Archive for the 'Crabapple' Category
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.
Posted by Bob Strader | Currently No Comments »
It’s Homestead Exemption Time for New Homeowners
categories: Alpharetta Real Estate, Crabapple, Johns Creek Real Estate, Milton Real Estate, Roswell Real Estate
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
Posted by Bob Strader | Currently No Comments »
Alpharetta Real Estate for 2010: What will the future hold?
categories: Alpharetta Real Estate, Crabapple, Foreclosures, Local Market Conditions, Metro Atlanta Statistics, Milton Real Estate, New Construction
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".
Posted by Bob Strader | Currently No Comments »
Shhh…..Developed Lots are Beginning to Move in North Fulton
categories: Alpharetta Real Estate, Crabapple, Lots, Milton Real Estate, New Construction, Roswell Real Estate
I don’t hear anyone talking about this but I’ve noticed recently that some residential developed lots in Alpharetta, Roswell and Milton have sold. Builders appear to be cherry-picking some good values out of foreclosure. On the surface it may sound surprising with what seems like a lot of resale inventory still out there. However, that inventory is down to levels not seen since the end of 2005. And, of course, new construction inventory fell of a cliff.
On top of that, the first time home buyer tax credit has been expanded and extended to move-up buyers that have owned their home for at least 5 of the last 8 years. With 47% of home sales this year (nationally) coming from first time buyers; this tax extension / expansion will definitely help bring those inventory levels down even further.
The lots that seem to be moving are mostly in more expensive communities such as Echelon , The Overlook at Litchfield, The Manor Golf and Country Club and newer communities that have not really been built out too much, like Crabapple Oaks . Homes for sale in Crabapple Oaks were originally listed for the high $800’s but are now selling in the low $600’s. In fact, there is a fantastic deal in one of the new Crabapple communities that I’m surprised hasn’t been jumped on yet. However, one surprising sale was a 1 acre lot in Country Club of the South that sold for $750K. Not exactly what I would call a deal, but someone certainly wanted it.
I had recently written a post about this same situation in Forsyth County, where builders were buying developed lots for sale out of foreclosure, building new homes in the first time buyer price range and selling them rather briskly. This is a clear indication that there is a healthy appetite for new construction and again, may be a leading indicator of a stronger recovery in the local housing market. I think we will see more of this to come in the 1st half of 2010.
Posted by Bob Strader | Currently 1 Comment »
Why now is the time to purchase a home in Crabapple
categories: Alpharetta Real Estate, Crabapple, Local Market Conditions, Milton Real Estate, Schools
I know, your saying, "but there are all these empty lots and builders aren’t building". That’s true, but this area has been a sought-after location for home buyers for a long time and it continues to be, even in this market. The community is highly involved in managing area development and keeping the look and feel that currently exists. So, here are….
5 Reasons why NOW is a good time to purchase a home in Crabapple:
1. Prices have dropped about 30% from thier peak
Now, I’m speaking specifically about the new construction, which includes Crabapple Crossroads , Crabapple Crossing and Crabapple Station . The surrounding communities in the resale market have not dropped that much. From the peak of the market, prices for Metro Atlanta have come down about 23% on average. Of course some areas suffered more and some less, Alpharetta home prices are only down around 16%. And, for the other reasons outlined below, we’ll see home values in Crabapple come up over the coming couple of years and I believe they will eventually surpass the peak market values (over time).
2. Crabapple has some of the best schools in North Fulton
The three schools that Crabapple feeds, Crabapple Crossing Elementary, Northwestern Middle and Milton High School, are in demand for good reason. Crabapple Crossing ranks 15th among elementary Schools in the state of Georgia. Northwestern Middle School raised thier SAT scores to 1722 out of a possible 2400 and Milton High School is in the top 500 in the nation , ranked at 311.
3. Crabapple is a solid destination for dining
As I sit here in Element coffee shop , using their free wireless and writing this post, I’m looking at a group of women in a personal training class at Anytime Fitness next door and I’m thinking about how my wife told me she met a friend at the Olde Blind Dog Pub at 7:30 on a Wednesday night they were packed and on a wait. And Sip’s new Tapas and Wine bar has been full since they opened a few weeks ago. Having been there on a couple of occasions, I know first hand how good their food is and why they are staying so busy. So, add in Little Azios, Milton’s , Cans, and you have a great dining destination community.
4. Crabapple is a great Walkable Community
So, the three new communities in Crabapple that surround the shops and restaurants are Crabapple Crossroads, Crabapple Station and Crabapple Crossing. All are within a mile of the antique shops, restaurants and stores. It’s one of the only walkable communities in North Fulton.
5. Crabapple has been proposed as the city center for Milton
Milton is only 3 years old (next month) and while it’s residents take an active roll in the community / government and embrace the small-town rural feel, Milton lacks a city center that will give it real location and city destination. A local developer, J.T. Adams has proposed a Milton Town Center which, if completed, will further enhance Crabapple’s draw and support the recovery of property values.
Do you live in Crabapple? Are you thinking of moving to the area? Let us know what you think about what’s there, what’s needed and if a City Center is a good idea.
Posted by Bob Strader | Currently 5 Comments »
Where is the Real Estate market headed?
categories: Alpharetta Real Estate, Crabapple, First time home buyers, Foreclosures, Local Market Conditions, Metro Atlanta Statistics, Milton Real Estate
It’s hard for homeowners and buyers to know where the market is headed because there are so many conflicting reports out there about what is happening. Depending on where and from whom you get your information things can look like they are improving or getting far worse.
Nationally
The NAR reportsthat there is a big rebound in existing home sales nationally, with first-time homebuyers driving much of those numbers. Their report says: “Existing-home sales–including single-family, townhomes, condominiums and co-ops–jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2% higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.”
To be sure, first-time homebuyers have been on the hunt with the impending expiration of the first-time homebuyer tax credit. They have been driving sales numbers in the $250,000 and below price ranges. An extension and potential expansion of that tax credit would help broaden those numbers and that would be a good thing.
Metro Atlanta
However, Steve Palm from Smartnumbers says “Closings for all single family had a large 16.8% year-to-year decline for September”. He goes on to say that he doesn’t think it is an issue with the recent flooding or some lenders being taken over by the FED but it’s more of a liquidity issue-there are no loans available for some buyers.
The good news is that inventory levels are down quite far, with 47,000 single family homes available for all of metro Atlanta. This is on par with inventory level in January of 2006. Another good bit of news is that the percentage of sales that are foreclosures is dropping, as you can see in the following chart:
North Fulton Real Estate
So, what is the story for us here in North Fulton, specifically Alpharetta, Johns Creek, Milton and Roswell? Well, for the cities listed above, here are the units sold and average sales prices over the past 5 Septembers:
| Sep-05 | Sep-06 | Sep-07 | Sep-08 | Sep-09 | |
| # sold | 352 | 205 | 218 | 179 | 195 |
| avg. SP | $401,161 | $400,030 | $409,002 | $414,729 | $359,328 |
The average sales price for our area is only down around 12% - 13% over the past 5 years which is far less than the metro Atlanta average of 20%. I would describe our local market status as stabilized with signs of improvement. It’s kind of like a “statistical recovery”. The numbers are pointing in the right direction but nobody really feels like it’s improving yet.
Posted by Bob Strader | Currently No Comments »
Crossroads at Crabapple Antique Fest Gets Bigger and Better
categories: Crabapple, Miscellaneous
This past Saturday was the Crossroads at Crabapple antique fest and what a perfect day it was. As I understand, it was started in 1969, but I have been coming for the past few years and it really has grown into a great event that the Crabapple community can be proud of.
Apparently there were over 50 juried artists and as many antique dealers with a wide display of furniture, art and collectibles. There were also great local artists playing bluegrass and country music. Local Boy Scout and Girl Scout troops were there selling food to raise money and the Olde Blind Dog Pub was selling their famous Irish Stew and Corned Beef as well!
Crabapple continues to create a great community atmosphere with unique and original shops and restaurants. It is no surprise that many people moving into area choose to live in and around Crabapple.
Posted by Bob Strader | Currently No Comments »
Shaping the Future Of Milton Town Center
categories: Crabapple, Local Affairs, Local Information, Milton Real Estate, Stuff I like to talk about
“We shape our buildings…thereafter, they shape us”. It may seem odd to open this post with a quote from Winston Churchill but it has a lot to do with what local developer J.T. Adams is trying to achieve with his proposed plans for a City of Milton Town Center and gives us some insight into his philosophy of how communities should be designed.
Another way to look at it would from the perspective of James Kunstler. An outspoken critic of suburban sprawl, his view that “…public spaces should be inspired centers of civic life and the physical manifestation of the common good. Instead, he argues, what we have in America is a nation of places not worth caring about”. Public spaces should have an active and permeable outer edge where people go in-and-out. In-and-out of shops, stores, restaurants. These are places where people want to be, where they are drawn to.
A little over 3 years ago the City of Milton was born and much has happened with the local real estate market and development over that time. There are more than a few subdivision graveyards out there and while no one is benefiting from the downturn, the development and density in the area would be drastically different had this downturn not happened.
So, the question is, how do we plan to move forward while keeping the City’s Vision Statement in mind, “..embracing our small town life while preserving and enhancing our rural character”. What J.T. Adams proposes, right in the heart of Crabapple, is to remove high density residential and put in its place a city center that would be part of a walkable community surrounded by dozens of unique shops, restaurants and well positioned parks with monuments, mature landscaping and water features. There is an opportunity to create something that would not only embody what I feel the City of Milton should be but to rival the small city centers around us, like Alpharetta and Roswell.
In this setting will exist the new Milton City Hall, a 250-seat performing arts center, a new public library, small outdoor ampitheater and a bed-and-breakfast / events center. All this rather than dozens of high-density townhomes and over-supplied residential properties.
While this plan hasn’t been formally presented to the city, it has been presented at some Town Hall Meetings. We have an opportunity to get involved, provide feedback and be a part of what the City of Milton could become. Please share what you think the City Of Milton should look like.
Posted by Bob Strader | Currently 2 Comments »
