additional advance refunding before January 1, 2011 is allowed for states and municipalities within the Zone, with an additional authorization for Mississippi of $2.25 billion. This allows the bond issuer to restructure eligible debt by refinancing at a lower rate or spreading interest over a longer period of time. Certain 501(c) (3) bonds are also eligible for advance refunding as well. Authorizes Gulf Tax Credit Debt Service Bonds. The state is authorized to issue debt service tax credit bonds to help devastated communities meet their debt service requirements as a result of the hurricane. Bonds must mature no more than two years after issuance, and must be issued before January 1, 2007. Mississippi's allocation is $100 million. Gulf Coast Recovery Bonds. Expresses the sense of Congress that one or more series of savings bonds should be designated as "Gulf Coast Recovery Bonds."
Marion brings wide ranging expertise and enthusiasm to the Real Estate experience and is available to assist with all aspects of marketing/purchasing/building primary residences, second homes, investment property, real estate auctions, 1031 exchanges, lots, land and development opportunities.
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