This morning finds me very puzzled. Ok, I'll be the first to admit that I probably don't stay on top of current events like I should. Be they world, national or even local. The news can paint a picture, and you either believe it, or you take the time to research the topic and all sides of the topic, and learn more about the issue.

I'm probably not a researcher. But, after reading two real estate related articles back-to-back, I had to stop and ask a simple question, "Can We Have Our Cake AND Eat It Too?" Here's how that question came to my head.

I get a daily digest of real estate news, sent to me by RISMedia and sponsored by Lowe's. It's usually got some pretty good articles. In fact, I often will print, scan and send them to my clients and my sphere to keep THEM up on real estate news.

Well, today, two articles in the same digest seem to say that we can continue to have foreclosures, and WILL, because the banks do better financially by foreclosing on a homeowner instead of helping them with a loan modification. At the same time, our home prices are going to stablize because of First Time Home Buyers and the extension of the tax credit.  To be fair to my readers, I want you to be able to read the same articles.

The Problems With Loan Modifications and Housing and Economy Headed for Sustainable Recovery; First-Time Homebuyers Lead the Way 

I'll let you take a moment and read them, and then we'll continue on.....

Ok, you're back. So, in the first article we read how banks are less inclined to offer loan mods since if they foreclose on the property, they now have the property to sell again.

It further states the lack of really knowing where our loan "is" as far as who now owns it. (Many of us pay to a "servicer" of our loan, not directly to the lender) makes the modification process even more difficult.

And that it may not really be in the best interests of the bank to voluntarily modify a mortgage and you might want to look for a lawyer to assist you!

I just love that!

Then our second article gives us insights into the housing and economic recovery by Mr. Lawrence Yun, NAR Chief Economist. In the second paragraph, it states "...we are hopeful about the impact of the expanded tax credit because it will stablize home prices."

Ok. I'm not always the sharpest tool in the shed, but I do have a college education.

How can continued foreclosures help stablize home prices? Case in point. In my condo building where I live, foreclosures and short sales have brought the prices down some 24% from what people originally paid. So. many people are paying on homes that have lost 24% of their value, and there is no light at the end of the tunnel as to when the values will start back up, nor how long they will take to go back up.

So, if homeowners are having trouble with their mortgage, or the fact that they are paying on a home that has decreased value, but still the same mortgage, what is their option? It appears a loan modification will be about as easy as living on Mars. And if they go to foreclosure, how will that stablize the prices?

I'm just sayin', I don't know exactly how we can have our cake, and eat it too.

This past Friday, Ray and I had the opportunity to attend Cook's Warehouse Grand Opening at Ansley Mall. For those of you that are not aware of this move, Cook's Warehouse was formerly located in the Amsterdam Walk shopping area off of Monroe Drive.

This new location, gives the store a whole new look, and a great location, next to Blockbuster Video and just around the corner from.....a Publix Market! See, you can buy that standing rib roast, and then when you are on your way to the car and realize you don't have a roasting pan, there's Cook's Warehouse!

If you are into the latest and greatest in kitchen gadgets and cook ware, this is the place to go! They have got it all, and then some!

 

The Grand Opening was also a fund raising event for a special organization here in Atlanta, For The Kid In All Of Us. This organization hosts two events each year. Back Pack in The Park asks the attendees to bring backpacks filled with school supplies for under privdliged children. And The Toy Pary, held the first Sunday in December, is...well...bring toys! This event is attended by some 2500-3000 people and is one of THE social events of the holiday season!

Here's a map to show you the new location:

The Grand Opening event had some great food, provided by Sawicki's Meat, Seafood and More and Sun In My Belly. Both had delicious items to sample. While both restaurants are outside of my "normal" areas, they will be worth a special trip in the future!

Wine was provided, and the glasses were yours to keep, compliments of Cook's Warehouse! So, now I've got a set of two! LOL!

Here are a few more pictures of the event.

 

 

 

 

 

 

 

 

 

 

I posed with Susan Nicholson who writes a weekly menu planning column for the Atlanta Journal-Constitution... but looks like she blinked...and I did not catch it till later! Sorry Susan!

In keeping with the new tradition I learned at REBAR Camp in Raleigh, I snapped a picture of food porn, or at least in this case, wine porn, with some of the For The Kid In All Of Us raffle items that were on display.

For more pictures of the event, visit my Facebook Page!

We had a great time at the Cook's Warehouse Grand Opening at Ansley Mall!

Be sure to visit the store soon! And now, when you are invited to that housewarming party of a new homeowner that The Thom And Ray Team, you will know JUST where to go for the perfect gift!

Midtown Atlanta Condo Market Report September 2009

Yes, it is November 15th, and I'm reporting on September! Actually, our numbers are not out till mid month, so I should be doing a quick follow up with October's numbers in the coming days. But, I wanted to get this report out, so you could see a true picture of the market.

In preparing the Midtown Atlanta Condo Market Report, it kinda put the market into a harsh perspective. But a quick reference to this report will make it easy for any Seller to understand the current Midtown Atlanta Real Estate Market and the challenges we face.

The Midtown Atlanta Condo Market Report September 2009 covers 16 major communities (buildings) in the Midtown Atlanta area. Of those 16 buildings, 8 buildings had NO SALES in September, 2009!

 

Cornerstone Village

2008 - Average Sales Price: $165,000 (1 Bed)

No 2 Bedrooms were sold in 2008

2009 - NO Sales of either 1 or 2 bedrooms

Average List Price: $141,535 (1 Bedroom)

Average List Price: $230,975 (2 Bedroom)

 

 

805 Peachtree

2008 - No Sales of either 1 or 2 Bedrooms

2009- Average Sales Price: $184,500 (1 Bed)

No 2 Bedrooms were sold in 2009

Average List Price: $242,600 (1 Bedroom)

Average List Price: $313,100 (2 Bedroom)

 

Spire Midtown

2008 Average Sales Price: $182,700 (1 Bedroom)

No 2 Bedrooms were sold in 2008

2009- Average Sales Price: $158,650 (1 Bedroom) -15%

2009- Average Sales Price: $221,333 (2 Bedroom)

Average List Price; $206,566 (1 Bedroom)

Average List Price: $317,847 (2 Bedroom)

 

Metropolis Midtown

2008 Average Sales Price: $238,000 (1 Bedroom)

No 2 Bedrooms were sold in 2008

2009- Average Sales Price: $158,000 (1 Bedroom) -56%

2009- Average Sales Price: $233,000 (2 Bedroom)

Average List Price: $165,269 (1 Bedroom)

Average List Price: $317,540 (2 Bedroom)

 

905 Juniper

2008 Average Sales Price: $234,029 (1 Bedroom)

No 2 Bedrooms were sold in 2008

There were no sales in September, 2009

Average List Price: $264,900 (1 Bedroom)

Average List Price: $418,325 (2 Bedroom)

 

 

Tuscany

No 1 Bedrooms were sold in 2008

2008 Average Sales Price: $233,000 (2 Bedroom)

2009 Average Sales Price: $161,250 (1 Bedroom)

No 2 Bedrooms were sold in 2009

Average List Price: $159,310 (1 Bedroom)

Average List Price: $209,900 (2 Bedroom)

Plaza Midtown

2008 Average Sales Price: $220,000 (1 Bedroom)

2008 Average Sales Price: $298,750 (2 Bedroom)

2009 No 1 Bedroom Sales

2009 Average Sales Price: $209,000 (2 bedroom) -30%

Average List Price; $180,161 (1 Bedroom)

Average List Price: $260,590 (2 Bedroom)

 

 

MidCity Lofts

In 2008, there were no sales in MidCity Lofts.

In 2009, there were no sales in MidCity Lofts.

Average List Price: $ 217,475 (1 Bedroom)

Average List Price: $ 344,750 (2 Bedroom)

 

 

 

Aqua Midtown

In 2008, Sales in Aqua Midtown were still going through the On-Site Sales Center. In May, 2009, the remaining units were sold at Auction.

The Average List Price for the Auction was $552,250

The Average Bid Price for the Auction was $279,500

There is currently a 2 Bedroom listed at $499,900 and a 3 Bedroom listed at $1,075,560.

 

Park Central

2008 Average Sales Price: $158,900 (1 Bedroom)

2008 Average Sales Price: $231,666 (2 Bedroom)

2009 Average Sales Price: $150,900 (1 Bedroom)

2009 Average Sales Price: $237,900 (2 Bedroom)

Average List Price: $137,725 (1 Bedroom)

Average List Price: $233,157 (2 Bedroom)

The Best "performing" building in Midtown!

Mayfair Renaissance and Mayfair Tower

2008 Average Sales Price: $185,583 (1 Bedroom)

2008 Average Sales Price: $288,000 (2 Bedroom)

2009 Average Sales Price: $153,500 (1 Bedroom)

No 2 Bedrooms Sold in 2009

Average List Price: $158,110 (1 Bedroom)

Average List Price: $357,363 (2 Bedroom)

 

The Dakota Condominiums

No 1 Bedrooms Sold in 2008

2008 Average Sales Price: $355,000 (2 Bedroom)

2009 Average Sales Price: $235,000 (1 Bedroom)

2009 No 2 Bedrooms Sold

Average List Price; $275,000 (1 Bedroom)

Average List Price: $398,941 (2 Bedroom)

Peachtree Lofts

2008 No 1 Bedrooms Sold

2008 Average Sales Price: $175,000 (2 Bedroom)

2009 There were No Sales in the Building.

Average List Price: $158,700 (1 Bedroom)

Average List Price: $229,892 (2 Bedroom)

(This building just passed a major assessment to refurbish the exterior, roof, a/c systems, and remodel the lobby.)

 

Peachtree Walk

2008 No 1 Bedrooms Sold

2008 Average Sales Price: $201,000 (2 Bedroom)

2009 There were No Sales in the Building.

Average List Price: $143,980 (1 Bedroom)

Average List Price: $201,600 (2 Bedroom)

 

 

 

 Ansley Above The Park

This Building had no Sales in 2008 OR 2009!

Average List Price: $375,042

 

 

 

 

Above The Four Seasons

This Building had no Sales in 2008 or 2009.

Average List Price: $336,300 (1 Bedroom)

Average List Price: $703,733 (2 Bedroom)

 

 

 

 

There are three other buildings that are not included in the Midtown Atlanta Condo Market Report September 2009. They are Viewpoint Midtown, Luxe and 1010Midtown. These three buildings are still being sold by On Site Sales Centers, and as such do not fully report their sales since they are not always listed in the listing service.

The Thom And Ray Team would be happy to help you find a new home in any of these buildings. If you are looking to sell your Midtown Atlanta Condo, give us a call to discuss our Marketing Plan!  

 

Veteran's Day Salute. Do I Make You Proud?

I'm not a "military brat" in the sense that we did not move all over the place as many military families do.

My Dad was in the Montana National Guard, and his highest position was brigadier general. He was the #2 in command of the Army National Guard in Montana before his retirement. I remember him packing to go to Guard Camp. I remember what he looked like each morning when he left for work, wearing his military uniform. He was in a civil service position for the National Guard, and was only on active duty during weekend guard drill or during Guard Camp.

I was, and still am, proud of my Dad. (He passed away in 1994) And while I never took the military route, I hope he's proud of me and where I am today.

 

 

 

 

The Road To Raleigh. Reflections on My First REBAR Camp!

I heard of these things called camps. But I've never been able to attend. I had the first North Carolina REBARCamp on my travel schedule for Charlotte back in May, but it ended up not happening for me. So, when I learned of the Raleigh event, I was on board and nothin' was stopping me from ending my rein as a Camp Virgin!

At first, my plan was to take my car, enjoy the 6 hour drive listening to XM radio or some training cd's. But then there was rumbling amongst my Active Rain bud, Lane Bailey, Patty Keller and Kathy Drewien that a road trip was in the making. Hmmm, I thought? I'm such a control freak when it comes to driving, do I want to do this? Then I thought of the mileage on my new car (that has 10K on it in just 5 months) and I said, "I'm in." Well let me tell you, that decision was almost as important as attending RDU BarCamp itself!

I volunteered to make the snack bag, and it was packed with nuts, cookies, crackers, trail mix and a cooler of sodas and water!  So on Thursday morning, we loaded up in Lane's mini-van, and "The Road To Raleigh" began. By the time we had made it to Commerce (about an hour out of Atlanta) I was ready to break out the pen and paper and start taking notes...the learning had already begun! Kathy Drewien turned me onto UberTwitter, and I'll never be the same again! OMG! I can now tweet from my Blackberry instead of just when I'm here at the computer!!  Then I gained Google Reader and Maps and my Blackberry was later our GPS to find the StudioPLus Suites where we were staying in Cary (since we all forgot our paperwork...how convenient!) Anyways, my Blackberry has since run out of battery power twice, something that never happens!

As mentioned before, it was already a fun trip with my AR pals Lane, Patty and Kathy! But of course, there was the anticipation of Beer for Bloggers Thursday night, and the reunion with my dear friends, Connie Harvey from Nashville, Debe Maxwell from Charlotte and the one and only Susie Blackmon from Maggie Valley! And my more recent friend from New Media Atlanta, Lori Bee was there too!  I was somehow brought on stage for Powerpoint Karoke, a first for me and thanks to whomever gave me the hardest set of slides to work from! From here, we ventured across the street to the Bonefish Grill where I got to enjoy an evening with the ladies of SSM....Nanette, Lori, Connie, Ann Allen and Debe! It was a delightful dinner and some great conversation too!

On to Friday morning and REBARCampRDU......

Having never been, I was not sure what to expect. I'd heard the stories of the schedule being decided by the attendees, and so it was!   After a P.E.P. talk from David Anderson (P.E.P. being Participate, Engage and Plan) we were off to look at the schedule and see where we wanted to expand our knowledge. Of course, there were two things at the same time I wanted to attend, but having heard of this guy called @realestatezebra from Twitter, I figured that was here I would head! His topic of Creating Content For Your Blog certainly peaked my interest...and he kept me glued to my laptop for notes and his every word. (I'll branch off on these session in future posts!)

Next, someone from the #REBCRDU decided that I was a "thought leader" and had words of wisdom to share...scare me! So next, I was on a panel discussion about FaceBook Fan Pages! Hmmmm! What can you say to people in just 40 minutes about such an indepth subject! But, along with my associates, we were able to talk with the group about Fan Pages, and the value they can bring to your real estate business. (Not to mention using your personal profile for business is a violation of the TOS of Facebook, and could get you kicked out!) BTW....click on the picture, visit our Facebook Fan Page, and become a fan....PLEASE?

Next was Blogging 201 with Diane Tulman from Zillow.com. More great tips! I came to the resuce of one Nannette Saunders as we were past a 12Noon lunch time and the trailmix from the roadtrip snack bag that made it to my briefcase was a welcome nibble till we broke for lunch!

Lunch was a chance to visit with friends, and catch up on e-mail and phone calls!  Then it was on to a most informative session on Posterous by my other AR pal, Susie Blackmon along with the Carroll Team from Dakno! This is one exciting new tool I'll be mastering quickly to keep me out on the forefront of social media! WooHoo...I love all these new toys! It's like Christmas in November!

The last session I attended, unfortunately, I was only there in spirit. I had some sort of upset tummy, and really only partially listened to what was another awesome session on LinkedIn....one being held earlier in the day, and repeated again due to the interest in this other social media tool. So, I skipped out silently and walked back to the hotel to rest for a bit. I was woken by a call from my friend Connie and soon, Grey Goose and cranberry had made all right in the world! LOL! We slipped out to the Bonefish Grill where many of the attendees had headed for cocktails, conversation and dinner. I must say, two nights in Cary, NC, and I ate in the same restaurant both nights! Make me laugh!

Saturday morning had us round up the clan, and now it was The Return To Atlanta! Another great time spent talking real estate, and throwing around ideas about everything from a motorcoach to New Orleans next year for NAR to a visit to the great Peach Butt. (I'll let the photo speak for itself.)

Funny, before I left ATL for my first BARCamp, I had mentioned that I was going to such an event to a couple real estate people in ATL. They had never heard of such a thing! In fact, our crew of 4 were the only people FROM Atlanta!!! I guess we'll consider ourselves on the cutting edge then! But, it was everything I had hoped it would be, and maybe more. I met people I've been following on Twitter, such as @HobokenCondos (Walter Burns) and made some new friends like Ann Allen from Birmingham and Kathleen Herron from Sarasota.

I'm no longer a Camp virgin, and you can bet I'll be headed to more of them in the future! I'll be writing more about some of the sessions and sharing some of the great things I learned, for those of you that missed out!

But I suggest you get a REBARCamp on your "bucket list" of things to attend related to real estate! They are awesome!

 

I've just returned from Raleigh, North Carolina and my first REBARCamp! Whether in real estate or not, you are already asking, what is a REBARCamp? Good question...stay tuned for another post about that!

This is to warn and remind you that with all this technology surrounding us, one must be careful. Next thing you know, you are making public service announcements!

 

 

Midtown Atlanta Real Estate And

Worldless Wednesday and the Wonder of a Child!

This past weekend was the Pride Celebration in Atlanta. I didn't find much in the parade worth taking a picture of. But the excitement of this little girl as she was introduced to the dog was priceless.

Let The Thom And Ray Team show you all the wonders of living in Midtown Atlanta!

Give Us a Call and We'll Introduce you to a New Home!

MARY NORWOOD IN RUNOFF FOR MAYOR OF ATLANTA!

Last night, Ray, Yasiel and myself were at the post election party for Mary Norwood For Mayor. It was a first for all of us, and quite an exciting time. Exciting to be part of such a historic moment in the history of Atlanta. It's come down to a runoff election on December 1 between Mary Norwood and former State Senator Kasim Reed. Historic in the sense that if she wins, Mary Norwood will be the first white Mayor in the City of Atlanta in 36 years! Some amazing stuff.

We had a chance to visit with supporters as well as be there during several live news breaks on the local tv channels. It was fun to see the night progress, both in excitement and in the people in attendance.

 

The election party was held at the Varsity Restaurant in Midtown Atlanta. Itself is a historic landmark, having been in Atlanta since 1928! Several rooms were reserved for the party, one of them being for press announcements and such. I choose to position myself here, to keep tabs on what was happening with the election.

We had every major local station there, as well as numerous newspaper reporters and raido stations!

If was fun to see the change when Mary arrived...

 

 

 

While Mary Norwood for Mayor was able to capture 46% of the vote, it was not enough to avoid a runoff. So she told supporters she would hit the ground running today, for the next 27 days till the runoff vote!

 

Morris Diggs of Fox5 News was one of the first reporters to speak with Mary while a crowd of supporters filled in behind her.

 

 

 

 

The Varsity Restaurant Midtown was decked out in Blue and White, the colors of Mary Norwoods campaign.

Mary Norwood In Runoff For Mayor of Atlanta and we will be out there talking to our neighbors, making sure they cast their vote!

Here's hoping for another victory party in 27 days!

Here is a great opportunity for someone looking to lease a home at Plaza Midtown with an Elevator Ride to Publix! Call me today to see this beautiful Midtown Atlanta Condo!

 

 

Plaza Midtown Condominium For Rent $2100 Per Month!

Price: $2100.00 Beds: 2 Baths: 2 Sqft: 1091 Year Built: 2007 Property Address: 44 Peachtree Place Atlanta, GA 30309 What can be better than on a cold, rainy day, you hop the elevator, go to the groery and get something to keep you warm? Well, that's life at Plaza Midtown! And in this home, you step off the elevator, and the entrance to Publix Market is right there! 2 Bedrooms and 2 baths, with premium next-to-the-elevator parking. Hardwood floors in the living area, and carpet in both bedrooms. Great Northwest view of Atlantic Station and beyond! Home is available now for a 1 year lease! 2 Bedrooms 2 Full Baths Kitchen with Granite and Cherry Cabinets Washer/Dryer Included? Premium Parking on First Garage Level Freshly Painted and Ready For Move In! Great Resort-like Pool Area Club Room Fitness Center Publix Market on Lower Level Marlow's Tavern and Prickly Pear Restaurants Deposit and Application Fee Required Contact Information The Thom And Ray Team Thom Abbott, GRI Associate Broker 800 Peachtree Street, Suite E Atlanta GA 30308 770-713-1505 More Listing Information Email Me My Other Listings Statement of Distinction at The Dakota Condominiums Location: Atlanta, GA List Price: $2800 Bedrooms: 2 Bathrooms: 2.5 Terrific Townhome In Convenient Norcross/Technology Park Area! Location: Norcross, GA List Price: $1500 Bedrooms: 2 Bathrooms: 3.5 Contemporary Cornerstone Village Home! Location: Atlanta, GA List Price: 149,800 Bedrooms: 1 Bathrooms: 1 REDUCED PRICE! Luxury One Bedroom Rental at Viewpoint Midtown Location: Atlanta, GA List Price: $1375.00/mo Bedrooms: 1 Bathrooms: 1 Spacious Northwoods Ranch! Open Kitchen Overlooks Sunken Great Room! Location: Atlanta, GA List Price: $192,000.00 Bedrooms: 4 Bathrooms: 1.5 THIS Is What You Are Looking For When You Say Loft! Location: Atlanta, GA List Price: $335,000 Bedrooms: 2 Bathrooms: 2 975 PIEDMONT. WHERE HISTORIC AND MODERN MEET IN MIDTOWN. Location: Atlanta, GA List Price: $630,000 Bedrooms: 2 Bathrooms: 2.5 Convenience. Affordability. Location. Amenities. All Part of Life at Cornerstone Village in Midtown! Location: Atlanta, GA List Price: $145,000 Bedrooms: 1 Bathrooms: 1 Atlanta Real Estate Relocation Services! Intown Neighborhood Specialists! List Price: $