Letters to the Editor - Birmingham Business Journal:

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Although perhaps not on the scale of Atlantqa and other largemetropolitan areas, Birminghamk has firmly embraced the condominiumk lifestyle since its introduction here in the While the overall real estate marker is currently less than spectacular, and the condominium market is following that trend, much of that was the resultt of the downturn in the national economy and only minimallyg the result of overly enthusiastic production and pricing. We have seen in receng months that the excess inventory isbeing absorbed. So we are very optimisti c that thehousing market, the new home market and the condominiu m market are all on theie way to recovery.
City Federal is a uniqure property and a landmark in the city of The original introduction of these condominiums was well receivex and we believe that had the housing downturn not occurrecd the building would have approacherd sellout twoyears ago. When a landmar k building such as this is sold for far below replacemengt cost and far below the comparable values that have been recentlh achieved innearby properties, then that can only be an aberrationm in the market and not a Daniel Homes/ LLC Editor: The auctiomn of City Federal condow reflected a weak market for home salesw for both suburban houses and downtow condos. Rental housing has become stronger in both of thesemarket areas.
Although condo sales in the have slowed, 85 perceny of the 575 City Center condos have Nonetheless Operation New Birmingham has found that demand for downtown living continues to be very Many young professionalsand “empty nesters” are rentinh lofts and apartments because condo mortgages are hard to obtaib and the future of the economty is uncertain. Cityville, a $35 milliobn development with 255 apartments, began construction last month on 20th Streett South to meet the increasexd demand for apartments in theCity Center.
A growinv number of restaurants, clubs and other businesseds are opening to servethe 4,000p residents who will live in the City Center within one Operation New Birmingham is confident that urbamn living will continue to grow in the City Center in response to demographic trends such as growing numbers of the empty-nested cohort, deferral of marriage until late 20s and more childlessw households. In addition, urban living is “cool” in today’ popular culture, and young professional s are attracted to living in the city instead of the Urban Living will be an even larger part of the City Centetr incoming years.
Operation New Birmingham