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February 2009: The Numbers

FMLS stats for the month of  February 2009 Condos/Townhomes:

Area	# of Sales	Total Sales Volume	Avg Sale Price	Average Original List Price	Sales Price to Final List Price	Average Total Days on the Market*
21	33	$         7,968,790	$        241,477	$        292,145	91.90%	148.5
23	26	$         5,381,980	$        206,996	$        232,762	93.70%	144.5
24	5	$         1,270,000	$        254,000	$        297,634	96.80%	111.6
TOTALS	64	$       14,620,770

Single Family Homes

Area	# of Sales	Total Sales Volume	Avg Sale Price	Average Original List Price	Sales Price to Final List Price	Average Total Days on the Market*
21	20	$11,614,500	$        580,725	$        659,175	93.3%	151.7
23	18	$9,411,900	$        522,883	$        570,477	94.7%	131
24	27	$5,068,041	$        187,705	$        211,952	94.0%	110.5
TOTALS	65	$26,094,441

 Click here for FMLS Area descriptions In both the condo/townhome & home markets - there is still  a large difference in the average original list price for the area and the average sale price.   Listings continue to be priced higher than the market.    Requiring sellers to reduce their list price during the course of  marketing and then still negotiating on price to sell.

FMLS Intown Areas

FMLS Area Codes for Intown

FMLS Area	Neighborhoods
21	Buckhead neighborhoods including Chastain Park
23	Midtown, Morningside, Virginia Highland, Inman Park, Piedmont Heights
24	Druid Hills, Candler Park, Lake Claire, Kirkwood, Edgewood, East Atlanta, East Lake, Oakhurst
31	Capitol View Manor, Sylvan Hills, College Park, Adair Park, West End, Jefferson Park
32	Grant Park, Ormewood Park, Glenwood Park
52	Decatur, Clairemont, Toco Hills, Oakhurst, East Lake, Kirkwood

If you don't see your neighborhood ~ let me know.  Some neighborhoods may appear in 2 different areas.

Inman Park Festival – April 24th, 25th & 26th

This weekend is the 38th Annual Inman Park Spring Festival & Tour of Homes.  It's my favorite one.  I know I am completely biased because it is my neighborhood but it really does have a lot to offer.  The Tour of Homes begins on Friday at noon and continues through Sunday evening.  The Festival is open on Saturday & Sunday beginning at 11am each day.  On Saturday at 2pm is the parade.  Along with the various artists lining the streets and the beer trucks - there are bands at various times and locations.   Schedule details are here. For more information on the festival - click here.

FHA Loans

FHA loans have been around since 1934 but in previous years we haven't needed them with all of the other financing options available.  With the recent tightening of credit terms, FHA loans are back and can be a great option for buyers who might not otherwise be able to purchase a home.  FHA  stands for Federal Housing Administration.  FHA doesn't actually lend the money but insures the loan for your lender.   There are caps on the amount of an FHA loan and it is based on the lending area.  In Metro Atlanta - the loan limit is $346,250.   The loan limit does change from time to time and it can be higher in more expensive markets and less in lower priced markets.  As of today - the FHA rate was VERY competitive - 4.5% for a year 30 year fixed compared to 4.375% for a non-FHA loan.   Advantages of FHA loans:

• Down payment as little as 3.5% of the sales price.  Most conforming loan programs require a minimum of 5% down.
• Lower credit scores for buyers.  600 minimum
• Easy qualifying guidelines. Gift/Grant funds may be allowed for down payments.
• Non-occupying co-borrowers allowed.  Perfect for a buyer just starting out in the job market and who may not yet have established credit.  A parent can co-sign the loan and not have to live in the property!
• Seller Contributions can be up to 6% of the sales price.  Helps a buyer who is short on cash as a seller can contribute towards closing costs &  pre-paids (interest, property taxes) also called escrows.
• Has a fixer- up loan program.  Great option for some of the homes presently on the market.
• You may even be able to include energy improvements into an FHA-Efficient Mortgage

FHA loans aren't for everyone but a great opportunity for many buyers.  FHA website has more information for you or contact me  and we'll find a lender who will help you decide which loan program is best for you.

Interest Rates – 4.17.09

Interest rates today: 4.5% for an FHA Loan (up to $346,250 loan amounts in  Georgia) 4.375% for a 30 year fixed - conforming loan (loan is less than $417k) 5.5% for Jumbo loans (more than $417k) - excellent credit scores & buyer adding equity into the deal These rates are according to Suntrust Mortgage and are good for aquisition loans as well as refinancing and as always there will be underwriting conditions that will need to be met - such as credit scores, income & debt amounts.   It is a great time to buy with these amazing rates and a great supply of inventory on the market.     If you are interested in more information and details - contact me.

Dogwood Festival & Midtown Tour of Homes

In addition to the Druid Hills Tour of Homes this weekend ~ the 73rd annual Dogwood Festival is happening in Piedmont Park along with Midtown Tour of Homes!    The Dogwood Festival  is an amazing event with great art, music, food, kid activities & even a World Champion Frisbee Dog exhibition.   Leave your dogs at home during the festival - only people allowed at the festival.   Festival hours are Friday, the 17th of April - noon to 9pm;  Saturday the 18th - 10 am to 9pm & Sunday noon to 7pm. Midtown Tour of Homes is Saturday from 11am to 5pm & Sunday noon to 5pm.  Tickets are $20 in advance or $25 on Saturday & Sunday.  Included in the tour are historical homes, lofts & even Stonehurst Bed & Breakfast.  Stonehurst B&B recently underwent a major eco-friendly renovation - I can't wait to see the renovation.  Click here for more information on the tour of homes. Don't forget to wear some sunscreen and have a great time this weekend!

Druid Hills Tour of Homes & Gardens – 2009

Next weekend - Friday through Sunday is the 2009 Druid Hills Tour of Homes & Gardens & Artist Market.     Purchase tickets in advance for $20 or $25 the day of tour.   The tours & artist market is open on Friday & Saturday from 10 to 5pm and Sunday from 1 to 5pm.   The tour is a volunteer project of the Druid Hills Civic Association and proceeds benefit historic preservation and park & green space restoration.   It is a great chance to see some gorgeous historic and newer construction homes - and what a great cause!   Here are more details on the tour.   I am going to be volunteering at one of the houses on Saturday from 1-5pm - 1211 Oakdale Road - come by and say hello!

Lists – Recycled

I enjoy a good list.  I make them frequently to help me move through my week.  Recently I purchased a dry erase board for my office lists to help reduce my paper usage.  It has been working great and is a stand out on desk that is surrounded by lots of paper.   Container Store has really some great options like these that are made from recycled Melamine or these colorful options that can also hold a magnet.   If you want something to help you stay in the lines - here is a great option.

Top Economists Say Recovery Has Begun

Top Economists Say Recovery Has Begun Economic recovery is about making people feel more confident, says Mark Zandi, chief economist of Moody's Economy.com. Zandi evidenced increasing home sales and gains in the stock market are some promising signs that the worst is over and people will start spending again. "We're starting to see some pent-up demand for goods," he says. But Zandi warns that the situation is still fragile. "Confidence is a very fickle thing. It can go from abject pessimism that pervades now to a more balanced view of the world rather quickly." Robert Brusca of FAO Economics is predicting strong growth in the last half of the year and a quick recovery for the labor market. "You've lost 5 million jobs. It shouldn't be hard to put 2.5 million jobs back on rather quickly after you hit bottom," he said. Joseph Carson, chief economist at AllianceBernstein, calls improving home sales, a rising stock market, and better-than-expected retail sales in February and March good signs of a turnaround. By the time President Obama's stimulus package takes effect, the economy will be ready, he says. "The stimulus has a much better chance of working if trends are already turning up than if it needs to halt a decline," he said. Source: CNNMoney, Chris Isidore (04/06/2009)

Old Fourth Ward

Old Fourth Ward is located east of Downtown Atlanta and west of Poncey-Highlands & Inman Park.   Originally the neighborhood was home to Morris Brown College & Clark Atlanta University.   You will find a mix of historic home styles in Old Fourth Ward.

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