Dean Gardens, billed as the “highest priced home in metro Atlanta” finally sold on August 3.

The main house is 32,000 square feet, not including the two carriage houses; the home sits on 58 acres. The property has been on and off the market for 15 years, from $20Million to $40Million. The latest offering was for $13,900,000; it closed last week for $7.6M, or 55% of the list price.

I help both sellers and buyers. Year-to-date, none of my buyer-clients have bought a $13M home, but they have found incredible bargains! My stats show that I can help both sides: buyer-clients, on average, have bought their dream homes for 81.3% of the original list prices; seller-clients, on average, have sold their homes for 96.4% of their list prices.  On which side would you like to be?!!!

If you need true representation, call me! Whether you are looking for your dream home or want/need to sell your existing home, allow me to be your Realtor of choice. Experience True Experience!

 The rumors are circulating that the Obama administration is trying to throw more money at underwater homeowners.  The Obama plan, which may be revealed on August 17, would help those owners’ whose home is worth less than what they owe on it.

An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of approximately $800 billion!  Will this plan help the politicians or homeowners?  read the entire article  

Shop and save at the MJCCA  (Marcus Jewish Community Center of Atlanta) Kids’ Consignment Sale in Dunwoody on August 19, 20, 21. The hours are 10am-1pm on August 19; 10am-3pm on August 20; and 11am-3pm on August 21. For more information, log onto www.Atlantajcc.org.

Find new and gently-used clothing, room decor, toys, bikes, sports equipment, electronic games and equipment, musical instruments, maternity clothes, uniforms and much more.

For help in finding a new or gently-used home in Dunwoody or any other area of Atlanta, call or email me! Experience True Experience!

On April 30, 2010, mortgage rates were 5.125%.  April 30 was the last day to write a contract and be eligible for the $8000 first time homebuyer tax credit offered by the IRS. Today, mortgage rates are 4.375%.

For Atlanta homebuyers who purchased after the tax credit expired, the difference in these rates, for a $300,000 loan, would be a savings of $135/month!  Over a 5-year period, today’s homebuyer would save $8,100 in interest payments, versus the homebuyer who received the tax credit, but closed on a higher interest rate.  

In effect, the market/banks are providing an amazing stimulus to the economy!

Here are 5 great business commandments that a loan officer just sent me:

1. The sale is made on what the client says, not what I say.
2. My clients want a trusted advisor, not a salesperson.
3. Adversity and opportunity are joined at the hip.
4. Never tell a client something I can ask him/her/them.
5. I don’t need twenty ways to close a sale; I need one good way to open a relationship.

If your Atlanta real estate agent does not live by these commandments; I do!!!! Give me a call or send me an email and let’s start a relationship!

Dekalb County prosecutors say they have uncovered a grand attempt to steal vacant houses across North Georgia.

In a month-long investigation, Dekalb and the FBI have investigated  an anti-government extremist group, calling themselves ”sovereign citizens”. The “sovereigns” refuse to answer to local or state authority. So far, the government has jailed four people and issued arrest warrants for four others. The members of the group often refuse to pay taxes or register their vehicles. Some told Channel 2 Investigative reporter, Jodie Fleischer, their homes are considered sovereign land.

Authorities say that the “sovereigns”  file fraudulent paperwork to take over a property, around the same time that a bank is forcing out the previous owners who are in foreclosure. Then, the “sovereign” signs over the property to himself for free. He changes the locks on the house and posts a sign on the property saying that he is the lawful owner. He also files paperwork declaring himself a sovereign citizen and immune to the laws of Georgia. Police have arrest warrants for those who’ve filed fraudulent deeds. Investigators say that by using the fake deeds, they have been able to establish electricity and alarm service at the properties. 

The largest problem with this scheme, is that it forces the real owners to prove that they own the property in court.  “They’re able to tie up the legal system by filing bogus paperwork and engaging in paper terrorism against anybody who dare comes after them,” said DeKalb County Assistant District Attorney John Melvin. Buyers may be delayed from closing on their homes, as the bank tries to sell the property to upscale home buyers, but cannot give clear title to the property.

Melvin said he plans to push for legislative changes. “Personally, what I’d like to see is a little more verification before a property is able to be deeded to another person. You just can’t go to a clerk of court and deed a property to yourself.” 

The deeds reach from Norcross, to Snellville, to Augusta, and even include a $13 million shopping center in Buckhead.

Dekalb police say that these “sovereigns” were caught trying to change the locks on a $1Million foreclosed home on Windsor Parkway in Brookhaven. Sandy Springs police say they caught one of the members of the group living in a $2 million unfinished home on Tara Trail in Fulton County. “I’m shocked,” said home builder Mark Phillips. “This house is certainly not finished. It’s not even a livable house.”

Three years ago, Georgia Power, the gorilla in our state’s electricity “room”, raised rates. Now they’re trying to raise them again. This new raise would add approximately $18 to the average consumer’s monthly bill.

Will our Public Service Commission (PSC) allow Georgia Power to raise their rates again? The PSC is scheduled to vote on their request on December 21. Do you think Georgia Power is justified in asking for this additional money, scheduled to be over $1 billion (yep, that’s spelled with a “B”!)? Contact the PSC  if you have a strong opinion about this raise.

Read more about it in the July 2 article in The Atlanta Journal Constitution:  Raising the Rates

Here we go: the state of Georgia has raised many of our tax fees and lowered just a few.

On May 12, the governor of Georgia signed House Bill 1055 into law. Taking effect immediately, it raises the mortgage-per-loan fee from $6.50 to $10.00. This fee is charged on every purchase and refinance HUD-1 statement, as part of borrower’s closing costs. While it is not a huge amount, it is charged on every transaction!

The state portion of the property taxes has been eliminated. Now, all property taxes collected, will go to the county and city where the property is located for their use. However, do not look for lowered taxes there. My guess is that counties and cities will continue to cut services and raise taxes.

However, the good news is that House Bill 1055 eliminated state income tax on retirement income for seniors aged 65 and older.

Many court filing fees and license fees have increased, some by over $100. Real estate recording fees did not change, but civil action fees, corporate fees and other transactional fees are affected. One fee that will affect me directly, is the cost to print information on deeds and legal documents. When I take a  new listing or research property for a buyer-client, the GA county clerks’ site is where I go to look up that information. Their printing fees have doubled because of House Bill 1055!

The bill is 107 pages long and has other provisions. How will it affect you?

Atlanta’s home sales’ numbers and statistics for March are out and they are amazing! There are currently 27,042 homes for sale in the metropolitan Atlanta area and only 6,040 are “Pending” sales. That is a ratio of 18.2%, which roughly put, says that 4 out of 5 sellers didn’t, or couldn’t, sell their homes. Price and condition sell homes and to me, these numbers say that Atlanta home sellers are still over-pricing their homes for today’s market! In this same time period, 10,872 listings expired, or failed to sell.

For today’s market, unsuccessful home sellers have three choices. Quite simply:  Reduce it, Remain in it, Rent it. It is a market of the 3 R’s.

This past Sunday, The Atlanta Journal Constitution‘s Tom Sabulis had a conversation with the King of Atlanta’s new homes, John Wieland. He talked about Atlanta’s real estate market and how he and his company, John Wieland Homes and Neighborhoods, are dealing with it.

Personally, I think John Wieland is one of Atlanta’s smartest home builders and one of the best things that has happened to the Southeast’s homebuilding industry. His homes are well-built and his philosophy accurately reflects the market. All of us in the new homes market knew he was scaling back in 2006 and 2007, predicting a down market. But in this interview, he talks optimistically of his view of Atlanta’s housing market now, in 2010, and going forward.

Here are several excerpts from Mr. Wieland’s interview :

• Q:  It’s been a brutal few years for the housing industry. Is this the worst you’ve seen it? 
• A:  I predicted privately to friends that it was going to be severe. Now I have a new definition for severe. Nobody in their wildest dreams thought that anything like this could happen. And I think that’s largely why  it happened. Nobody saw the consequences of inappropriate lending, shall we say.
• Q:  Have you lost much sleep over it?
• A: No, but I do a lot of thinking about it. How do you measure when it’s turned? And I really think it has turned this spring. Where do you go from here? What does housing look like?  What’s totally amazing is how consumer preferences have changed.
• Q: How’s that?
• A: Everybody’s more conservative than they were three years ago. More conservative as to how much house they really think they need to live in. And more conservative in how much debt they’re willing to take on for that purchase. And I think that’s a good thing.
• Q: How do you react strategically to these changes?
• A: We sort of had to redial the entire company. Two of the biggest factors are developing more efficient plans; more efficient to build, and more efficient to live in. Secondly, we’re putting more emphasis on being closer to jobs, transportation, downtown Atlanta, the airport.
• Q: You’re focusing closer intown now?
• A: Along with [people saying] ‘I don’t want to pay as much for housing’ comes [people saying] ‘I don’t want to drive so far to go home’ syndrome. I think it’s all part of we’re a more conservative America than we were four years ago.
• Q: Your company built around 200 homes in Metro Atlanta in 2009. How many will you build this year?
• A: Probably 250. I know we’ll do better. Our sales in March [2010] were the best month in three years . . . we’re juiced up.

Sue and John Wieland are long-time donors to the High Museum of Art. Mr. Wieland also spoke of his optimism on the contemporary art front. But, this blog is about Atlanta real estate, so forgive me if I don’t quote that portion of the interview. I’m just thrilled about his enthusiasm for Atlanta’s 2010 housing market and that he believes that the market has turned!