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Real Estate Report October Special Section

News and Advertising for New Homes • Realtors • Developers • Commercial Properties • and more

October 2013

A L P H A R E T TA • C U M M I N G • C H E R O K E E • D U L U T H • F O R S Y T H • G W I N N E T T • J O H N S C R E E K • M I LT O N • R O S W E L L • S U WA N N E E

Housing market health – luxury properties By JENNI BONURA Recent headlines indicate that the demand for luxury properties is on the rise across the globe. Christie’s International Real Estate recently reported in a white paper, that limited supply, record prices on top tier properties, and purchases that are non-local indicate strong activity in the luxury property market. Is that true for Atlanta, Georgia or more specifically our area? In recent years, luxury homes in North Fulton and its surrounds generally ranged from $1 million - $2 million. It has been a rarity to see properties sell over $3 million. In fact, year to date, there has only been one sale higher than $3 million (based on data from FMLS, sales from 1/1/2013 – present, residential detached, $1mil+, areas 13, 14, 221): Luxury properties currently for sale >$1 million = 176

# of Luxury Homes for Sale compared to 1 Year ago= -8% # of Luxury Homes Sold compared to 1 Year ago= +40% Average Complete Days on Market (291) compared to 1 Year ago = -14% Sales Price to Original List Price is consistently around

86% for 5 of the last 6 quarters Months of Inventory based on Closed Sales are one of the lowest within the last 5 years at 18 months. In summary, our luxury market is improving, but demand for the truly top tier properties has not yet caught

the eye of luxury buyers. As growth and new development continue, coupled with the steady attraction of large companies opening doors here, all indicators point to a healthy 2014 for luxury home sales. If you are considering buying or selling a luxury

property, you need a luxury specialist. Harry Norman, Realtors® has sold more luxury properties than any company in metro Atlanta and also in North Fulton. Please call me directly at 770-594-4901 for a recommendation of someone to assist you.

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Adjustable rate mortgages quickly gaining popularity (NAPS)—An increasing number of consumers are beginning to reconsider adjustable rate mortgages (ARMs). For many, it can be the best option when it comes to financing a house. The Reason With interest rates moving higher, ARMs have burst back on the scene, offering low rates now and the certainty of a fixed rate for as many as 10 years. This is especially enticing to many Americans who don’t anticipate being in their home for longer than a decade. Who Benefits From An ARM Industry experts suggest there are four groups in particular who should give the mortgage program a serious look: • First-time home buyers who are looking for a starter house for now but have their sights set on a larger home to start a family within the next five to 10 years. • Career mobiles who relocate regularly for their work. • Empty nesters or those who plan to downsize once their children have moved out of the house in the near future. • Financially savvy consumers who regularly follow the housing market and trends, and know what to look for and when to pull the trigger on a

refinance. Expert Advice “Adjustable rate mortgages have been used by many consumers very successfully for decades,” said Bob Walters, Chief Economist at Detroitbased Quick­en Loans. “When looking at home loan options, consumers should discuss their financial situation and future goals with their mortgage banker or financial planner to make sure they choose the best home loan option for their specific needs. There is no one-size-fits-all answer.” Walters also points out that the average life of a loan is five to seven years and that most Americans stay in their home for 10 years or less. While fixed rate mortgages can appear as the default choice for many, considering today’s rising rates and the fact that very few mortgages survive more than 10 years, consumers should carefully weigh their options. Tens of thousands of dollars could be riding on it. Learn More You may be able to find out which loan is best for you at www.quickenloans.com. First-time home buyers can benefit from an adjustable rate mortgage.

October 2013 3

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October 2013 4

It’s a sellers market! Not so fast By EVE JONES Harry Norman Northpoint Time for sellers to celebrate, home prices are up and inventory is down. It’s not that simple. While the market has improved, there are still numerous challenges; fickle buyers, home inspections, vigorous underwriters and the scariest of all, appraisals. Selling a home, and buying for that matter, is more complicated than ever. Depending on the area, current home price gains are averaging in the

10-15% range but that is not the same as “values”. Home values are determined by appraisers analyzing recent area sales of comparable properties. Recent sales are usually defined as sales within the last 4-6 months. And, and “area comparables” can mean homes located within a 1-2 mile radius, often the same elementary school district and within +/10% finished square footage. If it sounds like the appraisers are looking for a needle in a haystack, you’ve got the right idea. Of course, an experi-

enced Realtor® will do their homework in providing data to help validate a seller’s home value. Buyers, who have been enjoying the last five years of a “buyer’s market”, create another potential barrier to sale. Many homes are going under contract within 1-2 days and buyers are making snap decisions without really considering all factors of the purchase. So, we are starting to see a few more contract terminations. Unrealistic buyer expectations regarding concessions and lengthy repair lists contribute

to the volatility of deals. And, who are underwriters and where did they come from? These folks are the lenders’ eyes and ears and, they are very (very) particular about the properties being purchased.

Your Distinctive Home Here Call today to discuss how I will position your luxury property in front of your perfect audience. Evelyn Lewis-Wilson 770-905-5089 evelyn.lewiswilson@era.com ERA SUNRISE REALTY 980 Birmingham Rd. Suite 606 Milton, Ga 30004

And, yes they take a close look at buyers, too. So, to say, it’s complicated, is an understatement. Today’s market requires an ally. Now is the time to find yourself an experienced, fullservice Realtor®.

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Stephanie Butler Realtor 678.296.1774

THE MANOR The Manor: 2925 Manor Bridge Drive 6 bd • 7 ba • 2 half ba • master on main saline pool/spa • excercise oor, sauna FMLS #5115460 • $1.85M

NEW LISTING Harrington Falls: 1585 Eversedge Drive 6 bd • 6 ba • ďŹ nished terrace level master upstairs FMLS #5191004 • $765,000

LUXURY HORSE FARM ESTATE Pure Magic Farm: 13165 Birmingham Hwy 16+ acre equestrian estate • 17 stall barn dressage arena • pool/spa FMLS #4281932 • $1.995M

NEW LISTING 4065 Earney Road • Cherokee County 4 bd • 3 ba • 2 half ba • master on main 5.71 acres • pool • lakefront FMLS #5147349 • $995,000

UNDER CONTRACT Westminster at Crabapple: 5030 Jonquilla Dr. 4 bd • 2.5 ba • fenced yard • walk to downtown Crabapple •Milton HS FMLS #5156085 • $344,900

NEW LISTING White Columns: 600 Hampton Bluff Lane 5 bd • 4.5 ba • master upstairs • 1 acre lot • swim/tennis/golf community FMLS #5191450 • $739,000

NEW LISTING The Hampshires: 1505 Hamiota Ridge 5 bd • 6 ba • cul-de-sac lot bedroom on main FMLS #5196169 • $682,000

SOLD Surrey Place: 5600 Surrey Court 4 bd • 2.5 ba • cul-de-sac lot master on main FMLS #5165823 • $279,000

SOLD Westwood Park: 1825 Adagio Drive 4 bd • 4.5 ba • elevator 4 ďŹ nished levels • 2 car garage FMLS #5116168 • $359,000

October 2013 5

Lisa Swayne Realtor 770.241.9165

Deidre Beirne 5HDOWRU 

Laura Falk

5HDOWRU 

Jen Jenacova Realtor 678.733.2229

Ramsey Flint UNDER CONTRACT White Columns: 335 Galloway View 6 bd • 5.5 ba • ďŹ nished terrace level FMLS #5172769 • $789,000

NEW PRICE Providence Plantation: 285 Weatherwood Circle • 4 bd • 4.5 ba • ďŹ nished basement • 2+ acres FMLS #5174277 • $455,900

NEW LISTING Highland Manor: 1503 Dartmouth Road 5 bd • 5.5 ba • ďŹ nished terrace level room for pool • 3 car garage FMLS #5131675 • $669,000

The above information is believed to be accurate but it is not warranted. Subject to errors, changes, omissions, prior sales, and withdrawals without notice. Equal Housing Opportunity.

Georgia Realty

Realtor 404.312.2269

770-475-0505

www.butlerswayne.com

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October 2013 6

Promote Your Business

In Our 2013 Lifestyles Answer Book

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October 2013 Real Estate Report