Archive for August, 2009
Triple Crown Pre-Foreclosure: Only For Those Who Are Fast and Ready
categories: Alpharetta Real Estate
We use the phrase “Deal of a lifetime” way too often. A deal of a lifetime is really subjective and might not fit everyones idea of a deal. However,there are great deals that show up occasionally. Everyone wants a great deal, that’s just what they’re looking for, but are you truly ready to move on a great deal when it shows up?
Well, many deal hunters may not have been ready because in just a few hours a pre-foreclosure in Triple Crown hit the market, received multiple offers and the bank stopped taking new offers. For those fast and savvy buyers out there who did get an offer in, they may have landed the last ‘great’ deal in Triple Crown.
The home that was listed at 12:30 yesterday after noon, at the incredibly low price of $550,000, is now unavailable and it’s going to be really interesting to see what it sold for. The current owners paid $976,000 for it in 2006 and while I’m sure that it will sell for more than the list price, it will still be an incredible steal even for this market.
I mentioned in a post earlier this month that homes in Triple Crown have been holding their value fairly well in this market and have been moving quickly, mainly for the demand the community is able to maintain. Right now there are only 6 homes up for sale in the community (including the pre-foreclosure) and 8 homes have sold so far this year. There is a pretty strong market for this community and I don’t see any reason why it will change.
The bottom line here is that if you are looking for a great deal, you need to be pre-qualified and at the ready. While these great deals don’t show up every day, they do show up occasionally and you have to act fast in order to throw your hat in the ring. By the way, the lowest sales price in Triple Crown to date is $641,000. I’m betting this home sold for less….what do you think?
Posted by Bob Strader | Currently No Comments »
The 5 Most Expensive Properties In Alpharetta/Milton Right Now
categories: Alpharetta Real Estate
Ok, I was asked this question the other day and had no idea what the answer was; “What is the most expensive home on the market?”. Now this person didn’t specify a particular area but it made me wonder what the answer might be. So, just for fun, here a list of the 5 most expensive homes in Alpharetta / Milton.
1. 20 Providence Way: $8,000,00
This is a 11,665 sq. ft. 7 bedroom, 8 full bath, 2 half-bath home on nearly 32 acres, with 6 fireplaces, 4 car garage and a beautiful pool.
2. 16245 Birmingham Hwy: $7,920,000
As you can see from the photo, the house doesn’t look like much, but this 5 bedroom, 3 bath home built in 1974 sits on 66 acres of prime horse-country real estate. Oh, by the way, there are 3 other small homes on the property and a barn.
3. 3025 Wellington Rd: $5,600,000
As you can see by the picture, this Country Club of the South Estate Home has a gorgeous pool but also comes with 7 bedrooms, 7 full and 2 half-baths, 7 fireplaces courtyard with a fountain and parking for 4 Bentleys (or the vehicle of your choice).
4. 3045 Wellington Rd: $4,895,000
So, this Country Club of the South neighbor is offering a $700k discount over the home in the #3 spot. This property comes with 6 bedrooms, 7 full baths and 3 half-baths, 4 fireplaces, 3 car garage and a pool.
5. 1018 Cherbury Lane: $4,150,000
Our last home rounding out the list is also in Country Club of the South and an apparent bargain. This all brick home offers 6 bedrooms, 6 full and 3 half-baths, 7 fireplaces, 4 car garage and a pool with surrounding landscaping that is right out of Architectural Digest. Yes, this is a bargain.
Finally, I thought I would let you know what the most expensive home currently listed in the entire MLS….drum roll please……
2015 Trammel Rd: $45,000,000
Located in Cumming, this 7 bedroom 12 full bath and 11 half-bath (not a typo) palace is billed by the listing agent as “One of the most significant estates in the world”. The owners of the Taj Mahal will be dissapointed to hear that. The understated home sits on 72 acres with it’s own Golf Course, Lake, Stables and Guest House. Strangely, only parking for 4 cars.
Posted by Bob Strader | Currently No Comments »
Milton Ga Community of The Week: Clearbrooke
categories: Alpharetta Real Estate, Community of the Week, Milton Real Estate
What makes this big little community great is that it hits the sweet spot some buyers are looking for with respect to size of community. With approx. 40 homes all on 1+ acre lots, the subdivision isn’t too big but also not so small that it disappears.
Although smaller in size, the community put in sidewalks and most of the homes are built back off of the street, allowing for large level front yards but still providing substantial - more private back yards. It isn’t uncommon to see kids playing in the front yards and neighbors out walking.
At the time of this post there are only three homes in Clearbrooke available for sale, and three have been sold over the past 60 days - proving that a great community with well built homes can retain a strong demand. Living on large lots with wooded privacy behind allows you to feel like you’re well removed from commercial development and traffic but in fact you are only a few minuets away from Windward Pkwy, hwy 400, Northpoint Mall, Downtown Alpharetta and Crabapple.
Peachtree Residential is the builder here, known for a quality product, they built what they call semi-custom homes ranging from $700k - $900k. All the homes built in Clearbrooke are in the 3100 - 4000 sq. ft range with open plans and upgraded finishes.
Posted by Bob Strader | Currently No Comments »
The Coolest Penthouse in America
categories: Miscellaneous, Stuff I like to talk about
No, it’s not in Atlanta but you have to see this, just for fun. It’s quite possibly the coolest penthouse you’ll ever see and only $25 Million! It’s located in Brooklyn’s Clock Tower building and has four 14′ synchronized clocks so you never have to set your watch. If it wasn’t so sleek, clean and modern it would be the perfect bad-guy hang-out in a Batman movie.
Now here is whats really interesting…it’s listed at more than double the highest price known to have been paid for a home in Brooklyn and more than triple the price of any condo sold. This penthouse is a 6400 sq. ft. triplex with views of the city skyline and the Brooklyn skyline. Is it worth it? I have no idea, but I know this. When you have something nobody else has, something really cool, then you can charge for it. I’ll be interested what it sells for, if it sells. If you had the money, would you buy it?
Posted by Bob Strader | Currently 1 Comment »
Milton, GA Community of The Week: Triple Crown
categories: Alpharetta Real Estate, Community Highlights, Community of the Week, Milton Real Estate
Triple Crown values take a little dip but demand remains strong -
Triple Crown is one of many sought-after communities in Milton, Ga. but this community has maintained consistant demand throughout the downturn in the market. With approximately 150 custom homes on one acre plus home sites there is a good reason why Homes For Sale in Triple Crown tend to move quickly. Right now, as of this post, there are 4 homes for sale in Triple Crown, but 9 homes have been sold year-to-date and half of those sold in less than 30 days. That is an absorbtion rate for the community of about 120 days which is far better than the market in general.
The homes styles in Triple Crown are traditional with wood and earth-tones, you will find combinations of all brick, brick and stone and cedar shingles. The homes are ample in size, typically running in the 4500 sq. ft. to 6500 sq. ft range and offer open floor-plans with large family kitchens, side-entry garages, upgraded finishings and large basements.
The jewels of Triple Crown are the community amenities which include a four acre lake with dock and walking trails, a two acre park and spacious clubhouse complete with full kitchen, great room and meeting room. The amenities are a big reason people choose to buy homes and live here. The Home Owners Association for Triple Crown is active and the fees are $1300/year. For specific questions about the associatioin you can contact the management company at (678) 551-7551.
If you have children, they will attend highly sought-after schools like Summit-Hill Elementary, Northwestern Middle and Milton High School. Triple Crown is located in North Fulton County near Historic Crabapple, Alpharetta, Windward Pardway and GA 400. At the peak of the market the home prices ranged from $800,000 to $1.2M but now can be found from the mid $800’s to just under $1M.
Posted by Bob Strader | Currently 2 Comments »
Atlanta Real Estate Turns Up in July
categories: First time home buyers, Foreclosures, Metro Atlanta Statistics
All the lagging numbers aren’t in yet but for July 2008 there were 4451 single family homes sold in metro Atlanta. Right now, for July 2009 there have been 3738 homes sold with an additional 1444 homes in pending status which were scheduled to close in July - bringing the total closings to potentially 5182. If all of those pending transactions actually closed in July then that would represent a 16% increase over the previous year.
Now, some of those certainly got shifted to August closings so the actual number will come in lower than 16% but July has shown us the first year-over-year increase in the number of sales in over 3 years.
A majority of those transactions can be attributed to a combination of first-time home buyers and foreclosure sales. In fact, foreclosures and short sales made up 31.8% of all metro Atlanta homes sold for the 2nd Qtr. of 2009. While this isn’t a surprise, what might surprise you is that percentage of foreclosure sales is lower than 1st Qtr. 2009 which was almost 37%.
This can partially be attributed to demand but also, many banks have been slowing the foreclosure process to determine what changes may take place with loan modification rules. So, the 64-million dollar question is, “how many more foreclosures will hit the market and when?”. There certainly is an appetite for distressed properties but with currently inventory levels going down, an onslaught of new foreclosures could slow us up again. Inventory levels for single family homes haven’t been this low since the end of 2006.
There is hope that the first-time home buyer tax credit will be extended beyond the December 1st deadline but as of right now that is still the deadline. The bottom line is that while deals continue to present themselves, we’ve definitley bottomed and have started what I think will be a slow but steady recovery for the local real estate market. Tell me what you think…
Posted by Bob Strader | Currently 1 Comment »
