One of my first time condo buyer clients asked me today "hey Lee, what does distressed property mean?" I answered: "Distressed means a lot of things, but simple, physical distress is vandalism, misuse, abuse, etc. Many distressed properties are physically harmed fixer uppers. In condos, distressed communities are insolvent, poorly led, lacking reserve funds, overwhelmed by rule breaking owners, exceeding the landlord limit of 25% maximum rentals for most bank approvals, and a host of other financial problems that banks will not underwrite with traditional financing guidelines..." I decided to find the current Trulia graphic for one of the most maligned zip codes in the state of Georgia, 30310 - a zip code that has seen real estate value distress for about 8-10 years, and that has been written about internationally as a "poster child" for mortgage fraud, foreclosure and in some neighborhoods like Pittsburgh - outright abandonment - like 40% + of all houses are boarded … [Read more...]
The secrets to finding a buyer in the Intown Atlanta real estate market
Many different features attract buyers to a real estate purchase, but the seller only has control over two of them. Sellers can still get the highest possible list-to-sell ratio and sell their homes as quickly as possible if they are willing to put their trust in two time trusted principles of real estate: condition and price. Since 72% of all sales transactions are “equity” transactions – not distressed, not some odd luxury transaction and not an estate sale, the chances are favorable for sellers who “get it.” Here are the the top ten features that attract buyers according to the Keller Williams Realty International survey conducted for our 2011 Market Navigator booklet. 1. Location – favored by 69% of buyers 2. Neighborhood – favored by 55% of buyers 2. Floor plan – favored by 37% of buyers 3. Updates to the house – favored by 36% of buyers 4. Curb appeal – favored by 30% of buyers 5. Square footage – favored by 28% of buyers 6. Back yard – favored … [Read more...]
The “Art” of Adair Park
There’s a saying in the real estate business that states: “pricing is an art, a science and a skill.” This video and the following comments about Intown Atlanta’s Adair Park are not just the rainy day ramblings of a dude who did not shave. I’ve just watched one particular Adair Park property drop in sellable value from $150,000 to $35,000 in 2 years, and this video tells you the story… So, recently the City of Atlanta put a cool new sculpture in Adair Park, but that is about the most beautiful investment anyone is making in Adair Park, lately. Somewhere around 2006, the "disinvestment" and "mortgage fraud" trends hit the 30310 zip code...HARD. 30310 had and has the distinguishing weakness of real estate speculation gone haywire. Houses that would have sold for $150000 in 2007, now will not sell for more than $50000... You really should check out Historic Adair Park's website - the Adair real estate dynasty of the early 20th century built an … [Read more...]
Welcome to the Intown Insider…
intowninsider.com is a real estate media vehicle sponsored by Intown Atlanta and Decatur real estate specialists, The Rootdown Group. The site will feature up to date market analysis, a free real estate search tool with a terrific user interface, a neighborhood compendium, cultural epiphanies and some cool videos. We went live on January 1, 2008. We have a few things to add to make this site rock, but thank you for visiting. Please come back. Get your real estate on! … [Read more...]