Thursday, October 29, 2009

Holding...penalty -- 3 years!

Three years is the estimate that most are throwing about in reference to the question: "How long will it be before the Atlanta market gets rid of these foreclosures?!?" Most real estate professionals are already ringing the bell, advising their clients that holding on to homes waiting for the smoke to clear will bring worse consequence than taking a loss now and moving up. I listened to a very reputable and brilliant executive from Bank of America today forewarning a group of top realtors of the tidal wave of foreclosures that are to come. You've heard the old saying... it's gonna get worse before it gets better? Banks have been holding out on releasing these inventories, for various reasons. But they can't hold out forever. You better have your friend Katie go ahead and bar that door. Think it's tough now to sell a home? Just imagine looking down your street and seeing 5,6,7 or more signs with the words FORECLOSURE on them. If you have friends in Florida, they have likely already sent you photos from their iPhone having lived through this themselves.

For a peek at what these distressed sales are already looking like in Midtown, Buckhead, Ormewood Park, Virginia Highland and Morningside, go to

My advice to those looking for bigger space remains the same....sell now or forever (or at least it will feel that way) hold your peace.

Friday, October 23, 2009

Slowly but surely!

Many economists are already referencing some early indications of price stabilization. (Even though we're off 8.5% over last year's median price.) Sales of existing homes reported up 9.2% for September! This means that at some price, EVERYTHING WILL SELL! We would rather see this continued absorption of home supply than to worry about short-term losses in home values. It's what I've been saying all along -- even if you are "losing" money by selling right now, chances are you are "making" money on whatever you are buying! We do need a steady supply of qualified buyers to continue to bring these neighborhood inventories down and return us to a period of normal, steady price growth. This will serve to further calm all those unbridled consumer fears -- and that will revive the broader economy! See how it all works together?!?! Hang in there, Atlanta. Slowly but surely, we will recover.

Monday, October 19, 2009

Price reductions for the week -- homes in Morningside

Good evening! For those following my new weekly reports on Intown home sales in Atlanta, great news to report. Whether you are tracking trends on 3 bedroom homes in Virginia Highland or 2 bedroom bungalows in East Atlanta Village, I will keep you up to date.

This week's focus is the neighborhood of Morningside, near Midtown Atlanta. I have visited these homes and found 4 price reductions of note for the week of October 12th - 19th in the Morningside area. These showcased homes for sale in Morningside are:

1590 West Sussex Road - reduced to $929,000
  • This is a 4 bedroom, 2.5 bath traditional cape cod style home with tons of light and Northeast style charm.
1743 Johnson Road - reduced to $699,000
  • This is a 4 bedroom, 3 bath tudor-style home with a lovely pool.

1034 Amsterdam Avenue NE - reduced to $595,000

  • WOW!! This 3 bedroom, 2 bath home is a garden cottage style and originally priced at $743,000. What a dramatic reduction!

585 Pelham Road - reduced to $415,000

  • This is a 3 bedroom, 2 bath home that is much larger than it looks.

For more information on these Morningside homes for sale, click on the link below.

Sunday, October 18, 2009

The bigger the bubble... the bigger the POP!!!

We have much to be thankful for. Like the fact that we did not lose 30% in value in the past 12 months. Oy vey! Miami is hurting and will take 7-10 years to recover. But apparently there's a new way to make money in the condo market in Miami.... become an atty and sue!

Sunday, October 11, 2009

On your mark... get set... RESET!!!

We all saw this coming. The Atlanta condo inventory that no one seems to talk about, like the Midtown projects The Atlantic and Luxe. Huge monoliths of eerie silence that stretch to the Atlanta sky. But now the cat is out of the bag. Corus Bank's failure is going to reshape the already trimmed landscape of the Atlanta condo market. They had about 2,000 condo units being financed during the construction phase... with about 80% that remain unsold. Scary. So... the FDIC stepped in and auctioned the loan portfolio, with Starwood Capital Group being the winning bid. The resolutions to these loans (aka. price cuts) is predicted to cause a sort of knee-jerk reaction, as other banks start to pull the foreclosure trigger on projects in those market spaces. My friend Uri Vaknin was quoted in the Atlanta Business Chronicle when asked about the cut in condo prices that is to come - - "This is going to reset the market, but I think this is a really positive thing for the Atlanta market."

My advice? If you are thinking of selling in order to take advantage of a "move-up" opportunity to get a bigger place while prices are low, you could end up disappointed if you wait to sell your existing condo -- thinking the market will return next year. You can't sell high and buy low in this market. Take a smaller loss now and buy bigger for less... and you will come out ahead in the long run.

Midtown business networking -- weekly!

Come network with us each Thursday morning for coffee at 7:00am! BNI Midtown is a chapter of the world's largest and most successful pure business networking organization. If your business depends on referrals, you are invited to attend. Only one from each profession may join - - but all are welcomed to visit twice to receive and share referrals. Just search Facebook for BNI Midtown and become a fan today!!! We meet at Steel Restaurant at 950 West Peachtree (Plaza Midtown bldg). - J.D. Kellum ("the Realtor" in the group)

Friday, October 9, 2009

Our next Mayor of Atlanta

If you're afraid you will be busy on voting day this year, go early! Early voting is Oct 12th-23rd **VOTE FOR LISA BORDERS**

Luxury one bedroom condo in Midtown Atlanta @ Viewpoint on Peachtree

I am so excited to roll-out my newest listing in Midtown! This condo on Peachtree is one of the finest examples of luxury living that I have encountered - - and I am bit biased since I live in the "competing" property next door at Metropolis!

This sophisticated one bedroom condo offers the very best location, views and price within all of Midtown Atlanta. Located on the Midtown Mile of Peachtree Street, your taste and style are apparent when you reside at Viewpoint. The home is immaculate and almost new, with the upscale finishes you deserve. The building has hotel-like amenities that will make you want to stay home!

Just click on for more information. I am happy to show this home at your convenience.