Michael's Blog

Federal Home Buyer Tax Credit Extended & Now Expanded to Assist Move-up Buyers too

Fri, 06 Nov 2009 14:02:22 -0600

For all those 1st time homebuyers who had trouble finding "the one" in time for the tax credit, you now have a few more months to contact me and we'll ensure you get a great deal and a quick return from Uncle Sam.

Congress has extended and expanded the homebuyer tax credit. It has passed by both the House & Senate and will be signed off by President Obama in the next few days. The modifications will become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well.

December 1 - April 30, 2010 Rules

$8000 ($4000 married filing separate)

First time Buyer - Definition for Eligibility

May not have had an interest in a principal residence for 3 years prior to purchase

Current Homeowner - Amount of Credit $6500 ($3250 married filing separate)

Effective Date - Current Owner

Date of Enactment

Current Homeowner - Definition for Eligibility

No Provision Must have used the home sold or being sold as a principal residence

consecutively for 5 of the previous 8 years

Termination of Credit

Purchases after April 30, 2010 Binding Contract Rule None So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Income Limits:

$125,000 - single, $225,000 - married, Additional $20,000 phase out
Limitation on Cost of Purchased Home $
800,000 Effective Date of Enactment
Purchase by a Dependent
No Provision Ineligible

Effective Date of Enactment

Antifraud Rule

Purchaser must attach documentation of purchase to tax return

Do You Know Anyone Looking to Buy or Sell real estat in Atlanta? Easy Question & Easy Reward

Thu, 29 Oct 2009 11:24:34 -0500

Giving away a $50 Gift Certificate to Sotto Sotto – A Great Italian Restaurant in Inman Park – TODAY! (10/29/09)

This is no joke.

Entering the contest is really simple. All you have to do is answer “yes” or “no” to the following question:

“Do you know anyone who wants to buy or sell real estate, not working with an agent yet?”

That’s it. It’s really that simple. All you have to do is e-mail Mike@LiveInAtlantaGA.com with a yes or no response and you’ll be entered to win.

Keys To Winning:

Yes/No response = 1 Entry in Contest

Yes response with the buyer or seller’s contact information = 3 Entries in the Contest

Other Details:

All Entries must be received by 12 pm EDT tomorrow (October 30^th, 2009) .

Winner will be chosen at random and announced tomorrow afternoon.

It doesn’t matter where the property is located. Anywhere in the Metro Atlanta area is fine.

The only thing that matters is that you send an e-mail answering the question.

You can forward this to your friends and they can enter too.

If you respond saying that you personally want to buy or sell real estate, then you get 3 entries in the contest.

Enter by sending a message directly to Mike@LiveInAtlantaGA.com with “Sotto Sotto” in the subject line.

Honor System is in place, when responding with buyer or seller contact information only send information of your friends or acquaintances, e.g. don’t send a list of all sellers in the classifieds.

You get 3 entries for every buyer or seller’s contact information you submit, e.g. if you send contact information for one seller and one buyer then you get 6 entries in the contest, and so on.

THANK YOU!

Investors Dream - Rent Ready, Leased Properties w/positive cashflow at Foreclosure Prices

Wed, 28 Oct 2009 14:49:16 -0500

So, the dream has become a reality. Investors looking to build portfolios of rental properties with positive cashflow without the headaches of updating/renovating and then finding a qualified renter has finally reached the market place.

Two examples are new investor listings I have just placed on the market at 2950 Dale & 3151 Robin in Decatur, GA - both of which have tenants in place ($725/mo. and $750/mo. - traditional rent, not even Section 8), have been modestly updated to be rent ready, and are both listed under $37,000. These are just two of a large portfolio of properties that one of my clients is looking to liquidate.

This is an ideal situation for the out of town investor who's looking for a low-maintenance cashflow opportunity or the "first time/green" investor who's looking for a way to get into the world of investor properties. If you study the MREI model (Millionaire Real Estate Investor model) you'll be able to walk into an investment with eyes wide-open, knowing exactly what your yield is, reducing your holding costs since it has a tenant in place, & eliminate the need for immediate repairs/upkeep.

Bottom line - this is like entering a pool on the shallow end - like 3 inches deep, we're not even talking knee height. No need to be thrown in the deep end and drown with "learning lessons" about what not to do when these have basically been gift wrapped for you. Some people like "getting dirty and rolling their sleeves up", other people look for leverage and opportunity. These properties are clearly for option B who truly would rather focus on counting the $$$ in the bank than counting the months of holding costs/repairs as they get off the ground and attempt to start running.

Please feel free to call or email for more information on these or other properties soon to hit the market.

Michael Neville

404-310-8364

Mike@LiveInAtlantaGA.com

Keller Williams Realty Atlanta Midtown

Another East Atlanta Home Sold -- Flippers Delight

Tue, 27 Oct 2009 20:59:56 -0500

As the demand for East Atlanta continues to grow the need for more quality homes at an affordable price expands. This has many who may not be able to afford purchasing within walking distance of East Atlanta Village looking just a little farther down the road (Flat Shoals Rd. to be exact). People may not be able to spend $250,000 for a nicely updated 3/2 but they can come 2 miles down the road and afford $150,000 on an almost identical home. Well, as you leave "City of Atlanta" taxes while still being coded Atlanta on your mailing address - you'll find Bouldercrest Acres/Gresham Park in Unincorporated Dekalb County (Lower Taxes - yeah!). This is where larger developments carved out a stake of the land during the Boom, like "The Preserve East Atlanta".

Flippers (Investors who rehab homes & immediately resell upon completion of the renovation) are finding a new niche -- purchasing 4 sided brink ranches for 20k-40k cash & updating them from 3/1.5's to 3/2's, 3/3's, 4/2's and 4/3's - with a resale price of 125k-160K - with features that include granite counters, stainless steel appliances, hardwood floors throughout, new roofs, mechanical, electrical, & plumbing systems, etc.

It's exciting to see a neighborhood being revitalized -- former abandoned homes & foreclosures are no longer the eyesore of the community, they are being transformed into beautifully updated homes still well within a reasonable price for most civil servants & first-time homebuyers.

I'm delighted that I've just sold 2135 Brannen Rd for just over 35k as an outdated 3/1 that will now be renovated into a beautiful 3 bedroom 3 bath home for some lucky buyer. I can't wait to sell the home again in just a few months & continue to elevate the quality of the neighborhood in the coming months/years one home at a time.

If you want to learn more about the homes available in East Atlanta or the Bouldercrest Acres area - feel free to give me a call or email me.

Michael Neville

404-310-8364

Mike@LiveInAtlantaGA.com

Keller Williams Realty Atlanta Midtown

Short Sale Completed - Another East Atlanta Home Sold By Michael Neville & Associates

Mon, 26 Oct 2009 19:22:44 -0500

Well, After 3 other agents failed to sell 2141 Stockbridge Drive Atlanta, GA 30316 in the East Atlanta neighborhood I received a call from the Seller saying she was frustrated and didn't know what to do with the Short Sale process.

After a quick Q & A session it became clear to me that the Seller had not been dealing with serious agents committed to the process, no intimate knowledge of the neighborhood (1 of them lived over an hour away!!), or experience in knowing how to successfully navigate a short sale of this type.

Every Short Sale is different. You must determine how many loans are outstanding on the property, is there mortgage insurance involved, are there additional liens (tax, credit card, judgments, etc.) that have been levied on the property. Is the Seller current or behind on payments, how inverted are they (beyond certain thresholds it becomes next to impossible to get the short sale approved). What assets does the seller have, extenuating circumstances, etc.

After determining those factors it was within reason that this property could have a decent chance of being approved for short sale. This involved nearly 6 months of contact & negotiation with the Seller's bank, multiple appraisals ordered by that bank, and multiple offers coming in on the property.

The property eventually sold for $262,000 - nearly $90,000 LESS than it previously sold for only a few years ago.

It is an incredible value - almost brand new construction 4 bedroom/3 bath with 2 car drive under garage in EAST ATLANTA!!!! That's a serious steal since many 3/2 renovations are selling for the same exact price range (250k-275K) with no garage and about half the square footage!!!!

It was a win-win, the Seller was able to get out of an incredibly challenging personal situation that involved far more than merely the mortgage on her home & move forward to the next chapter of her life, while the Buyer got an incredible deal and the neighborhood avoided having a foreclosure negatively impact the quality and value of the immediately surrounding homes to a far greater degree.

To see the level of relief & appreciation from the Seller was truly a blessing - all she could say is "I wish I found you a year ago." She's now referring me friends, family members, and colleagues who are facing similar situations of inverted values, adjustable rate mortgages, job loss, divorce, and medical issues that are making the monthly mortgage payments impossible burdens.

The fact is short sales are here to stay for quite some time & that this route is far more beneficial to stabilizing home values and protecting people's credit than foreclosure. The key is to having an experience realtor who knows how to properly navigate/problem solve in the ever-changing world of short sale negotiations.

The craziest thing is that 90% of all foreclosures were never marketed for sale prior to foreclosure - meaning people either didn't know they had options or weren't connected to a realtor knowledgable enough to serve as their advocate. So if you or anyone you know is in need of a realtor who can succeed at selling a short sale in the Metro Atlanta area - please let contact me & I'll take it from there.

Michael Neville

404-310-8364

Mike@LiveInAtlantaGA.com

www.LiveInAtlantaGA.com

Keller Williams Realty Atlanta Midtown

Fully Approved Short Sale in East Atlanta Village!!! 4 bed/3 bath w/2 car drive under garage for only $264,900

Mon, 10 Aug 2009 14:20:29 -0500

FULLY APPROVED SHORT SALE - Must Close by 9/25/2009!!!

4 bedroom / 3 bath with 2 car drive under garage - built in 2005 - virtually brand new in East Atlanta!!!!

This is an incredible deal! It sold for $400,000 in 2008. Stainless Steel Appliance, Granite Countertops, Island, Hardwoods, Fireplace, Office, Walk-in Closets, etc. Instant equity & modern conveniences - an incredible value for some lucky homebuyer, who might also benefit from the Federal First Time Homebuyer $8,000 tax Credit & The $1,800 state tax credit b/c this property was previously listed by other brokers well above $300K.

This is in one of Atlanta's up & coming neighborhoods. With convenient acess to I-20, I-75, I-85, Emory, CDC, Centennial Olympic Park, CNN Center, etc. It is also lucky enough to be in Unincorporated Dekalb, so once you file for your Homestead Tax Exemption you'll be in a great position. You get the "Atlanta" address without the "Atlanta Taxes".

To Schedule a Showing please call Michael Neville at 404-310-8364 or email Mike@LiveInAtlantaGA.com

Presented by Keller Williams Realty Atlanta Midtown - the main office # is 404-604-3100, but contact me directly for a quicker response.

Fully Approved Short Sale in East Atlanta Village!!! 4 bed/3 bath w/2 car drive under garage for only $264,900

Mon, 10 Aug 2009 14:13:18 -0500

FULLY APPROVED SHORT SALE - Must Close by 9/25/2009!!!

4 bedroom / 3 bath with 2 car drive under garage - built in 2005 - virtually brand new in East Atlanta!!!!

To Schedule a Showing please call Michael Neville at 404-310-8364 or email Mike@LiveInAtlantaGA.com

Presented by Keller Williams Realty Atlanta Midtown - the main office # is 404-604-3100, but contact me directly for a quicker response.

Fully Approved Short Sale in East Atlanta Village!!! 4 bed/3 bath w/2 car drive under garage for only $264,900

Mon, 10 Aug 2009 14:12:34 -0500

FULLY APPROVED SHORT SALE - Must Close by 9/25/2009!!!

4 bedroom / 3 bath with 2 car drive under garage - built in 2005 - virtually brand new in East Atlanta!!!!

To Schedule a Showing please call Michael Neville at 404-310-8364 or email Mike@LiveInAtlantaGA.com

Presented by Keller Williams Realty Atlanta Midtown - the main office # is 404-604-3100, but contact me directly for a quicker response.

Builder Close Out - Unofficial short sale - great deal for my Buyers!

Wed, 05 Aug 2009 18:09:02 -0500

Last week my 1st Time Home-Buyer Clients closed on their "Dream Home". They wanted "shiny & new" with all of the modern conveniences at a rock bottom price.

After months of discussions, data analysis, explanations, etc. about how big of a risk it is to buy new construction in Atlanta in 2009 from Builders with unfinished developments & massive standing inventory, they finally found the ideal situation in which I'd give my professional blessing for them to move forward & know that they were in the best financial situation within the development. We were looking for true Builder Closeouts.

Builder Closeout pricing tends to be slightly/moderately lower just to entice quick sales and finish out the development. We're not talking about finishing out phase 1 of 20 (which unfortunately is happening for some Atlanta Builders who are struggling to avoid foreclosure/bankruptcy and are negotiating with their lenders to conduct short sales.)

My clients we able to get a great deal with on a property more than $70,000 off from prices just 9 months ago in a development that had been selling around 400K previously. On top of that, we got them more than $11,000 in Seller paid Closing Costs & Pre-paid Expenses (Hazard Insurance & Taxes), not to mention a COMPLETELY FINISHED BASEMENT WITH FULL BATH, as well as a stainless steel refrigerator and top of the line washer & dryer.

The development has only 42 townhomes, they builder was already in closeout mode when his note was sold in the secondary market to a hedgefund - creating a quite short sale situation. This is considered a distress sale by many and one step away from foreclosure. This builder will remain nameless & would be recognized by many as a very reputable builder with many impressive developments in the Metro Atlanta area.

A true builder close out is the only way I'd give my clients the blessing because we're seeing liquidation auctions & foreclosures of new construction all over the place - but these are in developments that may be less than 30% built, so who's to say what will happen with the unfinished land or the other standing inventory that is yet to be sold?

In a Seller's market you want to be the 1st one to avoid the escalating sales price, but in a Buyer's market - which we are clearly in right now - you want to be the LAST one in so you get the absolute rock bottom price and no one can undercut your equity position. This is exactly the position my clients were able to acieve and when it's time for them to sell this beautiful townhome with an incredible "man cave", chef's kitchen overlooking a golf course, they'll be in a great position to capitalize on the most equity possible as a resale in their great development.

If you or someone else you know want to gain a great equity position, whether you're a first time home-buyer trying to take advantage of the $8,000 tax credit or this is your 2nd or 3rd home --- please feel free to contact me and I'll help ensure you take advantage of short sales and foreclosures in the Metro Atlanta market.

Michael Neville & Associates

Keller Williams Realty Atlanta Midtown

www.LiveInAtlantaGA.com

Mike@LiveInAtlantaGA.com

404-310-8364

404-604-3100

Downtown Atlanta Restaurant Week -- it's actually 2 weeks!!

Tue, 28 Jul 2009 14:09:28 -0500

Great Eats at a Reasonable Price – no need to worry about a whopping bill in a tight economy. You can eat and truly enjoy a 3 course meal at restaurants like Legal Sea Foods, Social and Café Circa for ONLY $25!!!! This is part of DOWNTOWN ATLANTA RESTAURANT WEEK, which starts Monday July 27^th and goes through August 9^th (yes, I know that’s actually 2 weeks – so it’s twice as good as the name would have you assume).

You can check out all of the participating restaurants at www.atlantadowntown.com/fun/restaurant-week.com for a full list. Reservations are not required but strongly encouraged.

So you can dine out on a budget during this annual event at 28 participating restaurants near the Centennial Olympic Park, Georgia Aquarium, Phillips Arena, and Georgia Dome area. This is a vibrant area for the City of Atlanta and should be greatly appreciated. You can make an incredible date out of it if you hit the midweek Jazz event in Centennial Park & an incredible bite to eat afterwards. I can’t truly get myself to insult the quality of food by calling it “cheap eats” – so just consider it great food and a VERY discounted price. Enjoy!

Marathon Purchase has been completed! Another happy family from Atlanta to Alpharetta to Johns Creek -- all over Metro Atlanta

Tue, 07 Jul 2009 18:19:53 -0500

560 Midhurst Place

So, after 1 year and 2 months of searching (with a break in the middle for the birth of the buyer's 2nd baby) I can proudly say -- We found an incredible home that met all of the Buyer's key criteria: great schools, great community, equity position, convenient to work and new/well-maintained structure.

Considering the Buyer's employment and recent graduation from the Goizueta Business School at Emory University he was initially interested in the immediate areas that would be served by either Fernbank Elementary School or Morningside Elementary School. After evaluation of other criteria it led us up in the direction of Suwannee, Johns Creek, and Alpharetta to name a few in Fulton and Dekalb counties.

There were discussions about New Construction vs. established neighborhoods, short sales, foreclosures, and residential resales.

Being First Time Buyers in the United States (they have property in their home country) there were a number of unique components to the process that created opportunities for learning and cultural understandings. It was eye-opening and thankfully a very pleasant/rewarding experience.

They ultimately were able to purchase this wonderful home in Johns Creek for the lowest resale price by over 25K in the subdivision in the last 2 years. It just happened to be perfect timing of a seller who was highly motivated and needed to sell. The listing originally started at 350K - and when it hit the 300K mark we had an offer in within hours of 275K - which was accepted.

With a quick closing both sides were able to start the next chapters of their lives. I look forward to attending the family's blessing of the home ceremony this week - another opportunity to grow and learn.

I'm just so excited that we've closed the "1st House Hunting" chapter of their lives & their family will be able to fill this great home with many great memories for years to come. When we started the process I told them that we wouldn't stop until we found a home that met their needs & I didn't believe in pushing people into homes/situations that they didn't feel comfortable with ---- a year and two months later I was finally able to validate that statement completely.

If you or someone else you know is looking for a realtor who has the necessary knowledge to skillfully assist in the Metro Atlanta market, experience, patience, and willingness to put your needs first - please feel free to contact me.

Michael Neville & Associates

Keller Williams Realty Atlanta Midtown

www.LiveInAtlantaGA.com

404-310-8364

Mike@LiveInAtlantaGA.com

2288 Cloverdale - Another Happy East Atlanta Homeowner

Wed, 24 Jun 2009 16:01:23 -0500

As the weather gets hotter, so do the deals that we are putting together for our clients. This love home just closed last week. How often do you think you'll be able to get a fully renovated 3/2 brick ranch with a basement, granite counters, stainless steel appliances, & custom cabinetry for only 223K only seconds from downtown Atlanta - less than 1 mile from the incredibly vibrant & ecclectic East Atlanta Village & Brownwood Park? Well, unless you have a time-machine to take you back 10 years - the answer is - there hasn't been one recently, except for the deal we just ironed out for our clients, which is the lowest priced deal for a comparable property. The previous sales in recent months sold for more 10K+ more, with fewer upgrades included.

The clients were relocating from out of state and relied on our local knowledge, insight, & technology (we videotaped & emailed 2-5 minute clips of walking through their potential homes to give them a true feel for the space - both the pro's and the con's & more than what you can see with 8-12 pictures or a virtual tour done to show only the best of what a property has to offer). They were comfortable and confident upon arriving in Atlanta to make their final decision b/c they felt they had already been in every home & were able to cut down the list of over 40 homes down to a more manageable 10-12 homes, eventually deciding on this great home.

Even better news, they are First Time homebuyers, so they'll benefit from the $8,000 Federal Tax Credit and because the listing was on the market prior to May 11th - they will get an additional 1,800 Tax Credit from the State of Georgia over the next 3 years.

So the next time you or someone you know if considering a move to Intown Atlanta. Make sure you call Michael Neville & Associates of Keller Williams Realty Atlanta Midtown at 404-310-8364/404-604-3100 or email Mike@LiveInAtlantaGA.com. We're here to serve your real estate needs.

Corndogorama Music Festival - East Atlanta Village June 27th & 28th!

Wed, 24 Jun 2009 14:53:42 -0500

Another great reason to come hang out in East Atlanta Village. The combination of Corndogs, Beer, Sun & Live Music should make this weekend a great time. Not to mention the Corndog Eating Contest, Carnival Games - World's Strongest Man Contest, Pie Throwing Contest, Pickle Eaters, A Bake Off, Street Performers -- good times in an ecclectic area.

50 Bands and Carnival like atmosphere with a Twist.

Here's a message from the Founder of the Event:

"CORN-DOG-O-RAMA MUSIC FESTIVAL 2009: YES, WE CORN! We're back! A Homecoming to East Atlanta! It's true! This year brings what Atlanta has asked for, their very own music festival, block party carnival, county fair freak show with amazing food + refreshments to delight even the grumpiest, most sarcastic and knowledgeable indie-rocker. Hipsters welcome!

We've returned to our 2- All day format to bring you the best 50 bands we can find from Atlanta, Athens and the Southeast+ a performance by Atlanta's favorite Brooklyn band Cordero, with members of the Rock*a*teens - Also bringing you Mitch Easter's from Let's Active, new band, Western Civ, and everyone's top pick, electronic Gods, Judi Chicago perform, as well as, mini destroy with a new brand of experimental sounds. And announcing a reunion of the best phys-ed band ever, RUMP POSSE, more to come...

This year also brings back some silly events, like the tricycle race, the cricket crunch and flip-flop 100 yd dash, and of course, the Corn dog Eating contest sanctioned by the World League of Competitive Eating www.wloce.com - We've also added other events, like the watermelon toss, the one legged relay race, bobbing for beer and the soon to be legendary World's Strongest Man contest + an art market, dunk tank and amusements for the light hearted and slightly weird."

You can also go on www.corndogorama.com to learn more.

And if you want to find out about what it's like to live in the East Atlanta area and want to explore purchasing a home please feel free to give me a call at 404-310-8364 or email me at Mike@LiveInAtlantaGA.com or visit www.LiveInAtlantaGA.com

Check This Video Out ! 183 Clifton Street - Kirkwood - Craftsman Bungalow for 239.9K

Mon, 01 Jun 2009 18:07:41 -0500

So, some properties have virtual tours with still pics, cute music, etc. - sure I do that too but I figured you may want to see what it feels like to walk through the home, so this is the closest thing to being in the home yourself - except in a fraction of the time & without burning any gas (smaller carbon footprint & saving $$)

http://vimeo.com/4946084

This incredibly charming Craftsman Bungalow is currently a 2/2 but can be converted back to a 3/2 if so desired for only $239,900. It features a professional underground irrigation system, large front porch with a swing, 2-tier back deck, masonry firepit, newly added granite countertop&backsplash. It has the classic charm and features of a craftsman bungalow with the ease and comfort of new home amenities. Less than 1 mile from Kirkwood Village & East Atlanta Village, minutes from Little Five Points and Downtown Atlanta - this is an incredible location! Please contact Michael Neville via email Mike@LiveInAtlantaGA.com or call 404-310-8364 to schedule a showing or to have any of your questions answered.

If your realtor isn't doing video tours of your house or shooting videos like this for relocation clients & clients with incredibly busy schedules, you can either ask "Why not?" or if it seems obvious, just give me a call and I'll be happy to assist you going forward. Michael Neville & Associates - here to serve the Metro Atlanta market on a higher level

East Atlanta Beer Festival 2009!!!!! May 30th 1-6pm

Wed, 20 May 2009 18:34:06 -0500

This is quite possibly one of the coolest events of the Spring Season in Atlanta. There's 120 Beers to sample between 1-6 pm in the East Atlanta Village on May 30, 2009. The event is in the heart of the East Atlanta Village Commercial District at the intersection of Flat Shoals and Glenwood (Just off I-20 Moreland South exit). This is sure to be a blast & benefits a number of Non-Profits trying to positive impact the community.

The 6th Annual East Atlanta Beer Festival is looking for you to help make the day great and the community stronger. Proceeds from this event go to local non-profit organizations to fund projects that make East Atlanta a great place to live. Last year's grant process distributed approximately $30,000 to organizations including SOPO Bike Cooperative, FitWit Foundation, East Atlanta Kids Club, East Atlanta Business Association, East Atlanta Farmer's Market, Sylvester Cemetery, Friends of Brownwood Park, Zone Six of the Atlanta Police Department and Martha Brown Methodist Church. Check out the About Us page to find out what organizations and projects the 2008 Festival helped make happen.

How often do you get to drink, enjoy the sun, and know that you're drinking is benefitting the community -lol. Serioiusly, there's a lot of people who wish they could claim their years of beer drinking actually helped those around them - well it's not just an excuse, it gets to be the truth May 30th.

And if you fall in love with the neighborhood please let me know and I'll be happy to show you around. I've been selling homes all around the village area & plan to continue that trend for years to come. For my clients it's about knowing/analyzing the #'s to be a market authority & be solution-based to make sure each deal gets done and they're happy with the results. Then & only then do we get to celebrate with $1 tacos & $2 beers at Blue Frog (on Monday or Tuesday nights). You've got to love what EAV has to offer.

For more info on the 2009 East Atlanta Beer Festival please go to www.eabfonline.com

And for more info on living in East Atlanta and to see homes available in the area go to www.LiveInAtlantaGA.com or shoot me an email at Mike@LiveInAtlantaGA.com

Metro Atlanta Market Insight - 1st qtr # analysis, Federal & Georgia Tax Credits, Buyer Benefits, Seller Challenges

Wed, 20 May 2009 12:32:37 -0500

In the Metro Atlanta Area the economic stimulus of the $8,000 tax credit to first time homebuyers is showing signs of positively impacting the market. The additional $1,800 max or 1.2% of sales price state tax credit signed into law last week by Governor Purdue will be applied to ALL home buyers - NOT JUST 1st Time Homebuyers, but it only last for the next 6 months and to properties that were on the market at the time of the bill being signed into law. First time homebuyers typically fall below the $250,000 threshold on their purchases. In the Atlanta market, we’ve typically seen about 45%-55% of sales fall below that mark, but over the last few months we’ve seen that rise to 70% of sales. FMLS currently shows 5,212 single family homes under contract, with 3,685 of those being below $250,000 list price which represents 71% of the pending sales!

First Quarter Summary - Sales were down 20.2% from 1Q 2008 and Sales Price was down 23.2% from 1Q 2008. Foreclosures were 37.1% of the sales in 1^st quarter and 48.3% of the sales below 200K. The buying power in the current market has not been seen in the last 75 years. The Average Sales price dropped below that of 1998 in March.

What does this all mean? For Buyers: You are seeing opportunities that others only dream of, but the great deals go quick (a matter of hours/days on great foreclosures so you must be ready to act quickly). For Sellers: You must be realistic about the market values, knowing that you’re competing with Short Sales and Foreclosures – you must price below your gut feeling to stand a chance, otherwise consider staying put or renting the property if necessary.

If you'd like more details, the opportunity for an expert to evaluate your personal situation, or need assistance with your Atlanta area home sale - please feel free to call me at 404-310-8364 or email me at Mike@LiveInAtlantaGA.com . I'm here to help you get what you want.

Kirkwood Spring Fling - This weekend May 16th & 17th

Fri, 15 May 2009 10:04:47 -0500

The 7th Annual Kirkwood Spring Fling and Tour of Homes is this weekend! Browse the open air artist market in the shade of giant trees. Enjoy the sounds of bands and singers on the big stage. Bring the kids for the tot trot and children’s area. Grab lunch, a snack, or a beverage from one of the local restaurants that will cover the full gamut of food styles.

Interested in architecture? Kirkwood has a diverse collection of building styles from classic Victorian cottages to Craftsman bungalows to Modern lofts and everything in between! All of these styles will be on show for the Tour of Homes.

Admission to the festival is free. It is held in Bessie Branham Park and the surrounding areas. Tickets for the Tour can be purchased in the park at the festival or in advance at several local businesses – including Gathering Grounds, Vinocity, & Mission Motif. All proceeds go to benefit the Kirkwood Neighbors Organization that supports community improvements.

The Spring Fling will take place Saturday from 10 AM – 7 PM, the Tour of Homes will take place from 12pm – 6 pm both Saturday & Sunday.

For more info go on the www.kirkwoodfling.com

4 Multiple Offer Situations in One Day - the Market is Picking Up!

Thu, 14 May 2009 15:38:56 -0500

Yesterday, I ran around Atlanta delivering certified checks, writing contracts, & gathering signatures on addendums in order to meet "Highest & Best" Deadlines in multiple-offer situations on Bank Foreclosures. The properties ranged from Cash Investors looking in Bouldercrest Acres, East Atlanta, and Kirkwood, to first time home-buyers making offers in Grant Park to Alpharetta.

It was INSANE! 12 pm deadlines, 5 pm deadlines, 12 midnight deadlines, WOW -- the blood was pumping & buyers were nervous "Would they get it?" "Did they offer enough?" "Did they offer too much?" - Consulting, providing market analysis's, double-checking conditions & terms.

Heck, there were 4 multiple offer situations my clients participated in, and 2 other Buyer clients who "missed out" but learned how important it is to have a Pre-approval letter in hand, capabilities of writing an Earnest Money check or providing Proof Of Funds on Cash Offers, and know that if they at least put in an offer with contingencies that allow them to inspect/further evaluate the property they'll have the chance to take advantage of some great deals.

The volume of foreclosures in Metro Atlanta has slowed dramatically - making the "Good Deals" truly competitive. After speaking with a few other experts in the field, I still believe there will be another wave of foreclosures at all price points in July, August, & September as banks end their Fiscal Year in June - record major losses & catch up on the backlog from the Moratorium. It would be nice if they were responsible in the volume they released by not flooding the market and driving prices down even more - but we can only see what happens and pray they are wise about trying to ensure a stabilized market.

With Governor Perdue signing the home-buyer State Tax Credit of up to $1,800 (1.2% of sales price or $1,800 max) into law this week. Georgia home-buyers will have 6 months to take advantage. You DON'T NEED TO BE A FIRST TIME HOME BUYER to take advantage of this law!

There is also action being taken for the Federal $8,000 tax credit to be monetized at the time of closing on FHA loans, thereby increasing the likelihood of 1st time home-buyers taking advantage of market conditions & truly stimulating the economy.

I don't need a realtor! I can get it off a website!

Thu, 14 May 2009 14:55:39 -0500

How many realtors have heard "Why do I need you, I've got the internet? I know the market." They either think they can buy a house on their own or sell their house for an astronomically higher number than anyone else because "their house is different", heck "I did the renovations myself". All I can think is "Wow, good luck with that." There's no doubt, people have, can and will continue to buy/sell real estate without professional help -- but is it a wise decision?

(This is what they think they're getting)... when in actuality it's more like

When I have people say "Mike, I put an offer in with the listing broker on the REO & it's a steal." All I can do is be nice and listen, but the minute I have the second to double-check the comp's & I may know who the listing broker is (because I've dealt w/them before) - I say a few prayers and ask questions to see how big of a hole these people might have dug themselves.

It's amazing to watch people think they truly know values when they don't have access to credible services like the FMLS & GAMLS data to show active, pendings, and sold properties in the last 90 days, or they think the listing broker will "cut them a deal for dealing directly" (FYI- they signed a listing agreement to represent the BANK in foreclosure transactions NOT the Buyer & if you read carefully through the possibly 18 pages of bank addendums they add to a purchase and sale agreement you'll start to notice how much you're really at risk).

Do you have an appraisal contingency and if so, for how long & under what terms?

Do you have an Inspection Period or a Due Diligence Period, for how long & under what terms?

Do you have a financing contingency, for how long & under what terms?

How much earnest money is on the line, who's holding it, and under what terms can it be dispersed?

aaaahhhh... yeah, there might be a few things you want to confirm on your "steal of a deal"

This morning was just like many others I've experienced in the last year or two when someone I know has called/sent an email saying "Hey, look at this house I found on the internet - this is a deal!" Then they tell me about how the website they went on had houses all around valued for 2x the amount of this one house. They thought because the 3 bedroom 2 1/2 bath home in the heart of Atlanta was previously sold for $400,000 that the listing at $160,000 was an amazing deal. Heck, it even sounds like it - except for the fact that I could easily pull comp's & records to show the $400,00 sale was MORTGAGE FRAUD and the homes around the "steal of a deal" were selling from $70,000 - $140,000 depending on their condition. So, I quickly gave them this information:

"The rules governing how realtors & reputable brokers require bank foreclosures to be listed in either the FMLS or GAMLS or both - these are the only 2 sources that in Georgia should be trusted as being current & accurate (except some foreclosures will show as active when they're really under contract) --- the rest of the websites are like talking to 5 year olds about important events: once in awhile they'll say something true/accurate, but most of the stuff is b.s./outdated tax record information & they can't be held liable."

Thankfully, they've decided to retract their offer & are now willing to work with me and see that maybe they bit off a little more than they could chew, or in this case - stomach the fact they almost OVERPAID because they didn't have an experienced realtor.

They were lucky, but I've heard other people proudly boast about "2 for 1 deals" on a particular condo development in Midtown Atlanta that will remain nameless that said they'd cut them a "special deal if they didn't have a realtor". The "special" part about it was they OVERPAID by roughly $30,000 compared to other recent sales that had already been negotiated by Buyer's represented by Realtors in the last 60 days. Amazingly, they thought it would "cost" them more to work with a realtor.

I don't know about you, but I don't assume that because I know how to put on ointment, clean a cut, put a sling on someone, or put a band-aid on a wound that I suddenly should open my own medical practice or attempt heart surgery on myself. Heck, I've even seen one performed on Discovery TV.....so what makes people assume that they can handle the largest financial investments of their life without professional consultation?

If you want to ask questions or discuss your options on Atlanta Real Estate - please feel free to email me at Mike@LiveInAtlantaGA.com -- or visit my website at www.LiveInAtlantaGA.com and see how a professional realtor can help you get what you truly want.

Atlanta Condo Auctions! - Steal of a Deal???

Thu, 14 May 2009 13:42:31 -0500

So you want a "steal"? Well, you might want a realtor to give you the 4-1-1 on what's really happening before going on a bidding frenzy at one of these auctions.

If you wanted to buy a condo and get a "steal of a deal" - that there are 3 buildings in the Midtown area that will be conducting auctions over the next 45 days so this might be a great time for you two to consider purchasing. These are developments that are lowing prices 40%-60% for the auctions. While the media would make it seem like they are “steals of a deal” I’d honestly say they are just good values & a reflection of the impact the foreclosures on existing units & bankruptcy of builders has caused in the Atlanta market. We're following the trend of other major metropolitan markets that were flooded with Condominimum inventory b/c Developers grossly overspeculated the demand for units. No matter what, you must expect to hold a cond unit for 5-10 years to have a reasonable chance of ensuring you come out ahead of where you purchased. "Flipping Condo's" every few years is not a wise decision. Remember, if you need to sell and a developer still has unsold units or there's a large percentage of foreclosures/short sales (5%-10% or more of the units in the building) you will not be well-positioned as a residential resale.

There are definitely some opportunities to take advantage of based on the limited release on inventory they’ll do for some of these auctions, while others are “fire sales”. On top of all this there have been a few developments in Midtown where the HOA’s have filed class action lawsuits. This is important to keep in mind b/c with outstanding legal action those developments will not be capable of selling any units other than to cash buyers (lending institutions won’t approve loans on ANY building with ongoing litigation) – this means that some great buildings can’t be touched while others will have “owner/lender financing” for these auction properties with as little as 3.5% down.

Whether you want to live in Aqua, Viewpoint, Element, Enclave at Briarcliff, Twelve Centennial, Twelve Atlantic Station, Art Foundry, Spire, Plaza Midtown, Park Central, Tuscany or another Midtown location - it's best to speak with a REALTOR who truly knows what's happening behind the scenes at each location because they are all handling different situations

If any of this sounds interesting to you or you’d like to have any questions answered please feel free to give me a call or drop me an email. Mike@LiveInAtlantaGA.com or 404-310-8364.

Inman Park Festival & Tour of Homes - April 24th-26th

Thu, 23 Apr 2009 15:33:30 -0500

It's time for one of Atlanta's most eclectic events - the Inman Park Spring Festival! The Tour of Homes is only on Firday April 24th - so don't miss out. The tour features elegant, turn of the century Victorian homes, bungalows, as well as contemporary construction. The Tour of Home Tickets are $15 in advance and $20 at the festival. If you're interested in more than merely looking at a few homes and are considering moving to the Inman Park neighborhood, please give me a call or email me & I'll be happy to arrange a private tour of any and all homes you'd like to consider. You can always see what's available by visiting my website at www.LiveInAtlantaGA.com

Beyond the Tour of Homes - all Festival events are FREE!

Saturday, April 25th the hilariously quirky parade will be led by the Inman Park Butterfly, followed by floats, clowns, jugglers, and the Kelly's Seed & Fedd Marching Abominables.

The children's activities include pony rides, moon walk, face painting and other fun activities.

For more info visit www.inmanparkfestival.org

Zoo Atlanta - Planet Earth Day Celebration

Wed, 22 Apr 2009 18:10:17 -0500

On April 25th Zoo Atlanta will have a wild, green bash for Good Ol' Mother Earth. It's from 10-5 and will be a time to recycle, re-use, & re-envision your world view. There will be green exhibitors, zoo mascots, earthworm digs, and the KIDZone dance floor will be rockin'. There will be special keeper talks, wildlife shows, and animal encounters. Bring your old or unused cell phones for recyclling during the Party for the Planet. It will be fun for all ages.

Zoo Atlanta is located in the Historic Grant Park district only seconds from downtown. It's a great place to visit as well as an incredible place to call home. So, if after seeing all of the animals you decide you want to live in Grant Park or Ormewood Park right next door. Just call me at 404-310-8364 or Mike@LiveInAtlantaGA.com or visit my website at www.LiveInAtlantaGA.com

Brutal Honesty on the Atlanta Real Estate Market

Fri, 17 Apr 2009 16:05:26 -0500

The following statistical information comes from the data gathered by FMLS.

Mike's Corner - Market Update - The average sale price for single family detached homes in Metro Atlanta was $179,368 in February compared to December '08 $208,965, which is a $29,597 drop in two months! This is the lowest monthly average since February 1998, 11 years ago. The average February closed price was 21.7% lower than February 2008. There are certain counties and neighborhoods that have faired better or worse than others. The worst being Clayton County (school accredidation is a HUGE issue - plus the median income is substantially lower, which means they were more susceptible to the sub-prime market & possibly early rounds of lay-offs.) Dunwoody in Fulton County and Candler Park in Dekalb County were two of the few areas holding strong and showing signs of APPRECIATION!

What does this mean? Honestly, it is clear sign for most that unless you truly need to sell - now is not the time, unless you plan to take advantage of the loss you'll possibly take by buying something with a larger equity position. People who need to sell (expanding family, family change, job transfer, or job loss) need to face the reality of the market. If they feel they "can't sell" because they are "upside down" (the outstanding loan is more than the house will sell for currently) it may be time to evaluate a possible short-sale with the bank forgiving the difference in the loan. No matter what the case, speak with a qualified realtor, look over the facts, be well-informed, and look for an objective opinion.

For Buyers, these numbers would indicate that it is clearly a great time to buy. You will never know when "we hit bottom" happens until we see it in the rearview mirror. There are new programs offering $14,000 for Buyers in down payment or renovation assistance that choose to buy foreclosures. The state of Georgia is about to pass a primary residence homebuyer tax credit of $1,800 that will be good for 6 months from the day it is signed off on. This is on top of the $8,000 Federal Tax Credit which is good for 1^st time homebuyers purchasing before December 1, 2009. That's a potential savings of $23,800 on top of the ridiculously low prices we're seeing for homes - meaning this is an incredible time to buy!

For Investors, this is an unbelievable opportunity to have immediate positive cash flow rental properties and/or land acquisitions with plans of a long-term hold. With tight lending restrictions the rental market is booming.

For some realtors, i've just pulled the pin and left the grenade in the room.......for everyone else - welcome to our reality. Rather than be upset by the information, use it to act prudently and know that the market is what you make it. Good Realtors can be successful in any market & it always pays to be honest b/c what you do in the dark eventually comes to the light.

If you have questions, concerns, comments, or a desire to evaluate your personal real estate options please feel free to call 404-310-8364 or email me at Mike@LiveInAtlantaGA.com - I'm here to help

Box Cutters & Crowbars ... How to go the extra mile for Clients

Thu, 16 Apr 2009 16:20:45 -0500

So, we all realize that in this market we need to step it up to keep our clients happy, under contract, and reach the closing table...oh yeah, and fund the loan (just in case some bank decides to disappear in the middle of the night....not saying any names).

I'm looking forward to using a box cutter, flat edge screwdriver, & crowbar to pry open all of the windows which were painted shut on a home we have under contract that needs to be ready for the FHA appraisal on Monday. My client had to leave town for a wedding this afternoon, but I let him know this wouldn't be a problem - I'd handle it. He was pleasantly surprised & smiling through the phone - with a simple "gosh".

It's about being solution-based, knowing you need to roll up your sleeves, & then providing the services needed to ensure deals get done. I could complain that I'm spending part of my weekend doing this or realize that my client is going to be unbelievably impressed/appreciative and be more likely to send me referrals down the line b/c he's got a story to share about his realtor with his buddy-- and know that I'm ensuring the deal gets done b/c we know each closing is that much more important in this market.

It doesn't matter if you're in Atlanta, GA or Portland, ME - we're in the same boat --- get the deals done, go the extra mile --- b/c in the extra mile there's no traffic. There are a lot of people jumping ship in the industry. I want to be one of the last ones standing, how 'bout you?

Sweetwater 420 Fest - Candler Park - April 18 & 19

Wed, 15 Apr 2009 19:52:05 -0500

To celebrate Earth Day the 2-Day Music & Art Festival will be held from 12 pm - 10 pm on Saturday and 12:30 pm - 8 pm on Sunday in Atlanta's beautiful Candler Park. There's free admission for the live music, food, & eco-educational activities. If you're 21+ you can purchase a wristband for $5 to enjoy Sweetwater beer and wine. A portion of the wristbands will go to benefit Candler Park improvements.

This event is in it's 5th year and is a huge attraction for live music and arts-driven eco-education - all led by the Sweetwater Brewing Company. With the focus on being eco-friendly people are encouraged to use MARTA and get off at the Candler Park Station that is only a few blocks away.

More info can be found at www.sweetwater420fest.com

And if you're impressed by the neighborhood, park, etc. please give send me an email to Mike@LiveInAtlantaGA.com or call 404-310-8364. There are some amazing homes in Candler Park, Inman Park, and Lake Claire - with the Edgewood Retail District & Little Five Points only seconds away - not to mention Virginia Highland only a few blocks away as well. These are definitely some of the best & coolest neighborhoods within the City of Atlanta.