Forgotten Gulf dispatches form Mobile and Dauphin Island

Many home and commercial buyers, sellers, investors and business folks have the same questions after the last few weeks of turmoil in the credit markets.

The answers are varied and with the Federal Reserve chairman Ben Bernanke making a major speech tomorrow, I will refrain from specific predictions.

The one area I feel confidant in commenting upon is whether credit is available.  The answer is a resounding YES!  The devil remains in the details.

Credit will be easily available if:

1) Buying a principal residence.

2) Have 20% or more in "seasoned funds" to use as a down payment.

3) Excellent credit with a score over 720.

4) Verifiable income, current tax returns and verifiable assets.

5) No more than one or two major mortgaged investments outside of a principal home.

6) Buying a property below the Jumbo pricing trigger.

If you meet these criteria most lenders will welcome you as a refreshing client.

If you fall short in some of these areas loans are ALSO available with proper planning and access to VERY knowledgeable lenders.

Here are links to two article which explain the current situation, present some background and some options for the near future.

 The first is a Business Week article titled “Not So Smart”. This article explains how we got where we are today. Click on the logo to review the article.

The second is also a Business Week article titled “Savvy Moves that Should Soothe the Market”.  This article explains the possible effect of the Federal Reserve moves and some other possibilities.  It especially explains how the recent Fed decision affected the market. 

The take away here is that there are options if you want to remain in real estate or want/need a new home.

CNBC followed up on the wide ranging positive coverage of the business climate and post Katrina recovery in Mobile with another story.  Mike Huckaby of CNBC's "On the Money" produced a follow-up story on Mobile with a feature on Airbus and it's connection to Mobile.

CNBC story on Mobile and Airbus.

This is a quote leading into a video report called "Success After the Storm"

"Mobile, Alabama..the Darling of the corporate world"  source: CNBC "On the Money"

If you live here you probably already know and if you are moving here you need to know...Mobile and Mobile county are continuing the move (or as it seems now, the DASH) toward becoming the Gulf Coast's modern business/shipping center. 

Rumors are well founded that a major tenant announcement will be forthcoming for the RSA Tower.  This coming announcement, the recent closing of the final property acquisitions for ThyssenKrupp's factory, major expansion of the Port Of Mobile, etc portends the seachange I saw occurring in Charleston, SC 25 years ago.  We have even more going for us so hold onto your hats. 

I do encourage everyone who cares about our quality of life to study what Charleston did to preserve, enhance and expand the history, community, amenities and access to the waterfront which makes a seaport town a great place to call home.

Here is a link to the CNBC story on Mobile, Alabama:

On the Money:  "Success after the storm"

If you need more information on how to manage this success, our team at America South Realty, LLC have the experience to guide you through Mobiles new reality. 

Marion 251-650-4017 or toll free: 877-300-9362 

mlaney@ForgottenGulf.com

 These figures from June of this year for Mobile and Baldwin counties shows interesting trends.  One trend is the increase in inventory for Mobile vs Baldwin.  The accelerating median sale price in Mobile County seems to foretell the increase in demand has extended past the Post Katrina time and is now due to positive business announcements.  As employers gear up for the influx of labor and affiliated businesses I expect we will see a dramatic increase in sales and price apprecation over the next 1-3 years.

In continuing good news for our newest area business this came out today:

FRANKFURT -- ThyssenKrupp AG Friday said third-quarter net profit rose 62% due to strong demand for its steel products and slightly raised its sales and earnings forecasts for fiscal 2007, citing strong trading in the first three quarters and a robust global economy.

Net profit in the three months to June 30 was €759 million ($1.04 billion) compared with €468 million in the last quarter, exceeding analyst expectations of €621 million. It was the third time in this financial year that the German industrial conglomerate, which makes steel, automotive parts and elevators and offers technology services, raised its full-year targets. "We expect the overall positive performance to continue in the further course of the year," said Chief Executive Ekkehard Schulz in a written statement.

In particularly good news the division which will lead the construction t the new Mobile County mill did very well:

On the operating level, ThyssenKrupp's stainless steel division was again the unit that recorded the biggest improvement

As you may know, the majority of Alabama's GO Zone bonding authority was held back by the state of Alabama for a secret project.  Once ThyssenKrupp publicly announced their decision to locate in Mobile County these funds were released back into the funding pot.  You really have to respect a company sound enough to not want or need debt, no matter how favorable.

ThyssenKrupp Steel USA Announces Management Team for New Facility in Alabama

• AUGUST 2, 2007 – MOBILE, ALABAMA – ThyssenKrupp Steel USA, LLC, today announced that it has put into place its senior management team to oversee the carbon steel operations of the company’s $3.7 billion carbon and stainless steel processing facility planned for Calvert, Alabama. The team will be led by Robert P. Soulliere, who will serve as President and CEO of the company.

  “We’re happy to name Bob as the President and CEO of ThyssenKrupp Steel USA,” said Erich Heine, member of the Executive Board of ThyssenKrupp Steel, based in Duisburg, Germany. “Throughout his long tenure with ThyssenKrupp, Bob has proven himself as a true leader. His appointment to President and CEO was an easy decision for our board to make.”

  For 10 years, Soulliere has played a leading role in several companies within the ThyssenKrupp Group.

  Most recently, he served as President and CEO of the ThyssenKrupp Budd Company, an automotive supplier based in Troy, Michigan. In 2004, he was named President of ThyssenKrupp Budd’s Body Sector, with responsibility for body stampings and plastics operations.

  Soulliere said, “The team and I are excited to take on this challenging opportunity. Our new Alabama facility will position us to maximize our competitiveness in the North American market. In addition to being closer to our customers, we believe that this facility will also serve as a major economic driver in the South.”

  Other appointments that were announced today are Thomas Woelker, Vice President and Chief Project Officer; Christoph Lackinger, Vice President of Technology; Dr. Markus Boening, Chief Financial Officer and Vice President; and Kai Mahnke, Vice President of Company Processes.

  Other management positions, including the Vice President of Sales and Marketing and the Vice President of Human Resources, will be determined in the near future.

  In May, ThyssenKrupp announced that it will build a new state-of-the-art carbon and stainless steel processing facility in Alabama. The facility will process carbon steel and stainless steel for high-value applications by manufacturers in the U.S., and throughout North America.

  The new plant complex, which is expected to begin operations in 2010, is considered to be one of the largest private industrial development projects in the United States over the next decade. During construction, the facility is expected to create up to 29,000 jobs. When fully operational, the facility will employ 2,700 people.

  Additional information can be found at http://www.ThyssenKruppNewUSplant.com, the project’s web site dedicated to sharing information with stakeholders and the general public.

  The ThyssenKrupp Group, based in Duesseldorf, Germany, is a global technology company which consists of five business segments – Steel, Stainless, Technologies, Elevator and Services. The company has annual sales of approximately €47 billion (US$61 billion) and employs 188,000 employees in over 70 countries worldwide.

  ThyssenKrupp Steel, based in Duisburg, Germany, is the holding company for the carbon steel activities of the Group. It is the largest single entity of ThyssenKrupp. Last year, it produced approximately 14 million metric tons of crude steel and generated sales of €10.7 billion (US$14 billion). This business segment is focused on high-quality carbon steel flat products and is one of the world’s leading producers, ranking second in Europe. The segment employs over 30,000 people. Its subsidiaries are active in processing, coating and steel services. Subsidiaries include Rasselstein GmbH, the world’s largest tinplate production site in Andernach, Germany, and Duisburg-based ThyssenKrupp Tailored Blanks GmbH, world market and technology leader in laser-welded blanks for the auto industry.
  
  ThyssenKrupp Stainless, also based in Duisburg, Germany, is the holding company for the stainless activities of the Group. It has achieved leading market positions worldwide in stainless steel flat-rolled products, nickel alloys and titanium. With annual sales of €6.4 billion (US$8.3 billion), the segment with plants in Germany, Italy, China, Mexico and the U.S. employs 12,200 worldwide.

  ThyssenKrupp operations can be found in every state in the U.S. There are 70 ThyssenKrupp companies in more than 400 locations accounting for 25,000 employees and more than US$9.7 billion in annual sales. Through its predecessor companies, ThyssenKrupp has been part of the U.S. historical landscape for 170 years, dating back to 1837 when Alfred Krupp, founder of predecessor company Krupp, provided coin minting machine prototypes to the U.S.