Modern Home Subdivision in Mount Olive, AL?

[Maura McGraw]

Good Evening Everyone,

I am interested in getting some opinions about the potential market modern homes in the Mount Olive/Gardendale submarket in Alabama.  

I have the opportunity to develop a modern home subdivision on a 17-acre pice of land in Mount Olive as part of a joint venture with another developer who has extensive experience building these homes and subdivisions in other parts of the US.  Attached is a rough overlay of what the subdivision might look like and the ad for the land.

However, as most of you know, there are not many modern homes in the Birmingham metro, so this would be a very bold move.  

I am interested to hear what input people have about the viability of this project.  

Setting aside cost and all of the other challenges inherent in a project like this, do you think people would buy modern homes in this area? 

Thanks for your input! 

-Maura   

[Jason Cory]

What is your definition of Modern homes? 

I used to do subdivision analysis before they started as an appraiser but I'm honestly not following the modern part.

As far as will houses sell? Yes but as a slower pace than Gardendale. Mt. Olive is unincorporated. Land tax assessments are higher than normal on lots with existing houses. The assessment usually runs 30-50% for the land portion of the tax assessment when they shouldn't exceed 20% like every other city. 

Your approval would come from Jefferson County not Mt. Olive, Gardendale, or Birmingham.