Archive for the 'Lots' Category
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 »
It’s Crabapple Update Time Again | Builder Lots Available on the Cheap
categories: Announcements, Crabapple, Lots, Stuff I like to talk about and know nothing about
CRABAPPLE - It seems like the minute I write an update on Crabapple, a whole bunch of new stuff happens and I need to write another one. I promise, I’m not fixating on Crabapple, but it does seem like it’s getting a lot of focus on this blog recently.
Update number one is that it is snowing in Crabapple today.
Update number two is that it just stopped. That is how up to the minute the information in this blog can be! And for you Northerners reading: Yes, it does snow in Georgia, but only for about five minutes a year, if that.
Restaurant Update
Since it is the holiday season, let’s start with food: Two items to mention on the alimentary front. One is the surfacing of the Gastropub. I love that name, but what is it you ask?
Well, technically it is the old Fosters redone with a new menu and more service. The owner of the old Foster’s, Mr O’Keefe, decided the Foster’s franchise wasn’t working for him and punted. In its stead, he rebranded and reopened literally overnight as the Gastropub.
The menu is more than just burgers, fries and shakes. Now you can order a full array of entrees ($12-$17), foccacia sandwiches ($8) and pasta selections ($7 for half order and $12 for full order). There are appetizers too, table service instead of the counter ordering and a full bar to come. It looks like Crabapple will have two Irish pubs now, considering that the Old Blind Dog is going to be opening in the Crabapple Mercantile soon. You know, a town is judged by the number and quality of its Irish Pubs.
The second restaurant-related item is not really news but more a clarification. The Silos Grill was a fixture in the old Ingles shopping center. When redevelopment started there, Silos disappeared. Well, actually their lease was not renewed just like the Ace Hardware. Don’t ask me how the Nail Salon and Happy Wok kept their leases…maybe they are based on a Chinese calendar!
Anyway, Silos didn’t really disappear. It, too, resurfaced as a rebranded concept in Crabapple as the Cantina del Mar in the same building as Little Azio. You can read more details about the owners of the Silos/Cantina del Mar, Beth and David Riordan, here .
One last piece of restaurant news. Someone left a comment a while ago on this blog saying it would be great to have an all night diner in Crabapple. I’m not sure it will be open all night, but I noticed that a new Diner is going in where the Snooty Fox - or whatever it was called was near Kroger … who would go to a restaurant named the Snooty Fox, anyway … obviously not many because it didn’t last long. Let’s see if the Diner can take this traditionally dead location and make good there. I’d love to see something like the American Roadhouse in Virginia-Highland.
Crabapple Opportunity for Custom Home Building
Crabapple Crossing is sold out of single family homes, garden homes and townhomes, but they have some unbuilt upon lots left. The builder is trying to determine whether to build and sell homes or just sell the lots themselves.
If you are looking to build in Crabapple, this could be an excellent way for you to pick up a discounted lot. If you are a small builder, here’s an opportunity to pick up a small package of lots.
There are four single family lots left. They are $50,000 each or you could possibly get all four for $100,000, but you have to contact me for this deal! These lots are not currently listed but the owner will sell them.
The single family homes in Crabapple Crossing are approximately 3,000 - 3,600 square feet and cost the builder about $270,000 each to build. If you built something comparable that would put your "all-in price" at $320,000. Note, all homes must be approved by the Home Owner’s Association in order to maintain the aesthetic integrity of the community.
Single family homes were selling in Crabapple Crossing in the low $500’s in 2007 and in the low $400’s in the latter portion of 2008. Most recently, after an outside investor took over the neighborhood and reduced prices, the last one to sell was a 4BR/3BA on a slab for $363k. At an all-in price of $320,000, you’d still have a lot of equity even in this market.
There are also two or four garden home lots, depending on how you count them. Two garden homes are built on one lot as attached homes, so four homes could be built on two slabs. The garden homes that are currently built are actually just a large if not larger in square footage than the single family homes by 200-400 square feet. Garden homes range from 3,200 to 3,400 square feet.
The slabs are already poured on the garden home lots, so unless you wanted to tear them up, the footprint of the homes is already determined. It is unlikely the the HOA would approve different exteriors for these homes. This is an excellent opportunity for a builder who wants to finish for a profit what someone else started.
The current owner will also pre-sell garden homes (with same builder who built the existing homes) at discounted prices of $375,000 and single family homes at around $420,000.
Beragio Under Construction - Active Adult Community in Crabapple
I was mistaken about Beragio in a previous post. Construction is indeed on-going there. Slabs have been poured for three homes and framing has started. These will be 3BR/2BA Easy Living Home certified active adult community homes. The prices are listed at $595,000.
Braeburn Office Condos
The office condos fronting Birmingham Highway are popping out of the ground. It is amazing how fast they can build these things. Literally the structure shown in the picture on the right took a week to raise. There are three others like it and this picture was taken on November 10th. They are probably finished with it at this rate.
A Chocolate Dilemma at Crabapple Mercantile
What do you do with a whole palette of chocolate? Keep my kids away from it is what you do!
All kidding aside, that is the predicament of Scoops, the ice cream shop slated to open at the Crabapple Mercantile. They wanted to open by Thanksgiving but the schedule has been pushed back to January and they are trying to figure out what to do with all the chocolate they bought to sell for the holidays.
One solution they have is to sell gift baskets with chocolate and candy for the holidays. These baskets start at $49 and you can get more information at www. scoopssweettreats.com or call Lynn @ 770-876-7565. They will literally give you a taste of what Scoops will eventually offer.
The first merchant to open in the Crabapple Mercantile is going to be Faire La Belle, a hair salon that has hired staff and is ready to open. The building itself is finished for all practical purposes. Getting the certificate of occupancy is the next step and then business can commence. The Old Blind Dog Irish pub is scheduled to open in February.
It’s snowing again. Ok, it stopped again. That’s Alpharetta for you.
Posted by Kevin Warmath | Currently 10 Comments »
Cornucopia of Alpharetta Fall Real Estate News
categories: Alpharetta Real Estate, Announcements, Foreclosures, Local Market Conditions, Lots, Luxury Homes, Photography
ALPHARETTA - Nothing symbolizes November any better than the cornucopia and the turkey. And since I am "theme challenged" today, I thought that I’d just throw all the random thoughts that are bouncing around in my head into one big cornucopia of a post. So forgive the scatter-brainedness of this post, here’s my cornucopia of thoughts:
Wild Turkey Spotted in Windward Parking Lot
Since it is November, let’s start with the turkey. Believe it or not, I actually saw a real, live wild turkey walking across the parking lot near Windward Parkway and Northpoint Parkway the other day. Don’t believe me? I have proof!
I grabbed my camera before she pranced away. Here she is as she goes in front of my car; she was headed east towards the dining room tables of Windward!
The Price of Education
Fulton County Schools reportedly paid $318,000 per acre for the 64-acre site for a new high school site on Cogburn Road. This land was purchased from Chatham home builders who had purchased it a year or so ago for a residential development. At that time, Chatham paid a reported $204,000 per acre and since that time had done site planning and grading and installed streets and gutters, all of which will likely be torn out when a new school is built. Apparently the school board is still exploring ways to gain direct access to Highway 9 from the new site.
New Amenities Underway at Crooked Creek
Crooked Creek obtained financing for its amenity renovation. I’m told that progress is commencing on the $4M project that will include two new pools, eleven tennis courts, a playground and clubhouse. No further word on whether Crooked Creek will be able to gate the neighborhood. Would love to hear from some Crooked Creek residents on this one. Please comment to this post if you would.
Two Home Starts in Lake Haven
Two custom homes are currently in the process of being built in Lake Haven. One should be finished by the end of the year. These are the first two and are being built by Southern Home Properties , the same company who built Lochstone Manor , on Doris Road.
There are 58 one and two-acre lots remaining. Reportedly the commencement of construction has brought about a lot of renewed activity in Lake Haven, although no further purchases yet. All in good time… Lake Haven has the potential to be a very special place to live.
White Columns Foreclosure Sells
OK, not THAT foreclosure , that I’ve been talking about incessantly. The other one. 715 Scarlet Oak Trail, is the big brick house in the cul-de-sac with a finished basement that included two full baths and a second kitchen. It was listed at $515,000, reduced to $489,000 and sold for $469,000 in 133 days. That is a ton of heated square footage for the dollar and the house required only minimal repairs.
Foreclosure Sales Statistics
The National Association of Realtors has reported in August that nationally 35-40% of all homes sales are foreclosure properties. I read elsewhere that 42% of all September sales were foreclosures. NPR reported this week that we can expect 5-7 million more foreclosures ! Certainly I can’t dispute the widespread interest in foreclosures; I’m getting a ton of inquires myself regarding foreclosures in Alpharetta.
That got me to thinking: What percentage of our sales in North Fulton since January 1, 2008 have been foreclosures? A quick scrub of the data shows that 11% of sales were technically foreclosures - owned by the lender. It also means that they were properly identified in FMLS as foreclosure properties. This does not include short sales or "pre-foreclosures" as they are called.
So, if 11% of sales are foreclosures (and I would argue that this is the most competitive part of the market), what percentage of active listings are identified as foreclosures? The envelop please: 4% in North Fulton (Alpharetta, Roswell, Milton and Johns Creek). This says that a foreclosure is about three times more likely to sell than a non-foreclosure.
Good Bye Reading Tree
I’m sorry that downtown Alpharetta was not able to support the Reading Tree bookstore , which recently closed. It lasted about a year and a half. It is tough being a retail business in downtown Alpharetta; the area seems better suited for small service-based businesses that don’t require retail traffic.
The good news if you are a bibliophile, though, is that the library referendum passed so we will someday get a better library in Alpharetta, one that befits a city of our quality. Just make sure you continue to oppose the political trophy called the central downtown Atlanta library and keep the funds flowing out to the suburbs where the readers are.
One Last Salute to Fall Colors in Milton
I had posted a nice Fall photograph the other day and thought I’d publish just one more if you’ll indulge me. I’m a sucker for the Chamber of Commerce picture in the Fall. The light and color is just too good to not get out of the car and take the picture.
The last one was in a residential area of Crabapple. This one is a little further north in Milton off Benthany Bend road. The area is decidely more rural. I hope this captures the flavor a little bit. I sometimes post my pictures to Google Earth Panaramio, too, so as to not bore you too much here.
Posted by Kevin Warmath | Currently 4 Comments »
Slicker Than Baby Snot: Using Piclens to Display Real Estate Photography
categories: Lots, Luxury Homes, Stuff I like to talk about
I’ve said here before that I really don’t care for virtual tours. It is so tedious to watch still photographs zoom in and out to muzak.
In an effort to find something better, I was recently introduced to PicLens. Now THIS is the way to display photos of homes for sale.
I’ve been working on a demo; CLICK HERE to see it and I’d really appreciate your feedback. Be sure to click on the "Start Awesome 3D Slide Show" link. You might want to download the plug in from the PicLens website, but it should work just fine if your browser already has a Flash plug-in.
Is this a better way to view photos? I think so, but it is all about you, the user, so please let me know.
These pictures are of a house in The Shoals at Arbor Hill. The house is one of those that is on the "sleeper market." The owner would like to sell it but it is not on the active market. Therefore, I just take the opportunity to introduce it to my clients who are interested in The Shoals, a great Chatham-built neighborhood in East Cherokee with multi-acre lots and horses allowed, and million dollar homes.
In my opinion, this particular home is a better value than others currently on the market; it has a better lot and it has a new $22,000 well for both water use inside and irrigation outside. But, of course, you wouldn’t know that unless you called me ;->
By the way, I also have one of the few remaining lots for sale in The Shoals. It is probably in the top three if not the best lot in the neighborhood. It is 3.5 acres with a small lake on the back. There is a gentle slope that would allow for a great terrace level and the lot is almost all hardwoods. $289,000, but make an offer if you are interested.
Back to Piclens. If you like this, please let me know. If you are interested in how I can do this for the marketing of your home, please give me a call. A listing agent’s job is to inform the market about your home for sale and that includes pictures, the more the better. I think this is a better way to inform the buyer!
Posted by Kevin Warmath | Currently 2 Comments »
