Alpharetta Real Estate

4Feb

Best Schools in North Fulton (Says Atlanta Magazine)

Posted in: Alpharetta Real Estate, Johns Creek Real Estate, Milton Real Estate, Schools

Best Schools in North Fulton Atlanta Magazine came out with their Best Schools issue , listing what they have determined is the best Elementary, Middle and High School in each metro Atlanta county. The criteria they used to determine the best was based on the percentage of students who exceeded expectations in the most recently available CRCT results. High schools were selected by SAT scores.

Fulton county runs from Milton, through the city of Atlanta, to south of the airport. It is a very large school system, however it’s no surprise that the top schools were in North Fulton where a high level of parental involvement is the norm.

CRABAPPLE CROSSING ELEMENTARY SCHOOL
12775 Birmingham Highway, Milton, 30004
770-740-7055

Grades K-5
Total Students: 757
Founded 1992
CRCT scores exceeding standards: Math: 71.5%, Reading 67.6%
Teachers avg. years of experience: 11
Homes for sale in this school district: Home Search

WEBB BRIDGE MIDDLE SCHOOL
4455 Webb Bridge Rd., Alpharetta, 30005
770-667-2940

Grades 6-8
Total Students: 1357
Founded 1996
CRCT scores exceeding standards: Math: 63.7%, Reading 62.3%
Teachers avg. years of experience: 12
Homes for sale in this school district: Home Search

NORTHVIEW HIGH SCHOOL
10625 Parsons Rd., Johns Creek, 30097
770-497-3828

Grades 9-12
Total Students: 2133
Founded 2002
SAT: 1722
Graduates going to college: 99%
Students scoring 3+ on AP exams: 88%
Teachers avg. years of experience: 10
Homes for sale in this school district: Home Search

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About the Author, Bob Strader

Bob Strader is a Realtor whose focus is merging technology and real estate. He specializes in helping buyers search for homes online and leveraging technology to maximize online exposure for home sellers. He is married and lives in Milton, GA with his wife and two daughters.

The BIG Number

Posted in: Alpharetta Real Estate, Forsyth, The Big Number

$17,000,000

The price reduction on the47,000 sq. ft. Le Reve Estate in Cumming, GA. Reduced from $45,000,000 to $28,000,000.

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North Fulton Home Sales: Market Update

Posted in: Alpharetta Real Estate, Crabapple, Local Market Conditions, Milton Real Estate, Roswell Real Estate

Alpharetta Real Estate

Here Comes The Sun

It’s been a long cold lonely winter… And there have been a few news reports recently stating that home sales declined from November to December last year and this means the recovery won’t happen or the light at the end of the tunnel is much further away. The reason is kind of obvious, with the first-time home buyer tax credit originally expiring at the end of November there was a rush by home buyers to get in under the wire. So news reporters keeps driving this negative point in some effort to perpetuate some scary outlook for the economy.

To be sure, jobs are still an issue and looks like they will be for some time, but the real estate market here in Atlanta is still trending in a positive direction, just like it was in November. For instance, the number of single family homes sold in Metro Atlanta for Dec 09′ has increased over Dec 08′ and for condos/townhomes that increase is more than 20%. So, I’ve put together some numbers for North Fulton specifically…

Single Family Homes Sold
	Sold	Sold
	Dec-08	Dec-09	Increase
Alpharetta / Milton / Johns Creek	121	150	23.97%

Roswell	52	71	36.54%

Duluth*	54	57	5.56%

All of N. Fulton	164	200	21.95%
*includes some sales in Gwinnett

We are outpacing the rest of metro Atlanta and inventory levels are down to levels not seen since 2005. Foreclosures are still an issue despite a high level of competition among buyers for bank owned property. But take note of those stale subdivisions because builders like Ashton Woods and John Wieland are on a buying spree, and why wouldn’t they be with half priced lots out there in subdivisions like Breamridge and Crabapple Crossroads. There is pent-up demand for reasonably priced new construction, which buyers tend to gravitate to. Barring any significant economic hiccups we’ll hear the sounds of hammers and saws again in Crabapple and the surrounding area. It’s already happening in Forsyth County… and those homes are selling briskly.

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Rural Charm, Brain Tumors and Private Property Rights

Posted in: Local Affairs, Milton Real Estate, Stuff I like to talk about

A Tree Grows in Milton, GA A Tree Grows in Milton

Actually three trees….and they are made of steel. Many of you may be aware of T-Mobile’s plans to locate three new cell towers in the city of Milton.

The locations and towers proposed are:

149′ Tower on 10 acres at 2880 Mountain Rd
154′ Tower on 26 acres at 14495 Hopewell Rd (Seven Gables Farm)
154′ Tower on 52 acres at 13340 New Providence Rd.

On January 13th there was an informational question and answer meeting held at Milton City Hall. There T-Mobile provided photos of the three locations with renderings of the towers in each photo. These renderings were made from balloon tests, to determine how visible each tower would be from various vantage points. Since that meeting there has been some uproar about how citizens of Milton can stop this from happening. Groups want city officials to deny T-Mobile and the property owners a permit to install the towers, pressuring them with future votes. They dispute T-Mobile’s business case that coverage is lacking or simply suggest that T-Mobile customers can just switch to a different carrier.

The Issues

There are 2 main concerns that residents have with the cell towers, the first of which is that the towers will ruin the rural charm and pastoral views of our fledgling city. On a search of cell towers within a 4 mile radius of my community, a cell tower search site revealed that their are 26 tower locations. It surprised me that there are that many, I can think of 2 that I have seen. I guess they blend in or I just don’t pay attention to them. I know of one behind the Union restaurant on Providence Rd. that is made to look like a pine tree. It doesn’t look like a real tree, of course, but looks better than a silver metal pole.

The other concern some have are the unknown dangers of radiation from the antennas. A quick Google search will reveal websites that say there has not been enough research to be conclusive but we risk health effects ranging from reduced immune system competence and mood swings to brain tumors and leukemia. With over 4 billion cell phone users in the world and over 270 million cell phones in the US; dangers from an antenna a quarter of a mile away seem infinitesimal at best, especially when seemingly everyone in the world is running around with their phone pressed to the side of their heads. I don’t know of anyone planning to get rid of their cell phone, do you?

Don’t Tread on Me

The one issue that hasn’t seem to come up though is private property rights. The owners of the three sites have the right, as property owners, to: rent, sell, mortgage or develop their property - as long as it is within the constraints of zoning restrictions. Just like, thankfully, all Milton residents have the right to voice their concerns at the council meetings. We have a process and by-and-large it seems to work. My concern is that if the City Council votes to deny the permit simply because some people don’t like the towers, then the Milton City Council Members would be voting against private property rights . In my mind, that is theft. The property owner who had the rights to develop or profit from their land is now prevented from doing so, in spite of meeting the zoning laws that are in effect.

What comes next? Then any group of homeowners can get together to have that horse-farm get rid of their horses because the manure stinks. That small business owner that grows orchids on his agricultural land might have to cease and desist because his greenhouses aren’t ascetically pleasing to some. I’m sorry private property owner, but I don’t want you to sell your land to a developer to build more homes - I like the rural charm of your pastures. Oh, but don’t let your horse manure pile up or it will offend me. Never mind the fact that you were here years before my home was built and changed the rural view from your house.

Even though I think that we’ll all get used to the towers being there - just like we have with the hundreds of other towers that surround us, I agree that a cell tower is not an attractive addition to the landscape. We should be working to make the towers that do go in as unobtrusive as possible. If that means making it look like a tree, then we should be pushing T-Mobile to do that. But I hope we didn’t become the City of Milton so we can take away private property rights.

“The right of property is the guardian of every other right, and to deprive a people of this, is in fact to deprive them of their liberty.” Arthur Lee, “An Appeal to the Justice and Interests of the People of Great Britain, in the Present Dispute with America” (1775)

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North Fulton Homebuyers Take Advantage of Tax Credit

Posted in: Alpharetta Real Estate

Home Buyer Tax Credit: Last Chance Homebuyer Tax Credit Update

Last year there were many First-Time Homebuyers in Alpharetta and Milton that purchased homes . And quite a few that didn’t make the deadline or just weren’t in a position to do so. In addition to those, there were many other homebuyers that wished they could have taken advantage of a tax credit.

On November 6, 2009, President Obama signed a bill to extend the tax credit for First-Time Homebuyers . In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. The bill also opens up opportunities for some Current Homeowners who are not buying a home for the first time. There are some restrictions, such as income limits and purchase price.

I have tried to provide as much detail as possible but I always recommend that clients speak with their tax accountant in regards to specific questions.

What is a Tax Credit?

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service. In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.

Who is Eligible?

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible. In either case the tax credit is not available if the purchase price exceeds $800,000.

First-Time Homebuyers :

First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000

This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

Current Owners:

The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Again, single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Other Situations:

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

1. Right of possession, 2. Right to obtain legal title upon full payment of the purchase price, 3. Right to construct improvements, 4. Obligation to pay property taxes, 5. Risk of loss, 6. Responsibility to insure the property, and 7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?
Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:

They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from “step-relatives.”)
They do not use the home as your principal residence.
They sell their home before the end of the year.
They are a nonresident alien.
They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?
Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?
Yes, provided that the child meets the other requirements for the tax credit.

If you are beginning the process of searching for a new home in Forsyth County or the Cumming area, please give us a call. We’ll make sure you meet the deadline and end up in a great new home.

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Updates on Some Alpharetta Projects

Posted in: Alpharetta Real Estate, Community Highlights, Local Information

Alpharetta GA Yesterday I had the opportunity to speak with David Belle Isle, along with a small group of Realtors who attended a gathering put on by Jack Berube of Berube & Company Realtors.

For those who may not know, Belle Isle is a sitting Alpharetta City Councilman and is currently running for State Senate in District 56 . During his short discussion he shared updates on a few Alpharetta City Projects.

Prospect Park

Yes, you know it well. The mud pit and concrete forest we see every time we drive down Old Milton Parkway. I don’t know how it got approved, although there are ideas being thrown around , but there it is. The question is, what’s the status? The developer, Stan Thomas, has filed for bankruptcy - to reorganize. Apparently his intent is to hold on to the property in hopes of developing it down the road. An idea that was thrown out in the discussion was to have something like The Inforum there. The Inforum is something along the lines of a multi-purpose facility with office space, convention center, theater, etc.

I’m a strong believer in property rights but a little eminent domain here might be the answer. How about a park or ball fields? Maybe someone should sneak down there and plant some kudzu, it will be covered in weeks!

Westside Parkway - When will it be finished?

See Prospect Park….The last section of Westside Parkway is tied up in the parcel that is the Prospect Park project. So, while it is in bankruptcy litigation there is nothing that can be done with the last few hundred feet of what will one day be a great way to avoid Hwy 400.

Windward Parkway / 400 Offramp

Apparently it was determined that a tremendous number of cars getting off of 400 onto Windward Pkwy and going east end up turning onto Northpoint Pkwy, so there is a plan to put a dedicated turn lane at the off ramp that will take those drivers directly to NP Parkway, alleviating a ton of congestion.

Oversupply of Strip Centers

Another thing we all notice as we drive around Alpharetta and Milton. The abundance of empty retail space is amazing but there are signs of improvement. Some properties have been purchased out of foreclosure, giving those new owners a much lower cost basis and allowing them to potentially fill retail space. Now, who’s betting on a couple more mattress stores.

The Alpharetta City Center Project

What was planned originally was a mixed use, pedestrian friendly project developed around a new City Hall. There were going to be office and restaurant space, civic facilities, retail and parking decks. The desire by the City Council to do this project is still there but we’ll have to wait for stronger financial times. The businesses that are downtown now have wanted a project like this and the community would strongly support it but until it happens we’ll continue to see business struggle. While two spaces downtown were filled by Digital Scientists and The Coffee Pot , we lost a fitness center and a lacrosse store.

Do you have anything to add about these projects or others? Let us know.

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It’s Homestead Exemption Time for New Homeowners

Posted in: Alpharetta Real Estate, Crabapple, Johns Creek Real Estate, Milton Real Estate, Roswell Real Estate

Property Tax Savings You’re an excited homeowner who purchased a home in 2009. You just spent your first Christmas in your home and the new year is kicking off. Now is the time for all those new homeowners in Alpharetta, Milton or the rest of Atlanta to file their one-time Homestead Exemption. And what exactly is the homestead Exemption? Simply put it is an exemption for some of the property taxes you would owe on your primary residence and it remains in effect for the entire time you live there. So, if you own the property, reside on that property, and are a legal resident of the County, all as of January 1st of the tax year, you may qualify for homestead exemption.

The exemption amounts differ by county. For instance, in Fulton County the exemption for 2010 is $25,000. That will go up to $30,000 in 2011. In Forsyth County the Homestead Exemption is $8000.

The appropriate forms to file can typically be found on the county website page for the Tax Assessors Office, here are phone numbers and links to a few of those:

Cherokee County – 678-493-6120
Cobb County – 770-528-8600
Forsyth County – 770-781-2106
Fulton County – 404-612-6440
Gwinnett County - 770-822-8800

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Alpharetta Real Estate for 2010: What will the future hold?

Posted in: Alpharetta Real Estate, Crabapple, Foreclosures, Local Market Conditions, Metro Atlanta Statistics, Milton Real Estate, New Construction

What Does The Future Hold For Alpharetta Real Estate? It’s a question buyers and sellers ask almost every day, especially in a market like this, but at the end of the year people look forward to that new beginning. For a brief period of time it’s like the slate gets wiped clean on January 1st. Anything is possible and we look for signs of what may come for Alpharetta real estate. I always say, in order to know where you’re going it helps to know where you’ve been. Looking back over 2009 might not be a pretty picture, depending on your perspective, but it’s telling.

Ouch : Sales declined through most of the year and Sellers really took it on the chin. And builders took it even harder. It’s tough to compete though when almost 40% of all homes being sold in the first 2 quarters were foreclosures or short sales. For those that could take less and get out, they didn’t like it but felt like they made it out. For others, they had to stay put or take a loss. Never before have I seen so many homes available to rent, which was a good alternative for many sellers out there that had to do something.

Cha-Ching : While Sellers were getting beat up, Buyers where cashing in. For those in a position to buy, the real estate deals were plenty and the banks had their shelves stocked with goods. First-time home buyers and renters were in the envious position of not needing to sell and having plenty to choose from. Still, competition was stiff for foreclosures. Banks started the year pricing at the old market value but later realized that aggressive list prices brought multiple offers fast and sales prices that were over list. They were still good deals but the time on market was reduced significantly. The tax credit did it’s job and continues to do so until it expires next year. Inventory levels were reduced quite a bit and now we are seeing an increase in homes sold year-over-year. Comparing November 2009 to November 2008, the number of homes sold in Metro Atlanta are up 52% and for North Fulton, they are up 82% .

Bye Bye: No, all the deals aren’t gone but they are slowly fading away. The expanded tax credit will continue to help but I’m seeing the mindset has changed with both buyers and sellers. At the beginning of the year Sellers were still amazed that a home reduced by $100K could still be on the market and Buyers were amazed it hadn’t been reduced more. Now sales prices have come down further, Sellers except much of the current pricing as market value and Buyers are not willing to spend months looking for that spectacular deal because they are slowly disappearing.

Looking Forward : We will see a higher than normal level of activity for the first 4 months while the tax credits are still in effect. This will help continue to reduce inventory levels and we will continue to see the number of home sold year-over-year go up. Sales prices will flatten out for most, and begin to increase in small pockets of demand and sought-after communities later in the year. The 400 corridor is well positioned with great schools and businesses that are still moving employees into the area.

New construction starts, which showed up in the 4th quarter of 2009 will widen through 2010 due to an abundance of developed lots at bargain prices. Forsyth County will lead the pack here, mainly because builders will be able to buy lots and build in lower price ranges to a greater degree than in North Fulton, but we’ll see that in North Fulton as well. Knight Construction is selling out in the Cumming community of Union Station, which is no surprise as first-time buyers typically gravitate towards new construction when it’s available. I suspect new homes in Crabapple and Milton will have the most opportunities.

Foreclosures will be present for the next couple of years (no surprise) but banks will continue to roll them out slowly keeping competition for them fairly high. Also, thanks to the banks, Short Sales will remain an excruciatingly painful and slow process (thank you Bank of America). Interest rates are anybody’s guess but until unemployment comes down to a respectable 7 or 8% then they will have to remain reasonably low.

How do I know it will all turn out this way? I have inside information that "It is decidedly so". What Does The Future Hold For Alpharetta Real Estate?