City of Decatur

208 Ridley Howard House – 2 Bed/ 2 Bath Condo – $172,000

Large 2 Bed/ 2 Bath Condo in the City of Decatur. Spacious Living Room features: Gas Fireplace w/ beautiful Mantle for your artwork, Views to your own Wooded Outdoor Retreat and a Covered Balcony for morning coffee or tea. Guests can sit at the Breakfast Bar while you whip up meals in the Galley-Style Kitchen. The Dining Area with Upgraded Lighting can easily accommodate a seating of 10.

The large Master Bedroom Suite easily fits a writing desk and has plenty of storage in its 3 Closets. The Master Bath provides ample space with its Dressing Area and Vanity.

This home comes with an Assigned, Parking Space and Storage Room in the Secure Underground Parking Deck. The CLIFF line stops a short walk away, while CDC, Emory and Downtown Decatur are less than 5 min. drives.

City of Decatur School System: Clairemont Elementary, Renfroe Middle, Decatur HS

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Elliott Robinson, JD – Associate Broker
Keller Williams Realty Metro Atlanta
315 West Ponce de Leon Ave., Ste. 100
Decatur, GA 30030
(404) 431-2117
Web: www.elliottyouragent.com
Blog – www.elliottonrealestate.com
Twitter – http://twitter.com/elliottrob

Troubled Jumbo Loans Hurt Broader Market

Houses that cost more than $730,000 – the cap for conforming jumbo loans – can be extremely tough to buy, sell, or refinance these days, freezing the high-end market and holding down activity in lower-priced markets, real estate practitioners say.

The slowdown results from lenders’ reluctance to offer mortgages above the amount Fannie Mae and Freddie Mac will insure.

“What you’re seeing are those properties sitting on the market for a lot longer because people can’t get loans,” says David Kerr, an associate with ZipRealty in Marin County, Calif. ” All of what we’re showing is in the $200,000 to $300,000 price range.”

States that are most affected are those where jumbos account for more than 10 percent of all mortgages, including Hawaii, California and New York, as well as Washington, D.C., New Jersey, Maryland, Massachusetts, Virginia, Connecticut, Washington, Nevada, and Florida.

The Obama administration program to refinance underwater mortgages doesn’t offer help to holders of jumbo mortgages, so borrowers who can’t refinance are defaulting in increasing numbers. According to First American CoreLogic, jumbos that are 90 days or more delinquent reached 4.83 percent in March 2009, up from 1.68 percent in March 2008.

“We need to have a market recovery in all segments,” says Lawrence Yun, chief economist for the National Association of REALTORS®. “If the high-end market weakens, those in the middle have to reduce prices . . . All of Middle America is undoubtedly impacted.”

Source: USAToday, Stephanie Armour (07/15/2009)
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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222 ext. 26
Blog: elliottonrealestate.com
Twitter: elliottrob@twitter.com

City of Decatur – Fewer Listings Equal Pent-Up Demand

In the first part of our study on the City of Decatur, we did an analysis of the 1st six months of 2007, 2008 and 2009. The analysis confirmed what most people have felt which is that sales of single family homes in Decatur are down considerably over the past two year (down 53% from 2007).

There are several mitigating factors in this trend.  The biggest of which is perhaps the apprehension of potential sellers to place their property on the market during a time of economic malaise.  At the end of 2008 and early 2009, there was an over-saturation of negative media stories creating the false impression that every seller must be on the verge of bankruptucy so throw them any old offer because they’ll ahve to accept.  This birthed a buyer pool that had a “Deal or No Deal” mentality.  The notion of potential buyers bringing in parades of lowball offers simply placed potential sellers on the sidelines.

The positive impact of this posture is that there is a pent up demand in the buyer pool for high quality single-family homes.  The City of Decatur and other highly desirable locales within the Atlanta Metro Area (Candler Park, Inman Park, Ansley Park, Druid Hills, etc.) still have the intangibles that serious buyers look for: great schools, proximity to Downtown/Midtown, family activities, great restaurants, etc. 

Obviously the rules for obtaining financing have changed the housing marketplace considerably.  However, certain neighborhoods are somewhat less susceptible to the increased restrictions due to the professional make-up and income profile of the residents.

With the start of school less than 1 month away (August 10th), this would be a great time for sellers who have held back to test the marketplace.

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222 ext. 26
Blog: elliottonrealestate.com
Twitter: elliottrob@twitter.com

City of Decatur – Single Family Intown Market Study

City of Decatur – Single Family Homes

This month we will compare the sales activity for the 1st six months of 2007 to 2008 to 2009.  Prior to pulling the data, there was an industry consensus that closing activity has been down.  However, there was some feeling that once the home buying season kicked into gear, things would certainly pick up.  To date, that has not been the case as sellers who do not need to sell appear to be sitting out 2009 in the hopes of a more stable and promising 2010.

I’ll start with an analysis of the City of Decatur (COD) as a whole and in later posts, I’ll break down some of the individual neighborhoods in search of trends.

2007

Through the first 6 months of 2007, the COD Single Family Market was experiencing an explosion.  There were 145 single family home sales in the first half of ‘07 for an average sales price of $379,646.

A sizable thrust of the growth was spurred on by significant new construction activity in Oakhurst.  There was an appetite for newer homes in general, with 31 of the homes sold being built after 1995 (21% of total sales).  Sycamore Ridge (Decatur Heights) and Glenlake Commons comprised the majority of resales for homes built after 1995.  The average sales price of those newer homes  was $477,093.   City of Decatur sales of property built before 1995 was $354,972.  Newer construction realized an average sale price in excess of $120,000 over the COD’s older housing stock.

The Days on Market was almost identical at 60 for older homes and 63 for newer properties.

2008

The first half of 2008 saw a 20% decrease in total sales (to 117 from 145).  The average sales prices saw a 3% decline from $379,646 to $368,778.

Newer home sales were still strong at just under 20% of total sales (23 sold).  And the activity in this area saw most of its transactions come from Oakhurst new construction and Sycamore Ridge resales.  The 2008 average sales price for a home built after 1995 was $516,260.

The Days on the Market inched up slightly for both total sales (71) and newer home sales (79).

2009

The COD market activity has declined dramatically in the first half of 2009.  The total number of home sales has plummeted to 69, down 42% from 2008 and 53% from 2007.  On a positive note, despite the slowed activity, the average sales price has increased to $391,504 eclipsing the average of 2007 by over $12,000.  A great sign that despite the slowdown, the COD remains a highly desirable market for homebuyers.

Given the strong new construction growth over the past 5 years, it was bound to slow down.  A great deal of the more desirable lots have been converted and new construction financing has become more tenuous for in-town builders.  There have only been 12 sales of homes build post 1995, with Oakhurst still leading the charge.  Surprisingly, Sycamore Ridge has only accounted for 2 sales in the first six months of 2009.

Another sign of a strong COD market is that Days on Market has dropped back down to 63 days.  A 6 day decrease from its 2008 figure of 71.   However, perhaps due to the shift in the market and somewhat skewed due to a few homes being delayed in construction, the newer home Days on Market increased to 120 days.

* Data provided by First Multiple Listing Service.

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222 ext. 26
Blog: elliottonrealestate.com
Twitter: elliottrob@twitter.com

Great Lakes (City of Decatur) – Market Survey June ‘09

This analysis compares residential single family sales activity from June2007-May 2008 to activity from June 2008-May 2009.

Average Sales Price
2% increase from $505,418 in ‘07-’08 to $517,914 in ‘08-’09.

Average Number of Days on the Market
127% increase from 52 days to 118 days.

Number of Homes Sold
13% decrease from 8 in ’07-’08 to 7 in ’08-’09.

Overall Sales Volume
10% decrease from $4,043,344 in ’07-’08 to $3,625,398 in ’08-’09.

Milestone sales within the last 12 months
Most Expensive: A 4 bed/ 3.5 bath on Michigan Ave sold for $800,000. It was on the market for 153 days.

Lowest Price: A 5 bed/ 2.5 bath on Lucerne St. sold for $341,000. It was on the market for 196 days.

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222

Winnona Park (City of Decatur) – Market Survey June ‘09

This analysis compares residential single family sales activity from June2007-May 2008 to activity from June 2008-May 2009.

Average Sales Price
12% increase from $398,562 in ‘07-’08 to $448,033 in ‘08-’09.

Average Number of Days on the Market
57% increase from 60 days to 94 days.

Number of Homes Sold
7% decrease from 29 in ’07-’08 to 31 in ’08-’09.

Overall Sales Volume
20% increase from $11,558,298 in ’07-’08 to $13,889,023 in ’08-’09.

Milestone sales within the last 12 months
Most Expensive: A 5 bed/ 4 bath on Winnona Drive sold for $725,000. It was on the market for 42 days.

Lowest Price: A 3 bed/ 1 bath on Oldfield Road sold for $195,000. It was on the market for 100 days.

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222

Oakhurst (City of Decatur) – Market Survey June ‘09

This analysis compares residential single family sales activity from June2007-May 2008 to activity from June 2008-May 2009.

Average Sales Price
3% increase from $361,877 in ‘07-’08 to $371,837 in ‘08-’09.

Average Number of Days on the Market
20% decrease from 74 days to 59 days.

Number of Homes Sold
15% decrease from 85 in ’07-’08 to 72 in ’08-’09.

Overall Sales Volume
13% decrease from $30,756,545 in ’07-’08 to $26,722,264 in ’08-’09.

Milestone sales within the last 12 months
Most Expensive: A 5 bed/ 4.5 bath on W. Benson St. sold for $785,000. It was on the market for 49 days.

Lowest Price: A 3 bed/ 1 bath on 2nd Ave sold for $95,000. It was on the market for 26 days.

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222

Decatur Heights (City of Decatur) – Market Survey June ‘09

This analysis compares residential single family sales activity from June2007-May 2008 to activity from June 2008-May 2009.

Average Sales Price
5% drop from $373,247 in ‘07-’08 to $355,770 in ‘08-’09.

Average Number of Days on the Market
19% increase from 70 days to 83 days.

Number of Homes Sold
32% increase from 19 in ’07-’08 to 25 in ’08-’09.

Overall Sales Volume
25% increase from $7,091,693 in ’07-’08 to $8,894,250 in ’08-’09.

Milestone sales within the last 12 months
Most Expensive: A 5 bed/ 3.5 bath on Springdale St. sold for $645,168. It was on the market for 28 days.

Lowest Price: A 2 bed/ 1 bath on E. Ponce de Leon sold for $148,000. It was on the market for 6 days. This was a bank owned sale. The same property sold for $230,743 5 months later.

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222

Glenwood Estates (City of Decatur) – Market Survey June ‘09

This analysis compares residential single family sales activity from June2007-May 2008 to activity from June 2008-May 2009.

Average Sales Price
28% increase from $431,200 in ‘07-’08 to $552,142 in ‘08-’09.

Average Number of Days on the Market
64% decrease from 113 days to 41 days.

Number of Homes Sold
40% increase from 5 in ’07-’08 to 7 in ’08-’09.

Overall Sales Volume
79% increase from $2,156,000 in ’07-’08 to $3,864,994 in ’08-’09.

Milestone sales within the last 12 months
Most Expensive: A 6 bed/ 3 bath on Mount Vernon Dr. sold for $785,000. It was on the market for 47 days.

Lowest Price: A 3 bed/ 2 bath on Pinecrest Ave sold for $410,000. It was on the market for 22 days.

Onyx – Purchasing a New Location Case Study

Challenge
Find a Secure, In-Town, Stand-Alone location, with parking

Onyx Consulting hired Elliott Robinson, JD to represent them in the purchase of a new location. Onyx is an Apple certified computer consulting and repair business. Their flagship location, 3296 Northcrest Road, affords easy access for their clients in the Perimeter Business District as well as Gwinnett and North DeKalb counties. However, a large portion of their business clients in the Downtown and Midtown Atlanta areas were more challenged in getting to this location.

After several consultation sessions with the client, we determined the primary factors in selecting a location.

• Location – 15 minute drive to Downtown/Midtown Atlanta
• Security – A building with high security features to protect the computing equipment
• Parking – Drive-up parking for a short walk into the building
• Accessibility – Visible without drawing unwanted attention

Initially, Onyx preferred the East Atlanta Village market due to its close proximity to Downtown and Midtown Atlanta and heavy artist community (typically Apple users).

Solution
Elliott applied a series of analytical tools and techniques to help determine the best fit for Onyx’s newest location.

• Market Analysis – Determine best areas of growth
• Geographic Needs – Proximity to client base, Traffic Counts, Controlled Visibility
• Demographic Analysis – Income, Disposable Income, Education

It was determined that the City of Decatur was the most viable market.

Results
Onyx purchased a stand-alone building located at 122 Williams Street in Downtown Decatur.  The property, the former Eastern Treats building, met all of Onyx’s needs and has exceeded their expectations.

• 10 minute drive to both Downtown/Midtown Atlanta and their East Atlanta art community clients
• Plenty of drive-up and on-street parking spaces
• Highly secure brick building with limited windows
• Building sits at the intersection of 3 of Downtown Decatur’s busiest streets, while remaining tucked away
• Expanded their reach with the student demographic (Emory University is only 5 minutes away, while Agnes Scott College, the Art Institute of Decatur, DeVry University and most of the City of Decatur schools are all within walking distance.)

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222