Atlanta Real Estate | Atlanta Housing News for Real Estate

Here is the Atlanta Georgia FMLS Update for Atlanta single family detached home listings for sale as of today Saturday April 25, 2009 in Metro Atlanta and adjoing Atlanta Metro Counties as listed in FMLS.  Inventory is reflective off all AtlantaMetro Areas as listed in the FMLS.

This is for the current FMLS inventory activity of single family detached Atlanta GA homes for sale:

• Active - 45123 Properties Found - Atlanta GA homes for sale
• Contingency w/Kickout - 57 Properties Found - Atlanta GA homes for sale
• Contingency - Due Diligence -366 Properties Found - Atlanta GA homes for sale
• Contingency - Other -246 Properties Found - Atlanta GA homes for sale
• Pending - 6646 Properties Found - Atlanta GA homes for sale

Atlanta real estate has been in the muck and mire for a few years in residential real estate.  There is a growing awareness that it will not end there.  For many living in the Atlanta area that pose the question "If Atlanta is in such bad shape, why is all the Atlanta commercial construction going on?"  The problem with commercial lending and development is that is is a lagging indicator.  The time-frame for commercial real estate from inception of the idea, studies, impact assessments, community hearings, approval of the project and development could exceed 5 years.  By the time a project is approved, it does not mean the economy is in the same shape as when the project was conceived.  A lot of commercial projects are also no different than a speculative residential home.  The difference is a home may cost $200,000 on a single family Atlanta homes and the cost of an Atlanta commercial project could be $60,000,000.  When credit was lax more of each of these projects were probably built on speculation.  In the past there would be a promise of pre-sold units in a residential condo development, but anything goes when you are speculating.  Traffic studies, pre-leased units, and percentage of occupied vs. vacant units may not even be considered.  If you ask me that is pretty risky business!  The problem is that the money comes from someplace.  A bank, private investors, a Real Estate Investment Trust, and Insurance company etc...  That means that if the project does not do as it was intended to do....make a profit, and pay back the original investors over a period of time there is a major problem.  The banks, lenders, bailout monies, and TARP funds  - and ultimately taxpayer monies will be at full risk if there is no demand for the product.

In an article published today in the Wall Street Journal on Line there are some very serious questions raised about the Atlanta commercial real estate market that should be addressed.  To say the least eh artricle was an absolute eyeopener to me.  I pay very little attention to Atlanta commercial real estate, but this has to have an impact on the Atlanta real estate market and economy for many years to come!

In Atlanta, Irrational Building Exuberance  - ALEX FRANGOS 4/25/2009  Wall Street Journal Online.

The most recent set of sttistics for Atlanta Condos and Attached home sales was just released on April 21, 2009.  It is not really showing us anything we do not know about the Atlanta real estate market, but does show us in concrete forms the trends.  Thew trends are not good for attached housing in price, the nuber of sales, and the time it will take to sell them.  It has been said recenly at the current rate of sales with new projects coming online in Atlanta it would take 40 years to sell the excess of inventory.  Since the lower lending rates and stimulus monies do not seem to be helping, that does not bode well for Metro Atlanta condos.  Sals of Atlanta condos have decreased 56% from the peak in sales in March of 2006.

The latest Atlanta real estate statistics for March 2009 were just released yesterday. There were 3,727 closings for all single family in March 2009 (512 attached homes and  3212 detached).  A decline of 25.1% from March 2008 and almost a 50% decline from March 2006. March 2009 was Atlanta's 28th year-to-year monthly decline for all single family out of the past 31 periods.  Single family detached metro area Atlanta home closings are off 23.3% and off 34.4% for single family attached for March 2009 versus March 2008. Single family attached home sales are down more than 50% from March 2006, 512 closings versus 1,158. The average sale price for all single family in March was $179,744. That is down 21.7% from March 2008 and 29.5% from March 2007. The average sale price for single family detached was $183,800 for March 2009. Down 22.9% from March 2008 and also the highest average so far in 2009.

Atlanta Real Estate Statistics:

• Atlanta single family detached Atlanta home closings are off 23.3%

• The average sale price for and Atlanta single family detached was $183,800

• The average sale price for all single family in March was $179,744

When will the America Wake Up and Demand Answers?

Have you read about the breaking story about Sen. Dianne Feinstein (D) and that her husband cashed in on the housing crisis by getting a sweetheart deal from a federal agency, right after his wife Sen. Feinstein proposed giving the FDIC,$25 billion in taxpayer dollars?  What the heck is going on in Washington?  Why are there no indictments!  25 Billion dollars and the sweet heart payback Dianne to may it all worth her while?   Congress points their fingers at CEOs for compensation, but it seems that Congress has an obsessive compulsive order stealing from the American Taxpayers.  You cannot even shame them when they are caught red-handed with their hands in the cookie jar!

This particular deal involves foreclosed homes the government acquired when it took over failed banks. The Government (FDIC) wanted those properties resold and it gave a contract to CB Richard Ellis Group. CB Richard Ellis' chairman is Richard Blum, husband to Sen. Feinstein.  Senator Feinstein claims she did not know the details!  Excuse me?????  There was a time when an action like this would classify this as a major felony for both her and her husband!

NEWS STORY

I made several attempts yesterday to refer a seller lead out of state for a unique property that should be very salable to 5 agents.  I did a lot of research online, and used criteria such as Active Rain  company bios, CRS designations, websites and blogs.  Each one of the agents I chose or was referred to had impressive credentials.  Many had active websites, and some were even on Active Rain... but had not posted recently.   I am still in shock a day later that not one of the 5 have returned the call.  I ended up referring the lead to another agent that answered the phone and followed up immediately.  It turns out there are several properties involved, some on the listing side and on the buyer side. It was a great lead for the agent that was actually working real estate.

We had a second referral going out locally and the same thing happened.  One Atlanta real estate agent called back about 6 hours later and said they were too busy having fun this weekend.  In the meantime we had to sort through several other agents most of which were also unavailable.  This lead was for a fully approved buyer that was hot to trot to buy in another part of town.  The scary thing in my market place is that sales have fallen off substantially, and when a great lead comes in you would assume an  Atlanta real estate agents would jump all over it.  The same thing happened here in the Atlanta real estate market in the early 1990's.  Agents gave up, and stopped trying to work the real estate market.   Even in bad times, homes and real estate sell.  They sell to persons that are motivated buyers that have a need to fulfill, and sellers that have a goal that has to be reached.  A great agent can make all of this happen as long as they haven't given up on themselves. However, the dye is cast.   I am starting to feel that many agents that have given up, need to make one final step and leave the business if they cannot or will not make themselves available to actually assist clients or earn their keep in the business.  It is placing a major drain on the entire system.

Here are some thoughts and personal observations:

• Agents that are active Bloggers, are not necessarily selling real estate - they just Blog a lot to pass the time.
• Older unresponsive agents with CRS designations - may have mentally retired.
• An Agents real estate "Website not found" - it isn't a good sign.
• A voice-mail without a recorded message...that does not pick up...is telling you the agent is no longer in business.

There is a new trend in real estate needs to be exposed as a total loser.  It is that the listing agent has placed a comment that they are to be contacted before showing the home. But when the home is 'VACANT?'  Give me a break!  Some have even placed in the comments "No Exceptions!"  When you finally get through to the agents, they mention the home is vacant and try to sell you the merits of the home.  Some will even try to grill you about the buyer, their needs, and time frame.  They want to pry and as you privileged information is the buyer relocating or local etc...!    Other agents, have yet to return the calls at all...some 10 days later!  On a vacant home?  Their brokers are asleep at the wheel!

• If the home is vacant and it has a lockbox...the buyers agent should be able view the home without a lame sales pitch from a busy body listing agent that has never sold a home!
• If you want a job in control, get a job as a corrections officer..not in real estate.
• Companies with showing services are also lame - they do not reconcile with actual listing status of an agent that is not doing their job!  You end up with an appointment to show on a home that is under contract. 
• If the home is vacant - it should be available to show on a moments notice, not when the listing agent gets around to it after their 9-5 job!
• Sellers need to realize a main reason their home is not selling is the agent they have employed!

"Truth is a double edged sword that can hurt when you are not prepared to hear the news."  There is so much difficulty when listing a home in this current market.  There are loads of homes that you have to compete with in foreclosures, bank owned, short sales and new homes that have been sitting for a while un occupied.  In many areas... comps of foreclosures are putting a major drag on prices.  After months of a home on the market you hammer out a a contract only to find the home does not appariase, the buyer lost their job or buyer and seller cannot come to terms on the inspection items.  We are not dealing wihtrelocation buyers we had just a few years ago.  They do not have to buy!  This is not even counting the issue of a buyer losing their job just before the scheduled closing.  So do you sugar coat the current market conditions or lay it out on the line?Those that paint a brighter picture of price and sale may win the listing and lose the sale because they have set the seller up with unrealistic expectations.

So when you are on your listing presentation, there are a few ways to overcome false market notions and present the seller with a realistic view of what you will be up against while selling their home.  An informed seller that is informed may become a 'Team player!' 

There is more to life than winning the listing!  We have to be professionals, and provide full current market data!  Then we must offer our interpretation of the market, marketing, pricing, appearance, terms and reality based upon our experience.  It is also good to share with the sellers the other agent's possible methodology of 'buying the listing.'

How do we accomplish this?  Ask a lot of questions.  Have you purchased another home?  Are you currently employed?  Are you current on your mortgage payments? Taxes? etc...!  Sometimes the conversations are sobering, and that is a good thing.  It is not meant to scare or frighten the sellers but rather to inform them.  It separates real estate hype from reality.  It also separates the real estate professional from those that deliver empty promises.

It doesn't take a 6th sense to assume there is something wrong in the Atlanta real estate market.  There are loads of Atlanta commercial real estate vacancies around town.  The northern part of Atlanta in Alpharetta and Cumming seem to be particularly hard hit wiht vacancies.  Sometimes it is easier to spot commercial real estate trouble - we can start with retail strips that are newly built or under construction, while there are established retail centers across the street already sitting vacant.  The thought that goes through our mind is "What are they thinking?"  Or "Are they even thinking?"  At some point the pain of unrented commercial real estate must become unbearable.  There are loads of retail stores in the Atlanta area that started to close as the price of a gallon of gas rose over $4.30 a gallon.  Local restaurants, and small mom and pop shops seem to take the biggest hits.  Then in November anchor stores and chain stores seemed to be closing when they declare bankruptcy.  While these chain stores are not all located in the Atlanta area, they add to the excess inventory one by one.  Aloss of an anchor store can hit a retail strip severly hard.  When thye close, adjoinging small business suffer and close also due to the lack of traffic.  This adds to the further woes for local banks financing these deals.  Years ago commercial impact traffic studies were done to be sure there was enough traffic to warrant the developement.  I guess this study has been put a side for a year years now, and soon  a hefty price will be paid for the lack of due dilagence.

Area vacancies threat to loans By Paul Donsky The Atlanta Journal-Constitution Friday, April 17, 2009

Canton GA is located in Cherokee County GA!  Canton GA is a fast growing area that has not lost its small city and country like feel, yet is convenient enough for commuting.  For Canton Georgia real estate, Canton has some great new homes, and resale homes.  Many homes in Canton Georgia are located in swim tennis communities. When looking for homes an real estate for sale in Canton, you'll find many of Canton new homes that are very affordable!  Canton GA also has much lower taxes than much of the Atlanta metro area.  Click for a Map of Canton Georgia

Canton GA Single Family Detached Homes Statistics as of Friday, April 17, 2009

• Active - 1272 Canton GA Homes for Sale Found
• Contingency w/Kickout - 7 Canton GA Homes for Sale Found
• Contingency - Due Diligence - 6 Canton GA Homes for Sale Found
• Contingency - Other - 6 Canton GA Homes for Sale Found
• Pending - 128 Canton GA Homes for Sale Found

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