Unique Buyer Incentives at Buckhead's Terminus
When I first read that the new Terminus condos in Buckhead were offering buyer incentives, I almost skipped the article. The idea of reading about another condo complex offering $5,000 in upgrades seemed redundant to me. Since I live two blocks from the Buckhead buildings and have always been impressed with Cousins Properties, I decided to read the article. What they have decided to offer, for their upscale Buckhead condos, is unprecedented in the Atlanta condo market. Guaranteeing the value of the condos for the first three years. Buyers can walk away, during that timeframe, without any...
Read MoreThe phase-out of the mortgage interest deduction
It’s amazing what a really bad idea phasing-out the mortgage interest deduction is in light of the current real estate market. It seems as if the current administration is a bit contradictory when trying to stabilize the housing market and pull the rug out from the mortgage industry at the same time. If this idea is implemented, it will have a negative effect on the Buckhead real estate market. The NAR had some great insights into what a bad idea the phase-out of the mortgage deduction is. “Though the added tax burden is only for the top income households, the unintended impact...
Read MoreAtlanta Pre-Foreclosures and Auctions
According to a survey by the Mortgage Bankers Association, one in eight Georgia mortgage holders were in pre-foreclosure in the fourth quarter of 2008. While most of the foreclosures are happening on the south side of Atlanta, there are still some great deals in Buckhead and north Atlanta. You can get limited access to a website that I subscribe to through the Atlanta Journal Constitution. It’s called EquityDepot, and it provides pre-foreclosure information on Metro Atlanta homes. I’ve written about short sales and pre-foreclosures on my website. The AJC also has a great...
Read MoreShould you ask for closing costs?
I’m asked by a lot of buyers about closing costs and whether it’s something to ask for in the offer. First, closing costs should not be treated as a magic rebate coupon that gives you an instant discount on the purchase price of the home. If you request closing costs then you’ll pay for them in the purchase price of the home. Sometimes you have an “expert” friend that reminds you to “make sure you get the closing costs covered.” That friend will also take great joy in telling you, after your binding agreement date, how you missed out on the magic...
Read MoreGeorgia Home Buyer’s Closing Cost Calculator
Here is a very rudimentary spreadsheet I developed for calculating the buyer’s closing costs. I cannot stress enough that you need to speak with a mortgage professional for a more accurate estimate of closing costs. When using the spreadsheet, feel free to make any changes, although the green numbers are the ones you’ll most likely change. If you make a mistake, just hit “refresh” on your browser and the spreadsheet will reset. Again, the costs in the spreadsheet can vary widely. The 1% loan origination fee is a general estimate. Your mortgage company might have...
Read MoreLack of jumbo mortgages could be hurting Buckhead.
I read an interesting article in the Wall Street Journal this morning regarding the difficulty of securing loans over $417,000. Since the average selling price for a residential home in Buckhead is around $650,000 that really places us in a bind. As a matter of fact, there are few Buckhead properties selling for less than $500,000; Buckhead Forest, Peachtree Hills and Peachtree Park are the main neighborhoods that come to my mind. The current “stimulus” bill will not help the Buckhead market. Hopefully, liquidity will be increased for all types of mortgages, not exclusively...
Read More
Listings identified with the FMLS IDX logo come from FMLS, are held by brokerage firms other than the owner of this website and the listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. © 2012 First Multiple Listing Service, Inc.