|
|
Fairhope's overall cost-of-living is slightly higher than
the
national average thanks primarily to real estate prices.
As of this writing, 540 non-bayfront homes, primarily
single-family, are for sale; the median price is $340,000
(but the median price has averaged $319,000 for the last
several months). Rock Creek is a
beautiful master-planned golf community with homes (3
bedrooms, 2 baths) starting at $245,000. Lot prices
begin at $55,000 and at $135,000 for locations along the
championship, 18 hole golf course. Quail Creek is
another planned development built around a golf course and
has single-family homes with 1,800 square feet starting at
around $200,000.
|
|
Single family homes, many with large lots and
beautiful gardens, are found throughout Fairhope and start in the
high $100,000s to low $200,000s. New construction homes are
on the higher side of the median home price, but deals can be
found. We discovered a lovely 3 bedroom, 2 bath
cottage-style home in town with 1,600 square feet and a carport
for $185,000. Another of similar style and size on a
lot with huge oak trees was $195,000. The Hollowbrook
neighborhood, where many retirees choose to live, offers very
attractive 2 and 3 bedroom homes with all-brick maintenance-free
exteriors and two-car attached garages starting in the $180,000s. Miller's Crossing is a new community with 2 and 3
bedroom homes from the $170,000s. Homes with
waterfront views start in the high $300,000s and go much
higher. There are a limited number of town homes and
condominiums for sale. One of the newest condo projects is
Gayfer Condominiums (877-399-7480) where prices begin at $225,000
for 2 bedrooms and 1.5 baths. There are a few manufactured home communities, including Key Allegro
Villas (334-990-0009) which caters to seniors.
As of this writing, however, no homes were for
sale. Apartment living options include Arbor
Gates, a lovely, well-maintained complex with 1, 2 and 3 bedroom
units available. Monthly rents begin at $590 for 840
square feet (1 bedroom and 1 bath) and top out at $850 for 3
bedrooms and 2 baths. Additional fees include a $250
security deposit, $40 application fee and $300 pet fee (little
dogs and average-size cats accepted), if applicable.
Fairhope is one of two single tax
colonies remaining in the United States (the other is in Arden,
Delaware). The people who founded the town acquired
land in the name of the Fairhope Single Tax Corporation and then
leased the land to those who wanted to use it or live on it.
Lessees have a 99 year renewable lease on the land and they have
ownership of improvements made on it. The rent paid to the
Single Tax Corporation by lessees includes an amount due for
state, county and local taxes, plus an administration fee.
The Single-Tax Corporation still operates, holding 1800 leaseholds
covering more than 4500 acres in and around the current city of
Fairhope. Real
estate taxes are charged at $42 per $1,000 of assessed value, and homes are
assessed at 10% of value. There is a homestead exemption of
$5,000 for those older than 65 and who have $12,000 or less gross
income per year. For
those seeking assisted living facilities, Homestead Village (800-395-3864)
is a residential senior community with homes and condos for
sale and apartments for rent, depending on the level of care
needed. An "aging in place" philosophy is
employed, allowing seniors the option of staying in the community
as they grow older. Residents will find a total of seven
assisted living facilities and five nursing homes in Fairhope and
nearby. Romantic
Fairhope, Alabama, Continued...
|
