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Chamblee Signal -Official Newsletter of Chamblee, GA May June 2019

May 26, 2019 by Thom Abbott

Chamblee is a great community located along the Gold line of MARTA, North and slightly East of Midtown Atlanta. Once upon a time it was a sleepy town with it’s main street an example of what it was…Peachtree Industrial Blvd. But times have changed, and the Chamblee Signal -Official Newsletter of Chamblee is a great city publication about what’s happening in the city.

Here are the highlights of the May-June, 2019 issue:

Community Involvement in Comp Plan

A Comprehensive Plan is one of the most important documents any city can have in place. It’s the “road map” of where the city is headed in the future….the “vision” if you will. The first round of meetings referenced in the Signal happened earlier this month. You can learn more about the upcoming meetings and this process at OneChamblee.com

Facade Grant Program

Started by the Chamblee Downtown Development Authority (DDA) five years ago, this program is instrumental to the revitalizing and redevelopment of the Downtown Chamblee area. You can learn more about the DDA at DowntownChamblee.com

2019 National Wiffle Championship

Ahhhh…..don’t really know what to say. Best read the Signal, and you will find a link to it below.

PDK – A Hub for Business

Indeed, the SECOND busiest airport in GEORGIA sits right in Chamblee….Dekalb_peachtree, also known as PDK. While the airport primarily serves private aircraft, Ultimate Air Shuttle provides scheduled passenger service to Cleveland, Ohio and Charlotte, NC.

Chamblee Dining on the Rise

Along with the new apartment buildings and Peachtree Station Shopping Center comes more dining options. From Bad Daddy’s Burgers to Chronic Tacos, Gu’s Kitchen, La Garde, The Alden and more….residents and visitors alike have many new dining options, and more will certainly follow as the Downtown area redevelops and the new apartment buildings open up.

For all the stories in the Chamblee Signal -Official Newsletter of Chamblee, GA May June 2019, CLICK HERE!

If you are looking to purchase a new or existing home in Chamblee, give us a call at 770.713.1505. We’d be delighted to show you all the neighborhoods and various living options available to you! Or you can contact us here!

What Is Mortgage Insurance?

May 6, 2019 by Thom Abbott

As you look to purchase your new home, you are going to see one of the costs of borrowing money will be mortgage insurance, or private mortgage insurance (PMI) Most likely, this will occur due to your amount of down payment and the interest rate on your mortgage. Let’s take a look.

Benefits of Mortgage Insurance

Flexible premium payment options (your lender may have numerous options available)
Premium Payments are temporary – PMI can be cancelled once your home reaches an 80% loan to value ratio
Ability to buy your home sooner with as little as 3% down payment (this will depend on other factors)

FAQ’s about Mortgage Insurance

How much does PM cost?

The amount will vary based on your loan terms. You need less PMI with 15% down payment than you do with a 3% down payment. And it depends on the type of mortgage and other factors. Your TEAM Lender can provide you with specific payment amounts.

Won’t PMI Increase my mortgage payment?

While there is an added cost to PMI, it’s a small percentage of your overall mortgage payment. Most of it will be determined by your interest rate, and the loan amount.

Do I pay PMI for the entire time I have a Mortgage?

Thankfully, no! YOu can request to have PMI removed from your mortgage when your loan balance hits 80% of your original appraised value. Additionally, the FHPA (Federal Homeowners Protection Act) requires that mortgage insurance be automatically cancelled when your balance reaches 78%. This law may or may not apply to your mortgage….and you will want to discuss this with your lender.

At your closing (we like to call it a Celebration!) your lender must provide you with information about the mortgage insurance on the loan, and the conditions when you can cancel it. Furthermore, each year after you close, your lender must send you a reminder about PMI and that you can make that cancellation request once the conditions have been met.

Why do Lenders need Protection?

One need not look any further than the housing crash for this answer! But, to be more specific, it protects your mortgage company or bank if you are unable to continue making mortgage payments.

Studies have shown that homeowners with less than 20% invested in a home are more likely to default. It makes a loan with a lower down payment a higher risk. This should not be read that ALL home buyers with less than 20% are going to be a problem!! But you know how statistics work……not always in your favor. And you should not let this deter you from buying a home. MANY buyers buy with less than 20% as a down payment.

How Do I Pay PMI?

It is usually a part of your monthly payment, but can be paid in a single premium and financed as part of your mortgage. Again, your TEAM Lender can answer these questions, based on your specific situation.

The Consumer Financial Protection Bureau has more information about Mortgage Insurance HERE.

And one of our TEAM Lenders, Movement Mortgage has a great article HERE.

Every Buyer and their situation, and every mortgage can be different. This is why we strongly encourage you to meet with a lender early on in your home search process to know what your specific situation is. Your lender can look at numerous options for you, and even suggest ways to lower these amounts.

We always say that it is OUR job to help you find the right home at the best possible price and terms, but it is your LENDER that helps you pay for it.

NEW! Fulton County Homestead Exemption

March 27, 2019 by Thom Abbott

NEW! Fulton County Homestead Exemption NEW!

There is a NEW Senior Homestead Tax Exemption available for homeowners who are 65 or older, regardless of income, if your primary residence is in Fulton County.

This new age-based exemption was passed in November 2018 and is in addition to base homestead exemption but it requires an application (by April 1) to take effect in most cases to increase the amount of your homestead exemption and effectively lower total property taxes. The deadline to file for this new Senior Homestead Tax Exemption (or for any homestead exemption) is Monday April 1, 2019, to qualify for property tax relief in the current year.

Standard Rule: If primary residence then owner may qualify to exempt up to $30,000 of their home’s assessed value.

NEW IN FULTON – Homeowners over the age of 65 are now eligible for a new senior homestead exemption. It increases the base homestead exemption from $30,000 to $50,000. All homeowners over the age of 65 qualify, regardless of income.

ACTION NEEDED: If Owner already has another 65 and older homestead exemption, this will automatically apply. If not, they must apply online, in person, or by the April 1 deadline.

The following steps will help you file your homestead exemption online:

1. Go to: https://fultonassessor.org

2. Click on “Property Search”

3. Click on “Address Search”

4. Key in the property address, but leave off the suffix (ex: for 123 Main Street, you would enter 123 Main)

5. Click “Search” 6. When results are returned, click on the property owner’s name to be directed to the property profile.

7. On the Profile page, in the lower right-hand corner, the page will provide the Fulton County exemption code (FUL Exep Code).

8. If the FUL Exep Code ends in “S”, the property owner does not need to file (ex: HF01S), but if it does not end in “S,” the property owner will need to file by April 1.

9. To file, visit the following: https://fultonassessor.org/wp-content/uploads/sites/16/2019/01/2019-HomesteadApplication-Revised.pdf to print out the form to take to the Assessor’s Office.

10. To file online, visit: https://iassmartfile.fultoncountyga.gov/

11. Either “Create an Account” or “Login”

12. Click “Homestead Exemption”

To file, the property owner will need the following information:

a. Georgia Driver’s License or valid Georgia identification (Owner and Spouse)

b. Social Security Number (Owner and Spouse)

c. Registration for all vehicles owned (vehicles must be registered to Fulton County)

d. Recorded Deed (for new owners only)

e. Trust Document and Affidavit (if the property is held in trust).

For further assistance, call (404) 612-6440 x 4 or visit:

Peachtree Center North Tower (Main Office) 235 Peachtree Street NE, Suite 1400 Atlanta, GA 30303

Fulton County Government Center 141 Pryor Street, Suite 1018 Atlanta, GA 30303-3487

Alpharetta Service Center 11575 Maxwell Road Alpharetta, GA 30009

North Service Center 7741 Roswell Road NE, Suite 210 Atlanta, GA 30350

South Service Center 5600 Stonewall Tell Road, Suite 224 College Park, GA 30349

Midtown Atlanta 2018 Year End Real Estate Market Report

March 23, 2019 by Thom Abbott

Midtown Atlanta is most often referred to as the most walkable neighborhood in all of the Metro Atlanta area. And that certainly is true. Step out the door of your home or condominium, and lots and lots of restaurants, some shopping, two MARTA transit stations, theater and art museums are all within walking distance. Not to mention the numerous festivals that happen each year in Midtown Atlanta’s “backyard” …. Piedmont Park.

A majority of the living options in Midtown Atlanta consist of condominiums and apartments. The area known as Historic Midtown is the only area with single family homes.

For the purpose of this report, we tried to outline what is considered Midtown in the MLS, as indicate in the photo on the right.

Midtown Atlanta 2018 Year End Real Estate Market Report

Disclaimer: As we do this “15,000 ft overview” of the Midtown Atlanta market, we attempted to keep the search as indicate in the map above. So places like Ansley Park or Atlantic Station are NOT represented in this report.

Single Family Homes

Single family homes in Midtown Atlanta, are found in what is referred to as Historic Midtown, and area primarily defined by 10th Street, Monroe Drive, North Avenue and Piedmont Avenue.

There were 25 homes that sold in 2018, ranging in price from $500,000 to $1,680,000. CLICK HERE to see the report.

Condominiums/Townhomes

Midtown Atlanta is best known for condominium living. And the choices range for converted homes with only 4 units to major high-rise buildings with 400 homes! And as you can see in this 2018 Year End Report, there is a range of prices! There were a total of 667 sales in the area for 2018!

86 condominiums sold between $500,000 and above. This accounted for about 13 percent of the market

78 homes sold between $400,000 and $500,000 or about 12 percent of the market.

160 homes sold between $300,000 and $400,000, about 24 percent of the market.

343 homes, or 51% of the Midtown Atlanta condo market sold for less than $300,000.

82 condos sold for less than $200,000 or about 12 percent of the total sales.

CLICK HERE to see the Complete 2018 Market Report — $500,000 Plus

CLICK HERE to see the Complete 2018 Market Report — $400,000 — $500,000

$300,000 — $400,000 CLICK HERE

$300,000 or less CLICK HERE

What’s The Real Estate Market Like In Midtown Atlanta?

Midtown Atlanta’s real estate market is still moving strong in 2019. However, we are starting to see some homes remain on the market longer and not the past frenzy of offers (and sometimes multiple offers) within a day of going on the market. 2019 will also see the values moderate. This is a GOOD THING, AND NOT A SIGN OF ANY TROUBLE! A real estate market cannot continue at 6% or more appreciation each year. If that were to happen, Midtown Atlanta, or ANY area of Atlanta could quickly become unaffordable to many people. So we look forward to continued price and value appreciation, but just not as dramatic as we have seen in the past few years.

If you are looking to Buy or Sell a home in Midtown Atlanta, MyMidtownMojo.com can help!

Selling? Do you want to sell your Midtown Atlanta single family home or condominium? Call us today at 770.713.1505 to schedule a free market analysis of your home. Or, complete our Seller Information Form and we will be in touch with you!

Buying? Are you looking to buy a Midtown Atlanta home, condo or townhome? We can set up specific searches for you based on price, community or other specifics you may be looking for. In a competitive Seller’s Market, we can alert you of new listings within minutes of them hitting the market! Just complete out Buyer Information Form, or let’s schedule a time to talk about what you are looking for!

Contact MyMidtownMojo and Thomas Ramon [email protected] House Properties at 770.713.1505 or [email protected] for all your Midtown Atlanta real estate needs!

Buckhead 2018 Year End Real Estate Market Report

March 22, 2019 by Thom Abbott

The Buckhead area of Atlanta is usually associated with the “mega-mansions” of places like Tuxedo Park or West Paces Ferry Road, where you find the Governor’s Mansion. For the purpose of this overall Buckhead 2018 Year End Real Estate Market Report, we will just focus on the primary zip code of 30305. Yes, there are parts of 30309, also referred to as Brookwood that could be considered Buckhead as well. But this “snapshot” will give you an idea of the home sales in 2018. You can find more information about Buckhead here.

Buckhead 2018 Year End Real Estate Market Report

Disclaimer: As we do this “15,000 ft overview” of the Buckhead market, there are certainly other homes/neighborhoods that could qualify to be part of Buckhead. But these numbers are from FMLS and Zip Code 30305.

Single Family Homes

Buckhead 2018 Year End Real Estate Market Report — Photo Courtesy of Harry Norman Realtors

We had to break down the single family homes into three categories, just like we did with our Brookhaven, GA Real Estate Market Report. So we will look at homes sold over $1m, homes sold $500,000 – $999,000 and finally homes sold for less than $500,000.

Over $1 Million — There were 104 homes sold, ranging from a high of $4.975M in Tuxedo Park to $1M in Haynes Manor on Peachtree Battle Avenue.

$500,000 – $999,000 — This price range had the highest number of home sales, at 160 homes sold. They ranged from a high of $985,000 in Peachtree Park to $500,000 in Peachtree Hills.

$500,000 or less — As you might expect for Buckhead, there were not many homes sales less than $500,000! Lucky Number 13 to be exact…ranging from a high of $490,000 to a low of $429,900 in Peachtree Hills.

Buckhead, as we mentioned earlier, is known for the mega-mansions along West Paces Ferry, as well as being home to Lenox Mall, Phipps Plaza, the former Ritz Carlton Buckhead and the Buckhead Atlanta shopping area on Pharr Road.

To see the Complete 2018 Market Report CLICK HERE — $1 Million Plus

To see the Complete 2018 Market Report CLICK HERE — $500,000 – $999,000

To see the Complete 2018 Market Report CLICK HERE — $500,000 or less

Condominiums/Townhomes

Buckhead is also known for its pricey condominiums and townhomes! There were 471 sales in 2018, ranging from $3,700,000 at The St. Regis down to a low of $81,000 at Slaton Manor. How’s THAT for a price range of homes….Wow! Of those 471, an amazing number of 365 homes sold under $500,000.

CLICK HERE to see the Complete 2018 Market Report — $500,000 Plus

CLICK HERE to see the Complete 2018 Market Report — $500,000 or less (it’s a big one!)

What’s The Real Estate Market Like In Buckhead?

Buckhead is somewhat of a unique part of the real estate landscape of Atlanta. It’s the place where the mansions are….the shopping and some pretty awesome restaurants. The area is seeing its share of new apartment buildings (think Icon Buckhead next to the Waldorf-Astoria) and upcoming changes to Phipps Plaza as they add a hotel and other amenities. The fact that there were 365 condo sales under $500,000, and there were many that were in the $200-300,000 range make it still affordable for many.

If you are looking to Buy or Sell a home in Buckhead, MyMidtownMojo.com can help!

Selling? Do you want to sell your Buckhead single family home or condominium? Call us today at 770.713.1505 to schedule a free market analysis of your home. Or, complete our Seller Information Form and we will be in touch with you!

Buying? Are you looking to buy a Buckhead home, condo or townhome? We can set up specific searches for you based on price, community or other specifics you may be looking for. In a competitive Seller’s Market, we can alert you of new listings within minutes of them hitting the market! Just complete out Buyer Information Form, or let’s schedule a time to talk about what you are looking for!

Contact MyMidtownMojo and Thomas Ramon [email protected] House Properties at 770.713.1505 or [email protected] for all your Buckhead real estate needs!

Brookhaven GA 2018 Year End Real Estate Market Report

March 3, 2019 by Thom Abbott

Brookhaven, GA has always been a desirable location to live, ever since I’ve live in Atlanta! And when it became a city, I think that desirability grew even more as they looked to make things better like zoning and parks.

In this post, we want to focus on the 2018 real estate year in Brookhaven and what the real estate market was like. You can find more information about Brookhaven here.

Brookhaven GA 2018 Year End Real Estate Market Report

Disclaimer: As we do this “15,000 ft overview” of the Brookhaven market, please keep in mind many factors come into play as we pull market numbers. Some homes listed as Brookhaven, are not actually IN the city limits of Brookhaven. Ashford Park is a prime example…parts of it are actually in Chamblee, so some homes will get listed in Chamblee and some get listed in Brookhaven. But this overview will give you a good idea of what’s happening in the Brookhaven area.

Single Family Homes

We had to break down the single family home sales into three categories: Homes sold over $1m, homes sold $500,000 -$999,000 and finally homes sold for $499,999 or less. In 2018, those numbers look like this:

Over $1 Million — There were 49 sales in 2018, ranging from several at $1M to a high of $2,600,000 for 2799 Mabry Road.

$500,000 – $999,000 — A whooping 335 homes sold in this price range in 2018, ranging from $502,000 to $993,000

$500,000 or less — And there was an impressive 169 homes sold in this price range, from a low of $215,000 to a high of $495,000. There is a good chance than many of these homes in the lower price range were torn down to make way for the higher priced new construction that Brookhaven is seeing. On some streets in Brookhaven, we would not be surprised if in a few years there will be no original homes left…having all been torn down and replaced with new construction. It’s pretty amazing.

Brookhaven has a MARTA station on Peachtree Road, and another, just outside its city limits with the Medical Center station on the North side. Town Brookhaven has been the city’s “downtown” of sorts, and now a new development, including a hotel has been proposed right in front of Town Brookhaven,.

CLICK HERE to see the Complete 2018 Market Report – $1 Million

CLICK HERE to see the Complete 2018 Market Report – $500,000 – $999,000

CLICK HERE to see the Complete 2018 Market Report – $500,000 or less

Condominiums/Townhomes

Brookhaven has a variety of condominium and townhome communities. Surprisingly enough, there were like 60-some sales of condominium homes that were in the range of $205,000 or less….making Brookhaven still an affordable location for first time buyers. We do expect, however, to see those prices continue to rise in the coming years as the city works on making changes to areas like Buford Highway where any new construction will be way above these kinds of prices.

In 2018, there 380 sales, ranging in price from $106,000 at Keys Lake Condominiums (off Buford Highway) to a very impressive $1,350,000 for a home at The Aldredge. In looking at the report, you can see a majority of the sales were in the $400-600,000 range.

CLICK HERE to see the Complete 2018 Market Report

What’s The Real Estate Market Like in Brookhaven?

As we said earlier in this report….the housing boom of “tear-down and build new” will most likely continue into the future. We suspect it won’t be long any many streets will no longer have any of the older homes left…all having been torn down and replaced with the much larger $1m+ homes!

Townhomes and condominiums are still affordable in many areas of Brookhaven, but land prices and new construction will surely change that. There are numerous large, older apartment complexes that are more than likely going to get bought up and torn down to make way for new construction. It’s a challenge the city is looking to deal with to include affordable housing requirements for new construction. How that all plays out remains to be seen.

If you are looking to Buy or Sell a home in Brookhaven, MyMidtownMojo.com can help!

Selling? Do you want to sell your Brookhaven single family home or condominium? Call us today at 770.713.1505 to schedule a free market analysis of your home. Or, complete our Seller Information Form and we will be in touch with you!

Buying? Are you looking to buy a Brookhaven home, condo or townhome? We can set up specific searches for you based on price, community or other specifics you may be looking for. In a competitive Seller’s Market, we can alert you of new listings within minutes of them hitting the market! Just complete out Buyer Information Form, or let’s schedule a time to talk about what you are looking for!

Contact MyMidtownMojo and Thomas Ramon [email protected] House Properties at 770.713.1505 or [email protected] for all your Brookhaven real estate needs!

Benefits of Mortgage Insurance

FAQ’s about Mortgage Insurance

NEW! Fulton County Homestead Exemption NEW!

Midtown Atlanta 2018 Year End Real Estate Market Report

Single Family Homes

Condominiums/Townhomes

Contact MyMidtownMojo and Thomas Ramon [email protected] House Properties at 770.713.1505 or [email protected] for all your Midtown Atlanta real estate needs!

Buckhead 2018 Year End Real Estate Market Report

Single Family Homes

Condominiums/Townhomes

Contact MyMidtownMojo and Thomas Ramon [email protected] House Properties at 770.713.1505 or [email protected] for all your Buckhead real estate needs!

Brookhaven GA 2018 Year End Real Estate Market Report

Single Family Homes

Condominiums/Townhomes

What’s The Real Estate Market Like in Brookhaven?

Contact MyMidtownMojo and Thomas Ramon [email protected] House Properties at 770.713.1505 or [email protected] for all your Brookhaven real estate needs!

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