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Tuscaloosa, AL Real Estate News

By Todd Murphy
(Fitts Agency)
The local news recently reported that Alabama is no longer in the top ten party schools, according to the Princeton Review.  Ah, that's too bad.It appears that the UA students may have settled down a bit - Princeton Review ranks University of Alabama at #19 out of 20 schools.  Of course, being the competitive college that UA is, I'm sure the student body will get together and try to figure out how to raise their ranking.  I'm sure this will make the parents jump for joy.I can hear the phone conversations now..."ah, Mom, I really need to change schools, we're down to #19 on the top party school list..."
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By Chris Lee
(RealtySouth)
As you know, much of the news lately has been focused on the woes of mortgage lenders around the country.  American Home Mortgage Investment Corp., the nation's 10th largest residential lender, has filed for bankruptcy... Countrywide is shifting its mortgage loan production into its banking division... First Magnus is no longer funding mortgage loans.  The list goes on and on. What's the Problem?  The problem lies in the secondary markets, where loans are often sold after closing.  Because of the instability there, investros are less willing now to fund loans that are not eligible for delivery to Fannie Mae and Freddie Mac.  The result is that lenders are tightening their underwriting standars to insure that the loans they write do qualify.  This has an inevitable impact on sub-prime, j...
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The mayor of Tuscaloosa, Walt Maddox said that voluntary water conservation efforts are working to sustain the city of Tuscaloosa's water reserves, but an equipment failure or major fire could force the city into mandatory water conservation efforts.So far the water levels are showing some gain.  Recently the reserves had been tapped by as much as 25%.  The mayor still says that Tuscaloosa's water system isn't past the crisis stage yet, but if the present trend continues, he doesn't think that we'll have to have stronger conservation efforts.The Alabama Forestry Commission just issued a no-burn order for 59 counties throughout Alabama, including all counties in West Alabama.  Under this order, it is against the law for campfires, fires to burn trash and debris, or any fires for that mat...
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By Chris Lee
(RealtySouth)
"Katrina aid goes to condo buyersReal estate investors take advantage of GO Zone tax breaksBy Jay Reeves The Associated PressTUSCALOOSA | With large swaths of the Gulf Coast still in ruins from Hurricane Katrina, rich federal tax breaks designed to spur rebuilding are flowing hundreds of miles inland to investors who are buying up luxury condos near the University of Alabama's football stadium.About 10 condominium projects are going up in and around Tuscaloosa, and builders are asking up to $1 million for units with granite countertops, king-size bathtubs and Bama decor, including crimson couches and Bear Bryant wall art.While many of the buyers are Crimson Tide alumni or ardent football fans not entitled to any special Katrina-related tax breaks, many others are real estate investors w...
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By Todd Murphy
(Fitts Agency)
In case you didn't recognize the title of this blog, it's from a Marty Robbin's song, Water.  I really like that song, but if you live in Tuscaloosa, Alabama right now, you might want to turn the old sprinkler off for a while.The Mayor of Tuscaloosa, Walt Maddox, said the water tank near the North River area had dropped to less than 25% of it's capacity, prompting the mayor to ask North of the River residents to cut off the water use, or at least curtail it a bit.If you live north of the Black Warrior River in Tuscaloosa, the city of Tucaloosa has asked that those folks with odd-numbered street addresses to only water their lawns on odd-numbered dates, and residents with even-numbered addresses shouold water their lawns on even-numbered dates.  Additionally, the city of Tuscaloosa has a...
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By Chris Lee
(RealtySouth)
"TUSCALOOSA | Tuscaloosa Police officers will be providing cold bottled water to people during their daily patrols.Chief Ken Swindle said that officers have been called to check on people in their homes as temperatures have soared higher than 100 degrees."Many times we respond to perform welfare checks on elderly and the sick and hopefully this will provide some comfort," Swindle said. "All of us at the Tuscaloosa Police Department care about our community and are always ready to come to the aid of our citizens."Officers will continue handing out the water until temperatures drop" article provided by Tuscaloosa News Chris Leewww.chriswlee.com 
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By Chris Lee
(RealtySouth)
Mayor Walt Maddox called for voluntary water conservation for all citizens north of the Warrior today.  He is asking that residents with odd numbered addresses are asked to water their lawns on odd numbered dates while residents with even-numbered addresses are asked to water their lawns on even numbered dates.The break and subsequent redesign and construction of the 24-inch Bryant Bridge water main is the reason for the voluntary conservation efforts. The city's water reservoir, Lake Tuscaloosa, has a 40-billion gallon water reserve and can supply the city with all of the raw water it needs. And the city's water treatment plant can keep up with the demand for treated water.However the water works has been unable to pump adequate water from the treatment plant back across the water. Res...
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July 2007 Housing Statistics# Homes Sold:  252New Const Sold:  67(27%)# Homes on Market:  1969New Const Active:  638 (32%)AVG DOM:  112AVG Selling Price:  $179,739Median Selling Price:  $152,220 July 2006 Housing Statistics# Homes Sold:  241New Const Sold:  62 (26%)# Homes on Market:  1518 Avg DOM:  111Avg Selling Price:  $160,215Median Selling Price:  $144,400 For Past Housing Statistics visit http://www.chriswlee.com. Thanks,Chris Leewww.chriswlee.com  
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The U.S. Department of Education decided that only eight public school systems nationwide were examples of successful efforts to improve their schools. The Tuscaloosa County School system was one of them.The school system will be featured in an upcoming publication put out by the Department of Education-funded National Center on Innovation and Improvement.Two Schools in Alabama were featured the other one was Escambia County Schools.  The name of the publication is "Handbook on Statewide Systems of Support" and is part of the 2001 No child left behind act.Here is link about it from our cities paper.http://www.tuscaloosanews.com/article/20070808/NEWS/708080333/1007
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By Chris Lee
(RealtySouth)
Looking for somthing to do in Tuscaloosa?  This is one of Tuscaloosa's favorite events.  This event is scheduled for August 14, 2007 at Shelton State Community College. Tickets will go on sale July 6th and are $25/single; $40/couple; age 8 and under $10.This year there will be a Celebrity Dancing Extravaganza featuring Lynn Brooks (WVUA-7 TV), Greg Thomas (B101.7), Kip Tyner (Good Day Tuscaloosa), and other local media celebrities.To find out more information on this click the link below.http://www.tuscaloosanews.com/article/20070805/NEWS/708050349&SearchID=73289468302062
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By Chris Lee
(RealtySouth)
200000 Reasons to get inspections I found this article about a year ago and thought it was approtriate.http://www.local6.com/news/9242978/detail.htmlRead This if you are thinking of not getting a professional home inspection or a pest inspection.Most mortgage companies require pest inspections but all mortgage companies do not. Even if your mortgage company says this is optional get both a home inspection and a pest inspection. This will have you time and troubles down the road.
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By Chris Lee
(RealtySouth)
New Page 1 Midtown Village With Midtown Village only three months out the retail section is around 1/3 filled.  Some speculate that this is going to be a failing development while others have high praises.  It is no doubt that if managed correctly this complex could have huge benefits for Tuscaloosa in the way of jobs and the economy.  This development could help the surrounding developments attract better retailers and restaurants. Several of the retailers that have confirmed to Midtown are retailers from other shopping centers in the area.  These retailers include Old Navy, Rack Room Shoes, New York and Co, Game Stop, The Athletes foot, Kirkland's, Bama Fever, and Circuit City.  However, some of these will just be opening an additional location at Midtown.  The Tuscaloosa development...
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By Todd Murphy
(Fitts Agency)
Whewwwwwww!  It's hot down here in Alabama!  I went home for lunch and changed into shorts and a polo shirt because no one in his right mind would be wearing dress clothes out in this heat.The heat index was over 100 degrees today and it doesn't look like things will be cooling off here for a while.The latest forecast doesn't show any signs of rain coming our way for the next week.  Great for beachgoers though.  I'm not going to the beach but I'm sure planning on dipping my toes into a swimming pool at some point this weekend.
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There are several indicators to look for to see if housing starts are going to slow down.  Many people in the housing industry look at lumber prices and orders, as well as other housing material orders.It recently occurred to me, while talking to a friend of mine in the blueprinting business, that if house plan orders and printing of blueprints slows down, then  a housing start slowdown is surely on the way.  This was kind of like a light bulb going off in my head.In Tuscaloosa, Alabama, there are more houses on the market than ever before.  I keep wondering when it's going to slow a bit to allow for the buyers to catch up, but builders just keep building.Personally, from being a builder myself in the past, I think that the local builders can't afford to stop building because they have ...
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By Todd Murphy
(Fitts Agency)
Tuscaloosa Activities for the rest of Summer 2007:July -Tannehill Trade Dayshttp://www.tannehill.org/Dates: 07/21/2007 - 07/22/2007Location: Historic Tannehill State ParkFor More Information: (205) 477-5711Indian Summer Day CampsDates: 07/23/2007 - 07/27/2007Location: Moundville Archaeological State ParkAdmission: Call for InformationFor More Information: (205) 371-2234 or email Monique Billeaud at mbeo@bama.ua.eduDetails: Children learn about archaeology, studies in nature and Native American arts, crafts and technologies.Harry Potter's Birthday at CHOMDates: 07/27/2007Location: Children's Hands-On MuseumAdmission: Call for information (205) 349-4235August -American Art Film SeriesDates: 08/01/2007, 08/08/2007, and 08/15/2007Location: Westervelt Warner Museum of  American ArtAdmision: ...
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By Todd Murphy
(Fitts Agency)
The Tuscaloosa housing market numbers for May showed some slight improvements over the previous month.The total number of homes sold was 245, with new construction sales coming in at roughly 54 out of 245, which is 22% of the existing inventory.  The total number of homes sold in April 2007 was 184, so we have a 21% increase over last month.The average days on the market (DOM) for May was 96, compared to April's DOM of 110.  That's good news relative to what we are hearing nationwide.However, it appears that prices are coming down.  In April the average selling price was $181,486, compared to May's average selling price of $168,234.Overall, it seems like the market is more active, and the fact that the days on the market (DOM) number is lower than the previous month's figures is encoura...
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Midtown Village seems to be moving along quickly.  This is the first development of its kind in the city of Tuscaloosa.  Midtown is a mixed-use community located on McFarland Blvd. in Tuscaloosa, Alabama.Presently, this mixed-use community is offering 1,2, & 3 bedroom condos (214 out of 224 already sold) on location with retail shops.  I'm not really sure what the completion date is, but the following tenants have committed to the project:Circuit City, Barnes & Noble, Chipotle restaurant, Bama Fever, Coldwater Creek, Ulta, Nail Club, Panera Bread, & more.The development's grand opening will be in February 2008.
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It appears that George Orwell may have been more in touch with the future than we all may have thought.  Who knew that the day would come when we would have to have our driver's license scanned just to buy some cough syrup?The Tuscaloosa City Council committee agreed to endorse an ordinance that would require stores selling cold medicine to scan the driver's licenses of people who are buying medicines containing pseudoephedrine.The Tuscaloosa City Council is expected to approve a law requiring the scanning of driver's licenses at it's next meeting.What's next....Hey, you better show me some I.D. for those matches you're buying...you could set fire to something and we, the government need to know about it.
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By Todd Murphy
(Fitts Agency)
An exciting new mixed-use development is in the works for Tuscaloosa, but can only happen with the stroke of our Governor's pen. The North River Town Center, which is going to be a mixed-use development in Tuscaloosa, Alabama, would create approximately 1,000 jobs and generate $9 million in annual sales tax revenue for our area - according to the folks associated with the project.Tuscaloosa just might get the $62.5 million in funding for this project if Governor Bob Riley signs the approval.  The developers are taking advantage of the Gulf Opportunity Zone bond being offered by our state.This project calls for a 350,000 square foot, landscaped open mall with condos and apartments, as well as a hotel on site.  This is exciting stuff for Tuscaloosa, Alabama.Please sign the approval, Gover...
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When you visit Tuscaloosa, bring your walking shoes.  The recently completed Riverwalk, located along the Black Warrior River in Tuscaloosa, Alabama is a place for walking, running, or sitting along the beautiful bank of the Black Warrior River.I've noticed more and more people running and walking along the river, having picnics, and more recently I witnessed a wedding in the large gazebo located on the river.Tuscaloosa is a beautiful place to live. Come see us.
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