Staying put? It's a great time to buy a Condo in the Atlanta Real Estate Market!
Across metro Atlanta, about 9,000 existing condominiums are for sale and another 17,000 new units are planned, indicating that the city's condo market is becoming oversupplied. The city has almost a one-year supply of condos on hand, say real estate agents. However, while the nation as a whole has experienced a slow down in real estate condo sales, many realtors in Atlanta say they are not feeling the pinch as hard as other areas. Condominium sales in Atlanta have continued to hold their own through a period of heavy local growth, pitted against sluggish national sales.
In Atlanta, new condos are becoming a lifestyle choice for many people, from fast-paced corporate personnel to retirees wishing to immerse themselves in the downtown culture. The city is drawing people from all over the world who want to experience Atlanta's inherent hospitality, and strong commerce and industry. New residents are on their way, and builders are responding with prime locations and customized condo units.
Geoffrey Greene, real estate consultant for The Art of Real Estate says Atlanta is further becoming a top cultural and business destination of the south. Also, in the longer term, the percentage of baby boomers moving into retirement could also bode well for condos. Eighty percent of all condos in 2004 were owned by people 55 and up.
If developers pull back on new construction, and the economy and interest rates remain on course, the supply issue could correct itself in many markets in about a year or two. However, condo owners and potential buyers should be aware that it may be best to invest in a condo if you plan on staying put for a while… possibly up to 5 years or more. Of course, for buyers, this means condos may be a deal. A Buckhead penthouse Motley listed was originally priced at $1.2 million and is now priced in the $600,000s.
One lucky buyer recently purchased a condo in Spire at 860 Peachtree St. for $449,000 that was originally listed at $515,000, according to sales records in the First Multiple Listing Service. Another buyer snagged a condo listed at $515,000 for $475,000 in Spire and the seller even threw in a large flat screen television as an incentive. "If you are not selling your condo at the right time, you will lose [money]. And you don't know that timing, or we'd all be making a killing," Motley said. If someone thinks they are going to come into Atlanta and buy a condo and sell it in a very short period and make a profit, this just doesn‘t happen in the Atlanta market.
So, what are buyers doing with their newfound power? They are demanding, and getting bargains and upgrades. Included are:
New kitchen cabinets
Granite countertops
Center kitchen islands
Backyard landscaping
New stainless steel and upgraded dishwashers, microwaves and refrigerators
Upgrades to commercial ovens
Built-in microwaves
Upgraded flooring, such as bamboo
Chances to win something, such as a car.
Roughly 40% of developers are saying yes to these cosmetic perks, and that’s double the number from six months earlier, according to a December NAHB survey of more than 500 homebuilders. “It works,” said McAllister. “Builders don’t want to have inventory standing, and they will do what it takes to move product. Buyers like perks because they feel like they’re getting a good deal.” New homeowner Wilson can attest to that. “I would have never even looked at the home without those incentives,” she said. “It was a blessing.”
Developers are more likely to offer incentives to move product if they have a back-up of inventory, or a home has fallen out of escrow, or if it is a sluggish time of the real estate cycle. “It’s a win-win. It’s an excellent way to move property and get buyers loyal to a certain builder.
So, be patient Buyers, be prepared for the longer haul with your condos, and get your great deal now!
Thursday, November 22, 2007
Friday, November 9, 2007
Atlanta New Homes - why it's a great time to buy a new home
What a Deal!! It’s the perfect time to buy a new home in the Atlanta Real Estate Market. Because the decrease in the purchase of homes nationwide has led to an oversupply in new homes for sale, Builders in Atlanta have increased the use of sales incentives to move their products. You’ll find drastic reductions in sales prices, tens of thousands of dollars of buying incentives, and money back programs for new home buyers!
More good news!! The Atlanta Real Estate Market is the second-largest housing market in the nation, and home prices have enjoyed steady appreciation without the skyrocketing increases that have pushed other large markets toward a bubble. Atlanta has a good job market, four seasons and affordable housing. I just see it continuing, and Metro Atlanta home builders remain positive about the market too", said David Ellis, executive vice president of the Greater Atlanta Home Builders Association, which has nearly 3,500 members.
"What we are hearing from different folks is they are looking for moderation," he said. "The things we are already seeing -- job growth -- are predicted to continue in Atlanta. We might see some moderation, but you can't have record year after record year. We might not see those types of highs, but Atlanta's housing market has remained stable." Fortune predicts the Atlanta Real Estate Market will see about 4% growth in values for the next two years.
The Atlanta Housing Market is a diverse, thriving mecca for home builders, even in the midst of a worrisome national slump in home sales. New first-time home buyers arrive in the city every day, generating a big pool of potential new home sales. This and factors such as inexpensive land and affordable homes make the Atlanta housing market something of an anomaly. According to the Standard & Poor’s Case-Shiller national home price index, the annual decline in the 10 largest cities was the sharpest since 1991.
The Case-Shiller, a monthly publication by Standard & Poor, measures the residential housing market to track changes in values in 20 major metropolitan regions across the US. As of today, the 20 major metropolitan regions dropped an average of .4 percent in July from June, bringing it down a total of 3.9 percent from a year earlier. S&P said that comparing against 10 of the metropolitan areas there was a 4.5 percent drop since last year, which is the worst drop since July 1991. Tampa Florida and Detroit saw the worst price drop with declines over the past year at 8.8 percent or Tampa and 9.7 percent for Detroit. However, Atlanta, Charlotte, Portland, and Dallas were the only four on the list that saw price increases from last year.
So enjoy the steady increase of appreciation on homes and great home buyer incentives in the Atlanta Real Estate Market - there’s a deal out there for you!
More good news!! The Atlanta Real Estate Market is the second-largest housing market in the nation, and home prices have enjoyed steady appreciation without the skyrocketing increases that have pushed other large markets toward a bubble. Atlanta has a good job market, four seasons and affordable housing. I just see it continuing, and Metro Atlanta home builders remain positive about the market too", said David Ellis, executive vice president of the Greater Atlanta Home Builders Association, which has nearly 3,500 members.
"What we are hearing from different folks is they are looking for moderation," he said. "The things we are already seeing -- job growth -- are predicted to continue in Atlanta. We might see some moderation, but you can't have record year after record year. We might not see those types of highs, but Atlanta's housing market has remained stable." Fortune predicts the Atlanta Real Estate Market will see about 4% growth in values for the next two years.
The Atlanta Housing Market is a diverse, thriving mecca for home builders, even in the midst of a worrisome national slump in home sales. New first-time home buyers arrive in the city every day, generating a big pool of potential new home sales. This and factors such as inexpensive land and affordable homes make the Atlanta housing market something of an anomaly. According to the Standard & Poor’s Case-Shiller national home price index, the annual decline in the 10 largest cities was the sharpest since 1991.
The Case-Shiller, a monthly publication by Standard & Poor, measures the residential housing market to track changes in values in 20 major metropolitan regions across the US. As of today, the 20 major metropolitan regions dropped an average of .4 percent in July from June, bringing it down a total of 3.9 percent from a year earlier. S&P said that comparing against 10 of the metropolitan areas there was a 4.5 percent drop since last year, which is the worst drop since July 1991. Tampa Florida and Detroit saw the worst price drop with declines over the past year at 8.8 percent or Tampa and 9.7 percent for Detroit. However, Atlanta, Charlotte, Portland, and Dallas were the only four on the list that saw price increases from last year.
So enjoy the steady increase of appreciation on homes and great home buyer incentives in the Atlanta Real Estate Market - there’s a deal out there for you!
Atlanta Real Estate - the future outlook
The Atlanta Real Estate Market is the second-largest housing market in the nation, and housing prices have enjoyed steady appreciation without the skyrocketing increases that have pushed other large markets toward a bubble.
Atlanta home buyers and commuters who have become tired of the long drives have sparked resurgence in downtown & mid-town developments close to transit when looking for Atlanta homes for sale; Included is the mixed-use development Atlantic Station, which has gained national attention as a true urban village with easy accessibility to jobs and cultural activities in downtown.
Fortune predicts the Atlanta Real Estate Market will see about 4% growth in values for the next two years.
In addition, Atlanta is home to several major corporations and the country's busiest airport. Atlanta now ranks third among cities with the highest concentration of Fortune 500 headquarters, following New York and Houston, sharing the number three spot with Chicago. GREAT NEWS!! The Metro Atlanta Chamber of Commerce has released its first-quarter new business report, which shows 30 companies are relocating or expanding new operations to metro Atlanta, including 11 new headquarters operations, to create nearly 400 new jobs.
Most people don't associate elite grads with Atlanta, but they should. According to Forbes Magazine, a ranking of eighth in our businesses measure and a high salary to cost of living ratio put Atlanta in the top three. Oh, and who can forget the year round exceptional weather and Southern Hospitality … Can you imagine living anywhere else?
Atlanta home buyers and commuters who have become tired of the long drives have sparked resurgence in downtown & mid-town developments close to transit when looking for Atlanta homes for sale; Included is the mixed-use development Atlantic Station, which has gained national attention as a true urban village with easy accessibility to jobs and cultural activities in downtown.
Fortune predicts the Atlanta Real Estate Market will see about 4% growth in values for the next two years.
In addition, Atlanta is home to several major corporations and the country's busiest airport. Atlanta now ranks third among cities with the highest concentration of Fortune 500 headquarters, following New York and Houston, sharing the number three spot with Chicago. GREAT NEWS!! The Metro Atlanta Chamber of Commerce has released its first-quarter new business report, which shows 30 companies are relocating or expanding new operations to metro Atlanta, including 11 new headquarters operations, to create nearly 400 new jobs.
Most people don't associate elite grads with Atlanta, but they should. According to Forbes Magazine, a ranking of eighth in our businesses measure and a high salary to cost of living ratio put Atlanta in the top three. Oh, and who can forget the year round exceptional weather and Southern Hospitality … Can you imagine living anywhere else?
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