As a longtime resident and Cross Creek's top-selling real estate professional, part of my job is to keep track of the activity here in Buckhead’s best-kept secret. After reviewing the sales over the past year, I’m happy to report that my predictions were correct: Cross Creek values saw amazing gains over the past 12 months and I’m happy to share the good news.
If you’re not familiar with Cross Creek, let me introduce you. Cross Creek Country Club is a 900+ unit golf/swim/tennis resort community tucked away on 122 acres of beautifully maintained land in Buckhead, Atlanta, Ga. Learn more in my video overview.
Though I suspect three-bedrooms and townhomes have followed the upward trend, there’s not quite enough data to illustrate it. At the end of the third quarter this year, there were several pending sales, but none had closed. The townhomes are showing great improvement and the three-bedrooms are starting to inch above $200,000 and even more if renovated recently.
Another important data figure is the days on market — how long a home is listed before it sells. Like the sales averages, those numbers have improved as well. In 2015 alone, one bedroom homes went from 67 days on market to just 36 days. While two-bedroom flats and townhomes showed a less significant change, the current averages of 19 days and 8 days, respectively, are much stronger than industry standards.
To put it simply: homes at Cross Creek are selling for more now than this time last year, and they're selling in about a month or less, on average. Contact me today to discuss your home's current market value. It's probably more than you expect.
How I’m Promoting the Upward Trend and Why It's Important
As a Cross Creek resident, I've got a personal stake in community values. Luckily, as an agent, I can help do something about them. Every time I help a seller get the most for their properties, I'm helping contribute the highest possible sale toward quarterly averages and overall value. I've been personally responsible for 24 closings in 2015 alone, more than any other agent, as you can see in the graph below.
There are several reasons why I've closed twice the number of homes as my fellow agents for the second consecutive year. Chief among them, I believe my team's exceptional marketing speaks for itself. Better photos and truly professional listings bring more attention. More attention brings better offers. Better offers mean better sales. As word spreads, so does the list of clients who've seen firsthand how much I love living and working here.
Also, after working directly with several buyers and chatting with countless buyer's agents this year, I realized many of them weren't aware of Cross Creek's ongoing improvement. Our amenities are unique to the area, and our recent renovations are worth sharing. To help better educate outside agents and their buyers, I commissioned professional videos featuring all of Cross Creek's offerings, including our strong reserves, active homeowner's association and other factors that make our community so unique in the heart of Atlanta. I know you and our potential buyers will be impressed by the finished product.
The Future
No one can be absolutely certain, but the sales trend in Cross Creek seems to be headed toward a more traditional route with a slight cooling of the market for fall/winter 2015. One item slowing the sales process throughout the marketplace is the implementation of new lending standards called TRID. This is a momentary speed bump without long-term implications.
I'm most concerned about the changes to FHA loan guidelines as it addresses the calculation of overall debt-to-income ratio with respect to student loans. In a previous post, I talked about why FHA was great news for Cross Creek.
I'm most concerned about the changes to FHA loan guidelines as it addresses the calculation of overall debt-to-income ratio with respect to student loans. In a previous post, I talked about why FHA was great news for Cross Creek.
A lot of the purchases I've seen this year have had FHA financing due to student loan constraints of a conventional mortgage. That FHA advantage has just been curtailed with these changes. We'll see how it affects our neighborhood in the coming months.
Overall, I believe we'll continue to see above-national-average appreciation at Cross Creek, but I don’t expect 2015's level of gains to continue over the next 12 to 24 months. Prices will eventually plateau, but no one can say when.
Overall, I believe we'll continue to see above-national-average appreciation at Cross Creek, but I don’t expect 2015's level of gains to continue over the next 12 to 24 months. Prices will eventually plateau, but no one can say when.
As always, I am committed to maximizing values in our community. I would be happy to talk with you about the current market value of your condo, how to best maximize your equity, long-term equity planning, and if renovations will provide a return. Bring any real estate questions you might have, and feel free to share my contact information with anyone you know who's interested in buying or selling in the metro-Atlanta area.
Bill Forrest, Team Leader+Associate Broker
Common Ground Real Estate+PalmerHouse Properties
404-353-9233 • bill@commongroundrealestate.com
Broker: 404-876-4901
Bill Forrest, Team Leader+Associate Broker
Common Ground Real Estate+PalmerHouse Properties
404-353-9233 • bill@commongroundrealestate.com
Broker: 404-876-4901
