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Tag Archives: buyers

Duluth, GA, Market Report, August 2011

Monday, 19 September 2011 08:00
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Preliminary stats for Duluth, August, 2011 indicated that there were 514 properties on the market. Overall, there is about an 6.9 month supply of properties.  Sales in August were 86, compared to 71 a year earlier.  Sales were dwell up compared to both the prior year and the prior month.  Duluth is slightly leading Gwinnett County as a whole.In the Under $200k arena, there were 211 listings in Duluth, GA, with about a 5.1 month supply.  The Absorption Rate as recent as December, 2009, was in the low 5s.  Sales for August were up sharply this year v last year (51 v 28), and compared to July, 2011 (33).  This is slightly better than Gwinnett county as a whole.
Between $200k and $400k, there are 134 listings for sale, and about 6.9 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but have been moving the right way (down) since February.  Sales were way down compared to August, 2010 (21 v 25).  Duluth is a market that favors luxury, and this segment is doing pretty well…

From $400k to $600k, there were 53 homes on the market. The absorption rate was around 10.6 months.  August brought in 5 sales.  There were 6 last year and 8 last month.  As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is NOT happening here.  Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, but the segment is still pretty weak.

In the $600k to $800k arena, there were 47 listings, with about 12.8 months of supply.  Sales were 5 for August… 6 for August last year.  Month to month sales slid (5 v 8).  After June’s performance (0 sales), I hadn’t been holding out that much hope.  Since Duluth does favor luxury sales, it looks better than the rest of the County, but it still isn’t great.

In Duluth, GA, from $800k to $1m, there were 22 homes listed and approximately 13.2 months of inventory on the market.  The 1 sale recorded for August was dwarfed by last year’s 3 and by the 3 from last month.  Sales haven’t been moving much for the last couple of months, but declining inventories have made the market look stronger.

Above $1m, there were 47 properties listed. The current absorption rate indicated about 15.7 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates…  There were 9 sales in the Jun-Aug period this year, and the same for the same time last year…  The whole summer was weak last year, but we should be posting half a dozen sales a month here.

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.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Duluth Market Information.

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Lawrenceville, GA Market Report, August 2011

Friday, 16 September 2011 08:00
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Market stats for Lawrenceville, August, 2011, indicate that there were 1424 properties on the market. Overall, there was about a 5.3 month supply of properties. In 2010, sales for August were at 180, so 269 sales was a pretty good increase, year over year. Coupled with the solid decrease in inventory, things are looking great. Normally at this time of year we should be seeing strong sales, but they start weakening in September.

For Lawrenceville, GA, Homes Under $200k, there are 1208 listings, with about an 4.9 month supply of homes. Sales were way up from August 2010 (250 v 155). This segment is easily the lion’s share of sales for the area.  With the 4.9 month A/R, it is solidly in Seller’s Market territory.  The big drop in Absorption Rate (AR) is due to strong sales, coupled with slightly lower inventories.  I will be looking for a strong follow-up, though.

Between $200k and $400k, there are 182 listings for sale, and about 10.1 months of supply. Oddly, this was one of the weaker segments in the county, again. With an strong at the segment down was, this one was weak.  The 19 sales for August, 2011 were down from the 24 from last year. Sales should have been closer to 25 or 30 units for August.  We are still solidly in Buyer’s Market territory, here.

From $400k to $600k, there are 28 homes on the market. The absorption rate is around 14 months. However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  July saw 5 sales, so even though there were 0 sales for August, the Absorption Rate has dropped from 78 months in June.  There were also 0 sales in August, 2010.

In the $600k to $800k arena, there are 5 listings, with about 15 months of supply.  As with the next lower priced segment, a couple of sales makes a big difference and there was only 1 sale in the last three months.  The only saving grace is low inventory. 

Between $800k and $1M, and Above $1M there is 1 home 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 3 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.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lawrenceville Market Data.

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Wayback Wednesday… Title Insurance…

Wednesday, 14 September 2011 08:00
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A couple of years ago I wrote a quick little primer on Title Insurance.  (Check out the link for more details…)  Title Insurance is one of the subjects I am questioned about regularly… even by buyers that have previously purchased 3 or 4 homes.

It can be confusing… there are two distinct flavors of Title Insurance, Owner’s and Lender’s.  And while sitting at the closing table, buyers are usually paying for a pant-load of other items.  Sometimes they draw a line and decide that skipping the Owner’s policy is a way to avoid spending another few hundred dollars.  Other times, they just give in and spend the money without knowing what they are buying.

Neither of those situations are good for the buyer.  Some buyers ABSOLUTELY need to have Owner’s Title Insurance.  For others, it is a luxury, or even a waste.  (Sorry, but if you have a loan, you WILL be paying for Lender’s Title Insurance… they will require it, and despite the fact that you won’t benefit, you get to pay for it).

Of course, I would be remiss if I didn’t remind you that I am not a lawyer, and I don’t even play one on TV.  You should always ask your attorney about the legal ramifications of a decision like this.  But keep in mind, the closing attorney is selling the insurance product, and they DO make money from it.  Some of the closing attorneys I have worked with have flat out told buyers that they would NOT answer questions about the suitability of the insurance product because of their conflict of interest.

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Lilburn, GA Market Report, August 2011

Monday, 12 September 2011 08:00
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Market stats for Lilburn, GA, August, 2011, indicates that there were 431 properties on the market (as of August 31st). Overall, there was about an 7.7 month supply of properties and 48 properties that closed (sold) in August.  It was an decrease from last year’s sales (51) and July, 2011 (56 sales).  The Absorption Rate notched up slightly.  Unfortunately, Lilburn is among the weakest of Gwinnett County, GA, cities I track.  But, at 7.74 months of inventory, it isn’t nearly as bad as it had been just a few months ago.
In the sub-$200k arena, there were 306 listings, with about an 6.9 month supply with 37 sales.  This represents most of the sales in the market area.  Sales decreased markedly from last month (48), and were slightly below last year (38).  This is the strongest that Lilburn has been for quite a while.  This is easily the strongest market condition for sellers in the last 2+ years (I only have full data back 2 years right now).

Between $200k and $400k, there are 114 listings for sale, and about 11.o months of supply.  This segment had been quite weak for months, and has stalled a little.  There were 11 sales compared to 9 last year.  But, the last time we had an absorption rate under 11 months was in December of 2009.  This segment really needs to get back into single digits… but Lilburn has never been seen as a luxury market.

From $400k to $600k, there are just 5 homes on the market. The absorption rate is 5.0 months. There were no sales in this segment from December through February, but there were 2 in March, which really turned the segment around, followed by 1 sale for April.  May posted 2 sales, 1 sale in June, 2 in July and none in August.

From $600k to $800k, $800k to $1M and Above $1M, there are 6 listings (combined), but too few sales to have any sort of reliable number of months of inventory.  March posted the first sale since August, 2010.  It was in the $600-$800k range. One of the listings is above $1M and one between $800k and $1M, and there is no market activity in the last 12 months for those ranges…

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.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lilburn Market Data.

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Wayback Wednesday… An Oldy, but a Moldy

Wednesday, 07 September 2011 08:58
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mold on bread

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Poor mold.  People are trying to save the whales and bring back the Dodo Bird, but most everyone would be happy is mold were extinct.  But it isn’t…  Mold is alive and kicking, and more of a problem than ever.  And it usually hangs out with some other unsavory characters, Rot and Termites (that are all followers of Moisture).

A couple of years ago I was involved with a moldy property and I learned a few things.  I posted up some good information about Mold, where to find it and how big of an issue it can be.  And it can be a REALLY BIG problem.

Of course, it wasn’t my first run in with the stuff.  Back when I was a reasonably new real estate agent in Gwinnett County, GA, I worked with one of my investor clients on a property that had some pretty significant mold issues.

Real estate prices were crashing around it.  The previous owner had custom built the house, and it was pretty obvious that either they really didn’t have “builder” experience (as opposed to “building” experience), or they ran out of money partway through the project.  The whole “builder v building” experience thing is another post someday, though.

The homes was large and had wonderful high ceilings, a large garage, nice flow patterns and was well sited on the lot.  But, in this luxury home in a subdivision that had homes worth as much as a million dollars, there were no crown mouldings, no granite counters and cabinets that looked like stockers from Home Depot (not knocking HD, but the house deserved at least semi-custom cabinetry).

But the basement was where our story was…  It was nasty.  The home had been unoccupied for at least 9 months and was loaded with mold.  We knew that the HVAC was going to have to be changed… it would be cheaper than cleaning it out.  But the basement was almost beyond salvation.  The solution was to gut it and leave it unfinished.  It had been finished, and was pretty well finished, but was going to have to be “unfinished” in order to remediate the mold problems.  All of the drywall was junk… and we also knew that some of the structural wood would need to be replaced.  Most importantly, we knew that it would need to spend a good long time with proper airflow.

The bank that repossessed the house had DESTROYED their collateral by turning off the power.  Because the HVAC wasn’t running for those 9 months, the bank likely saved about $3000.  But in saving that $3000, the value of the home likely dropped by $200,000.  Not a good trade…  The house should have been able to sell for $500,000, but instead barely managed to bring $300,000.  Of course, the bank wasn’t real bright anyway… they turned down our offer at one point, and then lowered the price to our offer less than two weeks later.

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