4Realz Roundtable lands Lawrence Yun
Posted: July 19th, 2008
Category: real estate news
Lawrence Yun is the Managing Director of Quantitative Research Chief Economist and Senior Vice President of Research at the National Association of REALTORS®, where he manages the Statistics and Forecasting Groups of the Research Division. He writes regular columns on real estate market trends, creates NAR’s forecasts, and participates in many economic forecasting panels, including Blue Chip and Harvard University Industrial Economist Council.
Dustin Luther’s virtual real estate roundtable hosted a discussion on July 17, 2008 with Lawrence Yun. I was able to listen live and joined in the online chat room with many Realtors and industry experts from across the country. I learned a lot from the guests, but mostly took away that real estate is very local and what I see in Atlanta is not the same as what’s happening in Seattle (and many other examples of localism).
Mr. Yun thinks the housing crisis is nearing an end and consumer confidence seems to be the biggest factor hurting the markets right now. What do you think?
Listen to the chat and I’d love to hear your comments below.
Discussion: Comments
A Tour of Cobb County’s Finest Schools
Posted: July 18th, 2008
Category: Marietta Real Estate
After a series of blog articles on swim/tennis communities in East Cobb County, I started to think about doing another series of articles that would coincide nicely with my previous work. I began to think about what criteria buyers find to be most important when starting their initial home search.
I have found that in my experience as REALTOR, the schools play a major factor on your decision to purchase a home in a certain area. For some people, that is all that matters to them and some may be looking at the future resale value of the home as well. All in all, the prestige that comes along with living in a good school district can weigh very heavily on a home buyer’s decision to purchase a home.
According to facts published by Cobb County School District, the Cobb County School District is the second largest school district in the State of Georgia and expects to educate more than 107,000 students for the 2008-2009 school year. Facts also state Cobb students consistently score above national average on norm-referenced tests, 80% of 2007 seniors took and scored a combined average score of 1534 on the SAT’s, compared to the national average of 1511 and a state average of 1472. Cobb currently has six Magnet Programs- Campbell High School, Kennesaw Mountain High School,North Cobb High School, Pebblebrook High School, South Cobb High School, and Wheeler High School. The 2008 Advanced Placement Certified Schools that encourage participation in advanced course work at the Demostration level are- Harrison High School, Kennesaw Mtn. High School, Lassiter High School, Osborne High School, Pope High School, Sprayberry High School, Walton High School, and Wheeler High School.
I have decided to start my focus on Distinguished schools located in East Cobb County and work my way around to the remainder of Cobb County’s Distinguished Schools. In order to have received the Distinguished School status The school must have made adequate yearly progress for three or more consecutive years.
As a resident of Cobb County and a REALTOR that primarily works in the Cobb County area, if you are considering a move to the Atlanta- metro area, Cobb County is definitely the place to be! With the great schools and great location, what more can you ask for?
Stay tuned for the first school on my list in “A Tour of Cobb County’s Finest Schools”…. Lassiter High School
For more information on Marietta Real Estate, Cobb County Real Estate, East Cobb Real Estate, or East Cobb Swim/Tennis Communities please feel free to contact me!
Discussion: Comments
Commercial Lease Legal Issues Checklist
Posted: July 16th, 2008
Category: commercial news
Our resident commercial real estate attorney has written his Top 10 Checklist for Commercial Lease Legal Issues to help you consider the important issues that come up in your lease.
- Confirm all financial and legal terms from lease LOI and properly reflected in the lease document.
- CAM Charges:
a) Did landlord included capital expenses in CAM.
b) Are CAM charges capped on an annual basis and is this CAM cap a cumulative one?
c) Is there an audit right, what are terms for an approved audit firm, under what circumstances is the landlord responsible for tenants fees if there is a CAM overcharge.
- Repairs
a) Does the lease clearly explain what repairs the landlord or tenant is responsible for especially as applied to HVAC.
b) Does lease require that the landlord repair the roof only to pass such repair through as a CAM charge.
- Indemnification: Does the lease include a corresponding provision that Landlord indemnify tenant for landlord’s negligence although many landlords will use the higher standard of gross negligence when a tenant requests this provision.
- Personal Guaranty: Does the personal guaranty permit its termination prior to the end of the lease term. Does the personal guaranty cover just the “guarantor” or “guarantor and its assigns”.
- Assignment:
a) Does the lease require Landlord’s consent in Landlord’s sole discretion (it need not justify its reason for giving or withholding consent) or that it won’t be unreasonably withheld (a justifiable reason must be given for withholding approval).
b) If lease is assigned does it also permit the termination of the guaranty and if so such termination language must also be in the guaranty.
- Tenant Buildout:
a) Make sure buildout is paid for by landlord and not a loan to tenant that must be repaid.
b) If landlord does not timely complete the buildout there should be liquidated damages such as free rent for each day of delay.
c) If landlord’s failure continues beyond a certain time period the tenant has the right to terminate the lease.
- Use of the Premises: general office versus a medical office. This distinction is important if a tenant wishes to sublease space. Medical office is a far narrower use than general office and therefore, far more restrictive when looking for prospective sublease tenants.
- Option To Renew:
a) Lease should spell out time period required for notice, (i.e 120 or 90 days prior to lease term ending.
b) Lease must include some basis for calculating the new rent for the option period, it cannot say fair market rent at the time of the option.
c) The tenant should be aware that the option period may allow landlord to bring current the CAM charges if they had been capped prior to the renewal term.
- Right to Relocate Tenant: Many leases allow the landlord to relocate tenant under certain circumstances. The lease should be clear that if this happens landlord will pay for the entire move and the new space is substantially the same or higher in quality than the existing space.
If you have questions, please contact Justin.
JUSTIN S. DANIELS
WAGNER JOHNSTON & ROSENTHAL, P.C.
5855 SANDY SPRINGS CIRCLE, SUITE 300
ATLANTA, GEORGIA 30328
PHONE 404-261-0500
EMAIL: JSD@WJRLAW.COM
Discussion: Comments
Wachovia Economic Report Highlights
Posted: July 14th, 2008
Category: real estate news
Thanks to David Bell for proving these highlights on Wachovia’s July Economic Report. (bold emphasis added by me)
Modest consumer spending, a pullback in commercial construction and lower growth in exports has resulted in a lower forecast for 2009.
Inflation remains at the top end of the Fed’s target range, due to higher priced imports, energy and food.
Sub-par economic growth suggests the Fed will keep interest rates on hold through the end of 2008.
Consumer spending is likely to remain weak after the initial stimulus from tax rebates.
Business fixed investment is also expected to be weak, given slower revenue expectations, tighter credit, and reduced profits.
Trade remains a positive in the economy, and is expected to add one-half to one percent growth for the second half of 2008.
The weak dollar and strong growth in several international markets are driving demand.
Short-term interest rates are likely to remain in range, while long-term rates are expected to increase once the turmoil in financial markets subsides.
Read the entire July Report from Wachovia.
Discussion: Comments
Cherokee Co. Considers Floating Homestead
Posted: July 10th, 2008
Category: Atlanta Real Estate
The July 15th Primary Ballot contains a referendum for the purpose of establishing a “floating” homestead exemption.
An Act to Amend Property Assessments- House Bill 1269
“Shall the Act be approved which provides a homestead exemption from Cherokee County ad valorem taxes for county purposes in an amount equal to the amount by which the current year assessed value of a homestead exceeds the base year assessed value of such homestead?”
What Does it Mean to Homeowners?
The simple purpose of this measure is to protect homeowners, who occupy their home, from increased assessments. If approved by voters, property owners who receive a “homestead” exemption will have such exemption increase dollar for dollar with any increase in assessment. Thereby creating a “floating” homestead exemption.
This floating homestead exemption would only apply to the portion of a homeowners tax bill associated with county or city government. It does not impact the portion of the tax bill associated with the local school system.
The practical effect of this measure is to freeze the assessment portion of the property tax formula for homeowners. Under this plan a homeowners property tax would only go up if the local governing body votes to raise the tax (millage) rate. Again, it is important to note, this does not pertain to the school funding portion of a homeowner’s property tax. It is also limited to homestead properties. Commercial and other non-homestead properties, do not qualify.
I’d love to hear what our readers think on a floating homestead for Cherokee?
Discussion: Comments
Home Search
Join the Conversation
- Atlanta real estate
- marietta real estate
- woodstock real estate
- holly springs real estate
- canton real estate
- ball ground real estate
- jasper real estate
- ellijay real estate
- alpharetta real estate
- roswell real estate
- waleska real estate
