The rate of decline in # of homes sold had begun to slow during the 2nd and 3rd quarters of 2008 (vs. the same quarters of 2007), then sales slowed again in the 4th quarter of 2008…which is normal, but with the Real Estate market under a magnifying glass of late, don’t read too much into that particular stat because this happens every year. 

What you should come away knowing is that 2nd and 3rd quarters were showing an increase in sales #s and this is an indication that we’re bouncing around at the bottom of the market.  So if you’re looking to “time the bottom” be watching the clock closely.

 Basically…if you’re waiting for a deal…I think there’s one out there for you

Let us know how we can help - or visit us at KellySellsAtlanta.com…we’re ready when you are.

Lake Claire is a neighborhood located in eastern Atlanta, Georgia (30307 zip code) is a close-knit community of about 1,200 homes and is within walking distance to Candler Park, the Candler Park Golf Course & the Candler Park retail district comprised of restaurants & shops bordering McLendon & Clifton.  It is a part of the Atlanta City School System and the highly sought-after Many Lin Elementary School, feeding into Inman Middle & Grady High.

Lake Claire is situated in DeKalb County just east of Candler Park, north of Kirkwood, west of Decatur & south of Druid Hills.

Lake Claire & it’s residents can stick their chest out a bit, because the neighborhood seems to be bucking this current Atlanta real estate shift:

In 2006 the neighborhood experienced 54 sales.  Their average sales price was $415,270.  On average, it took 43 days for these homes to sell.
In 2007 there were 48 sales (an 11 % decrease), but the average sales price was $432,515 (an increase of 4.2% from the year before).  On average, it took a little longer for the homes to sell, but still only took 66 days to sell a home.
The most current data we have shows that, in 2008, there were only 40 sales in Winnona Park but the average sales price increased again by 3% to $445,552! 

When many other neighborhoods were seeing sliding home values, this Atlanta neighborhood was seeing it’s values increase.
Suffice to say that if you don’t have to sell, don’t BUT if you are a seller in Lake Claire (or anywhere in this Mary Lin School District) don’t listen too carefully to the doom and gloom about Atlanta’s real estate market.

Click here for all Lake Claire Homes for Sale!!

We have experience and the most up-to-date data and statistics regarding the economics of Atlanta, Georgia real estate, so don’t hesitate to give us a call or shoot us an email if we can help you in any way.

Kelly & Aaron Allen
404-606-2219 Kelly
404-863-8680 Aaron
Keller Williams Realty Premier Atlanta
404-969-1600 office
www.KellySellsAtlanta.com

Take advantage of this market, folks!

And while you’re at it…get the most for your $$$!!!

Click this HOT SHEET for all metro Atlanta Foreclosures on Basements for your viewing pleasure.

Bookmark us and visit anytime – this page is UPDATED DAILY!! I can always narrow or broaden the search for you, so just let me know what you’re looking for.

Email Aaron, our Team’s Buyer’s Specialist, at Aaron@KellySellsAtlanta.com or call 404-863-8680 if we can help in any way.

Click HERE to subscribe to our monthly E-newsletter for up to date market information and useful info like you’ve found here.

Happy Hunting!

“You want to be greedy when others are fearful. You want to be fearful when others are greedy.” Warren Buffet
Aaron and Kelly Allen
Real Estate Consultants
Keller Williams Realty Premier Atlanta
3365 Piedmont Rd, Suite 1050
Atlanta, GA 30305
Aaron 404-863-8680 | Kelly 404-606-2219 | eFax 866-298-8584
Aaron@KellySellsAtlanta.com | Kelly@KellySellsAtlanta.com
www.KellySellsAtlanta.com
www.KellySellsAtlanta.com/blog
www.KellySellsAtlanta.com/blog/email-newsletter-subscribe/

If you happen to know of someone that’s thinking of Buying or Selling, we’re here to help. Just email or call us w/ their contact info and we’d be honored to take absolute care of them.

Finally, the answer to all that couldn’t be done with a standard FHA loan…

FHA 203(k) is back!  It’s FHA’s version of a construction/rehabilitation loan for properties that typically wouldn’t qualify for a standard FHA loan.  FHA has probably the lowest downpayment option around (3.5% vs. 5%+ with conventional loans).  This is causing FHA to become a MUCH more popular avenue than in recent years past.

The 203(k) loan will now allow you to purchase a property through FHA that is in need of repair.  Prior to 203(k), FHA had tight restrictions on property conditions, basically preventing most Foreclosure properties from qualifying.  For instance, if the property didn’t have a stove/range, it wasn’t qualifying.  If the repairs were more than minimal, it wasn’t going to pass an FHA appraisal.  It had to basically be a move-in-ready, liveable property or FHA wouldn’t approve the loan.

So, FHA 203(k) has cleared that hurdle and those properties are ready for Buyers. 

Click HERE for an up-to-date list of Atlanta FORECLOSURES and click HERE for Atlanta area homes under $100k!  Bookmark & check back daily for updates.

For more on the FHA 203(k) loan program, please click here.  Below are a few exerpts from the article:

203(k) – How It Is Different

Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan and release the mortgage proceeds unless the condition and value of the property provide adequate loan security. When rehabilitation is involved, this means that a lender typically requires the improvements to be finished before a long-term mortgage is made.

When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. To minimize the risk to the mortgage lender, the mortgage loan (the maximum allowable amount) is eligible for endorsement by HUD as soon as the mortgage proceeds are disbursed and a rehabilitation escrow account is established. At this point the lender has a fully-insured mortgage loan.

Maximum Mortgage Amount

The mortgage amount, when added to any other existing indebtedness against the property, cannot exceed the applicable loan-to-value ratio and maximum dollar amount limitations prescribed for similar properties under Section 203(b). The Mortgage Payment Reserve is considered a part of the cost of rehabilitation for determining the maximum mortgage amount.

A. Maximum Mortgage Calculation. The value is defined as the lesser of:
1) The as-is value of the property before rehabilitation plus the cost of rehabilitation; or
2) 110 percent of the expected market value of the property upon completion of the work.

Principal Residence (Owner-Occupant) & HUD Approved Non-Profit Organization. For purchases with 203(k) financing: the maximum mortgage amount is to be based upon the HUD estimate of value in 1) or 2) above, less the statutory investment requirement. For refinances under the 203(k) program: the maximum mortgage amount is to be based upon 97/95/90 percent of the HUD estimate of value in 1) or 2) above.

B. Cost of Rehabilitation. Expenses eligible to be included in the cost of rehabilitation are materials, labor, contingency reserve, overhead and construction profit, up to six (6) months of mortgage payments, plus expenses related to the rehabilitation such as permits, fees, inspection fees by a qualified home inspector, licenses and consultant and/or architectural/engineering fees. The cost of rehabilitation may also include the supplemental origination fee which the mortgagor is permitted to pay when the mortgage involves insurance of advances, and the discounts which the mortgagor will pay on that portion of the mortgage proceeds allocated to the rehabilitation.

>>>>>>>>>>>>>>

In summary, it’s awesome.

As always, if we can ever do anything for you, please don’t hesitate to contact us.

Hope this info was helpful!


Aaron & Kelly Allen
Real Estate Consultants
Keller Williams Realty Premier Atlanta
3365 Piedmont Rd, Suite 1050
Atlanta, GA 30305
Aaron 404-863-8680 | Kelly 404-606-2219 | Fax 866-298-8584
Aaron@KellySellsAtlanta.com | Kelly@KellySellsAtlanta.com
www.KellySellsAtlanta.com
www.KellySellsAtlanta.com/blog
www.KellySellsAtlanta.com/blog/email-newsletter-subscribe/

If you happen to know of someone that’s thinking of Buying or Selling, we’re here to help.  Just email or call us w/ their contact info and we’d be honored to take absolute care of them.

 

 

 

 

 

Investors & Savvy Shoppers:

Welcome to our Homes Under $100k HOT SHEET!!

http://kellysellsatlanta.idxre.com/idx/hotsheets.cfm?cid=7279&hid=14749

Come back daily for new & reduced listings under $100k in Atlanta, Sandy Springs, Dunwoody Vinings & Decatur. This list includes single-family detached homes as well as condos/townhomes with at least 2 bedrooms and 1 bath.

Please feel free to contact our Buyers Specialist, Aaron, for more information or to set up an appointment to view a property.

More specific searches can be set up for you upon request.

Aaron | 404.863.8680 | aaron@kellysellsatlanta.com

>> The Kelly Sells Atlanta Team of Keller Williams Realty
>> Your Realtors. Your Real Estate Experts.

You’ve asked for it, so here it is…

Click here for all of the area’s FORECLOSURE LISTINGS – UPDATED DAILY! 

Areas include Atlanta, Sandy Springs, Dunwoody, Vinings and Decatur! Bookmark it and come back whenever, it’ll be there & it’ll be current.

More specific (or broad) area searches can be set up for you upon request…just email Aaron with what you’re looking for or if you’d like to schedule a showing…

>> enjoy!

“You want to be greedy when others are fearful.  You want to be fearful when others are greedy.”  Warren Buffet
Aaron & Kelly Allen

The Kelly Sells Atlanta Team
Real Estate Consultants
Keller Williams Realty Premier Atlanta
3365 Piedmont Rd, Suite 1050
Atlanta, GA 30305
C 404-863-8680 | F 866-298-8584
Aaron@KellySellsAtlanta.com
www.KellySellsAtlanta.com
www.KellySellsAtlanta.com/blog
www.KellySellsAtlanta.com/blog/email-newsletter-subscribe/

If you happen to know of someone that’s thinking of Buying or Selling, we’re here to help.  Just email or call us w/ their contact info and we’d be honored to take absolute care of them.

A little tip on how you can KEEP some of YOUR MONEY!!!  It IS your money in the 1st place.

You can and MUST appeal your Property Taxes in 2009.  It’s pretty safe to say that the value of all homes has dropped during 2008.  The “Fair Market Value” (FMV) is the beginning point for determining property taxes.  The Fair Market Value is “required” to be the real Fair Market Value as of January 1st of the year in which the property tax bill is due.  In many cases, especailly in 2009, the FMV registered with the county will be more than the true FMV.  In order to determine if one should appeal, one needs to know how similar properties were “Valued”.

A CHECK LIST FOR PROPERTY OWNERS FILING AN APPEAL

1. Once you receive your Assessment Notice check the value proposed versus the FMV and the Value proposed for similar houses in your neighborhood.
2. If you still wish to appeal, you must do so in writing within 45 days of the date of your assessment, which will usually come around March.
3. When your appeal is received, the Board of Assessors (BOA) makes its review and either agrees with your value or establishes a new one.
4. If you are not satisfied with the BOA’s decision, you may choose Arbitration or a Board of Equalization (BOE) hearing. The BOE is a panel of three county taxpayers appointed by your county’s Grand Jury to resolve disputes over property valuation. There is no cost if the BOE is chosen.
5. Your final option is to appeal the case to the County Superior Court.

HOW TO MAKE YOUR APPEAL MORE EFFECTIVE

To make your appeal before the Board of Assessors, the Board of Equalization or through arbitration more effective, you can improve your case with documentation. Here’s how to do it.
• Request a copy of your Property Record Review Document and Comparable Market Worksheet by calling your county’s Assessor’s office and requesting the information via fax; you may also go to the Assessor’s office in person (address provided on your tax assessment) or send a self-addressed, stamped envelope to your county’s Board of Assessors’ office with a letter of request. This free, one page document will describe the essential features of your residential property along with the features of the comparable properties the Assessors office used to determine your FMV. Review it for accuracy. You may request any other residential property record for fifty cents.
• Obtain your own market analysis of comparable properties recently sold in your neighborhood – you can obtain this data via county tax records online.
• Establish property value by providing a recent property appraisal – this is optional and could cost a few hundred dollars, but will certainly add leverage to your case.
• Review the Street Index and Sales Books or your county’s online Tax Records for comparable properties. You should look for properties in your neighborhood with the same quality or construction; similar land size and square feet of living area; number of Bedrooms, basement size, etc. The Street index and Sales Book are generally located in the downtown Government Center.

The data is public knowledge and is there for you to obtain.  This is not a quick process and may drag on for more than a year.  It’s not a continual pain, but you’re dealing with a government-run agency, so just be patient.  Also, remember that if you end up in front of the Assessor and the panel of 3 taxpayers…go prepared.  They’re definitely going to have their argument ready.  Past this point, you may actually need to appear in the County Superior Court (which will cost you a court fee – probably less than $100), but you’ll most likely be contacted by their Attorney and this possibly can be settled out of court (you’re still out the court fee, though – go figure).

Hope this was helpful.  As always, we want to be your trusted resource for everything Atlanta Real Estate, so please let us know if we can help in any way and we wish you the best in your 2009 Property Tax Appeal. 

click here to Sign up for our Monthly E-Newsletter and more topics like this…

“You want to be greedy when others are fearful.  You want to be fearful when others are greedy.”  Warren Buffet
Aaron & Kelly Allen
Real Estate Consultants
Keller Williams Realty Premier Atlanta
3365 Piedmont Rd, Suite 1050
Atlanta, GA 30305
Kelly@KellySellsAtlanta.com
Aaron@KellySellsAtlanta.com
www.KellySellsAtlanta.com
www.KellySellsAtlanta.com/blog