Archive for the 'Alpharetta Real Estate' Category
Nine Reasons to Buy a Home in North Fulton
categories: Alpharetta Real Estate, Johns Creek Real Estate, Milton Real Estate, Roswell Real Estate, Schools
There are several considerations buyers take into account when moving. The right home, the commute, community, access to shopping and entertainment. But one of the biggest reasons home buyers choose a particular area is for good schools. So here are nine reasons for buyers to search for a home in North Atlanta, because nine Fulton County High Schools were named AP Honor Schools.
Of the nine schools, eight were named AP Merit Schools for having at least 20 percent of students taking AP exams and with at least half of those exams receiving a score of 3 or higher. One of the nine, TEACH Charter High School, was the only Fulton County school to be named an AP Challenge School for having fewer than 900 students and offering AP classes in core areas. Here is the list of schools:
· TEACH Charter High School
· Alpharetta High School
· Centennial High School
· Chattahoochee High School
· Milton High School
· North Springs Charter High School
· Northview High School
· Riverwood International Charter School
· Roswell High School
The eight AP Merit Schools have made the list for the third year in a row. The College Board administers AP exams each spring, with scores ranging from 1 to 5. Students who receive a 3, 4 or 5 on AP exams are eligible to receive college credit or may be exempt from some introductory college courses.
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Interview with Alpharetta City Councilman DC Aiken
categories: Alpharetta Real Estate, Local Information, Local Market Conditions
I had the opportunity to sit down with Alpharetta City Councilman DC Aiken and ask him about the city, how it is faring in the current economy, what projects are going on, what’s happining with Prospect Park and Westside Parkway and his take on the likleyhood of Milton County.
Part 1
Part 2
DC Aiken is an Alpharetta City Councilman and VP for SunTrust: www.suntrustmortgage.com/dcaiken
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Alpharetta Real Estate Market Stats: It’s local
categories: Alpharetta Real Estate, Johns Creek Real Estate, Local Market Conditions, Milton Real Estate, Roswell Real Estate, Schools
I just wanted to put a few numbers together to illustrate that we have to temper what we hear on the news about the housing market. Lately a lot of people have been pointing out to me that the number of homes sold for January 2o10 has gone down, unexpectedly, from units sold in December 2009. It’s true, January wasn’t as good a month in our industry as a lot of people had anticipated. However, just like other markets, we shouldn’t pay too close attention to gyrations that happen over a short period of time, but rather look at trends year-over-year.
The local part
In all of North Fulton (which includes Alpharetta, Milton, Johns Creek and Roswell), across all price ranges there were 202 homes sold in December 2009. That number a month later in January 2010 was 109 or 54% less than the previous month. But looking at the year-over-year figures, the number for January of this year was up 25% over the January 2009 figure of 87 sales.
It doesn’t mean we’ve arrived, but the gloom and doom on the national news isn’t necessarily the case either.
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Luxury Home Builders and Home Buyers in Alpharetta and Milton - The Chicken or the Egg?
categories: Alpharetta Real Estate, Foreclosures, Milton Real Estate, New Construction
I’ve written several posts in the past about builders who are buying up developed lots in Alpharetta, Milton and Cumming out of foreclosure and building homes in the lower price ranges. It makes perfect sense, with the tax credits and persistent demand for new construction among buyers. Home buyers almost always gravitate towards new construction, given the chance. In communities where homes may have sold in the mid $300’s in the past are selling in the $190’s - $210’s and comparable homes can be built in those price ranges because the builder has a lower cost of entry into the community and materials are cheaper now as well.
But what about those communities where homes were originally selling in the $800’s to well over $1 million? Construction stopped a long time ago, lots are in foreclosure, there may be an inventory of homes (that have been standing for quite a while); and home owners who may have purchased earlier on are way upside down. The list is long, but a few are The Manor Golf and Country Club , Valmont , Echelon , The Oaks at Crabapple , King Estates Manor , Blue Valley , and Kingsley Estates .
20 Months of Inventory
There are 195 homes on the market in all of North Fulton, listed from $800,000 to $1.5M, 119 in that price range sold last year. The demand for luxury homes has waned a bit, but not vanished. Credit is tighter and qualifying for a home in that price range is significantly more challenging but not impossible. The rub is when a home buyer looks at a community that has been frozen in time and asked, "is it safe for me to buy a home here? What will they be building down the road, and when?". Which brings me back to the main question posed in the title of this post, who will come back first, the Luxury Home Builder or Home Buyer?
What if a Builder started building homes in one of those stalled communities? Would you as a buyer feel comfortable purchasing one of those homes or are you going to look for something a little older but in an established community? For me, it would depend on a few factors. First and foremost, who is the builder? What price range are they building in now, compared to the existing inventory. And what is the product they are building? Are there covenants in place that will dictate size, exterior materials, etc.? What is the vision for the community and is that vision different than what was started? If it is, that’s not necessarily bad, but it should be considered.
As more builders buy foreclosed lots or decided to start selling homes on the lots they currently own (at lower price points) these questions will come up from buyers. It’s not a situation buyers need to stay away from necessarily, just proceed carefully and with good advice from a local advocate. Tell me what you think, I want to know.
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Best Schools in North Fulton (Says Atlanta Magazine)
categories: Alpharetta Real Estate, Johns Creek Real Estate, Milton Real Estate, Schools
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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The BIG Number
categories: 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
categories: Alpharetta Real Estate, Crabapple, Local Market Conditions, Milton Real Estate, Roswell 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…
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Single Family Homes Sold |
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Sold |
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Sold |
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Dec-08 |
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Dec-09 |
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Increase |
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Alpharetta / Milton / Johns Creek |
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121 |
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150 |
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23.97% |
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Roswell |
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52 |
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71 |
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36.54% |
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Duluth* |
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54 |
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57 |
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5.56% |
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All of N. Fulton |
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164 |
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200 |
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21.95% |
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*includes some sales in Gwinnett |
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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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North Fulton Homebuyers Take Advantage of Tax Credit
categories: Alpharetta Real Estate
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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