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Tag Archives: suwanee

Suwanee, GA, Market Report, February 2011

Tuesday, 29 March 2011 08:18
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Market stats for Suwanee, GA, February, 2011 indicate that there are 604 properties on the market. Overall, there is about an 13.5 month supply of properties.  There was less that 8 months of inventory as recently as June.  Even though inventories are down since then, sales are also down.  January was a big move in the wrong direction for the overall Suwanee Market area, but things stayed about the same for February.

In the Under $200k arena, there are 176 listings in Suwanee, GA, with about a 10.6 month supply.  In June, there was a 4.8 month supply.  Inventories have increased, until September, as sales have slowed…   There were 22 sales, compared to only 16 a year earlier.  February definitely was looking better than January.

Between $200k and $400k, there are 284 listings for sale, and 12.7 months of supply.  Sales for February 2011 were 26, compared with 25 for the same period in 2010.  Still weak, but with the decrease in listings, leading to an improvement in the Absorption Rate.  Listings are up slightly for February…

From $400k to $600k, there are 80 homes on the market. The absorption rate is at 24 months.  There were 4 sales this year (Feb)… down from 6 last year.  Even looking at the three month average, there were 10 sales this year and 17 for the same period last year.

In the $600k to $800k arena, there are 24 listings, with about a 18 month supply.  Sales at this level are not consistent.  Looking at one month makes the numbers jump.  For the last three months, sales were 4…  For the sale time last year, the sales were 3.  The segments strengthened, but we can’t call a trend yet… but close.

The range from $800k to $1m, there are 13 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 27 properties listed. The current absorption rate indicated about 40 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 (2 sales in Dec-Feb this year and 2 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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Suwanee, GA, Market Report, January 2011

Tuesday, 08 March 2011 08:09
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This map shows the incorporated and unincorpor...

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Market stats for Suwanee, GA, December, 2010 indicate that there are 582 properties on the market. Overall, there is about an 13.5 month supply of properties.  There was less that 8 months of inventory as recently as June.  Even though inventories are down since then, sales are also down.  January was a big move in the wrong direction for the overall Suwanee Market area.

In the Under $200k arena, there are 171 listings in Suwanee, GA, with about a 11.9 month supply.  In June, there was a 4.8 month supply.  Inventories have increased, until September, as sales have slowed…  Since this is usually the main sales driver, its slowing is reflected in the overall sales numbers slowing.  Hopefully, February shows a turn.  There were 15 sales, compared to only 10 a year earlier.

Between $200k and $400k, there are 271 listings for sale, and 12 months of supply.  Sales for January 2011 were 16, compared with 24 for the same period in 2010.  Still weak, but with the decrease in listings, leading to an improvement in the Absorption Rate.  Listings are up slightly for February… we’ll have to see how sales shake out.

From $400k to $600k, there are 78 homes on the market. The absorption rate is at 23.4 months.  There were 2 sales this year… down from 4 last year.  Even looking at the three month average, there were 10 sales this year and 21 for the same period last year.

In the $600k to $800k arena, there are 25 listings, with about a 15 month supply.  Sales at this level are not consistent.  Looking at one month makes the numbers jump.  For the last three months, sales were 5…  For the sale time last year, the sales were 7.  The segments strengthened, but we can’t call a trend yet.

The range from $800k to $1m, there are 13 homes listed and 3+ years of inventory on the market.  There have 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 24 properties listed. The current absorption rate indicated about 36 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 (2 sales in Nov-Jan this year and 2 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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Is $1,000,000 Burning a Hole in Your Pocket?

Thursday, 17 February 2011 08:45
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Let’s just assume for a minute that you are sitting there in your office or at home and you have $1,000,000 just dying to be invested in a new (to you) home.  And then let’s assume for a few minutes that you’d love to do that here in Gwinnett County, GA.  What can you get for a million bucks here in Gwinnett?

There are a few homes listed for around $1,000,000 in Gwinnett County, GA.  I limited it to homes that were priced within $1,000 of the magic number.  The six houses all came in between $999,000 and $999,900.

Three of the homes are located in Chateau Elan, in Braselton, GA.  You can’t really get much further north in the county, but it is a truly magnificent area.  Chateau Elan is built around the winery of the same name started by Donald Panoz.  That would be the same Donald Panoz that owns Road Atlanta, just a little north of the winery, and the American Le Mans Series in sports car racing.  There is also an Inn, event facility and several golf courses.

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The other three homes are a little more spread out around the county, but all are near the I-85 corridor.  They are in Buford, Duluth and Suwanee.  This particular Buford home isn’t in a subdivision, but could have easily been a home on Lake Lanier.  The homes in Buford that are on the lake are on what is called “South Lake”, which is the biggest area of the lake.  There are some exceptional homes in this area.  Duluth is home to the Sugarloaf Country Club, where many of Atlanta’s sports stars and celebrities live.  The home that is currently in that narrow price range is in another neighborhood called Sweet Bottom Plantation.  Sweet Bottom Plantation is nestled on the banks of the Chattahoochee River, with many homes having styling reminiscent of New Orleans, LA, or Charleston, SC.  Our Suwanee home is located in Belmore Estates.  Suwanee is also home to The River Club and Bear’s Best Estates.  It also bleeds over into Forsyth County and a little bit in Fulton County.

Here in Gwinnett County, GA, homes priced at $1,000,000 are pretty cool. That buys a LOT of house; 6,000 to 9,000 square feet.  They have terrace level rooms, finished to very high standards.  Three car garages are a minimum, with 4+ being more common.  Most of the homes have 5 or 6 bedrooms, but every once in a while, a 4 bedroom home will sneak in.  Most of the homes have swimming pools on the property, as well.  Only the home not in a subdivision had a significant amount of land, 14 acres.  The others were all generally under one acre.  Hardwood floors, central vacs, stone and brick, updated kitchens and high end cabinetry and appliances are pretty standard.

Right now, in Gwinnett County, the luxury market is pretty much buyer driven, too.  We do see some foreclosures and short sales, but a larger percentage of buyers at this level paid cash than at lower price points.  That doesn’t mean that there aren’t deals, though. Homes that are selling in this price range are often homes that would have sold for upwards of $1.5M just a few years ago.

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Gwinnett Homestretch Program

Thursday, 03 February 2011 08:05
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Ken Cook and I are working with Gwinnett Homstretch Down Payment Assistance.  As a buyer, you need to have $1000 going into the purchase, but Gwinnett Homestretch may contribute up to $7,500, if you qualify.  There are a few things to keep in mind:

  • It is paid as a 0% loan, which will be forgiven after 5 years of using the property as your principal residence.  In effect, that makes it a grant… there are no payments due during the 5 years.
  • You will be required to complete an 8-hour counseling class from a HUD approved Housing Counseling Agency.
  • Total household income must not exceed HUD lmits, based on household size.  Households range from 1-8 people.
    • 2 people – HUD max is $46,000
    • 4 people – HUD max is $57,450
    • There are different income maximums for other household sizes.
  • Investors are NOT eligible for this program.
  • The home MUST pass an inspection by Gwinnett County PRIOR to closing.
  • Purchase Price may NOT exceed $200,000.

There are other requirements, such as being able to qualify for a mortgage.  Contact Ken and I for details.

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We’d love to help you buy a home. There are great deals on the market right now, and interest rates are exceptional.

For more info, click here.  There are other Down Payment Assistance programs available around the Metro Atlanta area.

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Suwanee, GA, Market Report, December 2010

Saturday, 22 January 2011 08:07
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United States Navy troop transport USS Suwanee...
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Market stats for Suwanee, GA, December, 2010 indicate that there are 548 properties on the market. Overall, there is about an 10.8 month supply of properties.  There was less that 8 months of inventory as recently as June.  Even though inventories are down since then, sales are also down.

In the Under $200k arena, there are 165 listings in Suwanee, GA, with about a 9.9 month supply.  In June, there was a 4.8 month supply.  Inventories have increased, until September, as sales have slowed…  This is one of the rare segments that actually bumped in November, rather than December.

Between $200k and $400k, there are 249 listings for sale, and 9 months of supply.  Sales for December 2010 were 25 compared with 22 for the same period in 2009.  Still weak, but with the decrease in listings, leading to an improvement in the Absorption Rate.  For October, sales were down from 53 last year v 31 this year.  November continued the (poor) trend with 27 sales v 41 last year.

This is a picture of the front entrance of Lam...
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From $400k to $600k, there are 71 homes on the market. The absorption rate is at 19.4 months.  There were 4 sales this year… dwarfed by the 7 last year.  Even looking at the three month average, there were 11 sales this year and 24 for the same period last year.

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 7.

The range from $800k to $1m, there are 13 homes listed and approximately 3+ years of inventory on the market.  There has only been 4 sales at this price level this year (1 each in January, April, May and December).  Honestly, last year looked a little better, but not much.

In Suwanee, GA, Above $1m, there are 24 properties listed. The current absorption rate indicated about 18 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 (4 sales in Oct-Dec this year and 2 last year).  But, in this segment, we should be seeing reduced inventories…  There were 37 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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