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Finding value in Intown Atlanta lofts

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My 6 showings of lofts in Castleberry Hill yesterday made me think of some of the considerations that buyers must make when choosing a loft as a “primary residential” lifestyle choice - this is a hyperlink to a question on Trulia Voices that I answered about this subject, and here is some of the dialogue: “I've been to Castleberry Hill for a couple of the Art Strolls and nights out...seems like a pretty hip area. I travel for work (70% of the time), but don't want to be down by the airport. Looking to stay out of the suburbs. Any other viable options - Decent nightlife, nice restaurants in the area, easy access to interstates, in the city without the suburban feel. East Lake is nice, but has a suburban feel.” I answered: I like Castleberry Hill as long as you choose a good community, watch out for insolvency and understand that resale factors in the general neighborhood of Castleberry Hill, are a building by building consideration. Plenty of buildings down there outsell the … [Read more...]

The secrets to finding a buyer in the Intown Atlanta real estate market

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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...]

30312 – From $45000 to $1.6 Million

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I just shot a video last week in the Summerhill and Grant Park neighborhoods. My client Dennis wanted me to check out a $45,000 house for him over on Connally. I drove back through Grant Park to get home to Kirkwood, turned left off of Georgia on to Grant and lo and behold Winston Killingsworth’s house, the former home of a Union Officer, built in 1868, is for sale – for $1.6 Million. Winston is a Realtor with Re/max with an established Grant Park based practice. The counterbalance between $45,000 and $1.6 Million in one zip code fascinates me. I toured Winston’s house quite a few years ago on a Grant Park home tour and it is exquisite – a gorgeous Victorian with every square inch in impeccable shape. The AJC completed an article on the restoration of Winston's house – you can read it here. I toured the $45,000 house here’s a video of the premises…   Here’s a photo of the $1.6 Million listing. Here’s a quick driving tour that features the … [Read more...]

Ouch! Intown Atlanta Sellers and the Price Reduction Effect!

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This chart is a big eye opener. Take into account the following facts:   1. The <$200K price range had a more severe impact (-24.9 percentage points) on the percentage of listing price realized after a price reduction, but all price ranges are affected heavily when a reduction is necessary   2. The lower price range impact was likely amplified by the number of foreclosed properties in that price range   3. Between $200K and $999,999, Sellers who don't price their property right the first time are losing anywhere from 5-8% on the sale ... that doesn't even account for the lost capital - time is money, and monthly debts must be paid, month after overpriced month   In the past 2 weeks, we've concluded the following, in addition to this bold statement about the effect of price reductions:   A. Sellers are paying some or all closing costs in about 71% of Intown transactions B. Most Listing Agents and Sellers, most of the time are off by about 7% List vs. SOLD on … [Read more...]

Percentage Amount of Seller Paid Closing Costs Remains Steady for Intown Closings

Seller Paid Closing Costs

Sellers in Intown Atlanta and Decatur paid some, or all, of their Buyer’s closing costs in 71% of the transactions through June, 2008, which is nearly the same as in the last two years... Greg the Pricemaster studied the following submarkets with our micro-numbers guru, Chartmaster Chuck to come up with our conclusions: 1. Ansley Park and Morningside southward to Inman Park and Reynoldstown - that includes Midtown and VAHI 2. Eastside Atlanta Dekalb - the neighborhoods East of Moreland and Briarcliff, plus Johnson Estates and southward to Edgewood and Kirkwood - all North of I20 3. Southside Atlanta Fulton - Grant Park, Summerhill, Boulevard Heights, Ormewood Park, EAV 4. Greater Decatur - South of Mercer U, down to I20 at South Dekalb Mall Based on my experience, these numbers seem even higher  - like 90% of the time or more. That being said, I've also experienced two transactions this Summer where appraisal almost caused the deal to fall apart and the … [Read more...]

Median Sales Price Differences in Intown Atlanta

Median Sales Price as a %age of Original List Price

Here's another eye opener...we've seen this trend for a long, long time - at least since The Rootdown Group got started in April 2004...but...in Intown Atlanta, which we define thusly: 1. Ansley Park and Morningside southward to Inman Park and Reynoldstown - that includes Midtown and VAHI 2. Eastside Atlanta Dekalb - the neighborhoods East of Moreland and Briarcliff, plus Johnson Estates and southward to Edgewood and Kirkwood - all North of I20 3. Southside Atlanta Fulton - Grant Park, Summerhill, Boulevard Heights, Ormewood Park, EAV 4. Greater Decatur - South of Mercer U, down to I20 at South Dekalb Mall ...We see, that for the first half of 2008: 1. The median of the sales price as a percentage of the original list price dropped to its lowest level in three years during 1Q 2008 and, although higher than in 1Q, remained historically low through 2Q 2008   2. The 2Q 2008 percentage is nearly the same as in the greater metro Atlanta area   So, at 92.6% of … [Read more...]