Scott & Tinsley Myrick, Gulf Coast Real Estate Professionals

by Tinsley Myrick, RE/MAX of Orange Beach, February 15, 2009

What the article below DOESN'T say is that there are only 785 Gulf Front condos listed in Baldwin MLS for Gulf Shores, Ft Morgan, and Orange Beach (as of today's date). This paints a completely different picture....a more positive one for sellers trying to sell!

Sunday, February 15, 2009 By KATHY JUMPER Real Estate Editor

Beachfront units under $200 per square foot at San Carlos had everyone at last weekend's auction raising a hand to bid, said Chuck Norwood of REMAX of Gulf Shores. "Everything sells at a price," he said, "and when it's a deal, they fight over it."

The auction took 62 units off the market and netted more than $20 million for the Los Angeles-based owners, Canyon Capital.

The two- and three-bedroom units sold for an average $195 to $225 per square foot, which included a 10 percent buyer's premium, according to Norwood. The prices averaged $240,000 to the high $400s for the penthouses.

What a difference a few months makes in price. Last May, 44 new units at Crystal Tower, across the street from the beach in Gulf Shores, sold for $13 million at auction - an average $250 per square foot. Prices ranged from $275,000 to $350,000 on units in a complex that presold in 2004 in the high $400,000s to high $600,000s.

Financially strapped developers of the 20-story San Carlos sold 87 units in June 2007 to out-of-state investors for $40 million, or about $320 per square foot, according to financial brokers.

Does the recent San Carlos sale indicate prices have bottomed at the Gulf? Ask your crystal ball, said local Realtors, who wouldn't venture a yes or no answer.

"Folks are talking like that and acting like we're at the bottom," said appraiser Claude Clark in Magnolia Springs. "You can't build them" for $200 per square foot, he said.

The auction helped reduce inventory, and the auction crowd packed restaurants and stores in what is typically a quiet time of year at the beach, agents said.

There were 1,971 condo units on the market for sale at the end of January, according to the Baldwin County Association of Realtors.

It would take about 23 months to sell the residential and condo unit inventory in Baldwin County just prior to Dec. 25, 2008, according to a study by the Center for Real Estate Studies at the University of South Alabama. Take away the condos and it would take about 14 months, said Don Epley, director of the real estate center.

"A healthy market needs to be down around five to seven months," he said.

The number of bargain hunters at the San Carlos auction - about 1,400 at the event - shows that people still want to buy on the Alabama coast and are looking for deals, according to Norwood.

The units sold at less than market value, he said. San Carlos owners had turned down offers to buy units at $270 per square foot, but on deals for one or two units, not 60-plus, Norwood said.

"When you see that much interest and actual purchases, that's usually a sign things are turning," said Bruce Pfeiffer of Pickett Real Estate, which has offices on Dauphin Island and Fowl River.

Don Bekurs of Prudential Cooper & Co. in Gulf Shores agreed that the latest auction prices should help establish some kind of a baseline for Realtors and appraisers. Bekurs had clients at the auction, but they didn't buy in hopes the prices will drop even more, he said.

"You don't know that it's hit bottom until it starts going up," he said.

A credit crunch and the slumping economy slowed the market to a trickle in late September, but agents say traffic - at least people looking at units - has picked up in the last few weeks.

"It's not all doom and gloom," said Tinsley Myrick of REMAX of Orange Beach. She and her husband, Scott Myrick, had 32 sales at the Gulf last year at an average of $376,000 per transaction, including some foreclosures, she said. Buyers were end-users from all over the country, she said.

A Tuscaloosa buyer searched for a year before buying a unit for $212,000 that fit his five-year plan, Tinsley Myrick said. The unit was built in 2003 and sold for $480,000 in the peak market in 2005. "He figures in five years he can get $400,000," she said.

Buyers at the Gulf today are not looking to re-sell units for a fast dollar, Norwood said.

"People are buying to enjoy it and use it, and that's what our market was built on. A couple of years ago it got sort of crazy."

Perdido Pass to be dredged

City would like to use dredged sand to bolster eroded beaches, but likely won't for funding reasons Thursday, February 12, 2009 By RYAN DEZEMBER Staff Reporter

ORANGE BEACH - The U.S. Army Corps of Engineers aims to begin dredging the navigation channels through Perdido Pass within a month, likely removing more than 400,000 cubic square yards of sand that has choked boating lanes in recent years.

City officials had hoped to use that sand - equal to about 25,000 dump truckloads - to bolster portions of its manmade beach that were eroded by this past summer's storms. It's estimated that hurricanes Ike and Gustav, though they merely passed by in the Gulf of Mexico, swept away about 750,000 cubic yards of sand from Orange Beach's shoreline, Coastal Resource Manager Phillip West said.

To move the sand dredged from the pass from the place the corps usually deposits it - just west of the inlet's western jetty - to the spots it is needed would cost the city between $2 and $3 per cubic yard, West said. Meanwhile dredging up sand from deep in the Gulf and pumping it ashore will probably cost about $8 per cubic yard, he said.

Though there are obvious taxpayer savings even if Orange Beach can only use the pass sand to replace a little more than half of that lost in the storms, it will likely cost the city far less to do it the more expensive way. West said that's because the Federal Emergency Management Agency - which traditionally pays for most of the work to replace public property like roads, bridges and engineered beaches after storms - has so far rejected Orange Beach's proposal to use the pass sand.

During a brief discussion of the matter at Tuesday night's City Council meeting, elected officials said they were unwilling to chance having the Federal Emergency Management Agency refuse to reimburse them for the cost of moving the pass sand to where it was needed.

"We can't afford that risk," Mayor Tony Kennon said.

Councilman Jeff Silvers said: "I don't want to bash FEMA, but I don't have confidence in them right now."

Council members also said they didn't want to do anything to delay the Corps clearing out Perdido Pass.

Those navigation channels, which link the city's backbays and bayous to the open Gulf, are crucial to Orange Beach's charter fishing and recreational boating businesses. They've been steadily silting in over recent years, reaching the point now where, Councilman Brett Holk said, boats are running aground in areas marked as navigation channels.

Lisa Coghlan, a Corps of Engineers spokeswoman, said that the cost of dredging Perdido Pass and its adjacent channels into Terry Cove, Cotton Bayou and Bayou St. John has yet to be cal culated, in part because no one knows how long the weather-

dependent job will take to complete.

Last winter the corps spent $3.5 million rebuilding the eastern jetty and weir, which helps the pass hold its shape, in part by keeping beach sand on its westward drift from getting trapped in the navigation channels.

West said the corps has a dredging contractor finishing a job in Biloxi that will likely be moved to Orange Beach in the coming weeks. Trying to delay the dredging to work out a funding arrangement with FEMA could postpone dredging of the pass.

"I would hate to get us out of the loop and risk another storm season and completely close the pass," West said.

Though West said Orange Beach would try to move the pass sand as far west as possible without major funding, the city will likely have to begin planning a project to dredge sand from the Gulf of Mexico. Per FEMA rules, the city has up to three years after a storm to start such a project and be eligible for reimbursement, West said.

It could take as long as a year to plan and gain permitting to dredge sand from the Gulf, and in that time Orange Beach may be able to coordinate a beach renourishment project with neighboring Gulf Shores and perhaps even Dauphin Island to reduce costs, West said.

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.