Foreclosure in Oakleigh>Question Details

Shawn, Home Buyer in Mobile, AL

We are interested in an old southern property, but are concerned with the neighborhood. Should we risk it?

Asked by Shawn, Mobile, AL Mon Jun 25, 2007

The property, expected to be part of the Historic Oakleigh District of Mobile expansion (near Washington Sq.), is located on the far southern side of the historic area and is bordered on the south by a cemetery. There's great potential to expand as it has a large lot. However, the immediate neighborhood is a bit run down and shady. The area is predicted to improve, but hasn't yet. Any suggestions?

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Buying a property before the "boom" can be a wonderful way to create wealth. It also can be one of the fastest ways to lose it. I suggest you spend time with the chamber of commerce, development authority, reputable area real estate agents/companies. You might consider making an offer that includes a "due diligence" clause. That clause should give you adequate time to research trends, recent sales, foreclosures, etc. I love to purchase historic properties in areas not discovered but I always try to know all the facts before I put my money on the line.
1 vote Thank Flag Link Mon Jun 25, 2007
All indicators are that that area is improving and will continue to do so. There are some extremely gorgeous homes in that area. If I can help you please feel free to contact me anytime
2512323090
marcilesims@oracleofmobile.com
0 votes Thank Flag Link Thu Aug 12, 2010
The best advice is to do your research and/or spend a little money upfront like order an appraisal so to keep you interest as the primary objective. Also check with local zoning boards to see what coming, check the crime rate for the area. Also who is doing the predicting to improve (the listing agent) after checking all the facts it’s going to boil down to your heart. Property is only worth what someone will pay for it. - Look at why you like it and determine if that’s something out of the ordinary. I don't want to go Bible on you or nothing and if you’re a God fearing man Pray that God will give you peace about your decision and if he doesn't it's not where he wants you to be.
0 votes Thank Flag Link Tue Sep 2, 2008
Shawn,

This is what's great about investing in real estate.....One needs to be able to identify the "diamond in the rough" and it appears you have with this property. The next factor is to be able to project its potential relative to existing conditions, identifying those that can be changed easily, those that can be changed but with difficulty, and those that can not be changed.

There is risk with every real property purchase and it's normal to seek clarity before committing. The reality is that if the neighboring area was not "run down and shady" you probably would not be considering the property because it would be out of your price range.

The understanding you require for this venture can only come within...........

Good luck with your decision,
The "Eckler Team"
0 votes Thank Flag Link Sat Aug 30, 2008
A suggestion is to enquire through the local industries or businesses about improvements and when being done. Also consider the future property values in say 10 years time - increase or decrease.
0 votes Thank Flag Link Sat Aug 30, 2008
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