Buckhead Homes & Real Estate

Archive for Atlanta Homes Sale – Page 2

Metro Atlanta Housing Recovery

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Friday, September 18th, 2009

According to a September 17th AJC article, the speed of the metro Atlanta housing recovery will depend on the area of town. I found this quote in the article very interesting:

Areas that were on the suburban fringes of the housing boom in 2006 and 2007 are going to struggle longer with lowered home values and a slow resale market, one expert said.

“You don’t see as many problems in north Fulton because it was already built out and it was relatively expensive for builders to go in and buy large tracts of land and put a lot of homes there,” said Mark Vitner, managing director and senior economist for Wells Fargo in Charlotte.

“So essentially the areas that had the most problems are the areas where it was the easiest for builders to go and quickly put up a lot of homes.

I had touched on this very subject of huge, new-home, suburban Atlanta inventories in a March 7th post I made on this website. The post, Benefits of Buckhead Real Estate, focused on the limited availability of lots for spec homes in Buckhead.

Specifically, I mentioned:

The suburban areas of Atlanta still have empty lots, especially as you get up into Alpharetta and Forsyth county. It was much easier to overbuild single family homes in the far north areas of metro Atlanta.

I think Buckhead real estate is currently a great value and would be happy to show you some homes in the North Atlanta area.

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Categories : Atlanta Homes Sale

Metro Atlanta Home Absorbtion Rate for Sept. 1, 2009

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Tuesday, September 1st, 2009

Here are some metro Atlanta real estate inventory numbers as of today. It covers Buckhead Real Estate, Dunwoody Real Estate and Sandy Springs Real Estate.

It’s a 12 month moving average. If you look at the past rates, I think you’ll find that some areas have improving absorbtion rates and others are getting worse. I wouldn’t put too much analysis into the categories with less than 50 homes, as one or two sales can have a big effect on the absorbtion rate. It’s just another tool when it comes to evaluating the Atlanta market.

At the very least, if you’re selling a home in North Atlanta, you can see how much competition and sales there are in your general category. If you would like me to develop a more specific category, please feel free to contact me.

While in some categories the overall inventory numbers are down, the absorbtion rates have not trended down accordingly. I wonder if this is due to the sales numbers decreasing as well? The forclosure rate still seems to be wrecking havoc on market data.

I also noticed the $1,000,000 and over Buckhead townhome and condo category has a ridiculous absorbtion rate – 12 years for the average property. There is no doubt that this is a particularly difficult market segment to sell a property, but 12 years is a bit extreme. I think this is because many new, still unfinished buildings, are listing all of the anticipated units for pre-sales. Do you consider an unbuilt property, but still available for pre-sale, part of the market inventory; a debatable point I suppose. Read More→

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Has the Greater Atlanta Real Estate Market Bottomed Out?

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Wednesday, August 26th, 2009

It seems to me as if real estate in Atlanta Georgia has finally hit a bottom and is now on the upswing. I’ve written before about how some of the local Atlanta housing indicators are showing positive signs.

Smartnumbers has recently compiled the July Atlanta real estate data, and it looks promising.

Here is what Steve Palm had to say regarding the July data:

It is not official yet, but after lags are reported single family detached will have a positive year-to-year increase in closings for July. It still looks like single family attached (condos and townhomes) will be negative, but combined with single family detached, total closings will still be positive. This is very encouraging, but we need consecutive year-to-year monthly increases before we even consider this as our turnaround. I am going to be optimistic, as I believe we will.

In a strict technical sense, he doesn’t believe we are in a turnaround, but I think Atlanta is awfully close to an upswing. If you’re looking for the housing market bottom, you may have just missed it. I think timing the market could be a dangerous game. Of course, if the Federal Government doesn’t stop printing money as if we are a third world dictatorship, then all bets are off.

As Palm says below, the market could heat up very quickly:

I am predicting back to back positive year-to-year monthly closings, as I believe August will be positive too. There were 8,778 pending sales for all single family at the end of July compared with 6,825 at the end of July 2008. If lender liquidity could improve, this market could heat up fairly quick.

The inventory report on the right shows the reduction of houses on the market. It is a positive sign. I think a good portion of the inventory reduction is from the banks unloading a lot of their bad assets, which in turn will decrease the downward pressure on Atlanta housing prices. I mentioned, on a previous post, that Synovus has made a big push to unload bad real estate assets of its books. Some of the other banks have complained that it’s hurting the market. I liken it to removing a band-aid, you can go for the quick-pull / fast-pain or the slow-pull / long-drawn-out-pain.

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Temporary Tax Breaks

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Thursday, August 13th, 2009

In early 2009 Congress passed a Temporary Economic Recovery & Reinvestment Act of 2009. This nearly $800 billion stimulus package offers wonderful temporary tax incentives. Many of the incentives that are presently set to expire at the year of the year include the following credits/deductions/incentives:
Read More→

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Categories : Atlanta Homes Sale, Buckhead Homes, Dunwoody Homes, Sandy Springs Homes, Vinings Homes
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Signs of life in the Atlanta housing market

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Sunday, August 2nd, 2009

Anecdotally, through some of my recent sales and working with clients, I’ve felt the housing market has been improving. Recently, I have been seeing some market data to back up my intuition.

Click on this chart of Atlanta residential home sales to see that the home sale prices appear to not only have stabilized, but are starting to show some strength. The market area for these numbers is roughly North Atlanta and North Metro Atlanta.

While I don’t think we are going to get back to pre-2008 prices overnight, I’m encouraged by the direction of the trends. As I mentioned in a previous post, the absorption rate, while still high, has leveled off.

On the flip side, it’s still a good time to be buying. There are some really great deals on houses in Atlanta and the market appears to be headed for a recovery. If you’re interested in buying or selling a home in Atlanta, please feel free to contact me.

Chart source: SmartNumbers.

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Categories : Atlanta Homes Sale

Metro Atlanta Home Inventory for July 31, 2009

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Friday, July 31st, 2009

Here are some metro Atlanta real estate inventory numbers as of today:

Buckhead Homes
$500,000 – $1,000,000 – 1 year and 10 months of inventory
365 currently active, 202 sold in last 12 months

$1,000,000 – $3,000,000 – 2 years and 8 months of inventory
330 currently active, 123 sold in last 12 months

$3,000,000 and above – 9 years of inventory
90 currently active, 10 sold in last 12 months

Buckhead Condos and Townhomes
Under $500,000 – 1 year and 5 months of inventory
818 currently active, 579 sold in last 12 months

$500,000 – $1,000,000 – 4 years and 9 months of inventory
179 currently active, 38 sold in last 12 months

$1,000,000 and above – 8 years and 3 months of inventory
99 currently active, 12 sold in last 12 months

Sandy Springs Homes
$500,000 – $1,000,000 – 2 years and 2 months of inventory
96 currently active, 44 sold in last 12 months

$1,000,000 – $3,000,000 – 3 years and 3 months of inventory
29 currently active, 9 sold in last 12 months

$3,000,000 and above – years of inventory is not calculable
6 currently active, 0 sold in last 12 months

Dunwoody Homes
$500,000 – $1,000,000 – 1 year and 5 months of inventory
74 currently active, 51 sold in last 12 months

$1,000,000 and above – 2 years and 2 months of inventory
11 currently active, 5 sold in last 12 months

You can look at the July 9th inventory for a comparison. Keep in mind, my inventory numbers are basically a moving average, so you’ll have to look at the trend.

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If you want a good deal, be prepared to act quickly

By Administrator · Comments (0)
Thursday, July 30th, 2009

I work with some investors looking for high-end homes in Buckhead. There are some really good deals on premium, builder spec homes in Buckhead. There are also come great foreclosure deals. Frankly it’s because in the current market, few investors can secure financing on upper-level homes, so buying competition has been reduced. Every once in a while I’ll see a home come on the market that I just know will go under contract quickly. I sent emails stating that both of the following properties were great deals early last week. This week they both went under contract. In fairness to my investors, the properties didn’t match their needs.

It shows that the market can still sense a good investment, and if you want a good deal, be prepared to act quickly. Read More→

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Categories : Atlanta GA Foreclosure, Atlanta Homes Sale
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Atlanta Cost of Living Calculator

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Saturday, July 11th, 2009

When I work with people transferring to Atlanta from out-of-town; differences in the cost of living seems to be a popular conversation. I’ve found this to be a nifty calculator, letting you know how far your salary will go in Atlanta.

If you’re moving from somewhere with a lower cost of living, hopefully you haven’t negotiated your new salary terms yet, or have negotiated a raise. Here is the Money magazine cost of living calculator.

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Categories : Atlanta Homes Sale
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Home Inventory for July 9, 2009

By Administrator · Comments (0)
Thursday, July 9th, 2009

Here are some metro Atlanta real estate inventory numbers as of today:

Buckhead Homes
$500,000 – $1,000,000 – 1 year and 10 months of inventory
351 currently active, 193 sold in last 12 months

$1,000,000 – $3,000,000 – 2 years and 6 months of inventory
312 currently active, 125 sold in last 12 months

$3,000,000 and above – 7 years and 8 months of inventory
84 currently active, 11 sold in last 12 months

Buckhead Condos and Townhomes
Under $500,000 – 1 year and 5 months of inventory
792 currently active, 553 sold in last 12 months

$500,000 – $1,000,000 – 4 years and 8 months of inventory
176 currently active, 38 sold in last 12 months

$1,000,000 and above – 6 years and 11 months of inventory
90 currently active, 13 sold in last 12 months

Sandy Springs Homes
$500,000 – $1,000,000 – 2 years and 8 months of inventory
100 currently active, 37 sold in last 12 months

$1,000,000 – $3,000,000 – 3 years and 3 months of inventory
29 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 4 months of inventory
75 currently active, 55 sold in last 12 months

$1,000,000 and above – 2 years and 2 months of inventory
11 currently active, 5 sold in last 12 months

You can look at the June 29th inventory for a comparison. Keep in mind, my inventory numbers are basically a moving average, so you’ll have to look at the trend.

I’ll post a spreadsheet of the trend in the next day or two.

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Categories : Atlanta Homes Sale
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Unique Atlanta Home Search Solution

By Administrator · Comments (0)
Friday, July 3rd, 2009

As I’ve mentioned before, I have some search solutions, on my website, for metro Atlanta real estate.

Given the radically changing web landscape and the massive increase in Atlanta and Buckhead home buyers turning to the Internet, I decided to purchase an application to serve the needs of propsective home buyers.
Read More→

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