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Shooting 12 for 100 in The Intown Atlanta Real Estate Market


In this article in Business Week last month, Ivan Boesky’s cousin (that’s right, Ivan Boesky’s cousin) says this about the Shanghai Stock Market (it’s the worst performing market in all of Asia – and that is saying something!)


“We feel our feet are touching bottom now,” he says hopefully, adding that next year could be good since stocks have fallen so far, so fast. “We’ve set the bar very low now.” In the new year, “We are set up now for some very easy layups.”



Which leads me to state that hope is not a strategy, Mr. Boesky.



Nevertheless, I thought of Mr. Boesky’s (I like saying Mr. Boesky) mention of “lay ups” when I contemplated the latest Intown Atlanta real estate numbers through September 2008.


So…Only 12 out of 100 Intown Atlanta Sellers are shooting lay ups.


And… only 36 out of 100 are scoring at all.


Watch for more details, but here’s 3 of the most interesting things that I gleaned from my handwritten notes at a presentation yesterday.

1. we had a 500% increase in $750K-1M price range “bank-owned foreclosures” between 2007 and 2008

2. if a seller is priced right, on average they gross 96.4% of their original list price – if a seller is priced wrong, on average they gross 87.6% of original list price…and stay on the market for 106 days, versus only 34 days for properties that are priced right

3. We have over 90,000 listings right now  - we’ve had 26,876 closed sales in the metro area through September – that’s down 23.4% from last year – so, out of 100 given listings, only 12 out of 100 go to closing without a price reduction, and only 36 make it to closing at all


The gap remains too wide and the buyer’s market is here to stay.


The opportunity to buy a first house, a second or a third property, or a “move up” dream home, is  inspirational right now, even if all that you have is 5%-10% or at the most, a 20% downpayment.

The banks are more strict now, the banks that are left standing – and we’ve definitely gained a lot by stifling the criminals and profligates in that business.


My friend Paul in Shanghai tells  me that the Chinese “don’t f*#@ around.”


I wish that Intown Atlanta sellers wouldn’t f*#@  around so f*#@ing much.  

With that wish in mind, I will do my very best to be stable and calm and try to help as many people as I can in the wake of the flood – even, sometimes, helping a few of the 88 out of 100 who “f*#@ around!”

At least 24 out of those 88 will sell their home in a somewhat timely manner.


Stay tuned – we’ll have lots of charts and graphs and video coming.


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