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Category Archives: gwinnett

Flashback Friday… Duluth, O, Duluth…

Friday, 17 December 2010 09:00
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DSCN3245
Image by lane.bailey via Flickr

Some post titles tickle me a little more than others.  I have to say, I was fairly pleased with Duluth, Not Just for Minnesota Anymore…

I wrote a little post about life in Duluth, GA.  I wrote about the history, a few developments and what types of shopping and recreation may be available nearby.  When I first moved to Georgia, 21 years ago, I lived in Duluth for a couple of years.  At that time, it was considered WAY out in the suburbs… but not so much anymore.

Not, there are lots of companies that seek out Duluth as a place to locate their headquarters.  Aside from the nice area, there are convenient transportation arteries, loads of shopping and recreational opportunities, as well as a community and government that is supportive of business.

Take a look…  And the Duluth Market report for November, 2010, should be out in about 2 weeks.

And did I mention that Duluth, GA is the heart of hockey in the Atlanta area?  It is the home of the Gwinnett Gladiators, as well as the practice facility of the Atlanta Thrashers.  Most of the Thrashers live in and around Duluth.

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Lawrenceville, GA Market Report, November 2010

Thursday, 16 December 2010 08:03
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This map shows the incorporated and unincorpor...
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Market stats for Lawrenceville, November, 2010, indicate that there are 1627 properties on the market. Overall, there is about an 10.5 month supply of properties, with sales weakening since June. In 2009, sales for November had dropped drastically between October and November (223 to 166).  For 2010, November sales came in at 148.

For Lawrenceville Homes  Under $200k, there are 1338 listings, with about a 9.5 month supply of homes. Sales accelerated through June, but then fell off as the tax credit was slated to end.  While inventories are down from just a couple of years ago, for the recent past, they are still high.  Sales for this year v last year are at 134 v 183.

Between $200k and $400k, there are 246 listings for sale, and about 17.6 months of supply.  Sales have slowed dramatically, if unevenly, since June.  And sales were down compared to last year (14 v 23).  While listings are also down, period sales are down more.

From $400k to $600k, there are 32 homes on the market. The absorption rate is around 8 years.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  There were no sales since June, and only three in May and June (combined).  Those were the only sales in the segment this year.

Downtown Lawrenceville (as of June 2006)
Image via Wikipedia

In the $600k to $800k arena, there are 10 listings, with about 60 months of supply.  As with the next lower priced segment, a couple of sales makes a big difference and there were only two sales since November, 2009 (One each, April and July).  The drop off in the number of listings is making the Absorption Rate look better.

Between $800k and $1M, and Above $1M there are 5 homes listed (combined) and not enough sales data to give an accurate absorption rate.  There hasonly been one sale in this range in the last 2 years, according to FMLS.

Lawrenceville is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 22,937 people in Lawrenceville, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County (2008 estimates from the Census Bureau peg population around 29,000). It was incorporated in 1821. Lawrenceville is home to Central Gwinnett High School, and also has students that the Mountain View and Archer clusters. It is also home to Gwinnett Technical College and Georgia Gwinnett College. Another recent addition to Lawrenceville is that it is home to the Gwinnett Braves, playing at the Gwinnett Stadium on GA20 between I-85 and GA316. Possibly the most famous resident of Lawrenceville was Oliver Hardy. As a small boy he lived in Lawrenceville with his parents for a short time. Lawrenceville was also home to Junior Samples. Some of its other residents included Jeff Francouer, Brian McCann and Jennifer Ferrin.

I have a page dedicated to Lawrenceville Market Data.

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Wayback Wednesday… Optimist of Pessimist?

Wednesday, 15 December 2010 08:16
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Detling Aerodrome Estate. Now used as a busine...
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Two years ago I wrote this post…  And it is almost embarrassing…  I was SO wrong.  So wrong.

Or maybe I was right, but just a couple of years too early (nope, I think that saying I was wrong is closer to the truth).

In effect, my opinion was the real estate was poised for a recovery.  The prices were cheap, and mortgage rates were almost impossibly low.

Prices are lower… and so are interest rates.  There are still deals out there (but at least there is a fight for some of them).  But the fact remains that I misread the market, then.  I tend to be a little more cynical about it now…

But, all of the same forces that were lined up pointing to a recovery, like the media talking it down, investors like Warren Buffet looking at real estate, etc., are still there.

What I hadn’t banked on was unemployment and how it would affect the real estate market.  Unemployment is up about 30% from where it was two years ago.  Despite the bailouts, government takeovers and TARP, people aren’t working.  Until that happens, we won’t see a real estate recovery…  But when it happens, it will happen in a big way.  I still believe that.  It won’t wind back up as fast as things unwound, but the best deals will vaporize from the market.

As mentioned, I have had buyers that have had to compete for properties at the entry level.  It is a glimmer of hope…

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Lilburn, GA Market Report, November 2010

Tuesday, 14 December 2010 08:46
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This map shows the incorporated and unincorpor...
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Market stats for Lilburn, November, 2010, indicates that there are 425 properties on the market (as of November 30th). Overall, there is about a 11.8 month supply of properties.  Lilburn is actually mid-pack among cities in Gwinnett County.  Absorption Rates had been improving since March, until September.  In fact, in March there were 15.3 months of inventory.

In the sub-$200k arena, there are 264 listings, with about an 8.6 month supply.  This represents most of the sales in the market area, and reflects the same improvement in inventory levels, continuously since March, until October.  Sales were on par with November 2009 (28 v 24).

Between $200k and $400k, there are 134 listings for sale, and about 28.7 months of supply. This segment has also been getting stronger each month since March, until September.  There were only 2 sales in September 2010, compared to 11 last year and 6 in October v 18 in 2009.  November held 6 sales in 2010 v 9 in 2009.  The expected end of the tax credit last year started pushing sales down in Nov. 2009.

Snow in Lilburn

Snow in Lilburn

From $400k to $600k, there are 22 homes on the market. The absorption rate is around 33 months. There  were no sales in this segment in May, June, July or October this year.  There were only 4 sales in August and September(combined). November had 1 sale (2 last year). Last summer was much stronger overall.  With just a few sales, just one or two can make a huge difference.

From $600k to $800k, $800k to $1M and Above $1M, there are 5 listings (combined), but too few sales to have any sort of reliable number of months of inventory.  There has been one sale in the last four months, but prior, there had only been a few other sales in 2010 (January, March and August).  One of the listings is above $1M (none between $800k and $1M), and there is no market activity in the last 12 months for that range…

Lilburn is in Gwinnett County, GA, just outside of Atlanta.  As of the 2000 Census, there were 11,307 people in Lilburn, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County.  It was incorporated in 1910.  Lilburn is home to Parkview High School, and also has students that the Brookwood, Berkmar and Meadowcreek clusters. It is also home to Killian Hill Christian School, Providence Chrisian Academy, St. John Neumann Catholic School and Parkview Christian School.  Possibly the most famous resident of Lilburn is General Beauregard Lee, a groundhog with a better winter prediction record that Puxatawnee Phil up in PA. Dominique Wilkins, formerly of the Atlanta Hawks also lives in Lilburn.

I have a page dedicated to Lilburn Market Data.

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Gwinnett Market Report Preview, November 2010

Saturday, 11 December 2010 08:38
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Gwinnett County Historic Courthouse, Lawrencev...
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I was just online grabbing a few numbers for the upcoming market reports for Gwinnett County, GA.  Starting around 12/16/10, we will rolling out the reports for Lilburn, Lawrenceville, Duluth, Suwanee, Sugar Hill, Buford and Norcross, GA.  The reports are pretty in-depth.  They will include:

  • Reports broken out by price segment
    • Under $200k
    • $200k-$400k
    • $400k-$600k
    • $600k-$800k
    • $800k-$1m
    • Over $1m
    • Overall Market
  • Each locality includes the Absorption Rate for each price segment
  • Each segment includes analysis regarding acceleration/deceleration and what factors may be affecting that segment
  • New this month, each price/location will be linked to the search for properties meeting those criteria

Preview…

It isn’t pretty…  Things generally slow down this time of year, and last year was a strong year because of the tax credits that had been scheduled to end around this time (before being extended).  Those things combined to make November look pretty bad.  We’ll be going in-depth starting next week.

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