Three houses for sale at the Lanier Place in Montgomery, Alabama, have been started, following two years of development and planning. The houses will reportedly cost between $100,000 and $110,000 and are meant to jumpstart the city's efforts of reversing neighborhood declines in the region.
The high number of foreclosed homes in Montgomery, AL, has resulted in community declines in most local regions, with the Lanier Place being only one of the very few subdivisions built in the area in the past decade. People behind the project have admitted that the effort comes with a number of risks since Montgomery has seen residential abandonment continuing to increase in the past two decades.
Most of the residential properties that have fallen into home foreclosures in Alabama have been left empty by their former owners, causing blight in neighborhoods and scaring off developers. Developers behind the recent project aim to finish the first three houses first and see whether they are going to be sold before the 55-house capacity subdivision is completed. Realtors working on the project were relived when the construction started earlier this month since the delay had already caused stir among observers who mostly predicted that the project will not push through.
However, supporters of the effort believe that the houses for sale will be purchased immediately by those employed in the vicinity and who understand that potential for growth of the West Fairview market. The houses will be built along the same lines as other residential properties found in the neighborhood.
According to builders, the aim is to make the houses look like they belong there. The success of the whole project, realtors have admitted, depends heavily on the outcome of the first three dwellings. The program is being financed by money provided by the U.S. Department of Housing and Urban Development under its nationwide effort of reviving neighborhoods suffering from huge supplies of foreclosure homes.
The houses for sale will also help revitalize the commercial property market of the region, realtors have stated. They claimed that improving the residential market will automatically help the commercial property industry, particularly at a time when only 12 home construction permits were issued within a 12-month period in the area.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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