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Recently driving down Riverside Road along the Chattahoochee River in Roswell on a Saturday morning gave me that itch only runners know as they pass other runners out on the road. It’s such a picturesque hidden gem that feels more like a resort area than a suburban neighborhood within minutes of the major arteries leading into downtown Atlanta. The winding paths were being enjoyed by runners training for their next race, the weekend warrior looking to burn a few calories, bike riders, and happy tail-wagging pets. Just beyond the path, the Chattahoochee River was dotted with fly fishermen among the river rocks and rippling flowing water.
Located just steps from this outdoor enthusiast’s dream is the upscale gated community of Riverside Park. I’m delighted to be representing the seller on the sale of their home at 5025 Riverside Park Drive. The sophisticated finishes within artfully extend to the outdoors for full enjoyment while entertaining or just spending time with family.
A little publicity for my husband for the sale of this downtown Atlanta property that will soon be new student housing for Georgia State.
Ambling affiliate buys downtown site for student housing
Atlanta Business Chronicle by Douglas Sams, Commercial Real Estate Editor
An Ambling University Development Group affiliate will redevelop an abandoned downtown hotel into a new student housing project.
Ambling is planning the project in two phases, the first opening next summer after a renovation of the old 200-room Ramada Hotel into about 138 units and 291 beds. A new tower featuring about 108 student-housing units and 424 beds will open in summer 2014. A new parking garage will also open then.
In August, Atlanta Business Chronicle reported Ambling University Development Group was planning an 18-story student housing project in downtown. The Valdosta Ga.-based company had submitted plans to the city of Atlanta to redevelop the abandoned hotel and service station at Courtland Street and John Wesley Dobbs Avenue.
The development would serve nearby Georgia State University, whose freshman enrollment this fall is expected to reach record levels and total enrollment should top 32,000 students.
Ambling’s affiliate recently closed on the $7.9 million purchase of the almost 1.5-acre site, just 100 yards from the future location of Georgia State University’s new business and law schools. John DeYonker, vice president of land and developer services at Bull Realty, represented the seller, Legacy Palms LLC, in the transaction.
An early rendering of the new Ambling student housing project in downtown Atlanta.
It’s September and I’m tired of the heat and tired of feeling scattered by the lack of structure that I enjoyed for most of the summer. I’m reviewing my new year’s resolutions to see how they can be revived as we head into the final quarter of the year. I’ve committed to a sales coaching course at my office, an accountability partner to share my progress with, and a new “To Do” list provided by my most efficient husband. It’s not digital or viral or accessed by computer or smart phone, but just a good ole sheet of paper with “TO DO” at the top, several lines for notes, and check boxes for me to fill in when complete. Why does it feel so good to fill in that little box?
I’m looking forward to cooler weather and excited to line up a few half marathons for the fall, although my running life is also in need of a coach, accountability partner, and to do list. Having run through many of Atlanta’s neighborhoods over the years, most of my runs lately have been around the grueling hills of Chastain Park. I’ve decided my body will be found one day on East Conway Road either flattened by a carpooling mom, texting teen or big yellow school bus if I don’t find a new route.
Inspired by a mom from my children’s elementary school days, I’m exploring ideas to add a new dimension to my real estate business and my running. When Lisa Weldon faced an empty nest last year, she put plans in motion to live out a dream of living in New York City. I’m sure her month long stay as documented on her blog, http://blog.lisaweldon.com/ inspired many others to revisit their dreams. While not as exciting as a month in New York or Paris (Lisa’s current location), I’ve decided to energize my running while learning new areas of the city. I can’t think of a better way to get an up close and personal take on areas in and around Atlanta that I can share with my clients, burn a few calories, and soak up some sanity along the way.
So what should this new adventure be called? If it has a name I feel like it will be more important and I’ll be more committed. My sister once thought if she had a laundry dress and artfully decorated her laundry room she’d feel excited about doing laundry somewhat like going to a party. The Running Realtor is an obvious choice but I’m not feeling it. Home Runs, Real Estate Recovery Run, maybe an acronym? Hmmm…hopefully something will come to me while I’m out on the road.
It’s so exciting to be a part of this outstanding company and it’s success.
Linda McNeeley, our trusted mortgage loan officer with SunTrust is great at keeping us up to date on interest rates and her observations of the market. Below is her most recent list of 10 Reasons To Buy a Home Now in Atlanta. Love the positive insight!!
TEN REASONS TO BUY A HOUSE IN ATLANTA, GEORGIA RIGHT NOW!
1. The lowest rates in history! Jumbo and Conforming rates in the 3’s! Rates historically rise after Presidential elections! Time is of the essence to enjoy these low rates!
2. Buying power with low rates means more house for your money. A buyer will lose $50,000 in buying power with only a 1% increase in interest rates.
3. Sellers are continuing to listen to realtors for the 1st time in years and pricing accordingly. Again, more house for the money! Realistic prices mean fast sales and oftentimes competing contracts!
4. Foreclosures and short sales are tapering off, which might make prices rise because sellers no longer have to compete with this product!
5. Atlanta had a banner spring market with houses selling quickly and oftentimes with multiple offers. We have not seen that in the past 3 years but this year is different. The number of sales has increased almost 50% in Atlanta in our market place. It makes perfect sense for prices to increase if rates stay low and supply continues to diminish. Your buyers do not want to miss out on low prices and low rates.
6. The supply of houses has decreased (# of sales) and the number of buyers has increased (low interest rates). For the 1st time in 3 years, supply and demand is going our way. Another reason to expect prices to increase in 2013! You are telling me that your listings are selling in less than a week and with multiple offers! ENFUEGO! And, you are emailing each other begging for properties not listed. All signs of a moving market and expected price increases. This fall is the time to take advantage of the low rates and what is left of the low pricing!
7. There are still foreclosures and short sales available to buy! Not nearly as many as in times past, but still there. This shadow inventory is a disappearing part of our market! And, again, without that competition for our sellers, prices may increase.
8. Sellers want and need to sell and are motivated to accept an offer going into the holiday and winter months. Waiting costs money in carrying costs and unexpected market conditions. It makes sense that a seller will accept an offer rather than to hang on for 6 more months to see what happens!
9. The money supply is good and lenders are lending as much as they can to as many people as they can. Guidelines are tight but the money is there! Jumbo money is being held on the bank shelves but those portfolios are performing well. Lock into these rates while they are low and the money is there to lend.
10. If your buyer has a house to sell, then buying now at a low price and selling as the market improves, can put money in the pocket and makes perfect sense. The rental market is the best in history which leaves buyers with another option for not having to sell before they buy! This makes this time of year exceptionally right for the selling and buying client!
Now add to that that most appraisals now indicate that our market is STABLE or every now and again, Improving, instead of declining and there is a 3-6 month supply of houses and no longer an OVERSUPPLY and the marketing time average is now less than 6 months! This is a huge indicator that our market has turned a critical corner!!
The topic of multiple offers continues to come up in this ever changing, never boring real estate market. Linda McNeeley with SunTrust Mortgage shared more positive points at our sales meeting this morning, one involving appraisals. Being plagued by decreasing values over the last few years, many homes have been appraising for less than the home is under contract for, obviously creating difficult scenarios for buyers getting loans and for sellers hoping to sell their home for its market value. Linda mentioned seeing her first appraisal this week since the beginning of the real estate crisis began that showed increasing prices in the subject neighborhood as opposed to decreasing prices or stable prices.
Any buyers that have been waiting oh so patiently for the perfect steal may have missed the boat and find themselves missing out on a property to a more agressive buyer or being faced with a bidding war.
The article below was reported in the AJC by Christopher Quinn:
The hot competition is spurred by shrinking inventory and a run on homes with one or more desirable traits, such as good public schools, nearby amenities and competitive prices. Buyers also want homes in fully developed subdivisions and in locations that have maintained values, such as Buckhead, south Forsyth County and trendy intown neighborhoods.
Those seeking such homes have been caught unaware.
The competition for homes started in early winter as homes sales rose, and the bidding peaked in March, though multiple bids are still happening, said Christina Rumbaugh, a real estate agent who specializes in finding buyers homes in neighborhoods from Buckhead to Decatur.
“When I saw the trend in March I sent an email out to my prospects that they needed to be prepared to pay over list price, and if not, they needed to sit out about a month because it was getting kind of insane,” said Rumbaugh.
In our sales meeting this week, the main topic of discussion was regarding multiple offers on homes. The attorneys at Campbell and Brannon pointed out challenges and potential pitfalls to avoid when faced with this situation. I don’t think anyone in the real estate industry is ready to say happy days are here again, but the decrease in inventory is certainly causing more buyers to have a sense of urgency that they weren’t feeling over the last couple of years which is resulting in multiple offer scenarios for homes that are well priced and in good condition.
The chart below from Trendgraphix illustrates the decreased number of homes for sale in the Buckhead area in the $500,000 to $1,000,000 price range.
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