Woodstock & Holly Springs among America’s Fastest-Growing Suburbs
Posted: Thursday, July 26th, 2007, 8:56 am EST
Category: Real Estate News
Forbes Magazine ranked the top 100 fastest growing suburbs in America between 2000 and 2006. Woodstock came in at #10 and Holly Springs was not far behind at #18. Kennesaw made the list at #57 and Acworth ranked #85. There were other Georgia cities that made the list, but these 4 suburbs are located along the I-575 Corridor in Cobb and Cherokee County.
| Rank | City | State | 2000 | 2006 | % |
| 1 | Lincoln | California | 11,746 | 39,566 | 236.8% |
| 2 | Buckeye | Arizona | 10,147 | 29,615 | 191.9% |
| 3 | Surprise | Arizona | 32,342 | 85,914 | 165.6% |
| 4 | Goodyear | Arizona | 19,495 | 47,359 | 142.9% |
| 5 | Plainfield | Illinois | 13,666 | 31,968 | 133.9% |
| 6 | Beaumont | California | 11,549 | 26,625 | 130.5% |
| 7 | Frisco | Texas | 35,299 | 80,499 | 128.0% |
| 8 | Wylie | Texas | 15,619 | 32,696 | 109.3% |
| 9 | Avondale | Arizona | 37,261 | 75,403 | 102.4% |
| 10 | Woodstock | Georgia | 10,697 | 21,482 | 100.8% |
| 11 | Cedar Park | Texas | 26,926 | 52,058 | 93.3% |
| 12 | Brentwood | California | 24,757 | 47,547 | 92.1% |
| 13 | McKinney | Texas | 56,087 | 107,530 | 91.7% |
| 14 | Oswego | Illinois | 13,814 | 26,252 | 90.0% |
| 15 | Castle Rock | Colorado | 20,907 | 39,682 | 89.8% |
| 16 | Commerce | Colorado | 21,437 | 38,887 | 81.4% |
| 17 | Murrieta | California | 51,678 | 90,457 | 75.0% |
| 18 | Holly Springs | North Carolina | 10,017 | 17,425 | 74.0% |
| 19 | Winter Garden | Florida | 15,590 | 27,045 | 73.5% |
| 20 | Wake Forest | North Carolina | 13,080 | 22,651 | 73.2% |
Thanks to Know Bardeen for the tip on this story!
Home Prices Expect to Recover in 2008 As Inventories Decline
Posted: Tuesday, July 24th, 2007, 5:11 pm EST
Category: Real Estate News
WASHINGTON, July 11, 2007 -
Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR senior economist, said a good buyers’ market has evolved. “Buyers now have an overwhelming advantage given the wide selection of homes available in many markets,” he said. “But with profit margins coming under pressure, homebuilders will limit new construction well into 2008. This should help the overall inventory level to move steadily into a more balanced state.”
Existing-home sales are expected to total 6.11 million this year and 6.37 million in 2008, down from 6.48 million last year. New-home sales are projected at 865,000 in 2007 and 878,000 next year, compared with 1.05 million in 2006. Housing starts, including multifamily units, are forecast at 1.43 million units this year and 1.44 million in 2008, down from 1.80 million last year.
Existing-home prices are likely to rise 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year to $218,800. The median new-home price should rise 2.2 percent to $245,400 next year following a 2.6 percent drop in 2007 to $240,100.
“Markets that sharply reduce new construction in 2007 will generally experience respectable price increases in 2008,” Yun said. “Local conditions vary considerably, but with historically low mortgage interest rates this summer and sustained job gains, it could be a good time for first-time buyers with a long-term view to test the housing waters.”
The 30-year fixed-rate mortgage is estimated to average 6.7 percent during the second half of this year, and fluctuate around 6.6 percent in 2008.
Growth in the U.S. gross domestic product (GDP) will probably be 2.0 percent in 2007, compared with a 3.3 percent growth rate last year; GDP is forecast to grow 2.8 percent in 2008.
The unemployment rate is likely to average 4.6 percent in 2007, unchanged from last year. Inflation, as measured by the Consumer Price Index, is projected at 2.6 percent in 2007, down from 3.2 percent last year. Inflation-adjusted disposable personal income should rise 3.0 percent this year, up from a 2.6 percent gain in 2006.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
Reprinted from www. REALTOR.org with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright [July 2007]. All rights reserved.
Looking for a New Home? Tips to Avoid Dissappointment
Posted: Monday, July 9th, 2007, 10:06 am EST
Category: Tips, Tools & Tech
With the recent slow down in new home construction, the old rules of dealing with a builder no longer apply. According to the National Association of Realtors, builders are not constructing as many speculative homes as was once the standard. Instead, many new home communities are awaiting the pre-sale.
As a buyer, you can make all of the choices with regards to colors, cabinet and flooring options, carpet selection, etc. These are some of the more compelling reasons to purchase a new home.
A recent article in the New York Times suggests the following Tips:
New Rules for Buying a Home Before It’s Built:
As the housing market has cooled, the developer’s mindset has changed. Rather than construct new developments quickly and wait for the buyers to flood in, more developers are relying on preconstruction sales to determine whether or not to break ground.Here’s some advice for any buyer contemplating a preconstruction purchase:
- Negotiate an exit strategy in your sales contract, especially as lead times for construction grow longer in some markets. For example, state that if the builder doesn’t break ground by a certain day, you can get out of the contract.
- If you’re deposit money is going to sit there for an extended period, ask the developer to pay interest.
- Get in writing what changes that can be made to the project once the sales contract is signed. Finishes and appliances might not be set in stone at the time you sign the deal.
- Try to find out the current state of the local market and gauge whether the developer is offering incentives to lure new buyers — which, though attractive to buyers in the short term, can put a downward pressure on prices.
Source: The New York Times, Amy Gunderson (04/04/07)
Here are a few tips that will make the experience much more rewarding:
Have a gameplan assembled for the sale of your existing home. Do not wait until the last minute to market your home. Existing inventories nationwide have increased causing the time necessary to sell your home to increase.
Hire a Realtor as your Buyers Broker. Most reputable builders will not discount the home price price because a buyer chooses not to have Buyers Representation. Why? Since most homes are sold through Realtor efforts, in essence, the builders would be biting the hand that feeds them. As a result, it is necessary for them to keep the cycle going. Since it costs a home buyer nothing, a Buyers Broker is a resource that is available to look out for your best interest. In Georgia and in many states, a Buyers Broker must be hired (through a contract) by the buyer.
Finally, ask what your Buyers Broker will do for you. In addition to my standard duties, I make it a point to check on the progress of the new home every two weeks and to provide feedback to my client. By taking digital pictures, I am able to show such progress as well as any concerns during the construction phase. By creating a list of options selected by the client, I make sure that they are provided exactly as specified.
As with any great buyers broker, it is my responsibility to assist the home buyers in the process and to understand my clients goals and objectives. From my perspective, new homes sell themselves. It is my job to make the process a great experience.
“FairTax” in GA? Eliminating the Property Tax
Posted: Friday, July 6th, 2007, 1:07 pm EST
Category: Georgia Real Estate
Looks like the "FairTax" methodology is getting a little traction in GA. Here is an article from the Marietta Daily Journal that descibes elminating the property tax portion of our annual taxation. http://www.mdjonline.com/89/10264980.txt —————————————————————————————————————————————————- Rogers proposal likely to be DOA Friday, July 6, 2007 3:27 AM EDT Georgia legislators are at work on "a major tax overhaul that is designed to eliminate all property taxes in Georgia," says state Sen. Chip Rogers (R-Woodstock), one of the leaders in the Republican-controlled General Assembly. "The tax plan is not in its final form," he told me. "But here are the basics: no property, inventory, boat, auto, etc., taxes any longer. "The revenue would be replaced by raising state sales tax from four percent to five percent and include final retail purchase of all goods and services. In doing so we would eliminate all sales tax exemptions currently in law. "However, every person who files a Georgia tax return would receive a rebate check equal to the average sales tax paid on groceries. This would essentially keep groceries sales tax-free. It is important to note, under this plan, the sales tax is only for final consumption; therefore, businesses would not be required to pay sales tax on inputs."
The current state income tax, which now ranges from one percent to six percent, would be a flat five percent under the proposal outlined by Rogers. The key part of this proposal is the new five percent sales tax on services. The tax would, for example, apply to legal fees charged by attorneys, labor for auto repairs, air-conditioner service, plumbing, haircuts and styling, cosmetology, lawn services, medical services and even funeral costs - among "all sales tax exemptions currently in law," as Rogers said. Specifically, in answer to a question, the senator said: "In the case of an attorney, he or she would apply the sales tax to the final billable amount." Imagine what that would do to those humongous legal bills. For a corporation with a modest $300,000 in legal bills during the year, the five percent sales tax would add $15,000. The impact would be tough on major medical bills. For a surgery and hospital stay costing $50,000, there would be $2,500 added in sales tax. And you know who pays the sales tax - the consumer, the client, the purchaser, the patient and/or the insurer - not the provider of the service.
"The current tax system has many, many flaws, including the tax favored status of services over goods," Rogers said. "We often wonder why we have moved towards a service economy; one reason is its favorable tax status. Ultimately, we need a system that is flat, fair and transparent. The sales tax is all of those." Your columnist suggested if lawyers, doctors and such service providers as grass cutters and beauticians were included, the proposal would be dead on arrival in the General Assembly. "We hope not," Rogers said. "It is our belief that Georgians’ dislike (and rightfully so) of paying a tax (which they cannot control) on privately held property is more than a dislike for paying a sales tax (which they can control) on services. "It should be an interesting debate." You bet. And I still say this proposal will be DOA.
Metro Atlanta on the Move with Draft Transportation Plan
Posted: Thursday, July 5th, 2007, 11:35 am EST
Category: Real Estate News
This week, the Atlanta Regional Commission (ARC), the official Metropolitan Planning Organization for transportation planning, released a new, draft 2030 transportation plan that will invest just over $66 billion to keep the region on the move. The draft regional transportation plan, called Envision6, includes a 25-year, long-range plan, as well as a priority 6-year plan drawn from the larger plan.
“As the fastest growing major metro area in the country since 2000, it’s obvious to everyone that improving our mobility is a top priority,” said Sam Olens, ARC chairman. “With this 25-year plan, we’re doing more with less funding to focus on the most critical congestion challenges and give residents needed relief and greater choices.”
Highlights of the plan include implementation of the region’s first set of managed lanes, where commuters will have the option of traveling in free-flow conditions around the clock for a fee, as well as new transit options including expanded bus service, bus rapid transit systems, the Beltline project, as well as the transit spur from Lindbergh MARTA station to Emory University.
ARC planners are recommending a system of improved arterial roadways that can better connect commuters traveling across and around the region – presently denoted as the Metro Arterial Connector (the MAC). “As envisioned in the plan, the connector would use a system of mostly existing roads encircling the region – but improve and connect them more efficiently to provide cross-regional options for travelers trying to get from, say from Conyers to Fayetteville,” said transportation planning chief, Jane Hayse. “It became apparent in the plan development, that without much new “right of way” and building on our existing system, we could better connect the dots to create this new connector around our growing region.”
This regional transportation plan is the first to rank projects based on recommendations emanating from the Governor’s Congestion Mitigation Task Force. “The recommendations helped us focus investments on the greatest bottlenecks to give residents the most bang for the buck,” said Ms. Hayse.
The plan focuses 60 percent of its funding on managing and optimizing the existing transportation infrastructure and the other 40 percent on system expansion of roads, transit and bike and pedestrian facilities, as well as commuter programs to encourage carpooling, vanpooling, riding transit and teleworking.
“Even though we are working in a more constrained financial environment than ever before, with the help of our local governments and planning partners, I think we have crafted the best set of transportation projects we’ve ever had,” said Chairman Olens. “With limited funding, we have been able to offer more transit options, free-flow travel options in new managed lanes and a new regional connector.”
“We’ve had to make some difficult decisions and put some projects on hold that just don’t score as well as others or don’t have current funding identified. But, ARC has a priority list of some $4 billion in additional projects just waiting in the wings, should additional funding become available from new sources,” said Chairman Olens.
The draft Envision6 Regional Transportation Plan will be available for public comment through August 23. Please consult ARC’s Web site at www.atlantaregional.com for more information.
The Atlanta Regional Commission is the official planning agency for the 10-county Atlanta region, including Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Fulton, Gwinnett, Henry and Rockdale counties as well as the City of Atlanta and 65 other municipalities. The Atlanta Regional Commission serves as a catalyst for regional progress by focusing leadership, attention and planning resources on key regional issues.
