Birmingham's New Definition of Condo:
In Birmingham, urbanization and revitalization is being driven by the increase in demand for condos in, and around, the downtown area! Yet, prior to this recent boom, residents most often equated a condo purchase to a vacation get-away. But not today. The traditional Birmingham definition of condominium is being expanded to include a new modern definition associated with urban lifestyle. This new modern definition is driving condominium sales throughout the Birmingham area!
The Traditional Condo View:
Prior to the current urbanization and revitalization of Birmingham, residents here often considered a condominium as something you lived in for a week while at the beach, or on vacation in Florida. For example, clients would contact me to receive assistance in locating condos for sale in Tampa for for use as a vacation home while at the beach. Or another client might want to discover information about Orlando regarding investment properties that could be used as rentals when their family was not on vacation at Disney World™. This is what I generally refer to as the "traditional" Birmingham view on condominium ownership.
Recently though, the term "condominium" is getting a new meaning for residents of Birmingham through urbanization and revitalization.
Laying the Foundation
Urbanization!
Basically, urbanization is the increase over time in the population of cities compared to that of rural areas. As home prices and commute traffic increase in the Birmingham suburbs, downtown condominiums become more economical and practical for persons working in downtown Birmingham. With the increase of demand, new condominium developments are started thereby allowing more people to purchase condos in the area. This is creates a domino effect which spurs revitalization.
Revitalization!
As more people move into the downtown area of Birmingham, there is an increased demand for items such as groceries, home furnishings, clothing, and more. Spurred on by the demand, merchants come to the area, open new storefronts, redecorate, and bring new life to the downtown areas. Old buildings get facelifts, new landscaping is installed, we've seen it before. Eventually, the demand will bring entertainment, restaurants, and other quality of life opportunities. All this eventually leads to greater urbanization and ultimately, condominium demand.
An Example:
Nashville, Tennessee
I remember when Nashville was just the home of the Grand ol' Opry. Then, about fifteen years ago, Nashville began experiencing an urban renewal. It didn't happen overnight. Nashville started with urbanization and then came the revitalization. Now, Nashville is considered one of the best places to live in the United States. It is a dynamic, fluid city with great history and culture. Where an exciting nightlife has found balance with a wonderful family atmosphere. When you shop homes for sale in Nashville, you will see a good selection of condominiums. You can see for yourself how condos for sale in Nashville have exploded in popularity over the years.
"CSI" the Evidence
So, besides just noticing the increased number of new condominium developments while driving down HWY 280, I did some digging to reveal numerical evidence of Birmingham's changing perception of condominium lifestyle. In 2005, 584 condos were sold in Birmingham by real estate agents. In 2006, the number jumped to 672 condos sold in Birmingham by real estate agents. If you need supporting empirical evidence, go drive by UAB Hospital or the Warehouse District. You will see new condominium developments underway and in many stages of development (Be sure to note the new store fronts with the condos built above them starting on the second floor. Very Cool!) With the opening of several highly anticipated condo developments in 2007 like Parkridge Cottages and 2600 Highland , I expect the number of condominiums sold by Realtors® to increase again in 2007.
The New Definition of Condo
These days, condos for sale in Birmingham, Alabama are viewed as potential homes for people that want to live near to, or in, downtown Birmingham. The changes in peoples perception have been created by the influx of new condominiums for sale in the MLS and the opening of new trendy and "hip" businesses nearby the downtown condo developments. Where initially the perception of condos reflected a good time at the beach, they now bring to mind feelings of home.
