26 replies to this topic

[Blazer85]

Looks like the Firestone building off 20th Street will be demolished to make room for a Publix and about 100-120 condo units.  It's not final yet, but I think there's a very strong chance it will be in the near future.

[bhamsly]

Blazer85, on Aug 2 2007, 09:13 AM, said:

Looks like the Firestone building off 20th Street will be demolished to make room for a Publix and about 100-120 condo units. It's not final yet, but I think there's a very strong chance it will be in the near future.

I think that this is going to be great, however I wish Brunos would have tried for one of the 2 proposed locations in the city center, and Publix can have the other. Brunos is an Alabama store, and they need to compete with the competition. Don't get me wrong because I love Publix, but I just want Brunos to be successful.

[Southron]

With the national housing market in a tailspin, condo projects in downtown Birmingham are luring buyers with incentives and lower prices.  98 units are currently available, 70 of them in three recently completed high-profile projects.  More than 400 new units have come on the market in the last four years.  Proposals including more than 300 units have not moved forward, as developers have put off plans until the market improves.

Status of a few high-profile projects:

• City Federal - 34 of 84 units available
  
• Athens Flatts - 11 of 33 units available
  
• Liv on Fifth at 2201 5th Ave South - 25 of 37 units available

Market conditions have led developers to do more rental projects, which the city center has been lacking.  Apartment developments include a 250 unit project on 20th Street South that will include commercial space, and renovation of the Burger-Phillips building on 3rd Avenue North into 35 units.

Downtown Birmingham condo market slowing, but incentives, lower prices aim to draw buyers

[kayman]

I'm not that well-knowledge on the real estate market, but I do realize that we see to have much better condo and rental market conditions than most Southern cities including Charlotte and Nashville.  It seems we are keeping a steady pace and most likely once the Railroad Park's first phase opens next summer that it will take off.

[VistaLakes01]

Leonard23, on Apr 26 2008, 07:39 PM, said:

I'm not that well-knowledge on the real estate market, but I do realize that we see to have much better condo and rental market conditions than most Southern cities including Charlotte and Nashville.  It seems we are keeping a steady pace and most likely once the Railroad Park's first phase opens next summer that it will take off.

Hey Birmingham, you should check out this link about Downtown Downturns from Business Week. Pretty sad news!
http://realestate.msn.com/Buying/Article_busweek.aspx?cp-documentid=8356625>1=35000

[Southron]

Twenty City Federal building condos will be auctioned on May 12th to try to pick up the pace of sales.  All 48 of the available condos may eventually be auctioned if there is enough demand.  According to the article below, auctions have been used recently in Atlanta, Charlotte and Memphis to move sales along.

20 City Federal condo units to be auctioned

[Dystopos]

The owners opted to halt the auction after 11 of the 20 units on the block were sold. This probably doesn't bode well for the ownership of the building, nor for the perception of any current market for downtown condos.

The Leer Tower project was also officially abandoned as the property went into foreclosure.