Real Estate Updates

Mobile Area Association of REALTORS® Gulf Coast Multiple Listing Service reports a decrease to the median sold price in Mobile County in November to $200,000, which is an 11.41% decrease compared to the previous month. List-to-sold-price percentage has decreased, by 0.88%, but the months-of-inventory rate has increased, to 1.88%. There was a slight increase in the median days on the market, with October 2022 reporting 17 days, a 6.25% month-over-month increase.

According to AL.com, a Texas investor paid $22 million cash for almost 24 acres on Terry Cove off Captain Trent Lane in Orange Beach and plans to develop The Abaco, a 240-unit condominium complex, according to Bob Shallow of Re/Max Paradise, who handled both sides of the transaction. In Spanish Fort, an out-of-town developer paid $428,000 for a half acre at the intersection of Spanish Fort Boulevard and Highway 181, where it plans to build a Fast Pace Urgent Care, according to Herrington Realty, which represented the developer. In Orange Beach, developers are seeking to rezone 1.8 acres at 26480 Perdido Beach Boulevard from single family to a planned unit development to build five duplexes on the land just east of Turquoise Place condominiums. In Foley, Bayou Ridge Estates, a 50-lot single-family subdivision, is planned for almost 24 acres south of County Road 10 and west of Highway 59. In Midtown Mobile, Global South Logistics, a shipping company based in New Orleans, paid $520,000 for a 7,000-ft2 office and residential building at 1420 Government Street, according to Josh W. Hall and WIlliam Peebles of CRE Mobile, who represented the buyers and sellers. Also in Mobile, VIPcare has leased 2,400 ft2 of medical office space in Grelot Commons, according to Jill Meeks of Stirling Properties, who represented the landlord.