If It's Wednesday, It Must Be Market Conditions Wednesday!

Spotlight on SMYRNA!

Another Market Conditions Wednesday Report for another popular city in the north metro Atlanta area – SMYRNA!

As you may know, one of my New Year’s resolutions is to provide a consistent Market Snap Shot of one of Atlanta’s metro cities each Wednesday all year. With the completion of this one, I’m 6 for 6 in 2011! Hey…only 46 more to go, but who’s counting, right? Well, me. I’m counting.

In 2010, I started spot-lighting individual cities in the Atlanta metro area. As the year progressed, this project didn't get the weekly focus that was originally intended. I’m continuing and attempting to be better in 2011 and I’m still on tract for achieving the goal!

In 2010, we reviewed market conditions affecting the cities of Acworth, Alpharetta, Atlanta, Austell, Ball Ground, Canton, Cartersville, Conyers, Covington, Cumming, Dallas, Dunwoody, Holly Springs, Hoschton and Kennesaw.

So far in 2011, we started the year with the spot-light on the city of Lawrenceville on January 5th, followed by Marietta on January 12th, Powder Springs was next on January 19th, we reviewed the city of Roswell on January 26th and Sandy Springs on February 2nd. Just scroll back in the archives to review the details of Actives, Pendings and Sold properties on the day each city was reviewed.

Today the spotlight is on the city of SMYRNA.

Smyrna is one of the closest suburbs to Atlanta, located in Cobb County near the northern arc of the perimeter or northern intersection of I-285 and I-75 which is also the site for the popular Cobb Galleria and Cumberland Mall facilities along with high rise office buildings.

The cities of Vinings, Marietta, Mableton, Sandy Springs and the affluent Buckhead area are all close by. At the time of the 2007 census, the population of Smyrna had grown from 40,499 in 2000 to 49,534 in just seven years.

In addition to the Cobb Energy Performing Arts Center, Smyrna also borders the start of the Silver Comet Trail which is popular for bicycling and walking. Some extensions of the trail have been built further into Smyrna to expand the access to the trail. "Market Village" in the city center often has open-air concerts and festivals.

The Atlanta Bread Company has its headquarters in Smyrna as well as Eaton Corporation and IBM. Headquarters for Home Depot, Weather Channel, Cbeyond, and Travelport are all headquartered in the neighboring Cumberland Community Improvement District (CID). One "fun-fact" that most people don't know is that Smyrna was also the site of the world headquarters and offices of the now defunct World Championship Wrestling. A Lockheed Martin plant is located nearby in Marietta as well as Dobbins Air Reserve Base and Naval Air Station.

To give you a frame of reference, it might interest you to know that as I write this there are currently 61,610 homes on the market and actively listed in the entire Atlanta metro area today including homes currently available and on the market in SMYRNA.

Likewise, according to the FMLS, there is a total of 427 single family homes actively listed and on the market in Smyrna today. There are also 323 condo / town homes on the market and actively listed in Smyrna today.

Actively Listed Single Family Homes
This week, actively listed single family homes in Smyrna range in price from $15,000 for a 3 bedroom/1 full bathroom 1953 vintage ranch style home requiring a complete renovation to $2.2 million for a beautiful family estate on more than 12 acres with 2houses, pool, small lake, fruit and Cyprus trees. This property backs up to a new Super Kroger and could be further developed.

Actively Listed Town Home / Condos
This week in Smyrna there are currently 323 condo / town-home properties actively listed for sale. These homes range in price from $22,900 for a 2 bedroom/1 full and 1half bathroom home at Cumberland Town homes. This property was built in 1984, needs some TLC and updating, but would be ideal for a first time home-buyer who likes to entertain. On the other side of the coin, the highest priced town home property currently listed is Smyrna is located at One Ivy Walk and was built in 2008. This property was originally priced at $725,000 and has been reduced to $699,900. This property offers rare panoramic views of the Buckhead skyline! This is a stunning townhome built by Wieland. It has never been lived in, but was/is owned by foreign investors. Truly brand new! The covered roof top terrace offers an outdoor fireplace, 4th floor flex space, wonderful bricked-in rear courtyard perfect for entertaining. You can walk to shops and restaurants. There are amazing upgrades throughout this "Argonne" town home. Perhaps best of all this town home also offers an Elevator to all levels. This is truly a must see if you are considering a town home in Smyrna!

PENDING SALE
On February 9th, there are currently 90 single family homes Pending Sale in Smyrna. These homes range in price from $65,000 to $395,900. Likewise, there are 53 Condo/Town-Homes Pending Sale today in Smyrna priced from $28,000 to $298,900.

SOLD Properties -- Single Family Homes
From January 1st 2010 through December 31, 2010 a total of 574 single family homes SOLD and Closed in Smyrna. The highest priced home to sell in Smyrna during the year was originally listed at $2.1 million and sold for $1.450 million or 69% SP/OLP%. It closed after 537 days on the market on 6/14/2010. The lowest priced home to sell during the year was an investment property located at Wells sub-division. This 1953 vintage ranch style home with 2 bedrooms / 1 full bathroom needed a total renovation. This home sold on 6/23/2010 after only 6 days on the market for 100% cash. It was originally listed at $18,750 and sold for $17,750.

SOLD Properties -- Condos / Town Homes
From January 1st 2010 through December 31st 2010, a total of 37 condo / town homes were sold in Smyrna. Priced ranged from $17,250 to $685,000.

Single Family Homes Sold In 2011
From January 1st to today, 32 single family homes have sold in Smyrna with prices ranging from $35,900 to $400,000.

Condo Homes Sold in 2011
From January 1st to today, 23 condo / town home properties SOLD and closed in Smyrna. Prices ranged from $18,000, to $295,000.

As you can clearly see, homes are selling in Smyrna, GA. Call me for a tour of Smyrna homes or questions regarding the Smyrna or Atlanta metro real estate market.

Sara Hibbard is a licensed Realtor in the State of Georgia and works in the Atlanta metro area. Call Sara with your many questions regarding the Atlanta metro real estate market in general or specifics regarding the buying / selling process. Sara Hibbard looks forward to assisting all your real estate needs when the time is right for you. Sara can be reached any time by calling 770-399-8108 or e-mail at sara@sarahibbard.com. Sara Hibbard is Glad Georgia Real Estate Is On Your Mind!

Additional Costs Appear To Be On The Horizon For Borrowers

I received an e-mail announcement this afternoon that additional costs are coming "soon" for borrowers.

First of all, I am not someone who tries to create a frenzy or rush for products -- that means ANY consumer product -- including mortgage loans.

If you're like me you will take action and do the things you need to do when the time is right for you. Just because costs are going up, doesn't mean that everyone should rush out to make a home purchase now!

However, if you've been on the fence or putting on hold that home loan or refinance, with a wait and see attitude of what's the market going to do next, the longer you wait the more you may end up paying out of pocket. Cost are on the rise -- no doubt. It won't be long and we'll look back at the era of 4% and 5% loans with extreme fondness and say, I remember when mortgage interest rates were...

According to Bloomberg today, reporter James Sterngold writes that additional costs appear to be on the horizon for borrowers as housing finance reform takes center stage. Sterngold says, "Borrowers will need larger down payments than in the bubble years, have higher credit scores, and pay extra fees to cover risks and premiums for federal guarantees on government-backed mortgage bonds. This is all according to the report on Mortgage Finance Overhaul to Raise Costs, Reduce Home-Ownership."

If you can afford to act now, don't get caught up in the trap of paying too much for your mortgage. I noticed today that Government rates have risen to at or above 5%. The conventional loans are hovering around 5%. It's only a matter of time before these rates will rise based on what is happening in Washington. Every time mortgage rates increase 1 point, you can afford $50,000 less house. So for example, if 6 months ago you could afford a $300,000 mortgage loan at 4%, now your buying power is reduced to a $250,000 home at 5% interest.

Sara Hibbard is a licensed Realtor in the state of Georgia. If you need a referral to a qualified Mortgage Lender, Sara Hibbard will be happy to introduce you to a lender who specializes in your area of need. Call Sara Hibbard with all your real estate questions and concerns. She is easily reached at 770-399-8108 or e-mail her at sara@sarahibbard.com. Sara Hibbard is Glad Georgia Real Estate Is On Your Mind!

If It's Wednesday, It Must Be Market Condition's Wednesday!

Spotlight on SANDY SPRINGS!

Another hectic week and it’s Wednesday again!

As you may know, one of my New Year’s resolutions is to provide a consistent Market Snap Shot of one of Atlanta’s metro cities each Wednesday all year. With the completion of this one, I’m 5 for 5 in 2011!

In 2010, I started spot-lighting individual cities in the Atlanta metro area. As the year progressed, this project didn't get the weekly focus that was originally intended. We are continue to do better in 2011 and we are still on tract for achieving the goal!

In 2010, we reviewed market conditions affecting the cities of Acworth, Alpharetta, Atlanta, Austell, Ball Ground, Canton, Cartersville, Conyers, Covington, Cumming, Dallas, Dunwoody, Holly Springs, Hoschton and Kennesaw. On January 5th we added the city of Lawrenceville to the list. On January 19th we reviewed Marietta and last week we looked at Powder Springs. Last week we spotlighted the city of Roswell.

Today the spotlight is on the city of Sandy Springs.

Sandy Springs, GA is located just north of Atlanta in north Fulton County. The city is situated just south of Roswell and west of Dunwoody and just north of Buckhead.
Sandy Springs is home to the headquarters of more Fortune 500 than anywhere in the state including Atlanta. United Parcel Service (UPS), Newell Rubbermaid, First Data, Global Payments Inc, Mirant Corporation, Spectrum Brands, Wendy’s / Arby’s Group are all based on Sandy Springs. The city is also home to Children’s Healthcare of Atlanta, Intercontinental Hotels Group, IBM Internet Security Systems, Northside Hospital, Porsche Cars North America and Saint Joseph’s Hospital all call Sandy Springs home.

The cities largest business district is the Roswell Road corridor and Perimeter Center (although Perimeter Mall actually lies in adjacent Dekalb County. Perimeter Center, which is actually the biggest edge city in the Atlanta area includes many high-rise buildings including the 570 foot Concourse Towers which are often affectionately referred to by locals as the “King” and “Queen” buildings because of their distinctive architecture and crowns at the top of each building. Just south of the business district and across or inside of I-285, is a major medical center, known by locals as “Pill-Hill” and comprised of Northside Hospital, Children’s Hospital of Atlanta and Saint Joseph’s Hospital.

To give you a frame of reference, it might interest you to know that as I write this there are currently 61,823 homes on the market and actively listed in the entire Atlanta metro area today.

Likewise, according to the FMLS, there is a total of 123 single family homes actively listed and on the market in Sandy Springs today. There are also 157 condo / town homes on the market and actively listed in Sandy Springs today.

Actively Listed Single Family Homes
This week, actively listed single family homes in Sandy Springs range in price from $174,900 for a 3 bedroom/2 full bathroom 1956 vintage ranch style home in excellent condition to $9.5 million for an exceptional New England style lakefront retreat in the heart of Sandy Springs. Some of the remarkable features of the property include a huge chef’s kitchen, vaulted great room with stone fireplace, judges paneling in the library with 2nd fireplace, wet bar and wine room, soaring 3-story foyer, master on the main with a 3rd fireplace, exercise room, full apartment over garages, elevator. Indoor pool with a retractable roof for swimming in any weather. Exclusive gated and very private 11 acre estate on a 7 acre lake. There is something for everyone in this amazing home. Did we mention 6 generous sized bedrooms, 6 full and 2 half bathrooms?


Actively Listed Town Home / Condos
This week in Sandy Springs there are currently 157 condo / town-home properties actively listed for sale. These homes range in price from $18,000 for a 1 bedroom/1 full bathroom on 1-level home in Sandy Springs off of Johnson Ferry Road, built in 1984. This home would be ideal for someone who is downsizing and doesn’t want to do stairs. The highest priced condo / town-home in Sandy Springs is located at Park Towers and offers 4 bedrooms /5 full bathrooms in a fabulous 2-story Pent House suite. The listing price is $599,000.


PENDING SALE
On February 2nd, there are currently 20 single family homes Pending Sale in Sandy Springs. These homes range in price from $274,900 to $929,900. Likewise, there are 18 Condo/Town-Homes Pending Sale today in Sandy Springs priced from $41,100 to $335,000.

SOLD Properties -- Single Family Homes
From January 1st 2010 through December 31, 2010 a total of 142 single family homes SOLD and Closed in Sandy Springs. The highest priced home to sell in Sandy Springs during the year was originally listed at $2.875 million and sold for $2.6 million or 90% SP/OLP%. It closed after 207 days on the market on 12/10/2010. The lowest priced home to sell during the year is located near Northridge Road. This was a 2 bedroom/1 bathroom 1940 vintage cottage style home needing major renovations. It was originally listed at $80,000 and ultimately sold for 81% SP/OLP at $65,000. This home closed after 27 days on the market on 1/28/2010.

Since December 1st through today, 13 single family homes were sold and closed in Sandy Springs. These homes ranged in price from $176,000 to $2.6 million.

SOLD Properties -- Condos / Town Homes
from January 1st 2010 through December 31st 2010, a total of 190 condo / town homes were sold in Roswell. Priced ranged from $15,500 to $250,000.

From January 1st to December 31st 2010 a total of 143 condo / town homes were sold and closed in Sandy Springs. Prices ranged from $8,000 to $409,260.

From December 1st through today, 14 condo / town home properties SOLD and closed in Sandy Springs. Prices ranged from $70,000, to $335,000.

As you can clearly see, homes are selling in SANDY SPRINGS, GA. Call me for a tour of Sandy Springs homes or questions regarding the Sandy Springs or Atlanta metro real estate market.

Sara Hibbard is a licensed Realtor in the state of Georgia. Sara Hibbard looks forward to answering your many questions and assisting you further when the time is right for you. Sara Hibbard is easily reached at anytime at 770-399-8108. Sara Hibbard is Glad Georgia Real Estate Is On Your Mind!

New Year’s Resolution: Remodel the Bathroom?

It’s no secret that bathrooms are a popular room to remodel—because of outdated features, different decorating taste from the previous owners or simply normal wear and tear on a very functional room of your home. If the New Year has you thinking about remodeling a bathroom, here are a few things to consider:

Timely or Timeless Style - Before you remodel, picture what it will look like in a couple years when you sell your home. Will you still enjoy that trendy sink? Make sure future buyers will, too. Otherwise they’ll factor in the cost of their own remodel when making an offer.

Costs—Good News - Right now many contractors are eager for work, and prices are lower for their materials and labor, so now may be an ideal time to make your bathroom more livable.

Resale Value - You may have heard during the housing boom that bath remodels add value to your home. These days you can recoup about 64% of the costs of a minor bathroom remodel, according to Remodeling magazine’s “2010-11 Cost vs. Value Report.” If your bathroom is especially in need of updates, you may recapture more.

Too Much? Think Small - If you’re not ready for a full remodel, then a fresh coat of paint, new towels and a pretty framed print can do wonders to update your bathroom—and give you a new look for 2011.

Remember: you and your family are the ones using your bathroom on a daily basis, so think about whether it makes you feel good when you brush your teeth every morning.

If you’d like more information about how a remodel can affect the value of your home, please don’t hesitate to call or email.

Sara Hibbard is a licensed Realtor in the state of Georgia. Call Sara Hibbard with your many questions regarding the Atlanta metro real estate market in general or specifics regarding the buying / selling process or if you would like a Competitive Market Analysis (CMA) on your current home. Sara Hibbard is happy to answer your many questions at anytime. Please call her at 770-399-8108 or e-mail here at Sara@SaraHibbard.com. Sara Hibbard is Glad Georgia Real Estate Is On Your Mind!