Signs of Real Estate Life In Vestavia Hills, Alabama-Miller Hill Subdivision

I was doing some appraisal work in Vestavia Hills, Alabama this past week and ran across the Miller Hill Subdivision.  This is a newer subdivision with new construction.  I’ve reported in the past about the slow market for new construction, so when I see it I like to let people know the good news.

It seems like a lot of the new construction is being built by the larger companies who have been able to weather the bad economic storm.  That is the case with the Miller Hill subdivision which is being developed by Signature Homes.  A lot of the smaller companies have been forced out of business which is sad. I believe small businesses are the back bone of the country and I hope that as the country starts to recover the smaller companies will return to the market.  Here are some pictures of the neighborhood.

Miller Hill Subdivision, Vestavia Hills Alabama

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New home construction appraisals are a challenge in today’s market.  There are several reasons for this.  The first has to do with the limited number of new construction sales and the other has to do with certain mortgage underwriter guidelines.  Appraisers are required to use comparables from other developments, and from other builders.  This helps to give a more complete picture of whats happening in the market.  If you just use sales from the subdivision the home is being built in, and from the same builder, it can give you an inaccurate view of the market.  If you’re an appraiser are you having problems with this issue?  Are you seeing any new construction in your area?

If you have any real estate appraisal related questions you can call me at 205.243.9304, email me, or connect with me on facebook.

Comments

  1. We designed the entrance sign and the amenities. Let us know if you ever need help.

  2. Hi Tom, these pictures are beautiful! It is sad to see smaller businesses hurting. Hopefully this will change. My family lives in Virginia Beach and there was a lot of construction going on in the area a few years ago. It was the place to buy a home, but now much of that construction has stopped abruptly. Slowly it has started picking up. Hopefully this continues.

    • Rachael, thanks for visiting my blog. I’m with you. I hope that it continues and there is a return to the smaller builder. The larger ones are good too, but as I said, I think small businesses are the backbone of our countries economy.

  3. Tom, beautiful photos inside an awesome development. Thanks for the update.

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