Atlanta has Lowest Cost of Living among Largest Cities
Posted: Friday, June 29th, 2007, 11:11 am EST
Category: Real Estate News
As you can see from the chart below, Atlanta continues to be below the National Cost of Living for most of it’s goods and services. Housing rates 13% below the national index and is one the strongest factors for continued population growth in Metro Atlanta. The AJC has a good visual chart for Regional Growth Forecast.
COST OF LIVING INDEX
How the nation’s largest cities compare to the national Cost of Living Index for specific goods and services
| ATLANTA | NEW YORK CITY | SAN FRANCISCO | SEATTLE | WASHINGTON DC |
CHICAGO | |
| Composite Index |
-4% | +112% | +84% | +13% | +45% | -3% |
| Grocery Items | -5% | +33% | +49% | +18% | +26% | -2% |
| Housing | -9% | +287% | +212% | +17% | +8% | -1% |
| Utilities | -13% | +48% | +3% | +14% | +2% | +6% |
| Transportation | -2% | +17% | +22% | _4% | +21% | -2% |
| Healthcare | +11% | +43% | +28% | +38% | +38% | -9% |
| Misc. Goods & Services |
+1% | +39% | +29% | +6% | +15% | -7% |
Source: U.S. Census Bureau
When it comes to Real Estate - Ignore the Media!
Posted: Friday, June 22nd, 2007, 6:15 am EST
Category: Real Estate News
Just this morning I was in a discussion with many local business owners, real estate practitioners, and community bankers about how the local real estate market seems to have been influenced by the false reporting from the media. National and local media has been hyping a "housing bubble" for over a year now and yet our local Atlanta market seemed to be an exception to the bubble. In Atlanta we have strong job growth, population increase, low interest rates, low cost of living and a good quality of life to offer. We also avoided inflated appreciation and maintained a steady growth in appreciation for 10+ years. Yet today building permits are down and new home sales are slowed. Is it because of all the bad press from media outlets about the real estate market?
Did the media cause this real estate slow down in new construction?
I stumbled an article today about how the media skews the public perception about the real estate industry…
The article goes on to explain false assumptions about the Ohio real estate market, but I wanted to take this opportunity to share some facts about our Georgia Real Estate Market from the Norton Agency and their North Georgia’s Intelligence Market Watch:
GEORGIA’S HEALTHY HOUSING MARKET
Home prices have steadily increased as days on the market have decreased; the number of units sold has increased and multi-family building permits have increased.
| Georgia Homes | 2005 | 2006 | Total Increase |
Percent Change |
| Avg. Market Price (Total units sold) | $154,300 | $157,400 | +$3,100 | +1.96% |
| Avg. Market Price (4 bedroom home) | $266,400 | $288,300 | +$21,900 | +7.60% |
| Median Home Price (3 bedroom home) | $139,900 | $142,500 | +$2,600 | +1.82% |
| Median Home Price (4 bedroom home) | $220,000 | $230,600 | +$10,600 | +4.60% |
| Total Units Sold (all types) | 86,321 | 87,951 | +1,630 | +1.85% |
| Avg. Days on Market | 94.49 | 90.26 | -4.23 | -4.48% |
| Atlanta Single-Family Building Permits (Jan.-Oct.) | 51,125 | 48,164 | -2,961 | -5.79% |
| Atlanta Multi-Family Building Permits (Jan.-Oct.) | 9,699 | 12,846 | +3,147 | +24.50% |
In summary, new home sales and starts are down in Georgia, but average sales price is up and days on market is down. Commercial real estate continues to be steady also and Atlanta continues to rank among the best markets in the country. Stop believing the fear tactics and start making decisions based on facts. Now is a great time to buy real estate, especially in Georgia.
Maxsell Real Estate is ahead of the ‘Curve’
Posted: Thursday, June 21st, 2007, 8:30 pm EST
Category: Tips, Tools & Tech
Maxsell Real Estate has used Blackberry Enterprise Server to improve agent productivity ever since we opened in 2005. Just this past week, two of us upgraded our BlackBerry phones to the new Curve 8300. Not only do we get the same professional tools and productivity of a typical BlackBerry smartphone, but now we get a quality digital camera and a media player (videos!)
Technology for Real Estate has a good feature on how real estate agents can use the Curve to improve productivity:
"As with past Blackberry devices, it is strong in email, calendaring, tasks and notes. But now they’ve also added some fun multi-media tools. The new curve features a 2.0 megapixel digital camera with 5x Digital zoom and built-in flash."
LoopNet continues to grow it’s Commercial Listings database
Posted: Tuesday, June 19th, 2007, 6:28 pm EST
Category: Real Estate News
Many of my loyal readers already know how much I love LoopNet, but now the entire CCIM membership will get to enjoy the benefits of this great online database of commercial properties. As a local commercial broker in Cherokee County, the most frequently asked question I get from other agents is… ‘Why doesn’t commercial real estate have an MLS system like residential does?’ I say great question…my best guess is too many good ol’ boys resisting change, too many greedy brokers not embracing co-brokerage, and the logistical difficulties of aggregating so many different property types and details. However, LoopNet does the best job of offering quality tools at a fair price and are very close to emulating the residential MLS system. They are now growing to expand their coverage and my guess/hope is that win this niche in the market and overtake the competitors.
Today they moved one step closer by partnering with the elite corp of 8,600 CCIM commercial brokers. CCIM has run it’s own database listing system for years with various partners providing service. Now LoopNet powers CCIMnet.com and not a minute too soon. LoopNet has made a great move earlier this month by securing a minority equity position in Xceligent, thereby gaining all of Xceligent’s listings.
Take a look at my listings as presented by LoopNet.
Bob Barr to speak to Cherokee Citizens for Property Rights group
Posted: Saturday, June 16th, 2007, 10:12 am EST
Category: Canton Real Estate
Bob Barr, Author of The Barr Report and Former US Congressman, will speak to Cherokee CPR on Monday, June 18th at 7:30pm at Creekview High School in Canton, GA. The topic of conversation is slated to cover the soaring tax assessments of undeveloped property in Cherokee County and an update on the county land use map. Information will be given out on how to appeal your tax assessment and reasons why certain properties should not be valued as highly as others. The group encourages attendees to bring their tax appraisal slip if they have questions or need assistance with an appeal.
Cherokee CPR has been very active in voicing concerns and helping shape the future land use map of Cherokee County. Cherokee currently has approximately 200,000 in population and that is expected to double in the next 30 years. The Cherokee Tribune recently wrote:
"… the council reviewed a development demand and
capacity analysis compiled by county Long-Range Planner Margaret
Stallings.
The analysis showed a range of population estimates for the county
using the future land-use map. The analysis showed a 2030 population
estimate of 303,771 at the lowest and 540,384 at the highest. Council
members said they hope to come up with a map that would be in the
middle of those two totals."
Many residents and local commissioners have adopted "slow growth" positions to combat the impending population boom. However, as I have noted before, slow-growth policies add to sprawl and do not reduce the problem. Smart-Growth is a much more sustainable solution.
