Author Archive
City of Milton Hosts First Fourth of July Parade
categories: Milton Real Estate, Stuff I like to talk about
Clowns, horses, fire trucks and of course the local politicians were all present at the City of Milton’s first July Fourth parade. I didn’t make it, but local photographer Nikki Haslett captured these images from the event. They give you a great flavor of the local citizenry, that is, pretty goofy and in some cases big and hairy…but at least their hair was done well!
Quiz: Which feet belong to the Mayor?
Enjoy the civic spirit of Milton. Hope you had a great Fourth ;->
Posted by Kevin Warmath | Currently 2 Comments »
Why Home Owners’ Associations Are A Good Thing
categories: Miscellaneous, Stuff I like to talk about
Sorry, I couldn’t resist. This is why neighborhood controls can be good.
If you didn’t like that one, try this one. Don’t worry, it is no where near Alpharetta, if you were considering buying a home there. You have to go into Atlanta to find gems like this:
Posted by Kevin Warmath | Currently 2 Comments »
Whitehall Homes Missing in Action at Crabapple Crossing | More Foreclosures Possibly Available in Crabapple
categories: Alpharetta Real Estate, Crabapple, Foreclosures
I was out looking at homes in the Crabapple area a couple of weeks ago and my client told me that she had heard that the remaining inventory of homes in the new Crabapple Crossing neighborhood was going into foreclosure. Well, it turns out she was right, at least I think.
This week, a reader of this blog sent me a Save Our Ship email. She recounted how she had come home from work to find all the Whitehall for sale signs replaced by Coldwell Banker signs, and generic CB signs at that…surely an ominous sign.
There are new signs on the four remaining built homes in Crabapple Crossing (the neighborhood has the same name as the school - Crabapple Crossing Elementary School - a stone’s throw away).
However, when I looked in FMLS, I only saw two of them listed and neither are listed as foreclosures. Only one, listed yesterday, is a brand new listing. There is no picture in the MLS yet, so I’ve added one to the right for you to see. It is 4 bedrooms and 3 baths on a slab listed at $439,900.
The other listing is from April this year and is a resale that sold last August for $506k after over a year on the market. Now it is on the market - this market - for $550k. Go figure.
So what do we make of the other properties in Crabapple Crossing that now have CB signs in the front yard but aren’t listed in FMLS? Maybe the agents just haven’t put them in yet. This much is clear though…Whitehall Homes looks to have abandoned ship. There is no Whitehall signage and no Whitehall sale staff onsite. Just as when a ship sinks, there is no sign of them on the surface anymore.
To my blog reader and resident of Crabapple Crossing: What can they do she asks? The short answer is help sell the remaining inventory. Tell your friends, co-workers, cousins about the opportunity. Who better to speak favorably about living there than current residents?
To buyers in this marketplace, you should definitely consider the short and longer term prospects for the neighborhood you are considering if it is new construction. That is one of the advantages of buying a resale home: it is built out and even it there are one or two foreclosures in the neighborhood - and let’s face it - every neighborhood seems to have one or two unfortunately, they are not going to take the neighborhood down with them.
The faster those homes sell in Crabapple Crossing the better for you. Try to keep the properties up. Make the neighborhood look as active and alive as possible. Coordinate with your neighbors. Pick up trash when you are out walking, even mow the yards without being asked. Spray weeds and kill ant piles. Cross your fingers.
You are likely to have at least four quite low sales in your neighborhood, which will hurt your comparable market value. I wouldn’t recommend making any big improvements to your home, because you’ll likely never recoup that investment.
Ironically while Crabapple Crossing is obviously struggling and Crabapple Crossroads on the other side of Crabapple Road also continues to struggle, a new development recently broke ground just down Broadwell Road. Is this the product of the same economic system that gives us Eckerd across the street from CVS and dry cleaners in every strip mall? Why would someone break ground in this market on a development of $550k homes when the ones right down the street are facing foreclosure?
The only thing that I can figure is that their niche is single-floor "active adult" living instead of the family of four looking for a good school district. There is a definite demand for more active adult living as baby boomers age and while people want to downsize from the large house and yard but remain in the area for work. Plus, I regularly get calls from local residents trying to find a home for their parents who want to move here to be closer to the grandchildren. Will they pay half a million dollars for it? I guess we’ll find out.
Note, Crabapple Crossroads Puts Two Brownstones Under Contract
According to FMLS, Crabapple Crossroads is showing that they have two pending contracts for the brownstones along Crabapple Road. Way to go, guys. Again, according to FMLS, there have not been any sales there this calendar year, so those must feel great. Positive sign in the market.
Posted by Kevin Warmath | Currently No Comments »
Small and Techy Trumps National and Expensive | Warmath Real Estate Forms Relationship with Maxsell Real Estate
categories: Announcements, Self Promotion
We’ve been mulling it over for months now and discussing it online to get your perspective. The question: Which is more relevant in today’s web2.0 real estate world, a large national broker or a small local broker?
At Bloodhound Blog, we tossed around the idea of what the role of a broker could and should be in today’s real estate world … at Maxsell Real Estate Brad Nix discussed the merits of a large broker versus a small one … on this blog, I asked if it mattered to you - my clients, prospective clients and colleagues - if I were with a national or boutique broker.
Plus I’ve asked long-time agents in multiple states, friends and current and past clients if it mattered to them if I were affiliated with a national broker. Asked another way: "Does the brand matter?"
The resounding answer I got was "No. What matters is the service that you provide; we don’t get anything that we can really put our finger on from the broker."
This due diligence put the wind in my sail to make a change and I’m happy to announce that we have relocated our real estate affiliation to Maxsell Real Estate.
I actually believe that a broker does matter in two ways that will directly affect my clients: One, a broker charges me money and the national compensation plans are very expensive. With a less onerous plan that a local broker can provide, I can invest more in my business (marketing / systems / personnel) which will have a positive affect on my clients and attract new ones.
Second, Maxsell understands technology. That makes two of us and my believe is that 1+1 is more than 2 in this marriage and that together we can continue to lead the way for real estate in Alpharetta, North Fulton and wherever the future may take us.
Posted by Kevin Warmath | Currently 5 Comments »
Least Expensive House in The Manor | Sometimes Projects Just Don’t Get Finished
categories: Alpharetta Real Estate, Foreclosures, Luxury Homes, Milton Real Estate
I’ve been agitated with myself for the past few weeks because I have a bunch of projects that are partially complete but not over the goal line. It is definitely one of the character flaws I struggle with: getting things only 90% finished.
Are you the same way? It feels soooo good to actually complete a task 100% and check it off the list, doesn’t it? I love to make lists and check off things!
Well, there is a builder in The Manor who was never able to experience the joy of the check. No good feeling for him. He started the house, but never finished. Now the bank owns it as a foreclosure. The builder literally got no check, if you know what I mean. Bad for him; could be good for you.
A few things about this house, which is estimated to be about 50% finished, but clearly big ticket items such as foundation, framing, walls, roof, etc are all in place:
First, the list price is $509,000. I know the house is not complete, but that is miles below the second cheapest house at $800,000.
Second, the house is a ranch style, which is basically unheard of in The Manor. This house could be the perfect home for someone looking to downsize from a traditional style house into a new, ranch style home in a gated neighborhood with high-end living and a high-end golf course.
Third, the basement is finished (so there is room for entertaining and grandkids) and there is a three-car garage to house your bass boat.
As for The Manor as a whole, you can still spend more that $3M if you want, but it used to be unheard of to buy in under one million dollars. Now, there are nine houses for sale under a million and forty-nine houses in total currently for sale. To date (since late 2005), there have been fifty-eight sales in The Manor.
<BIG NOTE> The links referenced in the following paragraphs have been removed intentionally in order to comply with FMLS rules. Apparently it is against the rules for me to share the information with you via my blog. I can email you the links individually, but I am not allowed to have you individually read it here. The rules are not keeping up with the times, in my humble opinion. The spirit of the rules should be to help people market homes and get them sold and to liberally share the data, not to throttle the communication of listing data. When someone in a position to alter the rules cares what I think, I’ll let you know! For now, please contact me directly and I’ll be happy to furnish you with the data directly. <END BIG NOTE>
For a complete list of homes currently for sale and sold in The Manor, CLICK HERE. This link will expire 30 days after this post is published so please contact me directly if you need updated sales data. Also, I realize that some of these properties listed are missing photos…amazing for million-dollar plus listings not to have pictures. Don’t blame me: I’m not the listing agent on these, just the messenger.
There are two other foreclosures currently in The Manor (and rumor has it that there are more coming). One of the other ones is at $1.2M and the second at $999,900. CLICK HERE to see them.
Great. Now I have actually completed a task I set for myself today. It is almost 11PM, but I did it … blog post complete. Check in box. Feels soooo good. ;->
Posted by Kevin Warmath | Currently No Comments »
Image and Attitude Adjustment for Realtors | Confronting the Implied Accusation
categories: Buyers, Self Promotion, Stuff I like to talk about
One of the things I like least about being a Realtor is the negative stereotypes that the profession has. Heck, I even had them and still have them to a degree. My wife certainly has them, as she starts too many sentences with "I’m not talking about you, but Realtors … "
Greg Swann at Bloodhound Blog tackles the problem of Realtors’ bad image and attitude head on. (Make sure you read to the part where he discusses The Implied Accusation.
Greg says it much better than I ever could, but I’ve definitely thought and felt it.
Here is The Implied Accusation in real estate: “Realtors are stupid.” “Realtors
are corrupt.” “Realtors are lazy.” “Realtors are self-serving.” “Realtors will
say anything to make a deal.” These ideas are epidemic, a cultural undercurrent.You know these charges are untrue, but what do you do about them? To leave The
Implied Accusation unnamed, unaddressed is to seem to confess to it, or at least
to plead no contest. Your clients begin their relationship with you with
unstated doubts about your integrity, and you hope to counter those attitudes by
your behavior.
I know for a fact that I have saved more clients more money and put more deals together for them that would not have otherwise have happened than I have probably earned in commission. I will state for sure that my perception of a competent Realtor has definitely changed since I became one: I have much more respect for the goods ones and much less respect for the not-so-good, which there are still far too many of.
It also reminds me of speaking with a man recently who mentioned that he had had very little respect for Realtors until his wife became one and he saw just how much time, work and expertise in negotiations it took to get a deal done…and "she was on the phone all the time." Not to mention that Realtors don’t get paid unless the deal closes, so unfortunately sometimes you work for free.
I’ll also add one more to Greg’s list or implied accusations: Realtors are technologically incompetent.
I became a Realtor to make a living, first, but also to provide clients what I thought was missing in the market: Real estate consultation that was professional, informed and used technology to make the process of buying and selling easier and more efficient.
I believe that the real estate market is changing both with the advances in technology and the downturn in the market driving the "old guard" out. We still have some reputation repair to do and it is to our advantage to address head on what so many people think about Realtors but won’t say to your face.
Buying and selling a home is a major deal; you want to make sure you don’t make a mistake, particularly when moving from out of town and you don’t know the area very well. I have potential clients ask to speak with my references, which is fine, but I’d rather kick the Implied Accusation in the teeth right up front, so make sure you read Greg’s post. Now if we make any accusations, they won’t be implied anymore and easier to deal with.
Posted by Kevin Warmath | Currently 2 Comments »
Alpharetta Real Estate Sells for $100k More on Average than Roswell and East Cobb Real Estate
categories: Alpharetta Real Estate, Local Market Conditions, Roswell Real Estate
My fellow Realtor, Kathy Drewien, in Marietta does a great job of compiling market statistics in her area. She does it the old-fashioned way: with hard work and expertise. She recently did a comparison of East Cobb, Roswell and Alpharetta. The analysis was done by zip code, so the Alpharetta numbers include Milton and Johns Creek real estate, but none the less the numbers are intriguing.
Her analysis shows that on average Alpharetta real estate sells for about $100,000 more than East Cobb (Roswell and Marietta addresses) and Roswell (Fulton County addresses). Click Here for all the numbers from Kathy.
Posted by Kevin Warmath | Currently 2 Comments »
What To Do with These Foreclosures in Milton?
categories: Foreclosures, Milton Real Estate
In these "everyone wants a foreclosure" days, I often feel like one of those tornado chasers in the Great Plains, except I’m chasing deals and not funnels. Well, this week it felt a bit more like chasing funnels. I went into a couple of foreclosures that were complete disasters. In fact, the entire 14-homes neighborhood is something of a disaster.
In case there is anyone reading who is looking for serious rehab opportunities, there are actually three opportunities in the neighborhood officially known as Blue Ridge Plantation, but locally just called Alpha Woods located off Thompson Road in Milton. (There is no signage on the neighborhood marquee, which should be your first clue of trouble.)
15455 Alpha Woods Drive. This home is victim of neglect. It sold as a foreclosure back in 2006 for $560k and probably never recovered from that experience. The whole house needs gutting, windows replaced, new kitchen, the works. There is a pool that I’m not sure the frogs will even live in.
Overall, the floor plan is not bad; it is just a lot of work; and it is a great lot. Listed at $460k. I wouldn’t pay more than $250k for it and was wondering if the bank might actually pay someone to get it off the books. This home gives the expression "you can’t give it away" serious meaning. For a full gallery of pictures of this home, CLICK HERE.
15475 Alpha Woods Drive. This home is victim to filthy people. They were de-trashing the house when I walked through: piles of clothes, trash, broken everything. A neighbor reported that the residents had been seen collecting limbs to use as firewood during the winter if that gives you any clue. The exterior of the house is probably in better shape that 15455, but you’re still looking at a total interior redo. It is not officially on the market yet, but should be in the next week or so.
100 Thomas Creek Court. Arguably the nicest house in the neighborhood (picture on the right), this home is reported to have appraised for $1.7M, but what do appraisals mean any more? They have been trying to sell it since last November at $1.6M. It is listed now as a pre-foreclosure for $950k. I have no reason to think this house is trashed or damaged. What is hurting it and every other house in Blue Plantation is the trashed/distressed properties. Smart money waits for this one to become a full-blown foreclosure and get further discounted.
15450 Alpha Woods Drive. Then there is the guy at 15450 who has been trying to sell for the past year. He started at $775k and is down to $699k. That they put a large electrical substation next to his property didn’t help matters…that and the fact that the house at 15455 is across the street.
What I’d really like to do with this neighborhood is start over. That’s right, knock the houses down and rebuild. Or maybe even have the City of Milton buy the properties and tear them down and reserve the land as open space or park land, which is much needed in Milton. There is an adjacent 60 acre track to the east of 15450 and 15475 that has frontage on both Thompson and Hamby roads that would make a great city park. The city could buy the whole thing for about $5M I bet and solve multiple problems at one time.
Then there is the question of the small sheep farm on the first lot in Blue Plantation, most certainly Milton’s only active lamb producer. That is part of the charm of the area. Maybe we could use the sheep to clear some of the land. Now that would be using all your assets!
Posted by Kevin Warmath | Currently No Comments »
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