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If you listen to the talking heads in the media these days, you'd think there were foreclosures on every corner of every neighborhood, like gorgeous low hanging fruit in mid-summer.  Let me set the record straight:  Nothing could be farther from the truth.

I have been involved in easily a half dozen foreclosure transactions in as many months, and while there are many bank-owned properties out there, most of them are homes I wouldn't take if they were given to me, and I sure as rain wouldn't advise my clients to go after them.  For myriad reasons, most properties are just plain too risky. 

Things to consider when researching bank owned property:

Comparative market analysis.  Is this really a good deal?  How many foreclosures have there already been in that subdivision?  How many more are likely? Got a crystal ball?  What if you buy it for what you consider a good deal only to have foreclosures continue and you end up getting sucked into exactly the same thing that resulted in the property being a foreclosure in the first place?  Does the house need so much work that you end up never realizing a "deal?"  What are your intentions for this property?  Looking for a home?  How long will you be living there?  Looking for a flip? Check your numbers twice!

So where are the good buys, you know, the ones you will be bragging about in five years at your back yard cook out?

They are in established neighborhoods.  They are the atypical foreclosure in an otherwise stable neighborhood.  Call it the freak foreclosure.  And when you find it, get on it!  But don't' expect to low ball and walk with the steal of a lifetime because you are going to be one of a handful of buyers whose agents are searching for the exact same thing. 

And guess what else! Listing agents who understand the good foreclosure from the bad foreclosure will use the fact that banks typically ignore deadlines to hold off on responding to your offer until another offer comes in so they can instigate a bidding war.  Think I'm kidding?  This is happening more and more, and I don't think it's a coincidence.  All interested parties are then asked to sign a document, stating they understand there are multiple offers, and they ask you to bring a new "best and final" offer.  The bank also reserves the right to counter your best and final or just turn down all the offers and tell everyone to get the offers up.  Talk about hard ball. 

Make no mistake about it, though, these purchases typically represent some type of discount to the homes in the subdivision, but the home may be trashed or needing 5k to 10k in work, bringing you back up to the general tax assessed value.  In the meantime, your discounted purchase will now count against the neighborhood because it will now be a comp used when appraising homes in that area. Are you getting this?  Almost a be careful what you wish for type situation.

 So are there any scenarios where foreclosures are a net to buyer good deal? 

Absolutely.  I closed on one three weeks ago (it took a month longer to close but it closed).  My client paid in the 170's with 6500.00 toward closing for a home that was tax assessed in the 220's.  All it needed was some paint inside, and a few minor repairs.  BUT...when the buyer's appraisal came back during her financing process, it was valued in the high 180's.  So, she got a deal, but not a screaming deal.  Other homes on the market in that neighborhood are listed in the 210-220's but this is nothing for my client to celebrate.  Those currently listed homes are not going to sell in that range, or nowhere near it, because my client just paid in the 170's for a home tax assessed in the 220's.  The market is correcting.  The county assessor has not yet caught up with the market, and the listing agents out there have to have very uncomfortable conversations with the sellers trying to sell their homes for the current but inaccurate tax assessed value.  However, my client was looking for nice place to call home, and she is tickled, knowing the purchase exceeded her expectations, and that is what matters. 

Take away message:

Not all foreclosures are the same.  Hope for the best deal in the world, but prepare for getting a good deal at best.  Know when you don't know, and hire someone who does.  As a buyer, you don't pay a dime for experienced representation.  There is so much more to tell about the foreclosure purchase process, but that is enough for now.  JP

Where's the Beef?  What Happened to Stimulating the Real Estate Market?

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So much of what we've been hearing about the economic recovery has the real estate market as an essential part of the recovery debate.  We've been told the economy won't get "back on track" until we deal with the tremendous number of foreclosures and ensuing fallout in the marketplace.  Deal is the operational word here, and how foreclosures are dealt with is where politics and ideology come into play.  Let me explain.

            About three weeks ago now, Georgia Republican Senator Johnny Isakson introduced a plan for a nationally subsidized 4.0% mortgage rate along with a $15000.00 tax credit for homebuyers.  The details never really had a chance to gain traction before the story stopped being told.  Not sure what happened there, but the seemingly sound plan was dead on arrival.  Here's how it would have worked: With the economy tanking and investors looking for a relatively safe place to put their cash, treasury bills grew increasingly attractive and money has been pouring in at a good clip.  This gives the government serious purchasing power, so they could borrow money at 3.0%, loan it at 4.0%, and even with potential downstream defaults, the 1.0% margin would be enough for the government to actually realize a profit associated with this particular real estate stimulus plan, especially since defaults of the magnitude we are experiencing right now would probably not occur since lending practices would surely be more stringent.  The plan was not without its critics, and a good report on the whole story can be read/listened to here

Add to that 4.0% plan a $15000.00 tax credit, and we're talking a one-two punch to the ailing real estate market right at the beginning of the national buying season.  Many of the foreclosures would get snatched up by enthusiastic, fiscally responsible buyers, further accelerating the healing process.  I couldn't help but feel we were on track for a robust Spring.  Then it stopped.  No more talk of it.  No national headlines, nothing.  Wha' Happin? 

Politics or Ideology?

Could it be that partisan politics are taking a front seat to the recovery, seeing how the 4.0% rate was floated by a Southern Republican Senator.  Or could it be that President Obama, the self-touted populist president, was actually being a populist president?  Was it politics or ideology that drove him to ignore an otherwise sound idea that seemed pretty dang easy to enact?  Mr. Obama has repeatedly called for measures to help people stay in their homes.  He gets one shot at the market, apparently, so will he shoot in favor of the real estate industry by creating what he knows will be a profitable situation for them (the 4.0% rate and 15k tax credit)?  He answered that one already.  It was a resounding no.  Is he thinking; "Why would I reward predatory lenders and the unsavory agents, who failed to properly counsel their clients when they surely knew their buyers had no business being in certain, if any, homeownership situations?"  Seems possible.  But what about today's buyers and sellers?  Don't they deserve to benefit from the republican plan?  And what about honest realtors who try at every turn to serve and protect their clients from doing anything rash or too fiscally risky?  And this: What of those who maybe knew from the get go that they had no business buying a home in the first place and now stand to be afforded a few more months or years of pretending? 

It is important to note here that while I do not have hard numbers in front of me, the majority of buyers who took advantage of risky loan practices have actually made good on their end of the bargain.  They knew the stakes they were playing for and have kept up their end of the deal by making ends meet, establishing austerity measures in their households to insure that the essential food, clothing, and shelter minimums were being met instead of going crazy at Pier One Imports, IKEA, or going on credit-access induced spending sprees.  Many who played the wink and nod game with lenders didn't build a house of cards.  Perhaps many of those being foreclosed on right now weren't simply victims of predatory lenders, but with a similar wink and a nod, were in cahoots with them.  They rolled the dice but threw caution to the wind.  Perhaps these folks should be held accountable by our new president, lest they be given the wrong message.  The same goes for bank bailouts, by the way. 

The March 4^th Rollout

So the Republican RE recovery plan came and went almost unnoticed, and now March 4^th is the big day for the Obama Administration RE recovery roll out.  We'll see.  I was just sad to see the fairly sound-seeming idea presented by Senator Isakson not given the proper attention/debate  (I am registered non-partisan, by the way).  This at a moment in history, apparently, when every minute counts.  That plan was introduced on February 4^th and could have been put into action by now.  According to those who know more about this stuff than me, anything presented in early March could end up not getting implemented until too late in the buying season for any substantive effect to be felt this year.  If the real estate market is the centerpiece, why is it the last thing being put on the table?  If people are drowning, shouldn't we be acting more quickly?  Sounds kind of familiar, no?

Hopefully the Obama plan will include measures to aid everybody involved in real estate: buyers and sellers; those who made smart decision as well as those who may have wittingly or otherwise gotten sucked into this mess.  And if the president's hitherto undisclosed plan has the effect of keeping irresponsible people in homes they should not be in, then that "bailout" should come with mandatory government-subsidized financial counseling for each household receiving assistance.  Perhaps there should be funds in the recovery package ear-marked for this since financial counselors are part of our economy too. 

Our household is filled with austerity measures right now, and it sucks, but it is working.  If we don't require accountability from households with questionable leadership, then we are only going to prolong the inevitable and the agony.  March 4^th is about here.  My birthday is March 5^th, and although this is not all about me, I'd like cause to celebrate.  I'm sure we all would.  JP

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With the market being so crazy right now, and prices all over the place, it is only natural to wonder about the value of your home, especially if you thinking about selling.  Intuition is more than likely telling you that there has been some kind of shift in value in the recent past.  Intuition also tells you that if you need to get an accurate assessment, then a solid appraiser will be able to help you evaluate your investment.  However, as counterintuitive as it may seems, most folks don't need to get an appraisal if they are considering marketing their home.  Here's why. 

The Athens Regional Area has its share of unique properties (and people!), but most of us live in areas where the properties immediately around us will become the homes used to determine the value of our own. These "comps" are easy to source through a realtor, whose job it is to know the market, have access to raw data, and establish an accurate value.  This is a service associated with our overall service of getting your investment sold.  A good agent knows the market, and in fairly homogenous neighborhoods, establishing value is something we do every day, and unlike an appraisal, we do it at no additional charge to you.

An Example:

The Athens Area has hundreds of subdivisions.  If I get a call from a prospective client in a living situation such as this, I ask all sorts of questions, take notes, visit the property to establish a strong understanding of the "product" to be marketed, and then I crunch numbers. 

I look at recent sales, and I look at sales trends in the neighborhood.  Is the neighborhood trending up, down, staying stable?  I look at price per square foot and see how far the prices hold before they start to flatten out for homes with more square footage.  Ultimately I want to focus in on a more select group of comparable homes to really establish which homes within the neighborhood truly compare to my "subject" property. 

I then will use a list of specifics about the subject property as points of comparison to establish value.  A good agent is often already familiar with the comps because these comps were recent sales, and we watch properties and know the products on market.  Often we've actually shown or pre-viewed the property back when it was on the market.  This kind of experience is invaluable.  The whole process is fairly involved (and fun...for a geek like me, anyway).

A Note of Caution

In a rapidly evolving market, like the one we are currently experiencing, it is critical that the comps are as recent as possible since inaccurate valuation can lead to all kinds of headaches and possible financial loss.  A good agent will be aware of this and go back in increments (3 months, 6 months, a year, 18 months, etc.) to establish if/when the market shifted in your immediate area.  We will also know the market well enough to assess if the shift is merely a discount in a strong area that will likely rebound because the neighborhood story is still sound.  This is important because if you are not in a rush to sell, you can wait the market out.  And if you are in a rush to sell, then you will need to consider the relative loss you will be looking at.  Imagine, though, that the analysis is faulty and you think you are waiting the market out only to find that the area is actually trending down!  This is where strong agents earns their money.  We know the area, and that intimate knowledge is critical. 

When Should I Consider Getting an Appraisal?                         

When you can't look out your window (or close to it) and see your comps.  When you own a 10,000 square foot, turn-of-the-century barn that has been converted into a gallery-like luxury living space on ten acres right on the Clarke/Oconee County line.

When you are trying to sell your unique log cabin/horse farm on a 14 acre tract but you are only selling five acres with the property, and the home was designed to accommodate your family heirloom furniture and over-sized sculpture collection while little but little consideration was given to resale.

Back to intuition.  If you live in a unique setting, you will know when you need an appraisal.  If you live in a subdivision or an area of town with similar homes, and you consider your new chef's kitchen to be the unique aspect that warrants an appraisal, hold off and talk to a realtor.  The money you spend on an appraisal can be put to good use elsewhere.  But make sure you work with an agent who does a professional analysis for you.  If an realtor rolls in, armed with what's in his/her head, he/she is being a little too cavalier.  Agents shouldn't be made to show you solid numbers to back up a bottom line;  they should come with those numbers tucked under an arm. 

JP

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This is the first Ask the Professor we've posted, and each post will feature a question posed to John Killens, the man who has forgotten more about real estate than most of us will ever know.  In each installment, he and I will talk a little bit (mostly I will listen), and then I paraphrase his answer.  Since John is now retired (even though he still wears dry cleaned everything, including pajamas), to ask him to contribute his knowledge is about the most for which I feel comfortable asking him, so I'll handle the writing part.

QUESTION:  John, why do Athens area listings have such noticeably high average days on market?  I was in Philadelphia recently, and I read a piece in the local paper where the writer was lamenting the fact that DOM in the Delaware Valley had increased from 60 to 76 days over the last year.  I couldn't believe what I was reading since the average DOM in the Athens area usually hovers in the 180's and new construction in Oconee has been in the 190's.  Most realtors here tell their clients it has to do with the Athens buying season starting and ending early because of UGA's yearly schedule.  If you ignore the supposed UGA effect and list later than April and you don't sell before the end of July, the theory goes, then you are stuck with the property on the market all through winter and early Spring, resulting in a high DOM figure.  How accurate is that?

ANSWER:  The professor began with a few necessary comments about people and real estate.  First, he explained that there are three things that determine whether a house will sell or sit: Price, Location, and Condition.  Two of these, he said, are mutable, and one is not.  Also, people seem to think they can expect a return on their investment even if they lived in a house for ten years and basically did nothing to improve or even maintain it.  This idea of seller entitlement has always perplexed the professor. 

Pricing also dovetails with condition:  If you have a seller who feels entitled to top dollar for a house with no updates/improvements and lots of deferred maintenance, then the price will be too high. The entitled seller will also more than likely "anchor" to that inflated price or close to it.  You can see where the professor is going with all this.  The result is a house that will sit and jack up the DOM averages.  If the location is questionable (see the neighborhood cycles post), and the seller is clueless, then DOM will go even higher.  Too many DOM results in a stigma on the property and the DOM go higher still.

So where are the realtors during all this?  If we are getting DOM stats from our MLS system, then surely realtors are listing these homes.  Aren't they having the necessary conversations to serve their clients and move properties?  The professor says the answer is no.  Before further explanation, it is important to note that John is a true Southern gentleman, so he can say what he said to me.  Southerners are by nature non-confrontational people.  They don't like uncomfortable situations and uncomfortable conversations. You could say they are this way to a fault since the result is real estate clients not being properly served.  The pain associated with telling a client they are off their rocker is too painful for some realtors, so they accept the listing exactly with the terms set by the seller, never suggesting that the price is too high, the condition is too poor, and the location is too questionable. 

The result is an overpriced product on the market and it sits.  The professor used my experience in Philly to further explain.  In the North, he says, people tell it like it is, and realtors there probably are more hesitant (read: willing to walk away from a listing) to take on an unrealistic client just for the sake of getting a listing.  The result is more realistic pricing based on condition and location realities. 

The professor went on to explain that many homes sell much more quickly here than the average DOM would suggest because there are realistic sellers working with trustworthy professionals who confidently know the market and know that deep down, everyone respects the truth. 

So the university has nothing to do with DOM numbers?  Apparently not, according to the professor.  It's a regional thing that has to do with a disproportionate number of realtors who are telling clients what they want to hear or just not telling the clients anything and simply going on a marketing call to discuss the ways he/she will market a poorly maintained, overly priced property. 

Everyone likes to make money on an in vestment, and everyone enjoys being right, but if you really want to sell your house, maybe finding a market-confident and candid realtor is the way to go.  It doesn't help that realtors are about as trusted as used car salesman, so find one you can trust, tell them you expect them to be straight with you about  price, condition, and location, and hang on for the truth.  Just don't shoot the messenger.   Thanks, John!  JP

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Yet another installment of the things you want to know about our wonderful city. As I read over this post, I realize there is so much more in Athens, Georgia, that these posts can become quite habit-forming.

Forecast Calls for Thunderstorms Every Afternoon During the Summer. It doesn't always happen, but the weather person seems to err on the side of caution. They are correct a lot of the time though. Some of the best thunderstorms I've ever witnessed were here in Athens. They are more fun to watch when you don't own a home, especially after you log a couple personal instances of knowing folks whose houses got nailed.

You Will See Litter. No question about it, folks around here litter more than in other areas of the country, and Athens has a seedier side by some accounts. It's kind of sad to see it, but you can do your part to keep ATH beautiful. As far as seedy goes, I told you in an earlier post that my goal is to be honest. I will also honestly say that I lived in some areas of California that were a little too crisp and perfect, and I think those places were a little out of sync with reality, and ATH is much preferable.

Lots of People Telecommute from Athens. This seems to be a trend around here. Folks move here from out of state, get a nice house in a nice area of town and settle in to a very cool lifestyle.

Strangers Talk to One Another. It is not out of loneliness, just friendliness. Don't be shy. Put yourself out there and you won't be rebuffed like you would be elsewhere. It's a habit forming need for more and more, and you will grow to thrive in this kind of environment. The good news is that most strangers you meet around here are pretty darn brilliant and interesting.

Dinner Parties Abound. Professional, intelligent, travel-savvy residents who love to cook and converse. What could possibly be a better evening?

While Athens is Home to Some Truly Brilliant People, it is also Home to Folks who will Awe You with their Stupidity. Two words come to mind as I write this: Crime Blotter. Featured once on NPR's This American Life, the Athens Banner Herald Crime Blotter reads like no other. A woman knocks her husband out with a potato; a guest is busted by his host trying to have relations with the family dog; a woman reports her leather jacket was stolen when she went to buy crack at an abandoned house. All three stories are true and just come to mind. The blotter serves it up everyday in its own cheeky way, and while it is humorous to read at times, you have to stop and remind yourself that while you are at a red light, the guy behind you may have recently been in the blotter. Perhaps this is really just the stuff of the human drama writ large because it is such a small town. More than likely the cops in NYC could shame our blotter, I'm sure.

This is a Small Town. Yes, it feels big at times, but it is tiny. If you don't like constantly seeing people you know, this might not be the town for you. I personally like it. Word to the wise: If you are the kind of person that lashes out at people at Lowe's, demands the royal treatment every where you go, or is just generally a stick in the mud, don't move here unless you like being known as that kind of person.

This Town Talks. And as well it should when you are mean spirited or a crooked business person. The corollary is also true: Faster than folks will point out a rapscallion, they will point out the best people that Athens has to offer. Be the latter person , and your life will be better than you could ever imagine.

Winters are Usually Wetter than other Seasons, and You Don't Necessarily have to Put Up Your Summer Clothes in Storage. There is always that little stretch where the weather feels fall like and don't be surprised if you are Christmas shopping in a t-shirt downtown.

Man, I could keep going. More Later...

JP

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The University Makes this Town Great and So Do Holidays and Summers When the School is Closed or on an Off-Season Schedule. Traffic basically disappears, and parking spaces reappear. No waiting at restaurants, gyms, etc. Yes, the restaurants adults frequent are also frequented by college students, and here's why:

Many Students at UGA are from Affluent Families. The HOPE scholarship surely adds to the disposable income of students, but something else is going on here. These days, half the folks who went through UGA fifteen years ago probably wouldn't be accepted today. HOPE has added to the number of applicants at UGA and competition to get in is high. Supply and Demand allows UGA to get some of the brightest Georgia students, and with the correlation between grades and socio-economic level, it only figures that you might end up not getting that last bottle of Napa Cab on the wine list because the kid next to you at The National snatched it up before you got there.

Downtown is Small But Fun. Don't worry about parking on the other side of downtown from where you are heading. Everything is a five minute walk away. You can "do" town in a very short amount of time. This might bum you out if you have loftier expectations (and hate bars and restaurants), but let's consider something right here: Athens is more about the people than anything else. Artists, Musicians, Fans, Students, Professors, and business folks are all people. If you put yourself out there in this town, you will end up in a memorable conversation with a total stranger, who will never be a stranger again. So how big do you really want the downtown to be?

Sunday Mornings Are For Church (and Wednesday nights too). This may come as a surprise to those who worship at the altar of Starbucks and New York Times on Sunday mornings. If you are involved in any organized religion, Athens is the place for you. Church? We got ‘em? Temple? We got ‘em. Mosque? No problem. Café open at 7 AM for your coffee and newspaper? Stay home is my suggestion, or go out a little later. After all, the barista needs to sleep in after playing in the band you saw the night before...

Athens is a Great Town to Visit, so Friends and Family will Love Visiting You. Lots to do and most of it comes at a steep discount to other areas of the country. Also, since real estate is so affordable, you might end up choosing to buy a house with two guest rooms.

Athens is a Great Family Town. For our family with a nine and seven year old, we love it. There is more community here than any place we've ever lived, and family fun is just different. You will see familiar faces each weekend at Sandy Creek Park, The kids room at the museum, the zoo, the pool, the ball fields, the clubs in town that open their doors for kids shows, and the family friendly restaurants. There are also many many other inexpensive or free things to do, many of them educational as well as fun. I have found at almost every turn that the college students here are very polite, respectful, and they seem smitten with little kids. It's fun to watch my kids interact with them.

Athens is a Youthful Town. I mean in age and mind set. People go kicking and screaming into the boring parts of adulthood around here, and even the most responsible, successful parent-type residents can be found acting giddy on game day, still playing in a band, or still being the artists they were in college. As a realtor, I am seeing band equipment and other indications of light-heartedness in the most likely and unlikely homes.

Athens has Great Comfort Food. Meat and three type eateries and bar-b-q joints are all over, but so is comfort food from other regions of the world. Vietnam, Thailand, India, Mexico, Guatemala, El Salvador, Middle East, Spain, Italy, Belgium, British Pub Grub, and more are all represented and respectfully so. Southern Haute Cuisine is also alive and well and taken to new levels by a few renowned local chefs.

Athens has Great Wine Shops. The wine selection in Athens is excellent. The same goes for craft brews. I am a wine geek, and there is more of a variety in this own than you are likely to find in towns much bigger.

This is Part II of what I guess is going to now be longer than two parts about thing to know about ATH. Again, I welcome your comments by clicking the comments button at the end of this post. And again, Things to know about Oconee County is coming soon. JP

We are a Town of Subdivisions. Once you get out of the downtown area (called In-Town here), you are in the land of many subdivisions. The tell-tale bricked and landscaped entry way will alert you to the fact that down that seemingly small side street might lay 200 or more single family homes built somewhere between the 1950's and the present. As you get farther away from town, the entry ways get more grandiose. I don't care how long you live here, you will always be discovering a new subdivision that has been here longer than you.

Folks are Moving Back to Athens from Surrounding Areas. While the surrounding counties have been luring families away from Athens with the promise of better education, safer neighborhoods, and better real estate investments, there is a reverse movement taking place. With the cost of everything going up, proximity to town is getting more attractive. From my informal inquiries, it seems people are also deciding they want to be a little closer to the cultural hub that Athens is.

Volunteerism is Big in Athens. Not sure where it comes from, but it is an indisputable fact. And why not? This town is home many intelligent people who are at the top of their professions, and they bring this expertise to their community in a variety of ways. The sense of duty to community and others is palpable here. If you are considering a move, consider volunteering, and you will make lasting friendships right away and in a most noble way.

Many People in Athens Live at or Below the Poverty Level. I don't know the exact place in the national rankings, but we're up there with regard to per capita living at or below the poverty level. It's no joke. We're talking generational poverty. Everyone knows it, and the community has lately been taking very vocal steps to address this glaring reality. Partners for a Prosperous Athens is trying to address root causes while attempting to serve more immediate needs. Like all groups trying to address social issues, they have their supporters and their critics. Why does Athens have so much poverty? Athens and poverty seem to go way back, and I could expound with an interesting historical analysis, but I will save it for another post.

There is Nothing Like Athens in the Springtime. The Indigo Girls said it best and it's true. Athens in Spring is rivaled only slightly by Athens in the Mid Fall. Dogwoods will blow your mind. They bloom and bloom and bloom, creating a greenish light under their canopies. Oak Leaf Hydrangeas with flower clusters the size of a poodle's head. Warm days and cool evenings. And the best news? It is not unusual for Spring to spring by mid-February, resulting in a season that is so romantically protracted. Yes, the dog days of summer follow, but those few months in the year when things are moderately uncomfortable are sandwiched between two glorious seasons.

People Drive Differently Here Than Elsewhere in the United States. Say what you want about the slow pace of the South, but once you get ensconced here, the pace in other areas seems downright nutty. Wait until the following scenario happens to you, and you will see what I mean. You are reading a map while at a red light only to look up and find the cars in front of you are now far through the intersection. You, and you alone, are holding up traffic! You look in the rear-view mirror, and the line of cars behind you is just patiently waiting. And I mean patiently. No horns. Twilight Zone? No. The South. You will grow to love this kind of gesture, and the next time a car in front of you is slow to move, you will more than likely think twice about laying on the horn, and you should. Also, Athenians rarely wear watches. No kidding.

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I started to think of all the kinds of things I end up telling clients when I am driving them around ATH for a first time tour.  It is the same stuff I end up talking about to friends when they come to visit.  I started to make a list and it just keeps getting longer and longer.  Here is Part I, and I will continue posting subsequent parts over the course of the next week or two.  The first posts will deal mostly with Athens, and I am working on stuff you need to know about moving to Oconee County since the O.C. is increasingly becoming it’s own place, a place independent of ATH and one where the residents can live well while rarely getting into ATH if they don’t want to. As always, I invite you to hit the comments button at the end of this post and add your own two cents.

This is a University Town.  UGA dominates here.  The town sprang up to serve a land grant university established in the 18^th Century.  The school was supposed to be located in the lower piedmont region, but frequent raids by the Creek Indians made higher ground more desirable.  Sometimes the school and the town bump heads, but the record is clear:  the school was here first.  The town is a day younger.

This is a River Town.  Believe it or not we are a river town.  It took the city and a progressive government to finally realize this and make something of this fact.  We now have a really cool ATH jewel called the Athens Greenway, which is a series of trails, parks, and nature centers stretching through and out of town, culminating at Sandy Creek Park and Lake Chapman, a body of water monitored by the UGA Forestry Department.  This whole system is still a secret even to some residents.  Outdoor enthusiasts know about and love it.  And so do young families since it is a cheap and fun area to explore.

Athens is a Football Town.  And not just any football town; it’s an SEC football town.  Yes, UGA is home to the national champion Gym Dawgs, who have won countless national titles, and yes our baseball team took it to Omaha this year for the College World Series, but football is king.  Love it or hate it, get used to it.  Six Weekends a year, this town throws a huge party called Game Day Weekend. Is it a day or is it a weekend?  The town goes nuts and there is much drinking and revelry, culminating with a bit of madness at Sanford Stadium.  It’s kind of fun to listen to a chorus of car keys being jingled at opposing fans by 90,000 rabid Dawg fans when a home team win is imminent. 

Athens is An Artist’s Town Great news!  There are still hip towns in the United States where one can live within their means, own a house, and still make a living doing his/her art.  We may be the only town left, but it’s happening.  My wife seems continually tickled by this reality.  Maybe because we came from the Bay Area where almost every artist slowly joined the mass exodus North to more affordable environs, leaving a homogenous zone in comparison to what is once was. Athens residents support local artists through the purchase of art.  Numerous art festivals are held throughout the year.

Athens is a music town.  R.E.M., Drive By Truckers, Widespread Panic, Vic Chestnut, The Whigs, Modern Skirts.  These are some names you may have heard, but there are also some wildly talented musicians you never heard of, wowing you in the evening on stage and selling you your morning coffee the next day.  Think I’m exaggerating?  You will need to stay up very late to find out because Music starts very late in Athens.  Check out athensmusic.com for more.

Athens Has A Symphony.  They are good and well worth seeing. 

Music Starts Very Late in Athens.  How Late?  Headliners often come on well after midnight.  But you can hear the first three opening bands beginning around ten, and many club goers are actually there more to see those bands.  Good news, though:  Things are starting to change a little for us old timers.  And by old timers I means people like me who need reading glasses and graduated from high school in the 80’s.  Increasingly, you are seeing venues cater to people who have to be alert during work hours, and the Melting Point is a venue that from its inception has promoted earlier start times.  They are also known for bringing in national acts. Expect a mixed crowd at many gigs in Athens.  The fun part about the music scene here is that you have to explore to discover the music because it won’t come bite your leg.  Don’t be afraid to consult folks who know the scene.  And if you are not the club type, we have a symphony and other more adult places to hear great music, Ashford Manor being one of them

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Actually, the clouds might be lifting, if the talking heads on NPR can be believed.  Here's what I and many Americans heard on the way home from the gym early this morning.  Prices across the nation are no longer in a free fall decline and actually have begun to stabilize.  Rates are going up but not skyrocketing.  Any time you can get in under 7%, you've done well.  There are some great loan products out there right now, including 100% financing still available for first time home buyers with good credit and good job history.  FHA Loans are readily available (more on this later since the FHA rules relaxation has resulted in some calling it the new sub-prime...ouch!).  The story went on to say that the market is not dead; buyers are out there ready to buy but concerned about buying too early and ending up with negative equity if prices continue to decline.  Another point made: if you are a self-employed buyer with little income history, you are going to have a heck of a time getting financed because the stated income, no-doc loan has been taken off the shelf.  The report also explained why a fed bailout of Freddie Mac and Fannie Mae, whether or not you agree with it, is a critical component in any market turn around. No doubt about it, buyers who are waiting will be the ones to drive the market in the short term, meaning once there is a collective decision that it is buy time, it will be buy time.  The national numbers showing a price-stabilizing force at work suggest the more cautious buyers have begun to pop their heads up without seeing their shadows.  But just as Tip O'Neil reminded us that all politics are local, the same goes for real estate, so make sure your agent has a firm understanding of the local market, all the way down to the individual neighborhoods.  Don't assume the national numbers are in direct line with Athens, GA.  They never have been, and they still aren't.  The university and other realities have had a moderate insular effect on the region, but pocket crashes within our market are still easy to pinpoint, and these areas of decline are not as few and far between as one would hope.  Despite the uncertainties, I am feeling a shift right now that suggests my off season business will be better than I originally thought.  We shall see.  Would love to hear what others in town think as well as the thoughts anybody else might have, especially if you are in a different market area.

Click here to listen to the NPR report.