Posted on 08/14/2007 6:49:16 PM PDT by PAR35
TUSCALOOSA, Ala. - With large swaths of the Gulf Coast still in ruins from Hurricane Katrina, rich federal tax breaks designed to spur rebuilding are flowing hundreds of miles inland to investors who are buying up luxury condos near the University of Alabama's football stadium.
About 10 condominium projects are going up in and around Tuscaloosa, and builders are asking up to $1 million for units with granite countertops, king-size bathtubs and 'Bama decor, including crimson couches and Bear Bryant wall art.
While many of the buyers are Crimson Tide alumni or ardent football fans not entitled to any special Katrina-related tax breaks, many others are real estate investors who are purchasing the condos with plans to rent them out.
And they intend to take full advantage of the generous tax benefits available to investors under the Gulf Opportunity Zone Act of 2005, or GO Zone, according to interviews with buyers and real estate officials.
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(Excerpt) Read more at mdjonline.com ...
Roll Tide!
I’m not sure folks buying a million dollar condo unit qualify as charity cases. A million bucks will buy a lot of house in central Alabama.
As an Auburn supporter, I am beginning to remember why I started hating Bama fans so much back during the days before Auburn started waxing them on a regular basis. This time they are not waiting for good reason to revert to their old arrogant attitudes. I actually like Bama except when they are playing Auburn. My son played HS ball with several of their recent players. They were really good kids.
Nevertheless, I think it is about to be just like old times again, except they won’t beat us ten in a row ever again. Times have changed.
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