Sellers Archives

Midtown Atlanta Market Report January-October, 2011

November 13, 2011 by Thom Abbott

Nowdays, most people know the real estate market is in tough shape. But, real estate is still a very local topic. And when I say local, what is happening in the Metro Atlanta area vs. the Midtown Atlanta Market can be vastly different. And when I review the sales for the Midtown Atlanta area, the numbers will appear different than reported by Smart Numbers, the data company that tracks Atlanta real estate trends.

My report covers a specific area, as the map below shows:

Here is what the sales have been in the Midtown Atlanta Market area for January-October, 2011:

The year started off slowly, picked up steam in July, cooled a bit for August, jumped up in September, and has been back down for September and October.

And here is the Average Sales Price in the Midtown Atlanta Market area for January-October, 2011.

The January high is partially cause by a couple high-end sales that closed that month. An average of $182,350 seems to be a bit more in line.

Keep in mind, monthly numbers can be looked at and reported in so many different ways. If one month, say September as an example, has a big drop, it just shows that buyers picked up more of the lower priced condominiums that were on the market. October shows a jump back up to more consist prices with the rest of the year.

Overall, inventory is down in Midtown Atlanta Condominiums. Buildings that have had 20 and 30 homes for sale, now might have just 10 or 12 listings. As a Buyer of a Midtown Atlanta Condominium, that can be challenging for you. Not much to choose from. So, if a condo is priced right and not a short sale, it has the potential to sell quickly.

On the flip side, if you are considering placing your home on the market, you need to price it right. If done so, it should sell quickly, despite a more limited number of buyers in the marketplace right now. Overprice it…and it will sit.

Currently, the only new inventory available (with some minor exceptions) is 1010 Midtown and The Atlantic Residences. So a Buyer looking for brand new does not have much in the way of options. And with no new construction on the horizon, this should help the resale values climb in the coming months.

Thom Abbott Midtown Atlanta For More Information on how we can best serve your Midtown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

We specialize in Condominium homes in Midtown Atlanta and other In Town areas of Atlanta. If you are planning to Buy or Sell real estate, let us help you explore all the possibilities available to you and help you find just the right home you will LOVE!

For a Quick Look at Midtown Atlanta Condominiums:

Midtown Atlanta High Rise Condominiums

Midtown Atlanta Mid Rise Condominiums

Perhaps you are interested in Historic Midtown? Take a look at Homes For Sale In Historic Midtown Atlanta

Do You Understand Your Relationship with A/Your Realtor

August 13, 2011 by Thom Abbott

Do You Understand Your Relationship with Your REALTOR Some great points about the relationships we have with our Buyers and Sellers.

I often use the line when I’m having my Brokerage Agreement signed by a Buyer, “Ok, now it’s like we are married so don’t go cheating on me now.” It gets a laugh, but puts the relationship in perspective for them.

Via David Monsour (Prudential Bob Yost – Sites):

I’m going to go out on a limb here and say that about 80% of people have no idea how Realtors get paid, or how Real Estate relationships work. My goal is to clear that up so that your Realtor doesn’t have to deal with constant frustration. This blog isn’t designed to complain or make you, the consumer, feel stupid, but to educate you about the process.

First – BUYERS -Realtors do not receive salaries, we get paid based on commission only. This means that if you don’t buy something, we don’t get paid. Let me elaborate on this. We spend a lot of time and gas to show properties. This money comes out of our pockets. Don’t abuse your Realtor. Our job is to serve you, and do everything we can to help you find what you’re looking for, we just ask that you respect our time and money like we do yours.

Second – Sellers – Realtors do not receive salaries, we get paid on commission only. This means that if your house doesn’t sell we don’t get paid. The advertising for your house, the gas, the time, the open houses (and those cute sandwiches), those pretty packets we print out are all paid for on our dime until your house sells. Advertising is expensive (call your local paper for and ask…I think I heard you jaw hit the ground). Sellers, Listen, list your house at the price we give you, we know you want more money, but the prices aren’t set by the Realtor or the seller. Prices are set by the other properties that sold. We don’t price your house low because we don’t like you, we price it where we know it will SELL. If selling isn’t your goal, then call a Realtor that likes wasting money and time (none of them).

Relationships 101

This section is primarily dedicated to buyers. It’s much harder for Sellers to have an affair with another Realtor. The house is listed. It has your name on a sign out front so there is little risk the seller will go behind your back. We’ve heard horror stories but it isn’t the norm. Sellers also tend to choose their Realtor from past experience so they have a background information about how this person conducts business.

Buyers, you drive us up the wall. It isn’t your fault, it’s just that society in general doesn’t understand real estate relationships. When you start working with a Realtor they start dedicating time to providing a service to you. In an ideal world a buyer should only establish this relationship with one Realtor and they should choose that person carefully. The fundamental flaw in this process is that a lot of buyers call the office from a sign or book and can, without warning, get the worst Realtor god every put on earth.

While we’d like to say that our profession is perfect, that would be complete BS. There are good and bad Realtors just like there are good and bad doctors, lawyers, and used car salespeople.

Buyers we get upset when..we work hard, show you 10 properties, then you leave us to go look at properties with another Realtor. If you end up buying with that other Realtor you wasted all of our time. We don’t get the time back or the money. Again we ask that you respect us the way we respect you. If you were a plumber and I had you out 10 different times to give me estimates but never had you do any work (you never get paid) would you be happy?

Friends – Don’t call us when you have another Realtor list your house to tell us that you put it on the market and since we are in the business we should sell it. TOO LATE, you should have called us to list the property so that we could represent you and work toward selling the property. If you list with someone else and we have a buyer great, but if not we will simply wish you good luck. Typically this ends in a “good luck” and a Realtor kicking himself because his friends don’t understand the process.

I hope this helps the everyday person understand how things work in the real estate world. There are so many more examples, but this should provide a basic understanding of how we operate and how we get paid. Contrary to popular opinion we work very hard for our money and spend a lot of money doing our jobs. It costs money to do everything we do, and our companies do not pay for any of it.

David Monsour, Realtor with Prudential Bob Yost – Sites Homesale

Buying, Selling, or know someone that is? Call me I’d love to help.

Cell 717-319-3408

Sales of condos, townhomes bounce back | Atlanta INtown Paper

June 2, 2011 by Thom Abbott

Believe it or not, when you look at the current inventory available in Midtown Atlanta, there is not as many options as you might think. The market does have short sales and foreclosure options but some of the most popular buildings do not have a high inventory of homes for sale. ~~~ Thom Abbott

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Sales of condos, townhomes bounce back

Submitted by collin on Wednesday, 1 June 2011No Comment

By Shandra Hill Smith

Today’s real estate market is shaping up to be a robust one when it comes to sales of condominiums, townhomes and lofts, according to housing professionals.

“We’ve seen a pick–up in traffic at all of our sites, with lots of contract activity,” says Vic Miller, senior vice president of sales/managing broker, The Marketing Directors, LLC (www.themarketingdirectorsinc.com) in Atlanta. “We’re also seeing more buyers able to sell their existing homes and make their move into a new condo, townhome or loft.”

One of The Marketing Directors’ current projects includes a new gated townhome community, Brownstones at Edgewood (www.atlbrownstones.com). The three- and four-bedroom townhomes in the heart of Edgewood feature private two-car garages. As of last month, 18 live/work options were available starting at $199,900.

The townhomes feature expansive living areas with hardwood floors, gourmet kitchens with granite countertops and appliance packages, fireplaces, contemporary light fixtures, spa baths with Jacuzzi tubs and tiled showers and spacious decks with a select number of rooftop terraces.

Just steps from Piedmont Park, Ansley Parkside (ansleyparkside.com) came under new ownership in April and by May had one townhome under contract, with 40 available. Located on Monroe Drive across from the Morningside/Ansley Park neighborhood, the community of three-bedroom, three-and-a-half bath brownstones is convenient to dining and entertainment.

“Buyers are looking to simplify their lives and be centered in a more walkable lifestyle,” says Irene Hall, vice president, marketing for Evolv (evolvre.com), which represents Ansley Parkside. “Intown is still an attractive place for young professionals and those trying to downsize or simplify.”

Ansley Parkside offers two floorplans: the Monroe and the Piedmont. Both have three bedrooms, designer finishes throughout, hardwood floors, gourmet kitchens with granite countertops and a two-car garage. An outdoor pool is slated to open in July. Special financing is available, with prices starting in the $370s.

Sales have been strong at both The Park at East Paces (parkeastpaces.com) and The Stacks at Fulton Cotton Mill, reports Leslie Williamson of Coldwell Banker NRT Development Advisors, which handles sales and marketing for the properties. Just last month, The Park at East Paces had five of 81 homes remaining, while The Stacks at Fulton Cotton Mill (stackslofts.com) was more than 50 percent sold (with 134 homes total in phase two sales).

Located on East Paces Circle at the intersection of Roxboro Road and East Paces Ferry Road in Buckhead, The Park at East Paces offers one- , two- and three-bedroom floor plans, from the $170s to the $320s. Features at The Park at East Paces include elevators to each floor, custom open kitchens, granite counter tops, tile or natural stone back splashes, hardwood floors, garden tubs and separate showers, private balconies and a fitness center.

Floorplans at The Stacks at Fulton Cotton Mill – originally the Fulton Bag & Cotton Mill built in 1881– include one bedrooms, from the $130s, and two bedrooms from the $170s. Minutes from Freedom Park and shopping and dining, the New York-style loft homes, at 170 Boulevard in Atlanta, offer skyline and courtyard views and controlled access entry and parking.

Other features at the pet-friendly property include: loft-style ceilings with exposed wood timbers, European-style vanities and kitchens, quartz countertops in kitchens and baths, concrete floors and a stainless steel appliance package (gas stove, refrigerator, microwave, dishwasher).

Almost as plentiful as the amenities are the number of options on the market today in condos, town homes and lofts – with low interest rates proving just as appealing.

As Williamson points out, “while the past several years have been challenging for real estate, now is a smart time to buy” thanks to those low rates.

“Home ownership is still important to the consumer and is considered a lifestyle investment,” adds Williamson. “With condo, town home, and loft communities that offer a value proposition (competitive price, lifestyle, location) sales are occurring.”

via atlantaintownpaper.com

Short Sales are the Answer

March 11, 2011 by Thom Abbott

Phillip really hits the nail on the head with regards to banks needing to change they way they do business. Hello? Have we brokers not changed how we do business (i.e. Internet, etc)

Banks would do well to look at their process and make some serious changes….or at least we can wish, right?

Thanks Phillip!

Via J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY:

I am going to bang a drum I have been banging since the sub prime crisis in 2007 began to erode the equity of so many people, and it is simple: if the housing market is going to recover, we have to have to do better than a 20th century solution to our 21st century problem. We are facing the largest liquidation of property in the history of the republic, yet banks are doing nothing differently to dispense with their toxic assets than they were in the 1930’s, which is to foreclose, repossess, and dump.

I would strongly assert, having worked with default properties a chunk of my career, that short sales are the answer to restoring the market to equilibrium and recovery, and yet lenders still have to be dragged kicking and screaming to the closing table when they ironically net far less after far longer on the REO side, where they are suddenly in a ridiculous hurry.

The advantages are enormous:

In a short sale, the bank doesn’t have to take 1-2 years to repossess the home. They avoid having a non-performing asset any longer than they have to. They get their money faster.

In a short sale, there are no legal fees associated with a foreclosure. They save money.

In a short sale, the bank does not have to manage the property, put the utilities in their name, or winterize the property except in rare cases. No preservation company expenses, property management overhead, winterizations or utility costs. They save carrying costs.

No evictions. Short sales are seldom boarded up, vandalized, or vacant. They therefore net the lender more money.

No sheriffs deeds, no right of redemption headaches.

No title ambiguities, which is a big concern in the wake of the foreclosure moratorium.

The short sales help the borrowers as well, because they are able to dispense with the property with dignity, avoid the credit catastrophe of a foreclosure, and re-enter the pool of buyers far sooner and with less shell shock and trauma the rest of their lives.

Sadly, the architecture of lenders is still that of 15, 25 and 50 years ago: None of the brighter bulbs work in liquidation or loss mitigation, and the staff on the REO side is the only part of their workforce motivated to sell and close. That is fine when foreclosures and distress are rare and relegated to deadbeats, but the USA didn’t become a nation of deadbeats in the last 18 months, we had our bank accounts raided. We lost our jobs. We lost our equity. And folks deserve better than hourly grunts who lose faxes, watch clocks, and treat red tape like a badge of honor.

Moreover, the American people deserve executives who can show a modicum of remorse or contrition for their royal screw up, are willing to change their corporate culture to adapt to the need for more short sales in a shorter time frame, and, maybe, just maybe, stop referring to the property in abstract terms like “assets” when they should instead understand that these are their lifeblood customers, and the “asset” is that lifeblood’s home.

It is a shame that there is no political will on either side of the isle to hold lenders feet to the fire to affect meaningful change, and defaulted homeowners must contend with a mad race to work a miracle with an uncaring, unresponsive monolithic entity before that monster forecloses, repossesses their home, wrecks their credit and crushes their dreams. This is not progress.

We Are Westchester County & Hudson Valley NY Real Estate. Reach Phil at (914) 723-8900.

J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. Vice President, Empire Access Multiple Listing Service.

I am one of New York’s premier short sale REALTORS, serving Westchester & the Hudson Valley.

J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.

Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent.

I am hiring agents. We offer outstanding support, marketing resources, and pasta.

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

Give Buyers and Their Agents The Time and Space They Need

May 11, 2010 by Thom Abbott

Dear Mr. & Mrs. Seller:

You’ve entrusted us with the responsibility of selling your home. Part of that responsibility is to get prospective Buyers into your home….WITHOUT you there!

Take a walk, take a drive, take a hike….but leave the showing to the Agent!

Great advise Leesa!

Via Leesa L. Finley -Wake Forest NC REALTOR® Wake Forest NC & Raleigh NC Real Estate (Circa Properties – Your Wake Forest NC Homes Specialist):

Give Buyers and Their Agents The Time and Space They Need

It can be tempting when your home is listed to stick around while it is being shown to buyers so you be sure all the finer details are pointed out but, honestly? It is the worst decision you can make and for many different reasons.

First, your listing agent has more than likely done a fantastic job in advertising and marketing your property. It’s obvious they have or why else would you have buyers interested in seeing your home. If you question the job that they are doing then why are you still listed with them?

Secondly, the agent that is showing your home has already received all the information they need from your agent and other various sources such as tax records and public resources. They will know what to point out to their buyers.

But, most importantly, the buyers and their agent need privacy while previewing your home so that they can openly make observations about your home, compare it to other homes that they have seen and they need to feel comfortable opening closet doors, cabinets, etc. They need to freely be able to take their time in previewing your home to explore ALL areas of your home. Your home is YOUR home and what is important to you may not be important to the next buyer. They aren’t YOU. They have their own wants and needs and at this point have already found something interesting about your home of they wouldn’t be there in the first place.

The worst thing that can happen during a showing is to have a seller follow on the heels of a buyer and their agent watching their every move and incessantly trying to “sell” their home. A buyer will feel nothing but pressure and most definitely be put off. They have hired an agent to represent them in the search and purchase of their home – THAT is who they trust. While YOU as a buyer may feel there are special details in your home keep in mind that they may be only important to you. You are the one with the emotional attachment to your home and you simply can not transfer that emotion to the buyer.

So, please remember, when your home is being shown it is best to simply leave. Give the buyer and their agent some room to breathe and “experience” the home. Trust that your agent will follow up with the buyers agent to discuss any questions there may be or to seek valuable feedback.

Whether you are buying or selling Real Estate in Wake Forest NC it just makes sense to use a Realtor® that knows the area! I live here, work here and play here – I call Wake Forest NC home! For more information regarding homes for sale in Wake Forest NC be sure to visit my websites:

Leesa Finley– Homes for Sale in Wake Forest NC, Wake Forest NC schools, restaurants, shops, entertainment and MORE….

Wake Forest NC House Chick – My company website with information for the entire Raleigh NC area including Cary, Apex, Garner, Franklinton, Youngsville, Holly Springs and MORE….

I AM your Wake Forest NC Real Estate Agent of Choice……

Don’t forget to check out Discover Wake Forest NC for all the latest new listings in Wake Forest, Home Buyers and Home Sellers Tips and the most up to date calendar of events in Wake Forest NC!

Sales of condos, townhomes bounce back

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