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Category Archives: real estate

Wayback Wednesday… Property Tax Valuations…

Wednesday, 27 April 2011 08:42
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International Money Pile in Cash and Coins

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It’s that time again.  Last week we got our tax valuation reassessed.  For us, it wasn’t a bad thing and honestly, it hasn’t been for the folks I have talked with.  Let me qualify that… for the amount of tax we pay, it wasn’t a bad thing.

Two years ago, Gwinnett County re-assessed our home.  The jacked us up by about 12%, even though there was NO justification in the comps.  They got away with it because it wasn’t worth the fight for us to carry on.  We disputed it a couple of levels, but eventually dropped it.

Oddly, this was almost exactly two months after the State of Georgia passed a law requiring the counties to consider foreclosures and short sales in the valuation process.  I think it might have been their “last hurrah” before having the valuations that were based in reality.

As mentioned, we got our valuation last week.  And it went down… way down.  in fact, it dropped by more than twice as much as it went up… we were down over 25%.  Good news for the house payment.  Bad news for the value of our house.  Bad news for Gwinnett county… the budget is not going to be happy with all of these lower valuations.

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Suwanee, GA, Market Report, March 2011

Tuesday, 26 April 2011 08:00
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Market stats for Suwanee, GA, March, 2011 indicate that there are 621 properties on the market. Overall, there is about an 13.2 month supply of properties.  There was less that 8 months of inventory as recently as June.  While February sales were up dramatically from last year, March sales were down.  inventory was flat compared to 2010.  The strong February sales are the main reason that the Absorption Rate is down.

In the Under $200k arena, there are 164 listings in Suwanee, GA, with about a 8.9 month supply.  In June, there was a 4.8 month supply.  Inventories have increased, until September, as sales have slowed…   For March, there were 19 sales, compared to 20 a year earlier.  February looked better than January, but March wasn’t so hot.

Between $200k and $400k, there are 299 listings for sale, and 12.8 months of supply.  Sales in March 2011 were 28, compared with 34 for the same period in 2010.  Weak, and even with the decrease in listings, the Absorption Rate got a bit worse.  Listings were down for March from 311 last year.

From $400k to $600k, there are 94 homes on the market. The absorption rate is at 25.6 months.  There were 5 sales this year (Feb)… down from 10 last year.  Even looking at the three month average, there were 11 sales this year and 20 for the same period last year.  The only good part is that listings are down slightly.

In the $600k to $800k arena, there are 26 listings, with about a 26 month supply.  Sales at this level are not consistent.  Looking at one month makes the numbers jump.  For the last three months, sales were 3…  For the sale time last year, the sales were 6.  The segment weakened , but we can’t call a trend yet… last month it was looking stronger.

The range from $800k to $1m, there are 12 homes listed and 3+ years of inventory on the market.  There were only been 4 sales at this price level last year (1 each in January, April, May and December).  This is a tough segment to try to sell in right now.

In Suwanee, GA, Above $1m, there are 26 properties listed. The current absorption rate indicated about 78 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales.  Again, we can thank reduced inventory for making the market look healthier (1 sales in Jan-Mar this year and 4 last year).  But, in this segment, we should be seeing reduced inventories…  There were 40 homes listed in this segment at this time last year.

Suwanee, GA is a suburb of Atlanta in Gwinnett, Forsyth and (just a little bit) in Fulton Counties. The population is 2000 was 8,725, but that only included the area inside the city limits, and it had seen tremendous growth since that census.  Money Magazine rated Suwanee in the “Top 10 Best Places to Live” in 2007, and it is one of the wealthiest parts of Georgia. Recently, the City of Suwanee has revamped their old town, adding a large park with a bandshell, condos, town homes and small businesses. It is also home to North Gwinnett High School, Peachtree Ridge and Collins Hill. I have a page dedicated to Suwanee Market Data.

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Dear Builder… I’ve NEVER heard…

Monday, 25 April 2011 08:41
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Typical America 'Two-car Garage' (detached type)

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Dear Builder,

I’ve NEVER had a buyer client tell me that they thought the garage was too big.  Granted, most of my buyers are “car people”, so the deck is a bit stacked, but not all of them are.  In fact, I’ve had clients with little interest in cars… and they still wanted a garage that was just a little bigger.

You see, lots of people use their garages for a lot of different things.  Many of my clients like to build cars or weld something back together in their garage, but others just want to be able to fit two cars and their riding lawnmower.  Some people might want to move the cars out and build a nice piece of furniture.  Others need a place to store their camping equipment while they are back in civilization.

Of course, square footage is valuable, especially as margins are squeezed, but homes with more generous garages might also sell a bit quicker.  And that helps the margin, too.  Turning over inventory faster lowers carrying costs.  And while we’re at it, can we have a couple more outlets in the garage?  I’ve seen too many garages lately that only had one outlet (aside from the one for the garage door opener).  One.  Even my 40 year old house has four outlets…

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Duluth, GA, Market Report, March 2011

Thursday, 21 April 2011 08:13
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Preliminary stats for Duluth, March, 2011 indicated that there were 607 properties on the market. Overall, there is about an 11.7 month supply of properties.  Sales in March were 65, compared to 59 a year earlier.  Usually in February we see an uptick in inventory, which continues through the spring.  Inventory actually dropped this time, but started picking up for March.

In the Under $200k arena, there were 255 listings in Duluth, GA, with about a 9.6 month supply.  The Absorption Rate as recent as December, 2009, was in the low 5s.  Sales for March were up this year v last year (30 v 28), and up from February (27).  If the sales can start picking up faster than the inventory (and sales ARE picking up), this segment could do really well.

Between $200k and $400k, there are 155 listings for sale, and about 11.9 months of supply.  Absorption rates have similarly risen, dropped and then risen again.  Sales were up dramatically compared to March, 2010 (21 v 11).  Again, if sales can keep the trend, things will look pretty good.  Inventory is moving around a lot.

From $400k to $600k, there were 58 homes on the market. The absorption rate was around 11.6 months.  Sales might not seem that strong, with only 5 units, especially compared to 8 last year, but I think the problem is with the inventory.  I’ll keep looking for an increase in sales.  Maybe April will show it.

In the $600k to $800k arena, there were 54 listings, with about 14.7 months of supply.  Sales were 4 for March… 9 for March last year.  Month to month sales were up slightly (4 v 3).  If listings stay relatively low, this segment could show a great improvement, but they are creeping up.

In Duluth, GA, from $800k to $1m, there were 29 homes listed and approximately 10.9 months of inventory on the market.  Falling inventories AND increased sales are fueling the increasingly favorable Absorption Rate (it was 67.5 months in February).  Last March there were 44 homes on the market and only 2 sales compared to the 29 homes and 3 sales this year.  The Absorption Rate actually looks better than it has in the last 18 months.

Above $1m, there were 56 properties listed. The current absorption rate indicated about 56 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates…  There were 3 sales in the Jan – Mar period this year, and 4 sales for the same time last year… but inventories are lower.

Duluth, GA is a suburb of Atlanta, in the heart of Gwinnett County. It actually straddles the county line and has unincorporated portions in South Forsyth County. The population of Duluth is estimated as about 26,000 people as of 2008, but this doesn’t include unincorporated areas outside the city limits, but with a Duluth mailing address. It is also home to Sugarloaf Country Club, a PGA stop until recently.  Forbes Magazine rated Duluth 26th in their nationwide survey of the best places to move, and it is one of the wealthiest parts of Georgia.  It is also home to the Arena at Gwinnett Center (Home of the ECHL Gwinnett Gladiators) and the Atlanta Thrashers practice facility (the Duluth Ice Forum). There is a LONG list of celebrities and athletes that call Duluth home, largely because of the country clubs and proximity to Atlanta.

I have a page dedicated to Duluth Market Information.

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Lawrenceville, GA Market Report, March 2011

Tuesday, 19 April 2011 08:00
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Market stats for Lawrenceville, March, 2011, indicate that there are 1648 properties on the market. Overall, there is about a 9.2 month supply of properties. In 2010, sales for March were at 181, so 239 is only a pretty nice increase, year over year.  Coupled with the recent decrease in inventory, things are looking up.

For Lawrenceville Homes Under $200k, there are 1414 listings, with about an 8.8 month supply of homes.  Sales were way up from March 2010 (220 v 154).  Since this segment is easily the lion’s share of sales for the area, it isn’t surprising (given that the market area is doing pretty well) that this segment is strong.  It is actually one of the strongest segments in the county.

Between $200k and $400k, there are 205 listings for sale, and about 14 months of supply.  Oddly, this was one of the weakest segments in the county.  The 16 sales for March, 2011 were well down from the 27 from March last year.  Ditto for February… so March is the second weak month in a row here.

From $400k to $600k, there are 20 homes on the market. The absorption rate is around 12 months.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  Case in point is that the 2 sales for March, 2011 actually looked pretty strong.  Even 5 sales in the last three months looks pretty strong.  4 months ago there was 87 months of inventory…

In the $600k to $800k arena, there are 6 listings, with about 6 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there were only 3 sales in the last three months.  Prior to that, the last sale was in July, 2010.  Unless we have 2 or more sales for April, the Absorption Rate is likely to go up…

Between $800k and $1M, and Above $1M there are 3 homes listed (combined) and not enough sales data to give an accurate absorption rate. There has only been one sale in this range in the last 2 years (Aug, 2010), 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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