The Jarvis Team’s Blog

I grabbed this off a press release but it’s true. If you’ve ever been to the Village at Deaton Creek in Hoschton, GA, you’ll know why people are flocking there.

Pulte Homes (NYSE: PHM) is pleased to announce that Metrostudy has named the Village at Deaton Creek by Del Webb Metro Atlanta’s top selling community for 2007 in its fourth quarter report for 2007. Metrostudy is a housing market research firm that is the leading provider of real estate and related market information in the country. Metrostudy provides primary and secondary market information to the housing and related industries nationwide.

Del Webb attributes its successful year to three key factors - the reputation as the nation’s leader in active adult lifestyle communities for more than 47 years, the large base of baby boomer households in Atlanta, and the community’s entire $10 million amenity package being fully functional.

Atlanta is in line with national trends that point to baby boomers as the fastest growing population and household segments. According to the US Census Bureau, there are over 530,000 households in the Atlanta market that are 55 and over. That is nearly 30% of all households in the Atlanta area. “We see a majority of our customers coming from the Atlanta area. Baby Boomers are one of the largest groups in the market, and they have significant buying power,” says Cooper. This group also represents the largest growing segment in the market - by 2011, it will account for nearly 700,000 households. In fact, one in five metro Atlanta residents will be 60 or older by 2030.

The 35,000 square foot Club at Deaton Creek amenity center opened its doors in the summer of 2007, and the final phase of Village at Deaton Creek’s amenities opened on schedule in December, just a year from the first homeowners moving in. Cooper notes, “The lifestyle is in full swing, so customers can envision themselves living in the community.” Situated in Hoschton, near Chateau Élan, Village at Deaton Creek offers a full-time lifestyle director, 35,000 square foot clubhouse, miles of walking trails, a tennis complex, bocce ball courts, a dog park, and softball.

Cooper adds, “Being only 40 miles north of Atlanta, we offer our customers the opportunity to downsize and stay close to their family and friends, plus immediate access to a highly social and highly amenitized lifestyle.”

Our Metro Atlanta MLS system compiles the data and is off by one month, but the numbers are striking.  Atlanta Real Estate is actually still producing appreciation and is only in a “slump” relative to it’s own statistical data.

September ended what may be the worst year-to-year quarterly (July-September) percentage change in single family units closed that will ever be reported.

There were 4,017 homes for sale that closed for all single family in September. This is a 39.6% decline from September 2006.

According to our MLS, ”Last September was our first year-to-year percentage decline reported during our housing recession. Even after lags are reported the percentage decline will be 24-27%, easily our greatest percentage decline to be reported since the early 90’s.”

Single family detached closed 3,406 homes for sale or a decline of 39.6% and condos & townhomes closed 611 homes or a decline of 39.7%. However, we are also comparing against a very strong housing market from 2004-2006. Even without the 4th quarter the year-to-date closings in 2007 are more than we had for all of 2002 and we could have more closings at year-end than we had in 2004.

The average price for all single family home for sale in Atlanta was $255,011 in September and $257,692 for year-to-date 2007. Both of the averages are up 2.6% and 2.9% from 2006.

The median price for year-to-date 2007 is $195,000, compared to 2006’s median price of $192,500 or an increase of 1.3%. The reason the increase for “average” is higher than the increase for “median” is that the high-end market has not declined like the rest of the market.

The record for expired listings for all single family in metro Atlanta was broken in September. There were 7,808 expired listings, easily surpassing the previous record of 7,168 from last December. This record will most likely be broken again before 2008.

There were 3,028 withdrawn listings in all of metro Atlanta for all single family in September. This fell short of the record broken in August, but was still the 3rd highest on record.

Days on market for all single family including all areas of metro Atlanta was 91.5 in September. This is the highest recorded DOM for all single family since February 1998.

The good news, it is a great time to buy, the FED cut interest rates, consumer confidence increased for the first time in seven months, and the equity markets have improved.

The current upheaval in the market has given rise to significant opportunities to help your clients make informed decisions. Tom Sherman, President of Mortgage Services Unlimited in Dallas, emphasizes the importance of educating clients.

For your sellers, the following points are key:

• Home values will stay stagnant or potentially decrease.
• Qualified borrowers are looking for deals.
• Fewer borrowers are qualifying for home loans.
• Rising foreclosures tend to negatively affect home values.
• Increased “days on the market” (DOMs) increases the likelihood that buyers will aggressively negotiate prices down.
• Continued stress in the financial markets will affect consumer confidence.
• Loans may take longer to close.
• Appraisals are becoming more difficult to obtain.
• Properties should be funded before contract contingencies are removed.

It’s critical to encourage sellers to price homes to sell — and sell quickly — decreasing the need for price reductions.

Sherman notes that buyers also need to be armed with specific tips on how to navigate most effectively in the current market:

• Make decisions to buy sooner than later —  loan guidelines are changing so quickly that an approval today may not be an approval in the future.
• Diligently protect your credit.
• Make sure that lenders are placing loans with financial institutions that can close on them.
• If someone is saying that something that is too good to be true, it probably is!
• A down payment on a property not only strengthens the case — it may be a necessity in the very near future.
• Fly-by-night lenders will say anything to get the deal.  Verify anything being offered through a reputable lender.
• Rate locks and product locks can be subject to change when a market is shifting.
• Loans take much longer to close in the current market.
• Pre-approval is critical.

This uncertain market provides a huge and unique opportunity for skilled agents to educate clients, gain their confidence and loyalty and build lasting relationships.

August ended up being a strange month. If you ask any seasoned Realtor about the market most of them will tell you it’s just plain “weird.” We’ve had worse markets, we’ve had better, but this one is just strange. It’s not bad per se, just diferent. New challenges with financing, new challenges with people’s perception. I had an attorney reject a certified check, that’s a first. As we head to Fall, my favorite seaon in Atlanta, we’ll see what this market holds for us this year. Last year, Fall was my best season and thank the good Lord, because I didn’t see many sells at all last Winter.

It’s been a long time coming in an area with over 45,000 people in a small 5 mile radius you’d think we’d get our Chick-fil-a Resturaunt sooner than this.In any case, it’s here, and it’s opened.  If you missed the grand opening you missed out on free chicken, photo ops with a big ole cow and of course all your neighbors.  Expect a long line, not sure if it will ever die down.

Chick-fil-a is of course, Georgia’s favorite past time and resturaunt.  If you are relocating to Georgia, you must try this Georgia original. The CEO and creator, Truett Cathy still lives here, goes to church here and is still very much a part of Chick-fil-A and Georgia.

A little history: Truett Cathy first started in the restaurant business in 1946 by opening a 24-hour diner in the Atlanta suburb of Hapeville, Ga. The restaurant was so small - only 10 stools and four tables - that Cathy and his brother, Ben, decided to call the restaurant the Dwarf Grill (later renamed the Dwarf House).

Later known as Chick-Fil-A.   

And now we have our own resturaunt.  If you’re in town, let me know, I’ll buy you lunch at Chick-fil-A! It’s located right off of 85 in front on the new walmart at Hamilton Mill Parkway and Sardis Church Road.

Villas At Knollwood Lakes

As you travel east on Highway 124, you cross over from Lawrenceville to Snellville.  There is a neighborhood that pops up immediately that is one of the newer neighborhoods in Snellville.  With homes featured from the mid $300’s to the high 7’s and 8’s, Knollwood Lakes is certainly in the top 10% of all homes in Snellville.  Most people move out to Snellville for the value and the quiet lifestyle.  With a slogan like, “Everybody is somebody in Snellville,” who wouldn’t want to move here.

Well all of that is about to change.  A few years back, Snellville decided they wanted more commercial business.  The moved city hall to a central location and rezoned everything around it.  The allowed a new strip mall to be installed on Webb Gin House Road.  All up and down Highway 124 and Highway 78 you can see the results of this move.

With the success of these commercial ventures, developers are clammoring for more land to develop.  One such spot just happens to be adjacent to Knollwood Lakes.  Homeowners that neighbor the land are up in arms.  They moved out here for the serenity and at best figured another neighborhood would go in.  Not something that would cause more traffic, run off issues and other reported problems.

“Residents of the Essex Square neighborhood moved one step closer to selling out to a commercial real estate developer Tuesday when the Gwinnett County Planning Commission recommended that the project be allowed to proceed

The 1980s-era neighborhood between Snellville and Lawrenceville is increasingly surrounded by commercial development. Tired of trying to fend off rezoning efforts, residents — a total of 19 homes — finally agreed to sell out to Strategic Realty Group to make way for a 300,000-square-foot retail center.

After a one-month delay to consider concerns raised by nearby home-owners, the Planning Commission voted 7-1 Tuesday to recommend that the project on Ga. 124 near Webb Gin House Road should be allowed to proceed.”

Homeowners jumped at the chance to sell out because of all the news they’ve seen and are not sure when they will get another opportunity to sell so high.

This issue is ongoing and more details will be posted at later date.

Check out the AJC article here.

Welcome to Joshua Jarvis’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Duluth.