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...]
Look at me – talkin’ smack about “Fort Mac”
I get on Trulia Voices often - it has been a good source of new business for The Rootdown Group and I just can't help it - lets face it, I am an enthusiatic communicator and I need an outlet. Trulia Voices is one of my outlets! Trulia makes real estate research easy for consumers - I believe that they have graphically superior software and they have become quite a success story in a very crowded field! A Trulia Voices question arose - it's been around for a while, but I just saw the question today. A gentlemen named Napoleon Williams asked "Are there any redevelopment efforts taking place in West End/Oakland City? How long before it's noticable?" I answered: that I'm all about it. Here's my answer... … [Read more...]
Who has the seats at Fort McPherson’s table?
The McPherson Planning Local Redevelopment Authority meets today at 2pm. They will meet to have a discussion with qualified and capable firms who are interested in submitting a bid to address "operating and infrastructure analysis for Fort McPherson." I wonder who will go to this mandatory "pre-proposal conference?" Whoever has a seat at this table could be a part of a remarkable redevelopment in a beautiful part of metropolitan Atlanta. The board members will be handed a wonderful opportunity in 2011 when the Department of Defense decommissions the US Army post. The next scheduled board meeting is on May 20. We will keep you posted on further developments. … [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...]