The Atlanta city council just passed a whopping 42% property increase to make up for the budget shortfall. During a time of massive foreclosures and a difficult job market, the Atlanta city government should be looking for ways to decrease the high costs of living within the borders of Atlanta; not increasing the costs.
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Archive for June 2009
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Categories : Atlanta Resources
Tags : Atlanta
Here are some metro Atlanta real estate inventory numbers as of today:
Buckhead Homes
$500,000 – $1,000,000 – 23 months of inventory
363 currently active, 193 sold in last 12 months
$1,000,000 – $3,000,000 – 2 years and 8 months of inventory
321 currently active, 121 sold in last 12 months
$3,000,000 and above – 7 1/2 years of inventory
83 currently active, 11 sold in last 12 months
Buckhead Condos and Townhomes
Under $500,000 – 1 1/2 years of inventory
816 currently active, 556 sold in last 12 months
$500,000 – $1,000,000 – 4 years and 8 months of inventory
174 currently active, 37 sold in last 12 months
$1,000,000 and above – 6 years and 8 months of inventory
94 currently active, 14 sold in last 12 months
Sandy Springs Homes
$500,000 – $1,000,000 – 2 1/2 years of inventory
101 currently active, 39 sold in last 12 months
$1,000,000 – $3,000,000 – 3 years and 8 months of inventory
33 currently active, 9 sold in last 12 months
$3,000,000 and above – years of inventory is not calculable
7 currently active, 0 sold in last 12 months
Dunwoody Homes
$500,000 – $1,000,000 – 1 year and 5 months of inventory
78 currently active, 55 sold in last 12 months
$1,000,000 and above – 1 year and 10 months of inventory
11 currently active, 6 sold in last 12 months
You can look at the March 19th inventory for a comparison.
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Categories : Atlanta Homes Sale
Tags : Home Inventory, Housing Market
I’ve written about short sales fairly extensively on this blog and have actually dealt with short sales and foreclosures more than a lot of my colleagues in Buckhead, Sandy Springs and Dunwoody. I have worked with clients in Buckhead and Sandy Springs who have tried to buy pre-forecosure and REO properties. I’ve seen some very good deals on Buckhead luxury properties.
Although I’ve had some experience with short sales, the whole concept is still a fairly recent phenomenon that requires any Atlanta agent to continually search for more information. I found a great article by the NAR outlining the basics of short sales. Here is an excerpt:
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While there are many different ways to find great foreclosure deals in Atlanta, one of my favorite places to look are builder spec homes. When buying a foreclosure you still have to rely on the most basic adage in real estate: location. I would be hesitant to buy a home in a development that has a lot of foreclosures, as it will probably take a while to recover. The current market allows buyers to find deals in desirable locations, you just have to be patient, but be able to act quickly when the opportunity arises.
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Categories : Atlanta GA Foreclosure
I’ve recently purchased, for this website, the most comprehensive and intuitive home search software in all of metro Atlanta. The last couple of weeks I’ve been integrating the features into this website. This premium home search software is triple the price of other agent software solutions. I’m making it available for free, without any registration requirements, to prospective Atlanta real estate buyers.
In short, it gives buyers interested in a Buckhead or North Atlanta home, the opportunity to see instant results on a map as they refine their searches. I’m still customizing and integrating, but for a “sneak peak”, take a look at the new Buckhead home search page.
If you find the software helpful to your home search, please consider contacting me when you would like to view the properties. Once you’ve had an opportunity to try the new search features, I would be very interested in your comments and feedback.
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Categories : Atlanta GA Foreclosure, Atlanta Homes Sale
Rollover the tags on the map for information on individual homes. Change the options at the top and bottom of the map to refine your Buckhead real estate search.
The tags are only a sampling of the available Buckhead homes. Click on one of the tags for a complete list of all of the Buckhead real estate that matches your search criteria
Buckhead Real Estate and Homes Buying Guide
Click one of the following links for a refined home search:
Buckhead Real Estate and Homes for $500,000 and under
Buckhead Real Estate and Homes for $500,000 – $750,000
Buckhead Real Estate and Homes for $750,000 – $1,000,000
Buckhead Real Estate and Homes for $1,000,000 – $1,500,000
Buckhead Real Estate and Homes for $1,500,000 – $2,000,000
Buckhead Real Estate and Homes for $2,000,000 – $2,500,000
Buckhead Real Estate and Homes for $2,500,000 – $3,000,000
Buckhead Real Estate and Homes for $3,000,000 – $3,500,000
Buckhead Real Estate and Homes for $3,500,000 – $4,000,000
Buckhead Real Estate and Homes for $4,000,000 – $5,000,000
Buckhead Real Estate and Homes for $5,000,000 – $7,500,000
Buckhead Real Estate and Homes for $7,500,000 – $10,000,000
Buckhead Real Estate and Homes for $10,000,000 and over
If you have any questions about the Buckhead houses you find in your search, please feel free to contact me.
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Categories : Uncategorized
Rollover the tags on the map for information on individual condos. Change the options at the top and bottom of the map to refine your Buckhead condominium and townhome search.
The tags are only a sampling of the available Buckhead condos and townhomes. Click on one of the tags for a complete list of all of the condos and townhomes that match your search criteria.
Buckhead Atlanta Condo Buying Guide
Click one of the following links for a refined condo and townhome search:
Buckhead Condos and Townhomes for $250,000 – $500,000
Buckhead Condos and Townhomes for $500,000 – $750,000
Buckhead Condos and Townhomes for $750,000 – $1,000,000
Buckhead Condos and Townhomes for $1,000,000 – $1,500,000
Buckhead Condos and Townhomes for $1,500,000 – $2,000,000
Buckhead Condos and Townhomes for $2,000,000 and up
If you have any questions about the Buckhead Condos and Townhomes you find in your search, please feel free to contact me.
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Categories : Uncategorized
Loan modification is one of the most effective ways to stay current on your mortgage if you’re not able to make your monthly payments. It can be defined as a restructured payment agreement between you and your mortgage lender. US President Barack Obama has introduced mortgage modification plan that can help the borrowers to stay current on their mortgage and avoid foreclosure.
5 key features of Obama’s loan modification plan are described below.
- Monthly payments - According to the plan, mortgage lenders should reduce the monthly payments to 31% of the borrower’s monthly income. While doing it, the lender should at first reduce the interest rate to as low as 2%. If it is not enough to reach the 31% target, then the lenders can extend the loan tenure up to 40 years in order to achieve the required aim.
- Declining property values - The plan states that even if the property’s value declines, the borrowers can stay at their homes as long as they’re making their monthly payments.
- Monetary hardship - Obama’s plan is specially meant for those who are undergoing financial hardship, which is the reason behind their risk of default. Therefore, in order to participate in the given plan, the borrowers need to sign an affidavit of financial hardship and also verify their income through necessary documents.
- Cash incentive - This new loan modification plan has introduced cash incentives for both lenders and borrowers, who agree to work on a modified mortgage. However, neither party can receive the cash benefits until modified mortgage payments have been made for a minimum of 3 months.
- Net value test - A mortgage lender is required to perform a net value test in order to assess whether or not a loan modification may be beneficial. The lender is expected to modify such a loan that intends to produce more cash flow for him/her.
This loan modification plan is expected to reduce the number of foreclosures for primary residences. However, time can only prove whether or not Obama’s mortgage modification plan is effective to avoid foreclosure as expected.
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Categories : Financing Mortgage
Tags : Mortgage
I’m going to start including Buckhead, Sandy Springs and Dunwoody market data on this blog. I think an appropriate way to begin is with an explanation of what the absorption rate is, how it’s calculated and why it’s important. The absorption rate is often misunderstood by consumers and agents. Rather than reinvent the wheel, the following is an excerpt from an article I found that does a great job explaining the absorption rate. The only thing I would add is in the higher price ranges, homes can take longer to sell, so I’m not sure if an absorption rate of seven months would translate into a buyer’s market in Buckhead:
ABSORPTION RATE is the mathematical representation of the relationship between supply and demand. The total amount of available product is divided by the total amount of product sold in the previous month. The resulting number represents the number of months it would take, at that same pace, to sell the entire inventory of product.
“Normal Market” conditions exist when the Absorption Rate is between 5 and 6 months.
“Sellers Market” conditions exist when the Absorption Rate is lower. (1-4 months)
“Buyers Market” conditions exist when the Absorption Rate is higher. (7+ months)
Here is a (fictitious) example:
Anytown, USA has 252 homes currently on the market.
In the past month, 78 homes sold
252 / 78 = 3.23
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Categories : Atlanta Homes Sale
Tags : Absorption Rate, Housing Market
Located on Peachtree Road, the most recognizeable street name in Atlanta, you’ll be a short walk to several upscale stores and restaurants. 2500 Peachtree is nestled between Peachtree Battle and the upscale Streets of Buckhead project. Its central location has become a prominent addition to a historic road. People with discerning taste will truly appreciate living at 2500 Peachtree.
This wonderful home is in immaculate condition and has rarely been occupied. Upon entering the living space, you are embraced by gorgeous limestone flooring, expansive twelve foot high
ceilings, rich hardwood flooring and elaborate transoms. The living room / dining room has exquiste coffered ceilings and moldings. It has grand ten foot high windows and doors that overlook evergreens and a spacious balcony, which provides a year-round gorgeous view and privacy. The intricate wood-paneled study / den has exquisite craftsmanhip and shelving. The two bathrooms are oversized and have custom closets. The bathrooms have marble flooring, handcrafted vanities and high-end fixtures and lighting.
Due to it’s notable architecture, sophisticated service, luxurious amenities and prestigious location, 2500 Peachtree is at the upper echelon of Atlanta condominium communities. Take this opportunity to own one of the premium condominiums in this great building.
Offered at: $1,395,00
MLS: 3913322
Contact Erika Eaton if you would like to see this condo.
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Categories : Atlanta Homes Sale, Buckhead Homes
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