Real Estate Information

Hello Neighbors,

According to the AJC, it looks as if Georgia's property tax system "folded" along with the real estate market last year. Metro Atlanta's home values decreased by thousands of dollars however tax appraisals did not.

It has been found that county appraisals are much higher than the property's worth, which could mean homeowners are being taxed on a value that no longer exists on their homes.

Stay tuned for more information on Georgia's property tax system.

Greetings neighbors,

Here are a list of events happening around town tomorrow, Sunday December 6, 2009:

A Sunday Afternoon at Loehmann's

Sunday, Dec. 6th - 3:00pm @ Ansley Park Playhouse Atlanta, Ga - 1545 Peachtree St. N.E., Atlanta, GA, 30309| (404) 875-1193.

Virginia Highlands Market

Sunday, Dec. 6th - 12:00pm - 5:00pm @ Virginia Highlands Market Site - 1017 North Highland N.E., Atlanta, GA, 30306.

Atlanta Symphony Orchestra 2009

Sunday, Dec. 6th - 1:30pm @ Woodruff Arts Center - 1280 Peachtree Street NE, Atlanta, GA 30309| (404) 733-4200. Prices from $15-$68.

Leonardo da Vinci: Hand of the Genius

Sunday, Dec. 6th - 12pm @ Woodruff Arts Center High Museum of Art - 1280 Peachtree St. N.E., Atlanta, GA, 3030| (404) 815-6674.  Prices starting @ $11.

Gold Exhibition

Sunday, Dec. 6th - 12pm - 5pm @ Fernbank Museum of Natural History - 767 Clifton Rd. NE, Atlanta, GA, 30307| (404) 929-6400.

Hello neighbors,

According to the S&P/Case-Shiller Index, the nation's largest cities are continuing to see a rise in home sale prices for the fifth straight month. Although the increases aren't much, it is still highly welcomed after the continuous decreases of 2008 and early 2009.

In regards to Atlanta, the index showed improvement for the fourth consecutive month. However, recent monthly prices were the same as prices in the previous reporting period.

It is obvious that the real estate market is showing mass improvement in comparison to half a year ago. Home value increases have had a positive impact on real estate in more ways than one. Some of those include: homeowners who are selling have a better chance of receiving an offer closer to their asking price, new home inventory is less in comparison to previous months, and homeowners in mortgage trouble have a better chance to break even and possibly avoid default. 

All in all Atlanta is slowly but surely getting back on its feet.

Greetings neighbors,

Happy Friday, today marks the first day of the weekend so what's on your agenda? After doing your Christmas shopping this weekend, check out some of these events around town.

Macy's Pink Pig

Saturday Dec. 5th, 10am @ Lenox Square Mall - 3393 Peachtree Rd. NE
Atlanta, GA 30326 (404) 233-676. Cost: $3 -1 ride, $5.50 - 2 rides, and $7.50 - 3 ride.

Kingsized Holiday Jubilee

Saturday Dec. 5th 8:30pm @ Variety Play House - 1099 Euclid Ave.
Atlanta, GA 30303 (404) 524-7354. Tickets $25

Junior League of Atlanta - Holly Jolly Breakfast

Saturday Dec. 5th 8:30am @ Ritz Carlton, Downtown Atlanta - 181 Peachtree Street, NE Atlanta, GA 30303.

Atlanta Audubon Society Bird Walk

Saturday Dec. 5th 8am - 9:45am @ Piedmont Park Conservancy Community Center - 1071 Piedmont Ave. N.E. Atlanta, GA 30309 (404) 876-4024.

Hi neighbors,

As discussed in yesterdays post Negative Equity Runs Rampant, many Americans are finding themselves facing negative equity or owning more on their homes than what they are really worth.

If you have found yourself in this position you may ask, what now? There are a few options available for those who are struggling to make payments due to uncontrollable circumstances and without a loan modification. Those options are:

Walk out - It has been found that 26% of people have decided to stop paying on their mortgage. Their equity shortfall determines whether or not they're going to leave or not. Data shows most owners owe approximately 20 percent more than what their home is actually worth. In addition, it has been found that abandonment is more acceptable among the younger generation (people under 30).

Become a Landlord - For those who view walking away from a mortgage as wrong or unethical, they may end up renting out their home hoping for the worse to pass.

Short Sales - There's always the option of selling your home less than what's owed on the mortgage.

Selling your home? Contact Zac!

Greetings neighbors,

According to recent studies, it looks as if Georgia will lag behind in economic recovery compared to the rest of the country. Despite slow beginnings in recovery, Georgia is expected to exceed other states in years to come.

As discussed Tuesday during the 17th annual Bank of North Georgia Economic Forecast 2010, at Cobb Energy and Performing Arts Centre, nationwide unemployment will peak during April 2010 reaching 10.5 percent and will remain above 10 percent.

It is estimated that the economic growth of the U.S. will be between only 2.5 - 2.7 percent next year with Georgia falling behind in jobs and economic growth through 2011.

Some of Georgia's lagging can be contributed to the state's manufacturing base being tied to construction/housing and commercial real estate development falling off. This has caused the state to have an over whelming amount of supply. In addition, housing starts in Georgia have been decreased by 80 percent.

However, the Peach State does possess the necessities for job and population growth with low cost of labor and land, strong quality of life, and Hartsfield Jackson being a global transportation hub.

It is estimated that Georgia will have an increase of 1 million people through 2015 and taking Michigan's place as the eighth most popular state in the U.S.

Forecasts predict Georgia's growth after 2012 and making it one of the nations top five or sixth state's for economic growth through the year 2030.

Hello neighbors,

Judging by the recent cold weather, it's safe to say the holidays are definitely approaching and fast. Along with the holiday lights around the city and holiday hours at the malls, the Atlanta Holiday House is now available for viewing.

This spectacular 22,000 square foot, French estate was created and built by custom builder Steve West and has coined the reputation as the largest and most spectacular home ever built in Atlanta.

Viewing times and days for Atlanta's Holiday House are November 21st through December 20th, Tuesday through Friday 10:00am to 5:00pm, Saturday 10am to 5pm, Sunday 12pm to 5pm, and closed Mondays.

Advanced tickets can be purchased for $20 at: Kings Home Furnishings
1200 Menlo Dr NW Atlanta 30318 404 355-4114 (located west of Howell Mill Road off Huff Road) Open: Monday – Friday 10am-5pm, Phoenix Art Group 365 Peachtree Hills Avenue, Suite 104 Atlanta 30305 404-846-8560 (corner of Peachtree Hills Avenue and Lindbergh) Open: Monday – Friday 10am-5pm, Kai the Medical Spa 227 Sandy Springs Place Suite 388 Sandy Springs 30328 404-250-0882 (located in Boutique Row at Citywalk Shopping Center)  Open: Tuesday - Friday: 10:00 am to 6:00 pm • Saturday: 10:00 am to 4:00 pm, Kai the Medical Spa 11600 Medlock Bridge Road Suite 170 Johns Creek 30097 770-418-2118 (one block south of McGinnis Ferry Road)  Open: Tuesday - Friday: 10:00 am to 6:00 pm • Saturday: 10:00 am to 4:00 pm, dk Gallery 25 West Park Square Marietta 30060 (on the Marietta Square) 770-427-5377 Open: Tuesday - Saturday 11 – 5, Dreamy Gelato & Chocolates 410 Peachtree Pkwy Suite 106 Cumming 30041 (located at The Avenue Forsyth)  678-513-6964 Open: Monday-Thursday 11am to 9pm • Friday and Saturday 11am to 10 pm • Sunday noon to 10pm, Haigwood Studios Photography,Inc. 565 South Atlanta Street Roswell 30075 (near the intersection of Marietta Hwy and South Atlanta Street)  770-594-7845 Open: Monday – Friday 10am to 5pm.

In addition, group rates are available for parties of 20 or more. For more information call Patricia Warrick @ 404-217-7343.

Greetings neighbors,

According to recent studies from First American CoreLogic, a real estate information firm, many Americans owe well over what their home is actually worth. The study showed that 23 percent of American homes were in negative equity at the end of September, and 2.3 million mortgage holders possessed less than 5 percent equity.

There were five states that were greatly impacted by negative equity, and they are: Nevada, Arizona, Florida, Michigan, and California.

There were a few common factors found in relation to those who experienced negative equity which included: buyers financing their property between 2005 and 2008, adjustable rate mortgages, they purchased new construction concentrated in certain states, and the purchase of less expensive properties.

On a brighter note, it looks as if the increases of new home sales has actually slowed the increase of negative equity.

Below is the latest letter from David Liniger, the Chairman and Co-Founder of RE/MAX International with an update to the the latest short sale policies (which will hopefully make short sales in Atlanta a little easier).

Hello everyone,

The U.S. Treasury Department on Monday released a plan to speed up and encourage Short Sales as a means to help families avoid foreclosure. We've been offering Short Sale proposals to public officials for over a year, and although the new guidelines aren't everything we were hoping for, they do represent a significant improvement over the current situation.

Short Sales have been difficult to close, and these new measures are a huge step in the right direction. One major highlight: A lender must give a yes or no answer to an offer within 10 days. Also included: a moving allowance, incentives for sellers and lenders, commission rules, and a stipulation that releases sellers from debt liabilities.

Here's an initial Reuters news story outlining the new policies.

As we've said throughout 2009, the key is to become experts in the process. We expect a tremendous increase in Short Sales during the coming year, and it's vital that RE/MAX Associates continue to lead the industry in Distressed Property skills and training.

At RE/MAX International, our staff is quickly developing resources to help you understand the new Short Sale guidelines and explain them to your buyers and sellers.

Be sure to open the Mainstreet Link e-mail you receive tomorrow. It will contain the latest news and details about the Treasury plan, as well as video and print materials you can add to your marketing presentations. We're also putting consumer information on remax.com and will be communicating ongoing developments via Facebook and Twitter.

Thank you.

Dave Liniger
RE/MAX International Chairman and Co-Founder