Sellers Archives

Atlanta GA Condo Market Report September 2014

October 20, 2014 by Thom Abbott

Atlanta Condo Prices Rise 23 Percent — Midtown Atlanta Skyline

As the heat from the Hotlanta summer rides off into the sunset, and the leaves begin to fall, we also see some changes in the Atlanta GA Condo Market Report for September, 2014. While New Listings and Closed Sales were up slightly, condos going Under Contract (New Pendings) was down from August! There are still Buyers in the market place, but they may not be finding what they are looking for due to the overall limited, lower inventory of condominiums in Atlanta.

Keep in mind, there is currently no new condominium construction to speak of in the Metro Atlanta area. Those that ARE moving forward seem to be at a much higher price point. (Seventh Midtown comes to mind with starting prices at $739,000!)

Also, this is a Metro Atlanta wide report for the Atlanta GA Condo Market! In the coming days, you will see detailed Market Reports for the select 21 condominium buildings we track in Midtown Atlanta. If you have specific questions about the market, you can:

Call me directly at 770.713.1505. I’d be happy to discuss the market for your particular building.
Request a Home Value Market Report HERE. (Please provide your name, email and phone number when doing so. It takes our team waaaaaay longer to complete a report without this information because we have no way to get it to you!)

But the Listing Has Your Name On It!

October 14, 2014 by Thom Abbott

Daily, we get calls from potential home buyers and renters who have found a listing here at MyMidtownMojo.com. We may get asked a question about that listing that we don’t know, and will reply, “That is not our listing, but we can get the info for you.”

And then the next question or statement is…

But the Listing Has Your Name On It!

I have to often remind myself that the real estate consumer may not know, or understand how real estate information (in this case listings of homes For Sale or Rent) gets on the Internet, and more importantly, on MyMidtownMojo.com

Simply put, most all real estate brokers agree to share listings through a process called IDX (Internet Data Exchange). This means that when John lists his home with MainStreet Realty, he is agreeing to have that listing be available to be shown to all other brokers. First, as agents, we see it directly in the MSL (multiple listing service) to which we subscribe. But from there, is where the IDX portion kicks in, and that listing can then been seen virtually on hundreds of websites.

All of this is a good thing for BOTH the Seller and the Buyer. First, the Seller is getting exposure of their home or condo worldwide. A potential home buyer from Los Angeles looking to relocate to Atlanta can look at all the homes available in Atlanta right here at MyMidtownMojo.com without having to look a countless other sites. Of course the same is true for any other real estate website. For the home Buyer, as I just suggested, they can see all of the available homes in the Atlanta area.

How does this look? First, here is a screen capture of a listing as viewed here on our site.

The orange arrow indicates that you would “scroll down” the listing to view the additional details about this particular listing. At the bottom, you will find this…

So while the potential buyer is interested in this listing, it is being provided by the named brokerage.

This is why you will most often find a real estate agent asking you “Are you currently working with a real estate agent or have a relationship (brokerage agreement) with an agent?” Why do we ask?

If you just found the above referenced listing on our site, and called me, I would want to know that I could represent you as the BUYER of this listing as I’m not the actual LISTING AGENT as indicated at the bottom of the listing. If you already are working with an agent, we would respect that relationship and direct you back to your agent to get the answer to your questions.

As you look at various listings here at MyMidtownMojo.com, it is our goal to provide you with the most complete information about the Midtown Atlanta area, which is our primary focus. So as you find listings for the various buildings, we have pages here on our site that will give you more information about that particular building.

The listing has our name on it and we would be happy to assist you in viewing that home, or any others you may find! Just let us know!

Giving Agents Access to Your Condo

September 26, 2014 by Thom Abbott

Blog posts are most often the result of personal experience. As a real estate broker, we see it all.

And sometimes we don’t.

When I list Midtown Atlanta Condos for sale, there is a place in the listing where you can list the owner’s name. This might be done if they personally want to schedule showings, vs. the agent taking those calls. On ALL of my listings, this field says….“CALL THE LISTING AGENT.” So what’s the big deal?

When selling your condo, a Buyer is looking at the whole package…meaning ALL that the building has to offer. What are the amenities I will enjoy if I live here? Pool? Fitness Center? Concierge? Garage Parking? The list can go on. So when that Buyer’s agent calls ME to schedule a showing of your home, I’m able to point out features that the Buyer’s agent might miss if they are not familiar with the building. (GASP….that happens?) More than you would ever want to know.

Two examples:

I currently have a listing in a condo community that has FOUR different buildings. But the address of the community is really one building. So if the Buyer’s agent has now shown in the community, they may end up wandering around (with that potential Buyer in tow) trying to find the condo they are looking for. Not to mention the amenities (fitness center and movie theater) are in a different building. So, I make sure they know where to go, and how to access all these areas. See, I want to sell your condo and do all I can to make that happen.

Yesterday, I showed a condo to a Buyer. It was the type of community where you had to call the agent from the callbox to get access to the community. Here I am at the call box, and no answer. (Agent later tells me they were showing property to OTHER Buyers and could not answer the phone! Nice!) Luckily, I was able to go to the management office and by leaving identification, was able to get an access card. This was good on two counts. One, the listing instructions were not at all clear as to which building the condo was in (Sound familiar?) Secondly, by having the access card that I would not have had otherwise, I was able to show my Buyer amenities that we would not have seen. An amazing Zen Garden…we were both ready to sit down and enjoy a glass of wine….the beach pool, club room, fitness center. None of these items were listed on the listing, nor were there any showing instructions to get to any of these. Here’s a couple photos of what we would have missed!

Are you giving agents access to your condo?

If it’s a unique building, let’s hope your listing agent IS familiar with it and can SELL it to me, so I in turn can SELL it to my Buyer by showing them everything your community (building) has to offer.

Some food for thought as you search out your listing agent for your Midtown Atlanta Condo.

Are you considering making a move? I’d be happy to meet with you and talk about how to get your home marketing (and showings) headed in the right direction.

Is The Metro Atlanta Home Inventory That Low?

August 20, 2014 by Thom Abbott

Let’s face it, real estate kind of makes the world go around. After all, it was the real estate bubble that sent the entire economy into a tail spin. And it is the rise of the housing market that will also help move the economy forward.

Just think, as more homes, condos (or in the Midtown Atlanta case….apartments!) are built, we will need more carpet, sheetrock, cabinets, light fixtures, concrete, pool chairs….the list goes on and on.

Is The Metro Atlanta Home Inventory That Low?

But as a real estate broker, I’m often asked about the inventory of homes for sale. I always, always first answer that question with the statement that real estate is local, local, local or as you may have heard, location, location, location. What that means is what is happening in Midtown Atlanta does NOT mirror what may be happening in Gwinnett County or Alpharetta.

But the recent Case-Shiller Report for Atlanta shows just how low our inventory is! Again, keep in mind this is for the Metro Atlanta area, NOT just Midtown Atlanta!

What does this mean? Well, if you are shopping for a home or condo in the $100-200,000 price range, there is some really limited inventory to choose from. If you are shopping at $500,000 and above, you might find a few more options to choose from.

And some Sellers are reluctant to place their home on the market for the very reasons above. “Will be we able to find a place that we like with such limited inventory?” “If our home goes Under Contract quickly, will we have time to find something?”

Hence, it becomes the Seller’s market, because of this low inventory, many homes go Under Contract immediately (or within a couple days) and multiple offers is not uncommon!

Yes, the Metro Atlanta home inventory For Sale IS that low!

Do You Look at Your OWN For Sale Listing?

July 16, 2014 by Thom Abbott

That seems like a pretty obvious question, right? But do you?

Do You Look at Your OWN Listing?

You are selling the single biggest asset you own. (Most likely anyways!)

You did your homework, and found agents on-line. Or maybe it was a recommendation from someone in the office. Or your gym. Nothing wrong with a referral if your friend was happy with them, right?

You (hopefully) met with at least a couple of them before you made your decision. The presented you a marketing plan, showed you some of their past sales and you said “Let’s Do This!”

But once you’ve signed your Listing Agreement, and the marketing of your home or condo begins, how much do you follow up on what your agent is doing? Or supposed to be doing?

The primary place your home or condo will be marketed is….well….where you are right this very moment. On the Internet. On your laptop, phone or tablet. This is most likely where it will be seen first. So, have you looked at your own listing to SEE how it is being marketed?

Many agents hire professional photographers to do the photographs for listings, and many do not. It’s not to say they HAVE to have a professional so this, if they know what they are doing. But do they? They may be very well versed in photography. And have the right equipment. I personally have a DSLR camera with a wide-angle lens (a MUST if you are trying to photograph a condo!) and my iPhone. Hey, you may think an iPhone is not professional, but you tell me.

Which one of these photos I took was taken with the DSLR and which with my iPhone? Point being, both clear, crisp photos that would look great in the marketing of your Midtown Atlanta condo, especially Viewpoint Midtown, the building on the right.

But I am totally amazed at the photos I find on listings! These photos are being used by the Seller’s agent to market their home!!!

The left is a very blurry bathroom I found just this morning….the middle….a CAT? And the right….do the jeans and the guys come with the condo?

Do You Look at Your OWN For Sale Listing?

If not, maybe you should. And if your photos look like these three or the upside-down bar stools at the top, you better be asking your agent for some new photos. Or maybe be looking for a new agent.

Do You Know If Your HOA is Healthy?

June 25, 2014 by Thom Abbott

Healthy? What?

Do I have to get a doctor for my Homeowners Association? Well the answer to that is….maybe.

So what exactly do I mean by “Do You Know If Your HOA is Healthy?”

Let’s approach this from the perspective that you own a condo and are going to place it on the market For Sale. You probably never even give it a second thought as to what is currently happening with your homeowner’s association (HOA). Well, there are several things that can be going on, be they immediate, or long term that could dramatically affect the ability of a BUYER for your condo to get a mortgage. Let’s look at a few examples which seem to happen often.

Rentals Exceed Condo Docs or Lender Allowance — Now this one will vary from lender to lender as to how they address this situation. But, most likely, your condo (or townhome) community has a limit as to the number of rental homes they can have at any given time. This is usually outlined in your Declaration of Condominium under Leasing Guidelines. While most HOA’s manage this very well, it can be a problem. If there are to many rentals in your building, a Buyer may not be able to obtain a mortgage as the lender will consider the community “unstable” with not enough owner occupied homes. Might be a question to ask your HOA Manager before you list your home!

Delinquent HOA Fees — You may your monthly HOA fees on time…every month. So does everyone else, right? WRONG! And this is another issue that can affect a Buyer getting a mortgage in your building. If the HOA is not tight on collecting HOA fees, and there are to many homes that are delinquent in their payment, the lender may not approve the HOA. Many Midtown Atlanta condo buildings are able to control this by limiting, or even denying access to the limited common elements of the building, for which your HOA fee is used. But if not managed, it can be another obstacle for a Buyer and they may not get a loan to purchase your home. Might be a question to ask your HOA Manager before you list your home!

Percentage of Retail to Residential Space or Square Footage — If you live in a larger building with many homes, this most likely will not be an issue. In fact, it only came up once for me in a smaller building in Downtown Atlanta. The lender looked at the percentage of the building that was commercial vs. residential, and it took some brow-beating and phone calls to get the HOA and building approved so my Buyer could close on the condo!

Money In Reserves — The HOA must allocate a certain amount of your monthly HOA fee to go to the Reserve Fund. This money is held “in reserve” for future maintenance and repairs to the common areas of the building…everything from the pool table to the pool furniture needs to have an estimate life, and when it will be replaced. Most HOAs conduct a Reserve Study to make sure they have adequate funds, and are planning for the future. Again, most recently a small building (just 18 homes) had money in reserve, but their current year budget did NOT have ANY money going to reserves. Probably more of an accounting mistake…maybe, but it did require an emergency Board Meeting to produce a new budget and allocate money into the reserves for the lender to approve the HOA.

Special Assessments or Pending Special Assessments — Again, this can vary based on what the need for the special assessment is. But of concern can be how the assessment is being paid by residents and the amount of it. Some lenders again consider and HOA may be unstable if they are having to pass a large special assessment.

These are just a few of the HOA “land mines” that can be uncovered AFTER your home is Under Contract and the Buyer’s lender is working on the Underwriting portion of their loan. These could be some good questions to ask your HOA manager BEFORE you list your Midtown Atlanta condo For Sale.

But the Listing Has Your Name On It!

And sometimes we don’t.

Is The Metro Atlanta Home Inventory That Low?

Do You Look at Your OWN Listing?

Do You Look at Your OWN For Sale Listing?

HomeSmart