Mobile Alabama housing (Saraland, Satsuma, Citronelle: low income, for sale, real estate)

[langal]

Hi -

I have heard about all the recent economic development in Mobile Alabama. Namely the Thyssenkrupp steel mill and Dale Earnhardt race track.

I was thinking of buying a single family home there for investment purposes.

A realtor I contacted suggested some new homes in Saraland, Alabama near the proposed racetrack.

I was wondering what rents there are like for a relatively new (built in 2000 or more recent) 3-4 bed/2-3 bath house in the 1400-2000 square foot range.

I haven't been able to find anything on the web.

Alabama sure sounds like a dynamic city! I read that your state is going to surpass Detroit in automaking by 2011. Certainly an achievement!!

THX!!

[Keeper]

I would think something convenient to the steele plant would do better, since they are going to be hiring a lot of people, but maybe the speedway will be opening first. JMHO..
If you are going to buy a house I would suggest you go and check out the nabe to be sure you will get good renters. Mobile isn't nearly as diverse other cities in AL.
As a disclaimer.. I don't live there but I have family in the area and visit them, I was also raised in Mobile and while the area has changed and gotten bigger, some things haven't changed. I love Mobile but the crime and traffic kept me away.

[Bravo35223]

I would work closely with a realtor before making a decision. Yes it is true that Mobile is indeed building the racetrack and the steel plant is going to be huge....2,700 permanent jobs at that plant and thousands more from suppliers. The number of construction jobs created is in the tens of thousands but of course those go away once the plant comes online.

The plant is well north of Mobile in a depressed, rural county...

Most of the active posters on here live in North Alabama and are not familiar with the particulars of the Mobile area....you need some strong local, on-the-ground, local advice there before making your investment decision....

b

[DeltaBelle1978]

I have lived in North Mobile County all of my life. Near the proposed race track and also right now within minutes to where the new steel mill is comming.

As far as buying a new home, you will about have to buy one in the Saraland area because up here there aren't really too many new homes. The ones being built up till now are people building new homes on thier own property. Saraland has plenty of homes.

Saraland up till now isn't bad about traffic or crime. I have recomended it on this site before. I lived there till I was about 12 than moved to Satsuma. I think anywhere from Saraland, up Highway 43, will be good for commuting to the new steel mill or the race track. Probably the nearest(biggest) town to the steel mill would be Citronelle. It is worth looking into.

Also they are connecting a major 4 lane road to West Mobile. Which is where the airport is. This 4 lane road is the same road that the race track will be located.

I don't know which one will be up first because they haven't done much to either property. They've actually done more to the plant.

I can't tell you how much the property would rent for because it all depends on where or what you buy. Most places rent out for what the mortgage would be and just a little more(to cover taxes and things). Most people that have even a little money, buys. Unless they just don't have the credit. I honestly don't know anyone that lives in a newer home that rents. They are buying. Most people who rent here are people without credit or low income and are looking for cheep rent.

In the Mount Vernon area, where the new steel mill is comming, all we have is woods. There aren't too many houses that are for sale real close to the plant unless it is on the highway and they are tring to sell it as comercial property.

The questions that you asked here, a real estate agent could probably answer for you. I hoped this helped a little. You can pm me if you have any other questions, on updates on what is going on around here. To be honest we're not looking forward to the change. I like little traffic and the woods. That is why we moved up here. They say alot is going to change. My husband is ready to sell our property (both pieces) and move.

[rosem12514]

Earnhardt and company revised their plan a few weeks back. The race track complex is going to be smaller than first announced. ADEM hit them hard with some wetlands on the proposed site. I wouldn't make any investment decisions based on the track.

The steel mill is a good bit north of Saraland in the northern part of the county. Not much up there in the form of housing... yet.

[Bama`s Port]

Well there is more than just a 400 million dollar race car track for the area. A new shopping mall is planned for the Saraland area, restaurants ,and several hotel developers have been meeting with past mayor (Mike Dow). He was a key component in winning it over Baldwin county. He aslo talked to me the summer of 2007 about a shopping mall.that is in planed for the area also. There was a news paper section from The Mobile Press Register a while back about property values near the Steel plant and they are predictid to soar. A lot of development near that area which is rurul(but not depressed) and people do live in the area . I also read in the Mobile Register that there were several German engineers who moved in to the area (Mobile)and will be building houses within that area and the workers will most likely be living within that area as well. The steel plant is not only a major blue collar job, but they also plan on hiring 500 engineers for the plant which will be done by Thyessenkrupt.The other 1500 would be just regular workers . Just search around but I know for a fact that property values will rise near the track and plant. The only thing that was cut from the plans was a drag strip other than that it still has the 70,000 arena seating and another 15,000 arena seating for concerts and everything. This project carries the Dale Ernhardt name and during the proceess when they were deciding on the location for the race track sveral developers met with him and keyman (Dow) . It `s still huge just doesn`t have a drag strip thats all ( 400 mill) invstment .

[osunshine]

I do not know about what rent goes for on a newer home, but I have had a 2 bed/2bath that I have rented successfully for the last 7 years at a price of $650-750. We are moving out of state so we have had it on the market since mid January, We have only had 2 offers so far and both of those people had saved no money for a down payment and barely qualified for the loan. Like I said, I have had no problem renting it because it is located in an older nice neighbor close to the Interstate, off of 188 & Hwy 43. I am still getting questions each week if would still consider renting it, but I have turned that down since I will not be here locally. I am hoping that with the new steel mill and race track that some one will make us a decent offer soon.

Good Luck with your endeavor

[ccm2000]

I am currently renting in Satsuma while I build my house. I am renting a new 3/2 approx. 1500 sq. foot with a two car garage on a small lot for $950 a month. I am sure it will go up in the near future. I have been in the house for 1.5 years. I think the price is about right for a new house and there was a lot of interest in it when we leased it. The asking prices of houses in the neighborhood are around $175,000.