Weekly Market Update

For the Week Ending December 4, 2015 Please enjoy this quick update on what happened this week in the housing and financial markets. Recent economic data points to a stable and growing economy. Comments from Fed officials have markets anticipating the Fed will raise policy rates this month. The ECB has increased actions to stimulate the European economy. European economic weakness is not expected to prevent a Fed policy rate hike this month. Jobless claims continue to remain at levels consistent with a strengthening labor market. A strong labor market could contribute to the Fed's decision to raise rates. Private residential construction spending continues to rise, hitting the highest level in 8 years. Construction spending has now risen every month this year. New home sales were up significantly in October over September, and up year-over-year. Prices are also up, and supply remains tight but steady. Pending home sales were up slightly in October after falling the two previous months. Homes continue to sell quickly. Where does a snowman keep his money? In a snow bank. Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time. This Update is from my Prefered Lender ...  See Lenders.BillForrest.com

Annual Cross Creek Sales Data: Values are Up, Up, Up

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.

Data Summary: A Year of Increased Values

Data from the First Multiple Listing Service (FMLS), Atlanta’s primary real estate listing service, shows major growth among one- and two-bedroom homes. One-bedroom flats saw a 25% average sales price increase. Two- bedroom flats saw an even better 29.08% increase.

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.

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.

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

July is Renovation Month in Cross Creek

July is Renovation Month in Cross Creek

 With the dramatic increases in sold prices of updated condos in Cross Creek recently, it has created an environment that is idea for renovation.  As part of this, we have 3 condos coming on the market in July that are eligible for a renovation renew program.  All three have not been updated and are available at a price point that makes complete renovation possible in today’s market with 30 year financing.  

What this means is a buyer now has the opportunity to buy a Cross Creek condo and have it completely renovated to look like a new, fully updated to their taste, and fully financed. The buyer will have the option of choosing everything. From all new kitchen, flooring, movie star bathroom, closet system, lighting and more.  These three condos, once completed, will be the best looking homes in Cross Creek.

We have teamed up with two great partners to achieve this feat.  For this program, we have again teamed up with one of the best lenders in Atlanta to provide the financing.  Jason Randall with First Option Mortgage has been a great lender for us in Cross Creek exceeding client expectation and delivering what they promised time and time again.  Our construction partner is TrueSource.  They have a huge following in Atlanta of satisfied customers. TrueSource is providing the design services, wholesale sourcing, and true expert craftsmanship at a cost effective price.  Both of these great partners, like me, are residents of Cross Creek and are committed to help make our community the best it can possibly be.

       

The properties:

206 Triumph – 1 Bedroom 1 Bath

Is being offered for $105,900 renovated or 79,900 as-is

160 LaBlanc Place – 2 Bedroom 2.5 Bath Townhome with courtyard

This unit is being offered for $165,900 renovated or 145,900 as-is

Adrian Place – 2 Bedroom 1.5 Bath Townhome with courtyard

This unit is being offered for $162,900 renovated or 139,900 as-is

If you are interested in getting more information please give 

Bill a call at 404.353.9233 or email at Bill@BillForrest.com

Coming This Friday!

Coming This Friday 5/8

77 Montre Square in Cross Creek

RENOVATED Only $144,900

This one is more than move in ready, Its just awesome!  This is the best Orleans plan to come on the market in a very long time if ever.  It has been painstakingly upgraded with new electrical, Hot Water, All Flooring, All New Kitchen and Baths...the list goes on and on.  I love the walk-in shower with custom pebble floor.  This one sets the standard of what a Cross Creek condo can be.  You just got to see it in person!  On the market Friday 5/8/15

Cross Creek has had a renaissance as of late with homes closing up over 22% in value since January 2014.  We have a great HOA with well over 4 million in reserves and are well into extensively renovating the exteriors with NO ASSESSMENTS!  I live here and love it! So will your clients with 24/7/365 Manned Guard House/Gated Community, 3 Pools, Tennis, Executive 18 Hole Golf Course, Cafe, Bar and So Much More.  It truly is 'Buckhead's Best Kept Secret'  Call me to be properly briefed on all of the great changes happening at 'TheCreek' 404-353-9233 cell.

Give me a call for a EZ show appointment at 404-353-9233.  

All the Best,

Bill

If you like you can have a automated market report, like a 401K statement for your condo; sent directly to your email just fill this widget out...  No spam I promise:

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FIVE out of 936

FIVE out of 936

Back at the end of February and then earlier this week; I wrote a blog post about how Cross Creek had hit a critical point and was poised to really take off.  Since then things have really taken off in our real estate micro-market.  As of this morning there are only 5 Active condos available for sale. This is much less than one percent of the community and demonstrates a very hot marketplace.

My latest listing 1 Glenald Way went on the market Thursday afternoon and was under contract Friday morning. That was less than 24 hours.  If you have been thinking about selling now is the best time in 8 years to do so.  I do not recall Cross Creek ever having only 5 available homes for sale and I have been living here on and off  and selling Cross Creek since the early 90s.  I have buyers waiting for the right condo to come available and I would really like to talk with you if you are thinking about selling. Give me a call on my cell at 404-353-9233

Cross Creek has a great story to tell and the buying public has been listening.  The launch of the renovations with no assessments has been a great selling point. These numbers and the recent trend shows a stable and sustainable SELLER'S MARKET. Cross Creek represents one of the best values in Buckhead.  I believe that it is still majorly undervalued and we will continue to see double digit appreciation over the coming months.

If you like you can have a automated market report, like a 401K statement for your condo; sent directly to your email just fill this widget out...  No spam I promise:

Coming Thursday

Coming Thursday - One Glenald Way @ Cross Creek

Concorde Floorplan

2 Bedroom 2 Bath Flat

Wood Burning Fireplace

Smooth Ceilings

High-end Laminate Flooring

Granite Countertops

Stainless Steel Appliances

Terrace Level with Large Sunroom

So Much More for Only $144,900

Call Bill for Full Details

404-353-9233

Learn More About Cross Creek "Buckhead's Best Kept Secret" at:
http://www.CrossCreekATL.com
Selling Your Home For More at:
http://More.BillForrest.com

For those of you that are grammar hawks I know that there are huge grammatical flaws in my writing style.  I am an excellent REALTOR with a strong proven record.... I do not hold myself out to be a great writer....lol...  All the Best, Bill   

Seven out of 936

SEVEN out of 936

Back at the end of February, I wrote a blog post about how Cross Creek had hit a critical point and was poised to really take off.  Since then things have really taken off in our real estate micro-market.  As of this morning there are only 7 Active condos available for sale. This is less than one percent of the community and demonstrates a very hot marketplace. As things stand:

No One Bedrooms under $94,900

No Two Bedrooms under $135,900

No Three Bedrooms under $170,000

Personally, for the first time in a year I am down to only one available listing in our community. As you know scarcity drives prices higher.  I am really excited about the renaissance happening at 'The Creek!'  Currently I have four condos under-contract. Two of these are setting a new price record and have appraised. Since the beginning of the year, I have closed 5 of my listings here with three selling in less than a week for record prices. The team and I truly have the best marketing available. If you have been thinking about listing your home for sale please give me a call at 404-353-9233 or email Bill@BillForrest.com  and I will be happy to evaluate your home and give you an honest opinion of marketability and value. 

Cross Creek has a great story to tell and the buying public has been listening.  The launch of the renovations with no assessments has been a great selling point. These numbers and the recent trend shows a stable and sustainable SELLER'S MARKET. Cross Creek represents one of the best values in Buckhead.  I believe that it is still majorly undervalued and we will continue to see double digit appreciation over the coming months.


If you like you can have a automated market report, like a 401K statement for your condo; sent directly to your email click here: MyIntownHomeValue.com 

For those of you that are grammar hawks I know that there are huge grammatical flaws in my writing style.  I am an excellent REALTOR with a strong proven record.... I do not hold myself out to be a great writer....lol...  All the Best, Bill   

Cross Creek has Hit a Major Tipping Point

Cross Creek has Hit a Major Tipping Point

By Bill Forrest

Feb 23, 2015

As of this morning there are 20 homes Under Contract and only 10 Active and available for sale.  This is absolutely amazing for the middle of February in any community.  Cross Creek has not seen this kind of activity in 5+ years.  Cross Creek has a great story to tell and the buying public has been listening.  The launch of the renovations with no assessments has been a great selling point. These numbers and the recent trend shows a stable and sustainable SELLER'S MARKET

 For the first time in years there are no 2 bedrooms available under $130,000 and later today there will be no 1 Bedrooms under 95,000. My 2 bedroom flats listed at 154,900 and 155,900 are Under Contract in record time.

Cross Creek represents one of the best values in Buckhead.  I believe that it is still majorly undervalued and we will continue to see double digit appreciation over the coming months. We took a big hit in sales prices starting 8 years ago. Many attribute that to the overall real estate marketplace but I believe it was more so due to the loss of FHA approval.  See my blog post about FHA and what it means.

If you have been thinking about listing your home for sale please give me a call at 404-353-9233 or email Bill@BillForrest.com  and I will be happy to evaluate your home and give you an honest opinion of marketability and value.

For those of you that are grammar hawks I know that there are huge grammatical flaws in my writing style.  I am an excellent REALTOR with a strong proven record.... I do not hold myself out to be a great writer....lol...  All the Best, Bill