Archive for category State of Real Estate Market
Atlanta homes Under Contract represented by Tina Hunsicker of Atlanta Fine Homes Sotheby’s International Realty
Posted by thunsicker in Buckhead, State of Real Estate Market, Under Contract and Sold Homes, Vinings on February 22, 2013
Atlanta’s real estate market is busy and is heating up! I have two of my own listings under contract – both in the Vinings/Smyrna areas. Also, I’m representing a buyer in Buckhead on a $2M+ home. We’re always looking for great homes to sell, as the buyers are starting to come out of the wood work.
Click here to see homes for sale in Buckhead over $2 million, and under $2 million. Click here to see homes for sale in Vinings. Let me know if you’re considering a change in your real estate portfolio!
This home in West Vinings on Zermatt Drive is under contract. Originally offered for $535,000, and listed by Tina Hunsicker of Atlanta Fine Homes Sotheby’s International Realty. Click on the image for additional photos and more information.
UNDER CONTRACT IN Smyrna – West Vinings. 4207 Zermatt Drive, Smyrna, GA 30080. Light and Bright interiors with 10ft ceilings and all hardwoods on the main, porches everywhere! Huge master suite with fabulous walk in closet, 3 additional bedrooms each with its own bath, extremely well maintained neighborhood walkable to restaurants and shops at One Ivy Walk, kitchen has stainless appliances, newest house in the neighborhood. Square footage does not include basement. Tina Hunsicker of Atlanta Fine Homes Sotheby’s International Realty represents the seller.
A Buckhead treasure, this home at 3111 Ridgewood is under contract. The original list price was $2,485,000. The buyer is represented by Tina Hunsicker of Atlanta Fine Homes Sotheby’s International Realty. IMAGE: FMLS.
UNDER CONTRACT IN Buckhead. 3111 Ridgewood Road, Atlanta, GA 30327. This flawlessly designed home by Bill Harrison was published in his book Timeless Architecture for its use of rough materials in a refined manner. All of the bedrooms have en suite baths, large spaces that allow for natural light, and a whole-home generator. The master bath has heated floors, steam shower, sep. his/her toilet stalls & closets. To enjoy the mild southern weather, the owners designed the home w/ ample outdoors spaces on this private 1.5 +/- acre lot. There is a 5-hole putting green, outdoor living room, fireside cabana, gardens, and mature landscaping. The buyer is represented by Tina Hunsicker of Atlanta Fine Homes Sotheby’s International Realty.
This home at 4300 Brookview Drive, Atlanta, GA 30339, is the ultimate in Vinings convenience. Originally offered for $499,900, and now under contract. Tina Hunsicker of Atlanta Fine Homes Sotheby’s International Realty represents the seller in this transaction.
UNDER CONTRACT IN Vinings. 4300 Brookview Drive, Atlanta, GA 30339. New windows, HVAC, A/C, fencing. No RR tracks, beautiful large yard, move in ready, all hardwoods, screened porch and deck overlooking yard, unfinished basement with good ceiling height and fireplace. Originally offered for $499,900, and now under contract. Tina Hunsicker of Atlanta Fine Homes Sotheby’s International Realty represents the seller in this transaction.
Most Expensive Homes for Sale in Atlanta in 2013 – up to $28 Million
Posted by thunsicker in Buckhead, Famous People in Atlanta, State of Real Estate Market, Vinings on January 10, 2013
Yes, we do have a home available in Buckhead, in 30327, on Paces Ferry to be exact, for $28 Million.
Sitting high atop the Chattahoochee River on 10 acres…..the only thing I can imagine one would have to complain about is the Lovett School car pool lines. I remember when the current owner bought the land…it was $10M alone and I’m sure this house is being sold at a loss. This estate has every feature and amenity any executive or celebrity would want.
I have not personally been in the home, but it is a pocket listing of our firm “Atlanta Fine Homes Sothebys International Realty” and in searching our multiple listing service our company happens to represent all the listings over $15M in metro Atlanta!
But please don’t just call me up and ask to see these fabulous homes….as with most multi-million dollar properties, you’ll need proof of funds from a local bank and references that can be verified before we’ll show you.
I won’t mention the celebrity’s name who owns this home at the request of the agent, but those of you that live nearby will know the house. The next question is: Where is he going? I don’t know. But don’t worry, he’s not leaving Atlanta.
So below is a little bit about the top four most expensive homes for sale in metro Atlanta as we start looking at 2013.
Most expensive homes for sale in the Atlanta metro area in 2013
Every Amenity in this Compound in Buckhead – 30327 – $28 Million
An aerial shot of the most expensive home for sale in Atlanta in 2013. It’s on over 10 acres with an incredible view of the Chattahoochee River. This aerial photo has already been used to introduce the property to potential buyers. $28M Image: Google Earth.
Here’s another image from Google Earth of the front gates to this incredible compound in 30327.
A snapshot I took through the trees looking onto the back of the property that overlooks the Chattahoochee into Vinings. The estate is said to have every amenity, even it’s own multi-story parking garage (yes, I said GARAGE!).
The peninsula on Lake Hartwell can be yours for $17,500,000.
The Peninsula at Lake Hartwell is listed by Atlanta Fine Homes Sotheby’s International Realty, and is among the most expensive homes currently for sale in the Atlanta Metro area. List price: $17,500,000. Click here for more information and additional photos.
There two other homes over $15M available, one on Lake Lanier and the other on West Paces Ferry for $19,900,000.
This compound located in Flowery Branch, GA is just north of Atlanta and is on the shores of Lake Lanier. Offered at $19,900,000. Listed by Atlanta Fine Homes Sotheby’s International Realty. Click on the image for additional information and more photos.
An Atlanta icon, 490 West Paces Ferry is in the heart of Buckhead and is ultra-glamorous. Offered at $19,900,000, Listed by Atlanta Fine Homes Sotheby’s International Realty. Click on the image for additional information and more photos.
Click here to view a current list of all Buckhead homes for sale over $5 million.
Click here to view a current list of all homes in the state of Georgia over $5 million.
Vinings, Buckhead and Smyrna Real Estate Markets for 2013
Posted by thunsicker in Buckhead, Preparing Your Home For Sale, State of Real Estate Market, Vinings on January 8, 2013
It’s already January 8th and I’m finding a moment to reflect on what trends I saw in the Atlanta real estate market last year and what (in my humble personal opinion) will be happening in 2013 with our housing industry and more specifically in my market areas of expertise – Vinings, Buckhead and Smyrna.
As each area of Atlanta seems to have a different feel and velocity, I’ll approach the areas separately. I’ll provide the statistics to back up my opinions on another date as I post them frequently and they only tell one part of the story. I like to say what I see from a grass roots perspective. I know real estate management and even many other bloggers like to paint a rosy picture to get people to “buy” houses, I tend to be much more pragmatic and look at things with an analytical eye, as a homeowner and a mother as to what my clients are feeling and needing.
Vinings
Click here to see what’s currently for sale in Vinings - over $1 million, and under $1 million
I’ve said this all year, but I believe even more so now. Inventory is low and if you want to sell it is a good time.
Almost new with master on the main – so close to Lovett and Westminster. This Vinings home is located at 930 Randall Farm Road. Listed by Tina Hunsicker of Atlanta Fine Homes Sotheby’s International Realty. Please click here to see more information and additional photos.
I do feel pricing in the Vinings real estate market is still above what many are expecting and I think quite a bit of the inventory will continue to sit unless its adjusted back to about 2000 levels. We were at 1998 levels, so this is good news.
Unfortunately, we still have many people pricing at 2005-2007 levels and it just isn’t going to work. Yes, Vinings has great county services, much lower tax levels, it’s a charming Village to live in etc., but pricing can’t be higher than its neighbor across the river in zip code 30327.
For the Vinings area, I have investors and builders engaged again. And although they don’t have spec home interest, there is a pent-up demand for new homes specifically for empty nesters wanting to get rid of the Buckhead taxes and their $3M and up homes. Families come to Vinings once they are in private school, but since private schools are eating up alot of their incomes, they tend to look for the more reasonably priced homes, or by Vinings standards, almost starter homes in the $500,000 and $600,000 ranges.
Back in the peak, many families with children in Atlanta’s private schools were buying the newer construction homes for $1.5M, but I’ve seen several families that were over extended go into foreclosure and I think recent purchasers have been much more prudent. (I have clients still waiting for the newer construction foreclosures, but I think that bus left the station.)
There will continue to be deals like in any market, but very rare and far between – and we are are seeing those get bid up when they come on low priced. I just recently found a fabulous deal and it never hit the market, and that’s what I predict will continue to happen with deals as they become increasingly rare.
Buckhead
Click here to see what’s currently for sale in Buckhead over $3 million, between $1 million and $2.99 million, and under $1 million.
I represented the buyers in the sale of this Buckhead home in the past year – listed at over $1M, home sales like this are indicators of the higher tier market in Buckhead making a comeback.
I’m thrilled to say that the higher tier is finally coming back. I believe this demand is fueled primarily by bargain hunters and we won’t see the volume of $3M and up transactions that we used to.
There is definitely a building trend going on in Buckhead as older homes are not moving. People that are willing to spend the mulitple millions of dollars want something with high ceilings, open floor plan, basements for kids or storing stuff. I’d say almost 90% of the high end transactions are homes that show like “new” even if they aren’t new. They have to be in A+ condition to command the big bucks.
The properties with land, meaning over 2 acres, are tough to find as well. There is definitely a group of people in the under $2M category that are looking for something with land and will pay the higher taxes to have that lifestyle….but there just isn’t any inventory.
One of the ways I gage “demand” is the number of emails that circulate around my firm for people with buyers who can’t find anything that’s in the system. It used to be about once every couple of weeks we’d get a “buyer needs” email stating they’d looked at everything on the market and if you have anything that you haven’t listed yet to let them know. Now it seems like we receive one of these emails daily.
I also gauge the views online on my listings to see what to expect in showings and there was a sharp spike at the beginning of the year, so I know what’s coming around the corner – showings. Which leads to sales.
Smyrna
Click here to see what’s currently for sale in Smyrna – 30080.
Located near restaurants and shopping in Vinings, this one at 2714 Vinings Oak Drive was sold in 2012 for a list price of $370,000 by Tina Hunsicker of Atlanta Fine Homes Sotheby’s International Realty.
The price point that’s hot for Smyrna is lower than it historically was. Builders bought foreclosed lots at a deep discount and are putting up new homes in the $300,000 price point, so selling things over $500,000 is tough. When people start getting to the half million dollar price point they seem to have graduated to inside the perimeter. The exception to that rule are those that need more space or really want newer homes with higher ceilings. They’ll still pay over $500,000 to live in 30080.
I wish I could convince more empty nesters to consider the small step to OTP. They are very particular and choosy in their neighborhoods as they are afraid their Buckhead friends won’t visit them. So only a few neighborhoods remain acceptable to them.
I think we need more upscale neighborhoods just outside of the Perimeter and I propose it goes in the Vinings Heights neighborhood where all the ranches are as its SO close and there is still land there. Unfortunately, those ranches keep getting fluffed up and are becoming too expensive to tear down. Time will tell there as that neighborhood is such a great location to stay as depressed as its been. I think more young people would do well to tear those down, or continue to “fluff” to get the great lots just on the perimeter.
Overall
I see the lower inventory levels bringing prices up slightly, but I don’t think buyers will jump up in their price point as much as sellers are thinking. If you want to sell it will be easy if priced correctly. If you want to buy, you may have to pay a little more than people did a year ago, but we are still at good low levels. Interest rates are still so incredibly low you have to take advantage of them if you’ve been sitting on the sidelines.
Let me know if I can help! Things are hopping at Atlanta Fine Homes Sotheby’s International Realty and I’m so glad to be busy, and you never know, I may have a buyer in my back pocket just waiting for your house!
Tina Hunsicker
Atlanta Fine Homes Sotheby’s International Realty
Email: tinahunsicker@hotmail.com
Phone/Text: 404.931.3944
Most expensive homes sold in Atlanta 2012 to date
Posted by thunsicker in Buckhead, State of Real Estate Market, Under Contract and Sold Homes on October 11, 2012
As of today, October 9, 2012 there have been 5 homes in metro Atlanta and its surrounding counties that have sold over $5M, according to FMLS. I am proud to say 3 of the 5 have been sold by Atlanta Fine Homes Sotheby’s International Realty. I do this research periodically as I have a large listing and am always looking for ways to increase its exposure and make sure the right clientele are being exposed to it.
One common link with our large home sales in 2012 is the International Buyer. As you will see from the various homes I’m outlining this year, as well as last year, many are moving here from other countries. It appears to be a good place for them to place their cash, as when looking at tax records there appears to be no debt against these properties.
1. 435 King Road
Its fun and fascinating for me to meet these buyers that can write a check for $10 million dollars. The first home at this price point is under contract and set to close within the month. I LOVE this house – it is located at 435 King Road in Buckhead and was built in 2010. I have a slight connection to the property, as the owners of the prior home on this lot hired me to sell their home and help them purchase a new one. I sold their home to a builder who had this client that was ready to build on a prime lot. The home was completed in 2010 and I must admit – it is truly the most phenomenal home I have ever been in.
The interiors are PERFECT as well. Suzanne Kasler Interiors did the furnishings and my understanding is that the house was sold furnished. I do believe that Architectural Digest came in and photographed this home as well; originally it was pulled off the market quickly to accomodate their need to not have it on the market while published.
It was recently re-listed and sold very quickly, within a couple of weeks. Incredible for a $10 million dollar home! Mark Bhaggan with Atlanta Fine Homes Sotheby’s International represented the seller and buyer in this transaction. 
I have heard that this is an international buyer. This home is 20,000 sq feet and has every detail you can imagine including his and hers gyms, an indoor lap pool, driving range, outdoor pool and pool house with a drop down TV screen to watch while you’re in the pool, indoor sports courts, theater and more. Not a single thing is missing.
I’m so glad I had the opportunity to view this fabulous home. Whenever I have clients that just can’t seem to find exactly what they are looking for I can always email them this property and tell them I can find them what they want but it will cost $10M 
2. 3410 Ridgewood Road
3410 Ridgewood Road closed in January of this year at close to $6M after being on the market during the toughest times from around 2007. With an official year built of 2009, it was built by Steven West Custom Homes and went into foreclosure, upon which international buyer Ulf Henriksson and his wife purchased it. Ridgewood was the Christmas House years ago and has been the site of filming for several movies. I only know this as I drive past it every single day and there were moving vans and trucks for filming there quite a bit. As Atlanta’s tax advantages for filming here continue, more and more of our estate homes are featured in TV shows and movies.
3. 830 West Conway Drive
I called a friend of mine that lives a few houses down from this house to better understand its history. It’s actually very sad, as I remember it sitting vacant years ago as the original owners were killed in a plane crash around 2002 and when the home traded after the accident it was the most expensive home sold at the time – at $10 or $11 million. That family lived in it less than a year and sold it to a builder who had $10M in debt against the house. Since then it has sat vacant and ransacked for about 5 years. That homeowner let it go into foreclosure after some financial issues, it just came on the market in September, and then sold very quickly to what appears from tax records to be Justin and Jessica Jones. The piece of land is fabulous with 16 acres of pretty level land in the heart of Buckhead, with entrances on West Conway and Fairfield Drive. The neighbors are looking forward to it being brought back to the tasteful state it was in prior to 2006. The back of the house has been ripped off as the previous owner was going to add porches and sub-contractors have ransacked it for supplies from unpaid bills. It will be interesting to watch the progress as this home is restored.
4. 1215 Mount Paran Road
This home closed in June of this year – after being on the market in 2010, removed and then relisted in March of this year. Compared with the others in this category, the sale is a bit more surprising. This 2 acre property is located on Mt Paran, which is a busy street, and the sq ftg is just under 10,000 sq ft – compared with Ridgewood that sold for a bit more but was over 4 acres and 15,319 sq ft. This was a regular market sale versus Ridgewood and West Conway which were bank-owned sales. I think this shows the value buyers are placing on “new-ish” properties versus having to do a lot of work to them once they’ve purchased them. I recently heard a speaker mention that in the next year approximately 50% of the homes purchased will undergo renovation. This is primarily due to the lack of new construction and in many cases the seller’s loss of equity and lack of desire to put more money into it.
5. A Historic Estate
I can only hint at the fifth sale of 2012, but it is a historic Buckhead home built in 1926. I hope to bring more details of the sale as soon as it is appropriate. Of the 5 homes that have sold, this is the only home built before 2003, but it has been completely renovated to feel like a new home.
There are still 48 homes over $5M on the market and none outside of Buckhead have sold this year, according to FMLS. This is about a 10% turn rate which is a very weak market for the luxury homes. They should be turning at over 33% to have a stable healthy market at the higher end. Two of these homes were foreclosures and while we’re seeing less and less of that in our average luxury market, the trend seems to still be present at the very high end. But, in both instances, they were scooped up immediately because they were priced so well!
Buckhead (30327) real estate market update: June 2012
Posted by thunsicker in Buckhead, Data and Statistics, State of Real Estate Market on July 25, 2012
The market trend is continuing that we see in the Vinings market into the Buckhead real estate market as well. Decreasing inventory and rising sales with the average selling price going up!
Within the $200,000 to $650,000 price point, sales have been steadily increasing and we’re in multiple offer situations quite frequently. Inventory is trending downward again with sales continuing up. Good news for all!
The stats are slightly improved in 30327 from $400,000 and up and it looks like inventory and sales increased slightly. Year over year numbers show improvements, but I think this could vary with an analysis of a tighter price point.
Finally I had a fellow agent say to me the other day that she thought luxury sales were up. I think we’re seeing things under $2,000,000 continue to sell well, but over $2M it still remains soft. Inventory remains high and prices continue to soften within the luxury market. Of course, this pie can be sliced in various ways, but I just wanted to pull data a few different ways to see if what I feel in the market is what is happening statistically. If you’d like me to pull some data specific to your price point and area, just email me and I’ll do a custom report for you.
Number of Homes For Sale vs. Sold (Apr. 2011 – Jun. 2012)
Buckhead/Atlanta – 30327
Price Point – $200,000 to $650,000
Number of Homes For Sale vs. Sold (Apr. 2011 – Jun. 2012)
Buckhead/Atlanta – 30327
Price Point – $400,000 and up
Number of Homes For Sale vs. Sold (Apr. 2011 – Jun. 2012)
Buckhead/Atlanta – 30327
Price Point – $2,000,000 and up
Vinings (30339) real estate market update: June 2012
Posted by thunsicker in Data and Statistics, State of Real Estate Market, Vinings on July 25, 2012
Interesting data again about what we’re seeing in the Vinings real estate market – the area of Atlanta in zip code 30339.
Inventory is down with sales on the rise, across all price points! At the $300,000 price point this reflects what I have personally seen in the market and continues the trend from last November. The higher price point in Vinings is finally having steady sales after next to nothing in 2011. These statistics look more dramatic due to the low volume, but it is positive news!
Click here to see what homes are for sale in Vinings, 30339.
Number of Homes For Sale vs. Sold (Apr. 2011 – Jun. 2012)
Vinings, Georgia – Zip Code 30339
Price Point – $300,000 and up
Number of Homes For Sale vs. Sold (Apr. 2011 – Jun. 2012)
Vinings, Georgia – Zip Code 30339
Price Point – $800,000 and up
Buckhead (30327) real estate market update: February 2012
Posted by thunsicker in Buckhead, Data and Statistics, State of Real Estate Market on February 16, 2012
The market trend is continuing that we see in the Vinings market into the Buckhead real estate market as well.
Decreasing inventory, average selling price is going up which is good considering the inventory is priced higher than what the buyers are looking for.
We remain steady at a year of inventory in Buckhead. If this trend continues we’ll be approaching a change in the dynamics of the market.
I had a conversation with an appraiser yesterday to figure out how we’re going to bridge the gap at what buyers perceive the value at and what the appraisers will appraise for. His comment is that the homeowners are going to need to take the risk to purchase over appraised value as the banks will not.
So the only way to reverse this trend is for cash buyers to put more cash into the transaction. We’ll see how this plays out over the next several months.
I’m a half full kind of person, so I hope this positive trend continues despite the national news!
Number of Homes For Sale vs. Sold (Nov. 2010 – Jan. 2012)
Buckhead/Atlanta – 30327
Average Price of For Sale and Sold (Nov. 2010 – Jan. 2012)
Buckhead/Atlanta – 30327
Months of Inventory Based on Closed Sales (Nov. 2010 – Jan. 2012)
Buckhead/Atlanta – 30327
Vinings (30339) real estate market update: February 2012
Posted by thunsicker in Data and Statistics, State of Real Estate Market, Vinings on February 16, 2012
Interesting data again about what we’re seeing in the Vinings real estate market – the area of Atlanta in zip code 30339.
Inventory is decreasing, but it appears the demand for homes in Vinings is towards the lower end and the inventory is towards the higher end.
Based on what is under contract currently we may see this trend change in the next month but at least we’re seeing a continued decrease in inventory.
Click here to see what homes are for sale in Vinings, 30339.
Number of Homes For Sale vs. Sold (Nov. 2010 – Jan. 2012)
Vinings, Georgia – Zip Code 30339
Average Price per SQFT (Nov. 2010 – Jan. 2012)
Vinings, Georgia – Zip Code 30339
Average Price of For Sale and Sold (Nov. 2010 – Jan. 2012)
Vinings, Georgia – Zip Code 30339
Months of Inventory Based on Closed Sales (Nov. 2010 – Jan. 2012)
Vinings, Georgia – Zip Code 30339
What’s hot and not in home styles 2012
Posted by thunsicker in Living, State of Real Estate Market on February 9, 2012
By Marcelle Sussman Fischler, Yahoo! Real Estate Please read the entire article about home style trends in 2012 by clicking here.
Modern gets the thumbs up.
Why is the Modern style so appealing? Easy, functional and bright, with walls of glass and open spaces, today’s modern is eco-sensitive and forward thinking, with state of the art kitchens and “smart house” technologies, though developers often prefer modern interiors with more traditional skins. Photo: flickr | International Builders' Show
Spa-like and eco-sensitive, the “New American Home 2012” being unveiled in Orlando this week by the National Association of Home Builders in conjunction with the International Builders’ Show, is a warmer take on the classic “White Box” of mid-20th century modern design.
“A lot of people want a spa feeling and a spa look that’s very analogous to modern,” said Luis Juaregui, aTexas-based American Institute of Architects accredited architect. The 4,200 square foot, $3.5 million gray stone and glass home has free flowing entertaining spaces, floor to ceiling sliding glass doors, a stone staircase with open risers, clear glass balustrades and clean geometric lines, tempered by dark wood cabinets, area rugs and soft furnishings.
These days, downsizing is cool; supersized McMansions towering over smaller homes are not.
Craftsman style homes, popular before World War II, are also enjoying a revival, said Gary D. Cannella, an architect in Bohemia, N.Y. “It’s the style not the size.”
Adaptable to sizable abodes or small bungalows, these one or one and a half story homes boast low-pitched rooflines, tapered columns, oversized eaves, gables and the front porches “that everyone wants and no one sits on.”
Craftsman style and smaller homes are in too. Why are Craftsman-style homes so appealing? Why They are Appealing: This one to one and a half story style shouts cozy. With an emphasis on natural materials and decorative details, it works well for larger homes and small bungalows. Photo: flickr | roarofthefour
Stephen Melman, director of economic services at the National Association of Home Builders said that houses shrank about 10 percent from their 2,500 square foot peak in 2007, and are expected “to get smaller and more efficient” with open floor plans, master bedrooms on the first floor and dining rooms distinguished only by a chandelier or architectural detail.
One-story ranch homes, post World War II suburbia’s signature easy style, are slowly regaining favor, thanks to first time buyers with tiny tots and aging baby boomers seeking accessibility.
Neo-Mediterranean: Red tile roofs, stucco walls, archways, towers and heavy wooden doors with a Spanish or Tuscan flavor.
Neo-Mediterranean home styles are becoming the Sun Belt standard. The Southern European style and materials work well in warmer climates and match the landscape.
Home Styles that are Not so Hot in 2012
Victorian homes are charming, but almost no one builds them like this anymore. Why They Are Not Appealing: While it’s hard not to love their colorful eccentricities, Victorians are challenging to rehabilitate or maintain. Their warrens of small rooms aren’t conducive to 21st century lifestyles. Photo: TBoard
Split-level homes, with many steps, have lost market appeal. Why they are not appealing: This darling of the 1950s, 60s and 70s is outdated and complicated to maneuver with steps at nearly every turn. Photo: flickr | Sportsuburban
- McMansion’s were a sign of success before the bubble burst. Why they are not appealing: Pretentious, over-sized energy guzzlers, overshadow surrounding homes and out of sync with the economic climate’s downsizing trend. Photo: flickr | FunnyBiz
2011 real estate trends in Buckhead’s zip code 30327
Posted by thunsicker in Buckhead, Data and Statistics, Preparing Your Home For Sale, State of Real Estate Market on January 25, 2012
In compiling statistics for Buckhead’s most elite zip code, 30327, it is harder to elaborate on each house sold since the volume is so much higher. I have a few comments here and then charts below with more information about real estate trends in Buckhead during 2011.
- First and foremost as I’ve mentioned before, inventory continues to decrease in Buckhead.
- Even though prices are still soft, but not declining further, it looks like we are headed into a much more stable market as inventory levels are under 12 months.
- The trend is decreasing for foreclosures and we’re seeing less and less of them.
- The other interesting thing to note is that where the average price point is for homes that are for sale is almost double where the average price point for what is selling; that tells us something too.
The product on the market is priced higher than where the buyers are.
With mortgage rates under 4%, around 3.75% right now, people can trade up in their homes if their current house will sell. The problem is that if they sell their current houses at where the market demands they are losing equity and don’t have the 20% to put down on the next house and most Jumbo mortgages are still requiring 20% down.
The exception to that scenario is for doctors. I’ve sold quite a few properties to doctors this year and they can still get 95% loans with certain conditions. So if you’re reading this and you are a doctor, it is the perfect time to buy!
For the Atlanta real estate market to turn into a sellers market we’d have to get inventory levels to about 6 months. However, at various price levels I’m receiving emails daily asking if I have anything coming on the market that isn’t on yet. These inquiries tell me that there’s pent up demand and good homes that are priced to the current market will sell pretty quickly.
I’m glad to pull specific neighborhoods, streets, price points, etc. for you to look at homes that are listed for sale in the Buckhead market (or anywhere in Atlanta!) if you’re interested.
I know most of us don’t like what our houses are worth today and if you’re still wondering, I can run a Case Shiller index for you, pull neighborhood comps etc. It’s usually not as bleak as Zillow suggests!
-
You are currently browsing the archives for the State of Real Estate Market category.
Neighborhood Info
