another magic aspect of Birmingham

Normally, I'm not stuck on Birmingham stuff for the blog, but I've been pondering it quite a bit lately. I guess it could be part of a subconscious effort to reconcile myself with living here...or maybe have the opposite effect.
I've been talking a lot lately to people about downtown real estate, and there seems to be a common misconception that a building downtown, say, on 20th street, costs a normal amount of money. Well, that's just not true. For whatever reason, the beautiful, tree-lined artery of downtown Birmingham plays host to some really cheap buildings. Some friends with a new business downtown told me their building was on the market for $150,000. That's a three-story building, on 20th street. In need of a new roof, sure, but I think that would be pretty affordable considering the purchase price.

What's more, part of the main drag is in a mistical, magical no-man's land where zoning is a foreign concept. I recently had the privilege of touring an old storefront on the north side of 20th that was being renovated as a residence. The facade had been redone in a gorgeous dark wood, and the interior was open, airy and modern. To top it off, a rooftop balcony offered views of the entire skyline. Tax assesor's value? $74,000.

And I'm sure some of you heard about the City Federal auction at the beginning of the summer. In a prime example of executive arrogance, the Atlanta-based firm Synergy decided to hold an absolute auction on their lovely new condos. A great way to make some quick cash, right? Sort of. They sold 11 condos in 29 minutes. The only problem is, they were supposed to sell 20, but decided to close the auction after one of the half-million dollar residences sold for $80,000. Aaah! So, the conclusion: Birmingham Real Estate is too good to be true. Magic.