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Tag Archives: news

Norcross, GA, Market Report, August 2010

Monday, 11 October 2010 08:36
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Norcross shopping district and downtown
Image via Wikipedia

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,41, but that only included the area inside the city limits, and it has seen tremendous growth since that census. The City of Norcross revamped their old town a long time ago, and it has served as a model for other towns in the area. It is also home to Meadow Creek and Norcross High Schools. One of the things that Norcross is known for locally is the beautiful older homes in the downtown area. They have maintained their historic flair quite successfully.

Market stats for Norcross, August, 2010 indicate that there were 386 properties on the market. Overall, there is about a 7.5 month supply of properties. August sales were actually v 2009, but July was way down (June was up slightly).  Overall, the market isn’t terrible here, looking back.
In the sub-$200k arena, there were 208 listings, with about 5.9 month supply.  Sales are up from a year ago in this segment, which is the main driver of sales in this area.  And the segment is looking pretty strong, despite the weakness in July.

Between $200k and $400k, there were 131 listings for sale, and about 10.6 months of supply.  Sales have been down and slowing for the last two months.  I think we are going to see growing absorption rates for September, as well.

From $400k to $600k, there were 38 homes on the market. The absorption rate is around 12.7 months.  Sales have actually been strengthening since March (with a few ups and downs…), but much of the perception is from shrinking inventories.  Actual sales have been decelerating.  I expect to see the numbers move the other way in the next few months.

In the $600k to $800k arena, there were 5 listings on the market.  Inventories have decreased as sales have increased compared to last year.  The absorption rate (three month average) is steady at 5 months of inventory… which is amazingly strong… but with only 4 sales this year, obviously it is easy to bump one way or the other.

The range from $800k to $1m, there were 1 homes listed on the market and no sales… seemingly forever.

Above $1m, there were 3 properties listed.  But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales.  There have been two sales in the last year (Nov 09 and Apr 10).


I have a page dedicated to Norcross Market Data.

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Buford, GA, Market Report, August 2010

Saturday, 09 October 2010 08:51
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DSCN0583
Image by lane.bailey via Flickr

Buford, GA is a suburb of Atlanta in Gwinnett and Hall Counties. The population is 2000 was 10,668, but that only included the area inside the city limits, and it had seen tremendous growth since that census.  Buford is home to Lake Lanier, one of Georgia’s premiere recreational areas, and Lake Lanier Islands.  Recently, the City of Buford has revamped their old town. It is also home to Buford (Buford City Schools aren’t a part of Gwinnett County Schools), Mill Creek, Mountain View and Lanier High School (Lanier will open for the 2010-11 school year).

Market stats for Buford, GA, August, 2010 indicate that there were 653 properties on the market. Overall, there was about an 12.3 month supply of properties.  Sales were down radically in July (19 v 71 for 2009), but August was back in the realm (57 v 61 for 2009).  But the magic has been a little underwhelming since June.

In the sub-$200k arena, there were 323 listings, with a 10.2 month supply.  Sales for July were down by 70%.  There was actually one extra sale for August.  May was the best absorption rate of the year, and it has been going downhill ever since.

Between $200k and $400k, there were 250 listings for sale, and about  13.4 months of supply.  Again, July was the dog, with sales down by 75%.  August was also slightly down.  This is one of the weakest segments in the county (excluding the very high end of the market…).

From $400k to $600k, there were 49 homes on the market. The absorption rate is around 21 months.  This shouldn’t be acting like a high-end luxury segment, but it is.  There have been 7 sales in the last 3 months.  When the market is rolling, there should be 5-7 sales a month during this part of the year.

In the $600k to $800k arena, there were 11 listings.  Sales in this range are pretty sporadic, but steady when looking at the long-term.  The drop in inventory over the last few months from 14 homes to11 homes have made things look less slow… but there has been 1 sale in this segment since November.

The range from $800k to $1m, there were 6 homes listed. And with only 2 sales in the last year (Nov. 09 and Feb 10), obviously  trends are hardly definable.

Above $1m, there were 14 properties listed.  The last sale in the segment was in April… of 2009.

I have a page dedicated to Buford Market Data.

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Wayback Wednesday… Recovery?

Wednesday, 01 September 2010 08:58
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Recovery Truck
Image by kenjonbro via Flickr

Recovery… In it or do we need to go to it?  That was my question two years ago this week… and it is STILL a valid question.  And two years ago, I don’t think there were many people (including me) that were expecting the housing slump to last this long.

But here we are, not knowing if a bottom to the market has been established or if there is more blood that needs to run in the streets.

At least now, more of us in the real estate community have figured out that stimulus and incentives aren’t the answer… JOBS are the answer.  There are too many potential buyers out there that are worried about the security of their jobs.  Demand can’t rise until buyers don’t feel threatened.

And that means that the Supply side of Supply/Demand will be out of whack… even thought the supplies have be mostly dropping for well over a year (compared to the previous year).  And even though supply has been coming down, there have been reports of a wave of foreclosures just out of sight over the horizon (those reports have been with us for well over a year, too).

On the flip side, there are some pretty good deals.  Mortgage rates are ROCKING… I heard a report today that rates hadn’t been this low in 60 years.  If you ARE in a position to buy, it might be the best time in a generation.  If not, I understand…

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There IS a New Real Estate Transfer Tax in the ObamaCare Law

Tuesday, 20 July 2010 08:35
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Assorted international currency notes.
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One of the forums in which I participate has had stories on both sides of this issue for a couple of months… with the more conservative members saying that there is a 3.8% sales tax on the sale of homes, and those that are more supportive of the President and his policies saying that there isn’t.

Neither side was real specific about their information source… talk radio for some, blogs for others… nobody seemed to be going to the source… the 20,000+ page law signed by the President.  In all fairness, there is a LOT of room in 20,000 pages to hide a lot of little Easter Eggs like this.  And being fair to the other side, if there isn’t a tax, the bill isn’t going to say “there is not a tax” anywhere…

I have an answer…

There is indeed a tax on the sale of real estate.  It doesn’t apply to many people, but it WILL apply to some people that have profit from the sale of their homes. Starting in 2013, those with incomes over $200,000 will have to pay a 3.8% tax on profit from the sale of their primary residence or investment properties.  The exact amount will be based on a formula that includes the profit from the property and the income above $200,000.  The tax is not an income tax, but rather it is a “payroll tax”… officially it is a Medicare Tax.

It does not just apply to real estate, but also applies to investment income and dividends.

The bottom line is that both groups are right… and both are wrong.

But…

It will drive another nail into the luxury real estate market.  It has been in the doldrums for a while.  Adding new taxes will not get it going again.  And if you are thinking that this only affects ‘the wealthy’, think again.  Those homes are not built by ‘the wealthy’.  Those homes are not renovated by ‘the wealthy’.  Those consumers are more likely to hire contractors to do improvements.  And they are more likely to update more often…  They are a driver in the housing sector.  This added tax is NOT putting gas in the tank…

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Re-alignment…

Thursday, 15 July 2010 11:03
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DSCN2804
Image by lane.bailey via Flickr

The time has come.  I will be re-aligning my blogs and websites to be more subject specific.  I have a lot of presence on the web, and for too long they have had overlapping content.  As we get through this re-alignment of the sites, each will be more focused on a specific purpose.  There will still be connections between the sites, but the content will be less connected…

Some of the sites that will be part of the re-alignment are:

  • LaneBailey.com
  • LaneBailey.info
  • GwinnettGarageGuy.com
  • UltimateHomeMarketing.com
  • GarageHomesUSA.com
  • LilburnDwellings.com

I might also be re-designing the looks of the sites at the same time…  It will be fun…

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