Metrostudy: Atlanta housing market hit bottom in Q3

 

Leslie Ransom Founding Partner

Submitted by Leslie Ransom, REALTOR®, Founding Partner.

 

Article taken from the Atlanta Business Chronicle.

Metro Atlanta’s housing inventory began to deplete in the third quarter and housing starts rose, according to Metrostudy’s third-quarter housing report.

“Atlanta’s housing market has hit a bottom,” said Eugene James, director of Metrostudy’s Atlanta division. “Almost all housing indicators have reversed and are now heading in a positive direction. Finished inventory has been reduced to a level where builders have been forced to resume building new homes.”

This September, Atlanta’s finished inventory was reduced to about 11,000 units, which is a 37 percent decline from September 2008 and a 48 percent decline from September 2007, according to Metrostudy. Finished vacant housing inventory is one of the fundamental indicators Metrostudy uses to monitor the health of the market.

Closings have surpassed starts for three years now. Plus, the gap between new-home sales and starts has widened each quarter.

In the third quarter of 2009, annual closings totaled 14,980, while annual starts totaled 4,748 in metro Atlanta. Total net absorption was 7,060, with more homes sold than built and delivered during the 12 months ending in September 2009. The result is depletion of finished housing inventory, James said.

The reduction of inventory has encouraged Atlanta builders to switch gears during the third quarter and instead of slowing the pace of starts, they started more homes than in the previous quarter. James said the uptick in starts was a bright spot in the market. Atlanta builders started 1,152 homes in the third quarter of 2009, an increase of 17 percent compared to second-quarter starts.

“At 12.8 months, the new-home supply situation looks worse than it is,” James said. “We do not have an oversupply problem, we have a demand problem. The months-of-supply figure is inflated because of the unusually slow closings pace. As demand returns to the market, the months-of-supply figure will normalize.”

Demand has been hampered by the difficulty home buyers have qualifying for mortgages. Credit remains very tight, challenging both home buyers and builders. Continued job losses and high unemployment also hurt consumer confidence, James said. Demand for new homes will grow when the job market improves.

Despite poor demand, as evidenced by only 3,534 closings during the third quarter, the months of supply for finished housing declined from the second quarter. It was the first quarter-over-quarter decline in months of supply of finished homes in four years.

Metrostudy expects the months of supply will continue to decline in coming quarters.

Atlanta area high schools featured in Newsweek’s list

 

Matt Bass, REALTOR

Newsweek just published its annual ranking of the top public high schools in the country and Georgia continues to show improvements in a number of areas.  In total, there are 54 Georgia schools on Newsweek’s list of 1,500 schools, which they claim represents the top 6% of high schools in the nation.  Newsweek bases their rankings largely on how many students are taking AP or advanced courses, among other factors.

 Georgia has shown steady improvement in terms of the number of schools ranked to the highest ranked school in Georgia.  Take a look:

Georgia has doubled its presence in the rankings since 2005.  That’s a great trend.

Breaking down the numbers further, of the 54 high schools ranked:

• 39 top high schools are metro-Atlanta
• 13 top high schools are in Cobb County

Homebuyers coming to Atlanta from another state typically mention schools and commute as top of the list of important factors when determining what part of town to live in.  Combine those factors with lower property taxes and Cobb County quickly becomes a smart choice.  No pun intended.

Year	# Schools Ranked	Highest Ranking	School
2005	27	106	Lakeside (N. Augusta)
2006	34	132	Riverwood (Sandy Springs)
2007	44	123	Walton (East Cobb  County)
2008	51	109	Walton (East Cobb  County)
2009	54	91	Walton (East Cobb  County)

Click Here to See the Complete List 

Matt Bass lives in East Cobb with his wife and two young sons, who will attend Walton High School in about eight years.  It should be in the top 10 in the nation by then.

Sandra Storrar joins Atlanta Fine Homes Sotheby’s International Realty

Sandra Storrar, REALTOR

Preserving green space and retaining the rural character of the area close to the city known as the Chattahoochee Hill Country are two of the main reasons that Sandra is in the real estate business.

She was the first resident to move into Serenbe, the trendy community in the Hill Country, and this is her area of focus. She was a part of the group in the Hill Country that formed the Chattahoochee Hill Country Alliance, a non-profit organization that has focused on sustainable development, to preserve the largest amount of green space remaining in the greater metro Atlanta area.

Sandra helped found the previous real estate company where she worked for five years and was the broker for the last two years of her time with this company. She was a member of the sales team that closed sales of over $38 million in five years. Her experience is with both new homes construction and resales.

Prior to entering the world of real estate, Sandra was an assistant vice president at Georgia State University and then moved to a position as a client executive with a major software company. Her careful attention to detail and commitment to excellent service to her clients were fine tuned in these previous positions.

Sandra serves on the board of the Chattahoochee Hill Country Conservancy, the Serenbe Institute for Art, Culture and the Environment and is currently organizing a board of directors for the Serenbe Playhouse.

Sandra Storrar
Atlanta Fine Homes Sotheby’s International Realty
404.310.3558
404.835.9600
sandrastorrar@atlantafinehomes.com
http://sandrastorrar.atlantafinehomes.com

RESIDE magazine’s new edition is available

 

RESIDE magazine, Fall 2009

Published exclusively to a digital format, RESIDE is Sotheby’s International Realty’s signature publication revealing some of the network’s most exclusive properties for sale from around the world.

RESIDE Magazine, Fall 2009

Several luxury properties for sale from the Atlanta metro area are included in these pages (pages 61-64).  We hope you take a look and enjoy.

 

Sovereign opens its newest addition…Bistro Niko

 

From left, Greg and Suzy Greenfield, Stacy Goldworn and Todd Murphy

Bistro Niko, Buckhead Life Restaurant Group’s newest addition to the Buckhead dining scene opened its doors to their French-style bistro to Sovereign homeowners, potential homebuyers and other special guests on October 27th for an exclusive sneak peak. The restaurant will officially open their doors to the public for dinner on Nov. 5, with lunch service beginning on Nov. 12.

In addition to creating the perfect ambiance, the restaurant prepared unique offerings for guests who were able to enjoy enticing hors d’oeuvres which included savory croquet monsieurs, ravioli de lapin and hachis parmentier de veau while chatting with friends and neighbors.

Located in stunning Sovereign building in fashionable Buckhead, the elegant and charming Bistro Niko is now one of three eateries in Sovereign. As guests enter Bistro Niko, they will find themselves able to see all the activity happening in the pristine and beautiful kitchen. In the main restaurant area, the long curved bar will most certainly draw guests past the intimate booths for two and the perfectly positioned tables to the back of the restaurant, where they will be able to look out of the floor to ceiling windows onto Peachtree Road.

Menu offerings include:

TRUITE MI FUME AMANDINE sautéed short smoked mtn. trout, toasted almonds, citrus olive oil emulsion, haricot vert, horseradish celeriac slaw

COQ AU VIN ROUGE braised ashley farm’s chicken in red wine, bacon, mushrooms, potato puree

QUICHE AUX POIREAUX ham & leek quiche, petite salad vinaigrette

CREVETTES EN PATE DE BRIQUE bayou la batre white shrimp crisped in thin pastry, artichokes, fingerling potatoes, parisien mushrooms, lemon aioli

BOEUF BOURGUIGNON “kobe beef” cheeks braised in burgundy wine, macaroni, baby carrots For more information about Bistro Niko including hours, visit www.opentable.com.

Featured Home: Northside Drive Luxury and Space

A lush sweeping lawn greets a homeowner or visitor to this Buckhead home. Sitting back off of Northside Drive, the classic home will beckon to you. 4281 Northside Drive sits on a little more than an acre of land and is nestled among the trees on 1.05 acres.

Deep wood floors accompanied by a bounty of natural light and straight lines give a sense of tradition and timelessness to the five bedroom home. Throughout the home an apricot tone is used as an accent color, adding appeal to shelving, glass cabinetry and entire rooms.

The home has many wonderful features including a library, office, dining room, which seats more than twelve, and a beautiful sunroom. The kitchen is open and has granite countertops and professional appliances. Glass front cabinets and ample open space make this an enjoyable room to prepare a meal for your family or a large group of friends. An adjoining breakfast area and butler’s pantry will quickly make you realize so much is all conveniently laid out for you.

The master suite is on the main level with a sitting area. There is also a master bath connected that will only add joy to your morning with streaming sunshine. It would be impossible to have a bad beginning to your day here.

A bonus of the home at 4281 Northside Drive is the finished basement that contains a guest suite and is plumbed for a full kitchen. The possibilities are endless.

Five bedrooms, four full and two half baths.

Offered at $999,000

4281 Northside Drive NW
Atlanta, GA30327

Please click here for more information on this home for sale on Northside Drive in Atlanta.

West Vawter, REALTOR

Wes Vawter
Atlanta Fine Homes Sotheby’s International Realty
404.974.4302
404.835.9600

Featured home: Estate in The Pinnacle at White Columns

 

La Grande Masion at The Pinnacle in White Columns

The most prestigious cul-de-sac lot in The Pinnacle section at White Columns is the location of this remarkable estate. The home at 1265 Rolling Links Drive has everything for one with the most discriminating tastes. Built in 2003, the estate overlooks the 8th green and provides breathtaking views of the lake.  Make this house your home and you will even have your own private tee box.

Keeping room at La Grande Maison

Upon entering the foyer you will immediately see the attention to detail and planning that went into the six bedroom home, with seven full baths and two half baths. There are three fully finished levels in this dream space. From the foyer, you will see a large spiral staircase with ironwork leading to the second floor. To the right there is a custom painted dining room with coffered ceiling. A spectacular paneled office with fireplace and gorgeous moldings is to the left.

Off of the dining room and on your way through the home, you will see a butler’s pantry with wet bar. Continue down the hall and you will be delighted. Across the back of the main floor, the breakfast area, kitchen, and family room flow seamlessly into one another.

Each room will astound you and you will have a difficult time deciding which feature you love more. The breakfast area has a domed ceiling with beautiful natural light. The kitchen has sprawling custom stained cabinets, beamed ceiling, and intricate wood work. The family room has a large stone fireplace and wood vaulted ceiling. The design is impeccable and all the elements work wonderfully together.

Master Bedroom

The master suite is on the main floor. It contains a fireplace and sitting area with spectacular views. The large master bath has antiqued woodwork and cabinetry, separate tub and shower areas, soft accent lighting, and many extras.

The pool overlooking the lake

The home was built for entertaining and enjoying every minute of the time you spend here. The terrace level has a full bar, built for hosting parties, large game area, and full media space with tiered seating and blackout drapes. The terrace level also has a wine cellar, guest suite, exercise room and steam shower. If you want to take advantage of the outdoor space you will have to decide between a gunite heated pool, spa or outdoor fireplace. Also, there’s a four car-garage.

This home in White Columns will make you feel like you have found a true treasure in Alpharetta.

Offered at $2,800,000.

Six bedrooms, seven full, two half baths.

Birmingham Falls Elementary, Northwestern Middle, Milton High Schools

Please click here for more information on this White Columns estate for sale.

Laura Warren

Lauren Warren
Atlanta Fine Homes Sotheby’s International Realty
404.731.7330
770.442.7300

How long have you lived in Atlanta?

 

Atlanta's Skyline

We polled the agents at Atlanta Fine Homes Sotheby’s International Realty to see how long our REALTORS® have lived in the metro Atlanta area.

 

While all our agents have a strong love for our city and a great knowledge base of metro Atlanta’s many neighborhoods and areas, 29% of our agents are native Atlantans.

Here’s the breakdown for how long our agents have lived in metro Atlanta:

29% – “Forever“; they were born here

37% – Many would call this group “native” too because they have been here for more than 20 years

15% – 16-20 years.  This group was here for Super Bowl XXVIII in the Georgia Dome.

9% – 11-15 years. This group enjoyed the Centennial Olympic Games, held in Atlanta.

6% – 7-10 years.  In 2001, Mayor Shirley Franklin was elected Atlanta’s first female African-American mayor.  Also,  this group was here for NCAA men’s and women’s final four basketball tournaments.

1% – less than 7 years. This group saw the opening of the Georgia Aquarium, the High Museum of Art’s three-year partnership with Musée du Louvre.

Spooky homes for sale

Deann Benedict, North Atlanta Office Coordinator

Submitted by Deann Benedict, Office Coordinator for our North Atlanta office.

Published By : Brandon Swanson of REALTOR.com

You may remember the terror you first felt when you saw films like Psycho, Poltergeist, or The Amityville Horror—all of which feature scary/haunted houses—or you may even get that feeling of fright when you are reminded of that dreadfully creepy house you lived near when you were a child. Well, now you can experience the same feelings of terror and fright safely in the comfort of your own home by checking out the spine-tingling list of spooky homes for sale listed on REALTOR.com®.

5 bedroom, 7 bath New Orleans, LA mansion listed for $3,700,000
This 1850s Greek revival is the former mansion of author Anne Rice, most famous for the undead novel, Interview with the Vampire. This is also the home where the spirit Lasher in Rice’s, The Witching Hour, began to torment the Mayfair family. The interior of the vampire villa boasts double galleries with massive antique beveled mirrors, exquisite plated ceilings, and a newly renovated kitchen with a stainless steel range. Outside, the mansion features lush gardens, a fish pond, and a heated pool to take in the New Orleans’ witching hour.

5 bedroom, 5.5 bath Jerome, AZ mansion listed for $1,200,000
This monstrous mansion, named the Surgeon’s House, is not only a National Historic site, but it also hosts apparitions. Built in 1916 for the chief surgeon of the town hospital next door, this Spanish-style sanctuary has been one of the most popular haunted bed and breakfasts in Jerome, AZ since 1992. This house contains five master suites, original hardwood floors and an expansive living room with fireplace. The manor also features exterior sitting areas with pathways and ghostly gardens.

5 bedroom, 4 bath Whittier, CA home listed for $990,000
This disturbing domicile was home to actor Shia LaBeouf’s character Kale in the 2007 box office hit Disturbia. The film is an updated version of Alfred Hitchcock’s classic thriller Rear Window in which Kale, living under house arrest, becomes convinced his neighbor is a serial killer. This craftsman was originally built in 1910 for John Chafee of Chaffee College. The home includes a skylight, sun room, large wrap-around porch and a spacious second story complete with a period bathroom, bedroom and sleeping porch.

Please click here for more spooky homes on REALTOR.com.

Favorable taxes at The Aberdeen in Vinings

For many homeowners the arrival of their annual property tax bill causes much consternation and gnashing of teeth. This year has been especially frustrating for many Fulton County/City of Atlanta residents as tax bills have been delayed due to a series of miscalculations arising from changes in a 2004 state tax law. The recalculation of the tax bills will result in some residents facing additional tax payments.

Vinings, located in Cobb County, adjacent to the Atlanta city limits, has great schools, neighborhoods and a well maintained infrastructure, and has always had the bragging rights for great tax savings. As homeowners focus on tightening of their financial belts during these difficult economic times, it is worth noting the tax benefit of home ownership in Vinings versus City of Atlanta.

	Fulton County/City of Atlanta	Cobb County/Vinings
Home Value	$1,000,000.00	$1,000,000.00
Tax rate/Millage*	44	11*
Tax	$17,600.00	$4,000.00

Annual savings:  $13,200.00

* Millage for residents 62 years old and older

Aerial View of The Aberdeen in Vinings

Vinings, a quaint community with the convenience of in town accessibility, charming shopping and restaurants has just become even more desirable with the opening of the prestigious Aberdeen residences. The Aberdeen is a luxurious enclave with only 55 distinctive homes, resort style amenities and unparalleled downtown views. Luxury living simplified!

Kitchen in The Aberdeen in Vinings

Spacious two, three and four bedrooms homes start in the $800’s to $3 million, and closings are beginning in October 2009.

To learn more about The Aberdeen please contact Atlanta Fine Homes Sotheby’s International Realty onsite Sales Associates Marcia White or Cindy Allen at 770.435.6428, or visit the website at aberdeenatl.com.