The BIG Number: August
Posted in: Alpharetta Real Estate, Crabapple, Johns Creek Real Estate, Milton Real Estate, Roswell Real Estate, The Big Number72
The number of homes in all of North Fulton that are on water (river or lake).
On the last day of each month I post a “Big Number” or interesting figure related to real estate in our area.
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.
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An Update on Some North Fulton Projects
Posted in: Local Information, Miscellaneous
Prospect Park on Old Milton Parkway
We may soon see a completion of Westside Parkway (yeah) if the bank (Wells Fargo) that has now taken ownership of the property will release that part of the property to the city so the parkway can be completed. I suspect this will happen.
Bethany Bend High School
OK, that won’t necessarily be the actual name of the school, the final name will be fought over…. I mean decided at some point in the future. But, work has started with some clearing of trees along Bethany. It’s nothing to get excited about yet but the project will remain on track for the 2012 school year. You can follow the project along on the Fulton County Schools site and I’ll post periodic updates on this blog. The biggest question is the district lines, that won’t be decided until Fall of 2011 / Spring of 2012, just prior to the new school year.
The following are current projects by the North Fulton Community Improvement District
Windward Parkway Right-Turn Lane at GA 400 Off-Ramp
This project is projected to be completed early in 2011 and is an expansion of the Georgia Highway 400 off-ramp at Windward Parkway. The plan is to add a right-turn lane from the Windward Pkwy off-ramp to Northpoint Pkwy, along Windward Pkwy in order to alleviate congestion at that interchange. Over 168,000 cars pass through there every day.
Windward Parkway Landscaping
The North Fulton CID has granted $1.2M for stone walls and extensive landscaping at the Windward Pkwy / GA 400 intersection. Much like what was done at Mansell and GA 400. However, this is a bigger intersection and will be much more extensive, with stone walls on all four corners of the interchange. Three years of maintenance will be included with the project, then the Windward Business Association, who is partnered in this project, will take over. A great improvement for the community. Project completion should be Spring 2011.
Mansell Road Triple-Left-Turn-Lane
A triple-left-turn will be created, providing eased traffic flow from Mansell onto Northpoint Pkwy. For those of us that try to avoid the mall, you may not ever see this, but you can rest assured that your teenage drivers have easier access to Mecca 
Here are some future projects by the North Fulton CID:
- Northern Suburbs Comprehensive Transit Feasibility Study
- Encore Parkway Corridor Improvements
- Key Corridor Signal Timing
- Old Milton Parkway Landscaping
- Old Milton Parkway Streetscape
Providence Rd. / Birmingham Rd. Intersection and Arnold Mill / New Providence Intersection
I wrote about these intersections in Milton back in April. They are still on track. The federal funds are in place and the conceptual plan is completed. The city is awaiting final approval from GDOT and then work will start early 2012.
Intersection of Cogburn / Francis / Hopewell
I thought this was simply a matter of stopping the blinking light and making that traffic light operate normally, but it’s apparently more complicated than that. This intersection was approved in the recent budget for a possible re-design. This could be a round-about or simply a property traffic-light system, but the planning will begin this fall. Stay tuned….
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.
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Milton Meets Monticello In This Estate Home In The Heart Of Milton
Posted in: Alpharetta Real Estate, Luxury Homes, Milton Real Estate
Someone once said “A bargain isn’t a bargain if you don’t need it”. I don’t know if anyone really needs this Gorgeous Estate Home in Milton, but it is a bargain.
LOCATION: Milton, GA
PRICE: $11,500,000
SIZE: 13,043 square feet (approx.), 9 bedrooms, 9 full and 2 half bathrooms plus a 3 bedroom, 2 bath caretaker home.
Sited on 67 acres of meticulously manicured and landscaped land it’s truly a marriage between home and property. Designed by Stephen Fuller, it is a Jeffersonian estate home rivaled by no other in Milton. Details include 12 foot ceilings, 6 car garage, gated entry, 850 feet of lake frontage, walking/hiking or horseback riding trails, pool, tennis, basketball, multiple equestrian pastures and a guest cottage. For your review:
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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.
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Approved For Your Loan? It Ain’t Over Yet….
Posted in: Alpharetta Real Estate, Miscellaneous
A long, long time ago in a place far, far away….2005; the time of easy loans. You spoke to a lender and they pulled your scores, asked you some questions and said “you can afford a mortgage up to $$$”. More importantly, you were 100% sure that there were not going to be any problems moving forward with that loan. Pre-qualified was synonymous with cash-in-hand.
Lending requirements have tightened a bit and now you have to actually put money down on the home you’re buying. You have to have a decent credit score and income as well. But hearing your lender say “clear to close” a week before the closing doesn’t really mean anything anymore. That’s because last month Fannie Mae implemented the “Loan Quality Initiative”. This is to reduce bad loans and by verifying more information in a more thorough way. It places the responsibility on the bank doing the lending to verify the reliability of the borrower. But there is on particular change that can come back to bite even the most qualified of buyers.
The Last Minuet Credit Re-Check
Basically Fannie Mae requires that lenders check to see if an applicant’s credit profile changed while the loan was in underwriting. If it did change then Fannie Mae can refuse to purchase the loan which will require the bank to bear the burden with the loan on its books.
So, the bank will take your credit report and do a complete re-pull just prior to closing to make sure nothing changed, sometimes a day or two prior to closing. They are looking for new credit cards, a run-up of current credit card debt, updated or previously un-reported credit info or any major new purchases like cars, boats, etc.
Where It Gets Interesting
Regardless of the information that comes up, if underwriting sees anything they don’t like they can ask for more paperwork, deny the loan or require the process to start over from scratch. At this point, it’s usually past the due diligence period so the buyers earnest money is at stake.
So, when you’re applying for a loan to purchase a home - be smart and be prepared. Don’t do anything that will change your debt-to-income ratio, don’t apply for more credit, and don’t close any accounts. Do have access to all of your financial, work and tax information at all times (don’t pack up the house and put your files on the truck).
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.
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More New Construction in Crabapple
Posted in: Alpharetta Real Estate, Crabapple, Milton Real Estate, New Construction
Recently I wrote about Anthem homes building 4 single family homes on slabs in the mid $300’s and 4 garden style attached homes on slabs in the high $200’s in Crabapple Crossing. All these floorplans are in the 2800 - 3000 sq. ft. range Not only is it good news for Crabapple but it’s no surprise. Crabapple is a great walkable community and while shops are somewhat limited right now I’m sure they are not far away. Additionally the restaurants in Crabapple are a big draw for the community and Milton area as a whole.
I think those people who bought (or buy) the remaining distressed properties there will end up doing very well. In fact, I’ll go so far as to say the buyers who purchase new construction in there now will end up doing well down the road too. Crabapple is the best option in North Fulton for a “Virginia Highlands Like” lifestyle in homes that are modest in size with very nice finishings.
Breaking Ground in Braeburn
Now John Wieland is breaking ground on three lots in Braeburn - this is the community behind Crabapple Crossroads that has the developed lots but has been sitting vacant for a couple of years. Originally they were going to build 45 homes in the 4500-4800 sq. ft. range in the high $600’s on 1 acre lots. The have re-configured the interior lots and will now build 52 homes in the 3000-3800 sq. ft. range. The lot sizes will range from .75 acres to 1 acre and the prices will range from the high $400’s for homes on slabs to the high $500’s / low $600’s for basement homes.
The home styles will be similar in style to Crabapple Crossroads and come with granite counters, tile in master bath (not secondary baths), hardwoods on main (not bedrooms), tall windows, transoms and mixed material exteriors (stone, brick, cedar shake and hardy-plank siding) and front porches.
Does Wieland know something we don’t?
Based on inventory and Anthem’s price point I have to admit, a 4/5 bedroom on a slab in the high $400’s seems like it’s pushing the envelope on price - although they do come with 3-car garages. I know Wieland has a very good product and is a long-standing, well respected builder in Atlanta. He is offering a 5yr / 20yr warranty and the community will have their own amenities (which will probably be in place before the homeowners in Crabapple Crossroads ever see their amenities).
I’m not sure that the market will bear the price quite yet though - but maybe they know something I don’t. Especially when Sharp Residential just went into Milton Place and is building in the high $300’s / low $400’s for a very similar product. Granted, you won’t be walking to shops and restaurants from Milton Place, Braeburn is in a stellar location, but - it’s a very competitive product. I hope Wieland gets what they want, I know they have sold one already and are working on another, but it may take some time.
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.
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The BIG Number: July
Posted in: Alpharetta Real Estate, Local Market Conditions, Milton Real Estate, Roswell Real Estate, The Big Number20%
The percentage increase in sales of existing homes in North Fulton County for Q2 2010 vs Q2 2009.
On the last day of each month I post a “Big Number” or interesting figure related to real estate in our area.
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.
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Foreclosure Sales Trend Down Helping Equity Sellers
Posted in: Alpharetta Real Estate, Metro Atlanta Statistics, Milton Real EstateBecause I’m on vacation this week I’m slacking on the blog. I have two interesting charts that reflect a positive trend in foreclosure sales and the results due to those declining numbers of foreclosure sales.
In the first chart you see Foreclosures as a percentage of Total Sales. In the 2nd Qtr. 2010 24.4% of all sales in Metro Atlanta were Foreclosures - the lowest number in the past 18 months.
As a result of fewer Foreclosures being available (or more desirable) to buyers, it has allowed the median sales price for non-foreclosure properties to begin rising - as show in the second chart.
As the number of foreclosure sales (red trend line) increased, the median sales price (gold trend line) of non-foreclosure properties has declined. Consequently, the number of foreclosure sales have been decreasing resulting in an increasing median sales price for non-foreclousre homes. If you have questions about these charts or want to get information on your community, just let us know: info at thenorthgroup.com
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.
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Housing Starts Down In June?…..Not Really
Posted in: Alpharetta Real Estate, Metro Atlanta Statistics, Milton Real Estate, New Construction
Let me see if I can make this really confusing….
Housing starts nationally for June are down 5% which the media purports as bad news..but I say it’s really good. But the real facts are that single family starts aren’t down that much, which sounds good but I say it’s bad. Confused yet? Stick with me.
When the Census Bureau releases housing starts the media will grab that number and pronounce it good or bad, but they never tell you what that number means. A start is really a ground-breaking and includes homes of all types — single family, condos buildings, apartments, and multi-units housing. For June that number was down 5% from May. I don’t know about you, but I don’t really care if apartment and multi-unit starts are down. I know it may effect the overall economy but they don’t mean a whole lot to Mr. and Mrs. Seller down the street.
But the number gets reported in the news as a big drop so that must be a bad thing. Is it really? If there are fewer housing starts then there will be less inventory on the market. Less competition for the re-sale market who wants to make a move. So in my book, a big number might be a good thing. However, when that 5% number is dissected it turns out that the majority of it is in fact multi-unit housing.
The Real Housing Start Number
For June, Single-Family housing starts were only down 0.7 percent from May….essentially flat. That’s a good thing, right? We’ll it certainly says that builders are being very cautious and not carrying too much inventory. The more inventory on the market the more they have to offer incentives and the more the re-sale market has to try and compete with heavy builder incentives. What it really indicates is that new construction has stabilized now that the home buyer tax credits are behind us.
We still have a lot of inventory on the market. Across all price ranges we have about 10 months of inventory in North Fulton and 12 months of inventory in Forsyth County. A buyers market is defined as anything above 6 months of inventory so controlled construction and growth is a good thing in my book. The one constant in this market right now is that rates remain extremely low. While inventory levels aren’t going to change quickly - we don’t really know how long rates will remain at such historically low levels.
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.
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