2009 Highlights – Atlanta Fine Homes Sotheby’s International Realty

Descante, 3650 Tuxedo Road ~ Most expensive home ever sold in Atlanta

As we begin to look back on an “interesting” year in Atlanta’s real estate history, a few significant events surface regarding the role of Atlanta Fine Homes Sotheby’s International Realty in the residential real estate market in Atlanta in 2009 (as of December 15, 2009).

• We participated in 60% of the ten highest priced residential closed sales in metro Atlanta
• Our market share of listings has grown by over 60%
• Our closed sales are up YTD by 16%, while the market as a whole is down over 20%
• Opened an office in the North Atlanta area
• Recruited 60 agents
• Sold the most expensive single family home ever sold in Atlanta, listed at $16.9 million
• Sold the most expensive condominium in Atlanta’s recent history, listed at $9.5 million
• Sold the most expensive lot in 2009 listed at $2.9 million
• Sold the most expensive new construction single family home in 2009 listed at $4.75 million (at 100% of list price)

Congratulations to our unmatched team of REALTORS® at Atlanta Fine Homes Sotheby’s International Realty, and to our SkyRise Group, who manages luxury high rise condominiums.  We also thank the co-op agent community for bringing these important deals together.

Atlanta’s top name-brand companies

Atlanta's Skyline

Georgia is home to 13 companies on the 2009 Fortune 500 list.  We are privileged to have many of these companies here in Atlanta.

We asked the agents at Atlanta Fine Homes Sotheby’s International Realty which brand-name companies came to mind first when thinking of those based in the metro area:

Coca-Cola – 35%

Home Depot – 20%

Delta Air Lines – 13%

UPS – 8%

Georgia Pacific – 5%

Newell Rubbermaid – 4%

Kimberly Clark – 3%

Chick Fil A – 2%

Spanxx – 2%

SunTrust – 2%

Turner Broadcasting – 2%

Also mentioned as having top-of-mind awareness for the companies based in Atlanta by our agents were BellSouth, CNN, Cox Communications, Equifax, Ford Motor Company, NCR.

Please click here for the Atlanta Business Chronicle’s article on the 13 Georgia companies on 2009 Fortune 500 list.

Atlanta homes for sale on iPhones and Blackberry phones

Finding homes for sale in Atlanta just got easier. Using the latest mobile phone app from Atlanta Fine Homes Sotheby’s International Realty, you can search for homes for sale anywhere in Atlanta on a phone that offers wireless internet service or GPS capabilities. 

Text AFH to 87778 or click here to download the free application to your iPhone or Blackberry (primarily).

This means now you can search from your car, a coffee shop, and even as a passenger while in driving.  Simply download the free application for your iPhone or Blackberry and within a minute or two, a GPS map will show your location and will list all the available homes in that specific area.  As your location changes, so do the available homes.   

You can view multiple pictures, find out prices, square footage, interior and exterior features, number of bedrooms and baths, etc.  You can even press a “Call to See” button and, while you’re being connected with the listing agent, the agent is simultaneously being sent an email with the information about the listing about which you are calling.  All this information is available to you instantly, any time of day, with the touch of a button on your SmartPhone.

Atlanta Fine Homes Sotheby’s International Realty has the exclusive offering for this hand-held search for homes for sale in Atlanta.  Primarily designed for Blackberry and iPhones, data is pulled directly from FMLS.  Our downloadable app will find properties using a GPS-enabled phone or via the wireless connection on any phone.

Visit our website at  www.atlantafinehomes.com, and download the mobile real estate application to use this free and valuable service. 

Or you can simply text AFH to 87778 to get started immediately. 

Let us know what you think.  Atlanta Fine Homes Sotheby’s International Realty is interested in finding out how you are using this great new service and how it is making your home search easier!     

If you have any questions, please give us a call at 404.835.9600.

Foreclosures Can Offer Deals, but Buyer Beware

Bill Rawlings, REALTOR®

Submitted by Bill Rawlings, REALTOR®, Atlanta Fine Homes Sotheby’s International Realty.  

By TARA SIEGEL BERNARD,  Published: December 4, 2009 on the New York Times.com. 

So you’re looking to buy a new home, and you think a foreclosed house may be the best deal. You’ve probably noticed, then, that many of the big banks’ Web sites are beginning to look a bit like real estate brokerages, showcasing the many properties that they’ve repossessed.

Michelle and Mark Gordon, with their daughter, Taylor, bought a short-sale house. Jamie Rector for The New York Times

These houses often sell for about 15 to 20 percent less than comparable homes in the same neighborhood, according to the National Association of Realtors. And while the banks have been careful not to flood the market with all their properties at once, there are hundreds of thousands of listings now, and half a million more expected in the coming year.

Despite the seemingly high inventory, though, anyone considering buying a distressed property should heed the classic warning: Caveat emptor, or let the buyer beware.

Closing a deal in a desirable neighborhood can be hard to do. Many aspiring homeowners have lost out to all-cash bidders. Buyers also need to search more aggressively than usual, which means figuring out which brokers have the best foreclosure listings, religiously checking for new ones and visiting the properties shortly thereafter.Buyers also need to ensure that the home is truly a good deal and not a money pit — most of these homes are sold as is.

Please click here to see the rest of the story on the New York Times regarding tips for buying a foreclosure or short sale.  

Which house to buy?

We asked the REALTORS® at Atlanta Fine Homes Sotheby’s International Realty their opinion on the following scenario regarding which house the buyer should buy.

Question: You are working with clients who are going to take advantage of the move up buyer tax credit. After searching a couple of parts of town, they have narrowed their search to three choices.

It’s a close call…which home do you think they should purchase?

47% - An okay home in an okay neighborhood that is in a GREAT school district. The home is at the bottom of their price range and suits their needs.

44% – A good home in a GREAT neighborhood in an ideal school district. The lot is the first one in the subdivision and the brick-walled backyard is on a very busy main road. The home is at the top of their price point. For the neighborhood, it’s considered to be a very good deal.

8% – A GREAT home in a decent neighborhood, but the school system isn’t the best. The home suits their needs in every way, and is in the top of their price point. The home is one of the more expensive homes in the subdivision.

Wealthiest Zip Codes In America – including 30327 in Atlanta

Rhonda Haran, REALTOR

The IRS publishes an annual list of the wealthiest zip codes in America.  On the list for 2009, a zip code in Atlanta, 30327, appears on the list.

Neighborhoods that are in 30327 include:

• Buckhead
• Chastain Park
• Cross Creek
• Londonberry
• Margaret Mitchell
• Merlendale (Forest Lake)
• Mt Paran Parkway
• Northside (Mt. Paran)
• Northside Woods
• Powers Lake
• Riverside at I-285 (Fox Ridge)
• West Paces Ferry
• West Peachtree Battle
• Westminster (Milmar)
• Whitewater Creek

Here’s a graph that shows the average list and sales prices of homes for sale in area 30327. The average list price in September 2009 was $1,973,000 and the average sold price was $1,361,000.

Average sales and list prices for homes in 30327

 

 Top 100 Wealthiest Zip Codes in America, 2009

 

	State	City	Zip Code	Gross Income
1	NEW YORK	New York	10021	$  12,098,604
2	NEW YORK	New York	10022	$    5,469,333
3	TEXAS	Houston	77024	$    3,561,753
4	CONNECTICUT	Greenwich	06830	$    3,372,995
5	CALIFORNIA	Beverly Hills	90210	$    3,162,173
6	ILLINOIS	Winnetka	60093	$    3,129,300
7	ILLINOIS	Chicago	60611	$    3,105,056
8	CONNECTICUT	Greenwich	06831	$    3,095,629
9	FLORIDA	Palm Beach	33480	$    3,003,143
10	CALIFORNIA	Saratoga	95070	$    2,961,579
11	NEW YORK	New York	10004	$    2,830,671
12	ILLINOIS	Lake Forest	60045	$    2,802,054
13	CONNECTICUT	New Canaan	06840	$    2,750,207
14	CONNECTICUT	Westport	06880	$    2,720,166
15	GEORGIA	Atlanta	30327	$      2,702,336
16	NEW YORK	New York	10017	$    2,525,912
17	CONNECTICUT	Darien	06820	$    2,518,214
18	TEXAS	Austin	78746	$    2,452,417
19	CALIFORNIA	Los Altos	94022	$    2,414,274
20	CALIFORNIA	Pacific Palisades	90272	$    2,305,152
21	TEXAS	Dallas	75225	$    2,276,633
22	TEXAS	Dallas	75205	$    2,229,410
23	NEW YORK	Rye	10580	$    2,182,539
24	CALIFORNIA	Atherton	94027	$    2,009,863
25	NEW JERSEY	Short Hills	07078	$    1,896,190
26	CALIFORNIA	Rancho Santa Fe	92067	$    1,827,795
27	MISSOURI	Saint Louis	63124	$    1,826,895
28	CALIFORNIA	Palo Alto	94301	$    1,783,255
29	TEXAS	Houston	77019	$    1,765,571
30	CALIFORNIA	Los Angeles	90067	$    1,717,098
31	MINNESOTA	Wayzata	55391	$    1,711,558
32	CALIFORNIA	Encino	91436	$    1,693,315
33	CALIFORNIA	Belvedere Tiburon	94920	$    1,669,035
34	VIRGINIA	Great Falls	22066	$    1,575,622
35	CALIFORNIA	Beverly Hills	90212	$    1,547,160
36	FLORIDA	Vero Beach	32963	$    1,505,406
37	NEW YORK	Chappaqua	10514	$    1,424,560
38	MASSACHUSETTS		02181	$    1,372,252
39	CONNECTICUT	Stamford	06903	$    1,363,212
40	MASSACHUSETTS		02193	$    1,329,457
41	CALIFORNIA	Portola Valley	94028	$    1,306,897
42	ILLINOIS	Glencoe	60022	$    1,237,748
43	CALIFORNIA	Los Angeles	90077	$    1,235,145
44	NEW JERSEY	Saddle River	07458	$    1,215,967
45	FLORIDA	Naples	34102	$    1,166,510
46	CALIFORNIA	Santa Monica	90402	$    1,105,839
47	NEW JERSEY	Franklin Lakes	07417	$    1,076,578
48	CONNECTICUT	Weston	06883	$    1,066,977
49	DELAWARE	Wilmington	19807	$    1,024,239
50	CALIFORNIA	San Francisco	94111	$    1,004,803
51	FLORIDA	Longboat Key	34228	$       972,220
52	NEW JERSEY	Rumson	07760	$       959,420
53	NORTH CAROLINA	Charlotte	28207	$       928,762
54	MASSACHUSETTS		02167	$       894,391
55	NEVADA	Las Vegas	89113	$       885,381
56	TEXAS	Dallas	75201	$       880,012
57	NEW JERSEY	Mendham	07945	$       877,310
58	CONNECTICUT	Riverside	06878	$       859,869
59	ILLINOIS	Oak Brook	60523	$       850,239
60	MASSACHUSETTS	Boston	02110	$       834,299
61	WASHINGTON	Medina	98039	$       827,810
62	MASSACHUSETTS	Boston	02109	$       815,619
63	NEW YORK	New York	10018	$       814,967
64	NEW YORK	Great Neck	11024	$       789,216
65	NEW YORK	Armonk	10504	$       777,274
66	PENNSYLVANIA	Villanova	19085	$       772,321
67	NEW JERSEY	Bernardsville	07924	$       760,432
68	NEW YORK	Locust Valley	11560	$       740,001
69	MASSACHUSETTS	Boston	02108	$       739,875
70	NEVADA	Incline Village	89451	$       721,047
71	NEW YORK	Old Westbury	11568	$       711,275
72	PENNSYLVANIA	Haverford	19041	$       709,656
73	PENNSYLVANIA	Gladwyne	19035	$       699,690
74	MASSACHUSETTS	Cohasset	02025	$       691,417
75	NEW YORK	Bedford	10506	$       657,271
76	MASSACHUSETTS	Lincoln	01773	$       650,057
77	NEW JERSEY	Far Hills	07931	$       627,651
78	TEXAS	Houston	77002	$       612,696
79	TEXAS	Fort Worth	76102	$       597,998
80	NEW YORK	New York	10005	$       578,731
81	NEW YORK	Purchase	10577	$       574,247
82	MASSACHUSETTS	Dover	02030	$       573,987
83	CALIFORNIA	Ross	94957	$       560,537
84	CALIFORNIA	Newport Coast	92657	$       513,411
85	ILLINOIS	Chicago	60606	$       481,759
86	ILLINOIS	Kenilworth	60043	$       457,641
87	CONNECTICUT	Southport	06490	$       427,313
88	TEXAS	Austin	78730	$       418,947
89	MASSACHUSETTS	Weston	02493	$       416,997
90	OHIO	Gates Mills	44040	$       412,549
91	KANSAS	Shawnee Mission	66211	$       408,972
92	CALIFORNIA	San Francisco	94104	$       400,650
93	CALIFORNIA	San Francisco	94105	$       330,473
94	NEW YORK	Cold Spring Harbor	11724	$       326,030
95	NEW JERSEY	Essex Fells	07021	$       267,151
96	TENNESSEE	Lookout Mountain	37350	$       266,984
97	CALIFORNIA	Los Angeles	90071	$       266,853
98	MASSACHUSETTS	Boston	02105	$       263,545
99	WASHINGTON	Seattle	98111	$       245,600
100	NEVADA	Incline Village	89452	$       239,677

Betty Gargis joins Atlanta Fine Homes Sotheby’s International Realty

Betty Gargis, REALTOR

Atlanta Fine Homes Sotheby’s International Realty offers unparalleled connections and resources. Through the Sotheby’s International Realty global marketplace and her 25 years of sales and marketing experience, Betty is uniquely qualified to partner with you in one of you most important investment decisions.

For 25 years, Betty worked in sales and marketing with Fortune 500 clients like Coca-Cola and Campbell Soup and owned her own import business.

As a 17 year resident of Dunwoody, she can assist you with your real estate needs whether it is marketing and selling your property or finding your next home. Betty specializes in Dunwoody, Sandy Spring, Buckhead and surrounding areas.

 

Betty Gargis
Atlanta Fine Homes Sotheby’s International Realty
770.354.0670
404.835.9600
bettygargis@atlantafinehomes.com
http://bettygargis.atlantafinehomes.com

The Pros and Cons of Septic Tanks in Atlanta

Erika Eaton, REALTOR®

This post was written by Erika Eaton and originally published on her blog, SearchingInAtlanta.com. Please be sure to visit!

I’ve never been particularly opinionated about septic tanks.  All things being equal, my preference would be the municipal sewer system, but it’s not a deal breaker for me. Over the years, I’ve had a couple of clients that were absolutely opposed to the idea, but most don’t seem to care very much.

Our first house was on the City of Atlanta sewer system and our current home is on septic. We’ve lived in our new home for about six months, it was a foreclosure in Atlanta, so I don’t know a whole lot about the septic tank.  The house is 50 years old, so I’m assuming the septic tank is the same age. Other than having it pumped and inspected for a few hundred dollars, there have been no problems with it. My parents built the home they have been living in for 20 years, have a septic tank and it’s never been serviced or pumped; it works fine.

Here are some pros and cons to being on a septic tank:

Pros

Your water bill will be substantially lower than someone who is on the Atlanta sewer system.  

A few years ago a Federal Judge decided that the City of Atlanta needed to stop using the Chattahoochee River as a big, open-air septic tank. He ordered the City of Atlanta to upgrade its dilapidated sewer system.  The citizens now have to pay for a $4 billion sewer upgrade, in addition to a new sales tax, the sewer rate on the water bills has been substantially raised. To put things in perspective, our family of three, in our old Atlanta home on the sewer system, was paying around $125 – $150 a month. In our new, septic tank home, we pay around $25 – $40 a month for water. A $1,200 a year savings can buy you a lot septic maintenance.

 The AJC  just published an article stating that Atlanta has the highest municipal water rate in the country.

“Rate increases already approved will make the average water bill jump to $151.92 from $49.60 per month — a 206 percent increase — during the decade that ends in 2012. The rate already in place puts Atlanta at or near the top nationally for water and sewer bills. The city jumps even higher when the sales tax for sewers gets added in.”

Keep in mind, Atlanta has an escalating water rate, so if you irrigate with city water, your bill can easily be $400 – $500.

Cons

Bad for water conservation. Atlanta recycles sewer water and sends in back into the Chatahoochee as grey water. This helps to contribute to the river’s water flow. When you’re on a septic tank, the water is eventually emitted into the soil, where it is cleaned naturally, but is not immediatley available for use.

Bad perception from potential buyers. There are some buyers who just don’t like the idea of a septic tank. As Atlanta’s sewer rates continue to skyrocket, I could easily see a shift in attitude. Owning a septic tank could become a selling point.

Periodic maintenance. You could spend a few hundred dollars every few years to pump and maintain your septic tank. If you are going to buy a home with a septic tank, I would have it inspected during your due diligence period. You want to make sure there are no major problems with the system before you buy the home.

Good luck with your home search and please feel free to contact me if you have any questions.

Erika Eaton joins Atlanta Fine Homes Sotheby’s International Realty

Erika Eaton, REALTOR®

Erika Eaton loves her job as a successful Buckhead REALTOR®. She is focused on educating and giving value to her clients. Her knowledge and dedication to the Buckhead, Sandy Springs and Dunwoody real estate markets have been affirmed by accolades given to her in her career.

She believes in long-term relationships. Her past clients are her best source for new business. Whether representing you as a home buyer or seller, Erika will work to get you the most value for your money. Erika’s negotiating philosophy is to imagine it’s her own house being bought or sold.

Erika appreciates living in the Buckhead community of Atlanta, with her husband Chuck, daughter Lydia and their three rescued dogs. Erika is very involved in Buckhead where she is active with the Junior League and the Kingswood Neighborhood Association. She also serves on multiple committees at her family’s church: Peachtree Road United Methodist. Chuck is a Commissioner on the Georgia Public Service Commssion.

A lifelong resident of Atlanta, she’s previously lived in Sandy Springs and the Morningside / Midtown / Virginia Highland area of Atlanta. Her parents still live in Sandy Springs, her brother’s family in Duluth and her in-laws live in Oakwood, Georgia.

When not working with her clients, Erika enjoys working out at the Buckhead Y.M.C.A, swimming with her family at the Cherokee Town Club, and vacationing in Rosemary Beach, Florida.

Erika also has an active blog: http://searchingatlanta.com

Feel free to contact Erika with any real estate questions.

Erika Eaton
Atlanta Fine Homes Sotheby’s International Realty
3290 Northside Parkway NW, Suite 675
Atlanta, GA 30327
404.246.9330
404.835.9600
erika@atlantafinehomes.com
http://erikaeaton.atlantafinehomes.com

The Aberdeen Selected to Showcase Designer Models on Vinings Tour of Homes

The Vinings Historic Preservation Society is hosting its fourth annual Tour of Homes this Sunday September 20th from 12:30pm to 5:00pm.

The tour of homes features five homes selected by the tour committee and two model homes at The Aberdeen on Paces Ferry and The Battery.

The mix of homes chosen are a nice selection of architectural styles ranging from contemporary to traditional for all buyers in every price point.

For more information on the Tour of Homes please visit www.vinings.org

 

Aerial View of The Aberdeen in Vinings

 The Aberdeen is very pleased their model homes were selected to be a part of the tour especially since all proceeds will be supporting a good cause, The Vinings Historic Preservation Society. 

 

The Aberdeen, a distinctive condominium development, with just 55 well-appointed homes is inspired by traditional old world manor style and is the ideal enclave for those who love charm and graceful living.

Kitchen in The Aberdeen in Vinings

The furnished model homes that will be featured on the tour were decorated by well known Atlanta designer Carole Weaks.

Master Bath at The Aberdeen in Vinings

The spaciousness of the floor plans and attention to detail enabled Carole to design the perfect home for anyone ready to “right size” to the ease and comfort of condominium living while enjoying the benefits of the quaint Vinings Neighborhood and low Cobb County taxes.

Aberdeen is beginning closings late October 2009 and currently has homes available for immediate showings. Prices range from the $800s to over $2 million.

For more information please visit www.aberdeenatl.com or call Atlanta Fine Homes Sotheby’s International Realty sales associates Marcia White or Cindy Allen for more information 770.435.6428.