Mobile Bay Real Estate Blog

In this business, I’m asked frequently how the market is. Any savvy person involved in real estate will tell you to read the newspaper on Sunday. Well, try to read it everyday. But if you’re going to pick one day of the week to read the Mobile Press-Register, Sunday is not a day to miss.

Topping real estate news is Gayfer Place: a remodel of the Gayfers department store in downtown Mobile. The building will transform into a commericial areas and 36 condo units, priced between just below $200,000 to upwards of $800,000. The units will range from 600 square-foot studios to multi-level 2,100 square-foot penthouses.

The building features “luxuries” of valet parking, an outdoor atrium, floor-to-ceiling windows and a lap pool. I’ll all for restoring downtown Mobile – which looks like a ghost town in some areas. However, will residents pay over $300/square foot for luxury? The developers claim that there is a market for, “a new living experience” in Mobile.

I place my bet that the condos will sell … but not as quickly as its investors would like.  Restoration begins in May of this year.