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Gulf Coast contractor restructures-UPDATE
Foreclosure rates in Mobile increase |
UPDATE on Raley Constuction
Earlier this month, Joe Raley construction announced that George Hawthorne, of Atlanta, Georgia, had acquired majority ownership of the company and assumed the role of the company’s Chairman and Chief Executive Officer.
Hawthorne has been working with Raley for the past 2 years and helped them receive the $200M bond awarded last year for a Gulf coast project.
Hawthorne is pleased to be an official part of Joe Raley Builders. Representing his Atlanta-based firm, Gulf Cap Advisor, he has been working with Raley for two years. Family-owned Joe Raley Builders has been active on the Alabama Gulf coast for more than fifty years. Projects include: Stonegate Estates and Sandy Creek Farms subdivisions; numerous commercial buildings; and planned developments - ‘Bama Bayou and ‘Bama Beach.
With regard to ‘Bama Bayou (www.bamabayou.com), a multi-use resort, shopping and entertainment center, located in Orange Beach, Alabama, Hawthorne is upbeat about the project. “We’re pressing ahead though the capital markets have slowed down. The objective is to keep moving forward.” Bama Bayou started more than a year ago, has been on an unofficial hold. The complex will include hotels, shopping as well as Gulf World, a marine park with aquarium.
Another objective Hawthorne has for Raley is transitioning from a local to a regional builder and be recognized as a key player construction in the Southeastern US. Hawthone states he is working closely with the other regional minority businesses and with the Mobile’s Minority Business Enterprise Center. He sees Mobile as a growing city and attracting new attention to its business climate. “I was in Atlanta during it revitalization and I see a similar opportunity here in Mobile,” Hawthorne said. He notes the mixed use downtown area and the influx of new businesses makes Mobile “ripe for revitalization” and anticipates playing a key role in the future of Mobile, including a possible Raley office in the area. Gulf Coast contractor restructure
Raley now Alabama’s largest minority-owned construction company 
Scott Raley (left) and George Hawthorne form partnership to create Alabama's largest minority construction firm. |
November 10, 2008, Gulf Shores, Alabama – Longtime Gulf Shores General Contractor and Developer Joe Raley Builders, Inc. welcomes a minority partner to the company ownership. George Hawthorne, of Atlanta, Georgia, recently acquired the majority ownership of the company and has assumed the role of the company’s Chairman and Chief Executive Officer.
According to company President and Chief Operating Officer Scott Raley, Hawthorne brings a wealth of expertise in construction management, development and commercial & corporate finance. Raley says he asked Hawthorne to join the family-owned business in an effort to grow the company’s commercial construction and program management divisions regionally as a certified minority-business enterprise.
Mr. Hawthorne states, “My acquisition of the majority interest in Joe Raley Builders is based upon a desire to form a major minority-owned and regionally focused construction/development organization.” He also states, “The acquisition of majority minority ownership in the company immediately positions Joe Raley Builders as Alabama’s largest and most qualified minority-owned general contractor and clearly positions the company to obtain a greater portion of private and public sector construction contracts that require participation from minority-owned business enterprises."
Hawthorne has more than 25 years of experience in real estate development, investment and finance services. He has been involved in more than $600 million worth of real estate projects in the various capacities of general contractor, construction management, development, corporate management and real estate investment as a principal, consultant, manager and/or advisor.
“The addition of Mr. Hawthorne will allow this company to aggressively seek public and private sector construction projects across the southeast,” says Raley. He adds, “The Alabama Gulf Coast will always be our home, and we will continue to operate our main office from Gulf Shores. In addition to building in South Alabama, this new business development approach will allow us to seek additional commercial construction projects regionally that are increasingly requiring participation of qualified minority-business enterprises.”
Joe Raley Builders began in the mid 1970’s in Gulf Shores, Alabama. In the last three years, Joe Raley Builders has constructed over $110 Million in commercial and multi-family residential projects on the Alabama Gulf Coast. The company has projects currently in Alabama, Florida, Mississippi and licensed in Texas. |
Foreclosure Rates in Mobile Increase
Foreclosure rates in Mobile have increased for the month of September over the same period last year, according to First American CoreLogic, the leading collector of national, state and local data on home prices, foreclosure and delinquency activity, real estate sales volume and mortgage loan activity.
According to recent data from First American CoreLogic on foreclosures for the Mobile area, the rate of foreclosures among outstanding mortgage loans is 0.70 percent for the month of September, an increase of 0.10 percentage points compared to September of 2007 when the rate was 0.60 percent.* The number of outstanding foreclosures in Mobile, including new and existing filings, for September of this year is 343.** Foreclosure activity in Mobile is lower than the national foreclosure rate which was 1.7 percent for September 2008, representing a 1 percentage point difference.
Also in Mobile, the mortgage delinquency rate has increased. According to First American CoreLogic, 4.50 percent of mortgage loans were 90 days or more delinquent for September 2008 compared to 3.90 percent for the same period last year, representing an increase of 0.60 percentage points.
Foreclosure data for First American CoreLogic is reported based on the actual number of active mortgage loans rather than the total number of households in a given area, which provides more accurate results by removing renters and paid-in-full mortgages from the equation.
For detailed information on foreclosures by zip code and property, visit www.realquest.com.
* Data and percentage point differences are rounded to the nearest tenth and may appear to affect calculations.
** Data represents the current inventory of foreclosure filings for the month reported based on data received to date. Price Trends: Prices Increase
Home prices in Mobile have increased for the month of September over the same period last year, according to the First American CoreLogic LoanPerformance Home Price Index (HPI). LoanPerformance HPI, which tracks price trends for repeat home sales, indicates that home prices for the Mobile area jumped by 2.15 percent during September 2008 compared to September 2007. The current median price of a home in Mobile is $128,941.
Nationally, home prices fell by -11.03 percent according to LoanPerformance, with a median price of $195,000.
Zip code 36695 topped the list for the highest recorded home price in Mobile with a median price of $200,216; and zip code 36617 recorded the lowest median price at $54,750.
LoanPerformance HPI provides a multi-tier market evaluation based on price, time between sales, property type and loan type (conforming vs. nonconforming).
Sales Volume in Mobile Decreases
Sales of single-family homes decreased by -7.56% percent in Mobile in September compared to the same time last year. According to First American CoreLogic, the number of new and existing home sales decreased with 464 sales transactions reported for September 2008, compared to 502 in September 2007. Of the total transactions, sales of new homes for September of this year totaled 51 which was lower than sales of existing homes which totaled 413 for the same period.
Nationally, sales are down with transactions showing a -18.22% percent decrease across the country.
Zip code 36695 had the most sales during the month of September, and zip code 36528 recorded the lowest number of sales.
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