You are currently browsing the monthly archive for March, 2007.
This SuccessCast is an excerpt of TSTN’s (The Success Training Network) dynamic programming. The Real Estate Guys is a fun and quirky show in which real estate guru Robert Helms and financial strategist Russell Gray break down the elements of real estate in a non-traditional way. Robert and Russ explain the differences between cash flow and equity, achieving profitable property management and bigger deals for bigger dollars. The guys show you that real estate is tangible, safe, stable, affordable, understandable, controllable, and most importantly, can make you very wealthy.
Excerpt taken from GlobeSt.com on March 2, 2007
A joint venture of locally bases Kairos Development and New York City-based Real Estate Capital Partners is developing the $51 million, 71-unit Astoria at the Aramore Condominium project at 2277 Peachtree Rd. The project will include 28,000 square feet of office space and 5,700 square feet of street-level retail space. The project is the third and final phase of the Aramore residential complex located in the Peachtree Battle neighborhood. Earlier phases were completed in 2003 through 2004 and included 124 residential units with 18,000 square feet of street-level retail. Units average 2,000 square feet and are being sold for an average of $750,000. Construction is expected to begin in early March with Batson-Cook as the general contractor. Project completion is anticipated in spring 2008. “The project sits on the border of Buckhead and Midtown so the location is excellent,” says one source close to the project.
Excerpt taken from Inman News
Better economic conditions in February boosted consumer confidence to its highest level since August 2001, the Conference Board reported recently.
Lynn Franco, director of The Conference Board Consumer Research Center, said the combination of “improving present-day business conditions” and less difficulty finding jobs helped to lift consumers’ spirits.
The consumer confidence index climbed to 112.5 in February form 110.2 in January, as the number of consumers claiming business conditions are “good” rose and the number of those saying conditions are “bad” fell.
The outlook for the labor market was upbeat, with just 14.1 percent of consumers surveyed expecting fewer jobs in the months ahead compared with 15.6 percent in January.
“All in all, it appears that the pace of economic growth exhibited in the final months of 2006 has carried over into early 2007 and may have even gained a little momentum,” Franco said.
The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households.
Senior Vice President, Managing Broker
Sandy Springs office
As a consumer, whether you are a buyer or seller of real estate, you should be aware of certain laws regarding equal opportunity in housing.
The Federal Fair Housing Act makes it illegal to discriminate in the sale, lease or rental of housing because of the following seven protected classes. Remember the acronym, FRESH CORN and that will remind you of what these protected classes are:
F Familial
R Race
E
S Sex
H Handicap
C Color
O
R Religion
N Nationality
As you can see, everyone is in a protected class. There are no exceptions! As a home buyer, you have the right to expect housing will be available to you without discrimination. On the other hand, as a seller you have a responsibility under the law not to discriminate in the sale, rental and financing of property, based on the above protected classes. If you are found to be in violation of this law, a federal lawsuit could be filed against you by the prospective buyer, the real estate agent, or the Federal Government.
Since all Jenny Pruitt & Associates’ agents are members of the National Association of Realtors, we are bound by the Code of Ethics regarding Fair Housing. As a result, our agents can educate you, the consumer, on how transactions should be handled with regard to this very important topic.
If you are contemplating placing your home on the market there are so many things, you as the seller, must think about. “Clean-up, fix-up, paint-up” was a slogan used in a community clean up campaign when I was a child growing up in Memphis, Tennessee. The slogan was always placed under a picture of a Bugs Bunny type cartoon character called “the good habit rabbit.”
The campaign was introduced in the springtime to encourage people to make things around their home look clean and fresh in turn making our town look beautiful. Many years ago Memphis won recognition for being one of the cleanest cities in the U.S. and for being the city with the most churches within a city limits.
All that said it is a given that an important first step in marketing your home is to repair and or replace items which need repair, put on a fresh coat of paint if needed and to make sure you home looks its best inside and out. The next step is to select a REALTOR from Jenny Pruitt & Associates REALTORS to discuss with you ways to expose your home to the buying public, to other REALTORS who work in the area and to buyers relocating from other cities. Most importantly you want to select the company with the absolute best web presence.
When you think of selling your property, call the professionals at Jenny Pruitt & Associates REALTORS.
Rob Owen
Senior Vice President, Managing Broker
Buckhead office
You are invited to come and explore
the latest trends in Home Design
at our Johns Creek Office
Saturday, March 24th from 10am - 1pm
Meet one-on-one with the some of the area’s top design experts.
Design Showcase brought to you by Jenny Pruitt & Associates, REALTORS.
Also - we will have a a drawing for a weekend getaway at
The Ritz-Carlton Lodge at Reynolds Plantation!
7350 McGinnis Ferry Rd (1/2 mile East of 141)
For more information, please call (770) 497-2000.
Over the weekend, we visited the Atlanta Botanical Gardens, where on exhibit in the Fuqua Orchid Center is the Orchid Daze with Fräbel: Glass Impressions.
On view through the first of April, this exhibit features orginal Fräbel designs interspersed with the natural organic beauty of the conservatory. We had a wonderful time searching for the artwork while marveling at the unique designs and artistry of the glasswork.
The conservatory is replete with unique species of orchid, including this intriguing Lady Slipper. Visit the Atlanta Botanical Gardens soon - the blooms are almost ready for a stroll outside, and even on a rainy day, visitors can escape into the Rain Forest or the conservatories.
According to Flipping House Tips.com, “flipping houses for profit - buying, refurbishing, and re-selling properties - is one of the most popular ways of making money from the property market. Whether you are buying ugly houses for a major makeover or undertaking more cosmetic home improvements, making the right decisions at each step of the process is critical to the financial outcome.”
The video below, taken from ABC News, Money Matters features Barbara Corcoran, founder of the Corcoran Group who discusses the pros and cons of property flipping.
*The Corcoran Group was founded in 1973 in New York City. Corcoran began her journey by targeting specific neighborhoods and concentrating on higher-end properties. With that strategy, the company quickly rose to prominence and, thanks to the acquisition of major real estate companies in Manhattan and Brooklyn, today is one of the largest residential real estate firms in New York City.
Excerpt taken from the National Association of Home Builder’s online weekly newspaper
Mirroring what is occurring in many of the nation’s top housing markets, conditions in the Washington, D.C. metropolitan area, which includes Northern Virginia and the Maryland suburbs, show that the market correction is winding down during the first half of this year, according to Stephen Fuller, director of the Center for Regional Analysis at George Mason University.
The first in a seriers of reports commissioned by the Northern Virginia Building Industry Association and the Maryland National Capital Building Association, the study - “Understanding the Local Housing Market” - suggests significant repercussions for prospective buyers who delay their purchases much longer in hopes that they will find even better deals in the local housing market. Excess units on the market are already beginning to dwindle, and prices are expected to stabilize by the middle of the year, the report concludes.
The area’s “housing supply increased rapidly as investors dumped their units onto the market in an effort to capture the value gained in the preceding years,” the study says. Simultaneously, higher energy costs, interest rate fears and media speculation over the housing slowdown exacerbated the temporary softening in demand during the latter part of 2005. The process of “normalization” continued last year, and it accelerate when energy prices rose further during the second quarter.
Looking out to 2010, Fuller expects to see a return to average annual housing price appreciation of 7% and annual supply shortfalls of approximately 15,000 units.
For the full story, please click here.
Senior Vice President, Director of New Homes Division
Corporate office
Many people often ask themselves, are there benefits of owning a second home? The easy answer to most, is “yes!” Whether you are purchasing your second home as a personal vacation place or as a rental property, a second home can be a wonderful part of your total income portfolio. Make sure you discuss your tax implication with your accountant before you buy, so you can make the most of your home investment.
Your decision to invest in a second home has the ability to pay-off in several ways. As 
most homeowners are aware, one of the financial benefits can be the tax-deductible interest. There also can be nice appreciation in the value of your vacation home.
Another option is to use your second home as a source of rental income. Renting your home out for part of the year can certainly help with the costs of owning a second home. If you want to use your second home strictly as rental property, there my be added benefits and even more tax benefits to you as an owner. The idea of a long-term renter in your second home could be one way to have the second home pay for itself. This could become an important part of your total investment portfolio upon retirement.
There is great merit in the idea of getting the benefit of a tax break now and possibly end up with a home without a mortgage when you retire! Purchase a second home in a location where you would like to live when you retire, whether at the ocean or in the mountains!
Again, you will need to discuss these possible benefits with your tax adviser. If you need the name of a tax professional, or more information about second homes, you should contact your Jenny Pruitt Associate for more information.
Senior Vice President, Managing Broker
Sandy Springs office
Excerpt taken from USA Today, 2/23/2007
Forbes Top 10 List Starts at $100 Million
For a mere $138 million, you can own a cozy 103-room English country home with a panic room, marble driveways and helipads - a property that tops the 2007 Forbes annual list of the world’s priciest homes for sale.
Updown Court in Windlessham, Surrey has 58 acres of gardens and woodlands, five pools, 22 marble bathrooms and more than 50,000 square feet of living space. Oh, and a bowling alley, too. The list posted on Forbes.com did not name the seller.
A close second is The Hala Ranch, a 95-acre property in Aspen, Colo., owned by Prince Bandar bin Sultan, the former Saudi Arabian ambassador to the United States. Asking price: $135 million. The 56,000-square-foot mansion has 15 bedrooms and 16 baths.
Who are the prospective buyers?
“These properties are marketed internationally,” says Joshua Saslove, president of Joshua & Co., the listing broker of the The Hala Ranch.
Where would opulence be without Donald Trump, whose Maison de L’Amitie is up for sale at an asking price of $125 million. Trump bought the estate in 204 for $41.25 million at a bankruptcy auction, Forbes.com said. The Palm Beach, Fla., abode is adorned with 475 feet of oceanfront.
Listed for $100 million each are Tranquility, in Lake Tahoe, Nev., a 210-acre estate owned by Tommy Hilfiger co-founder Joel Horowitz; and Waterfront Estate in Istanbul with a nearly 200-foot-long quay.
Senior Vice President, Managing Broker
Cobb office
With daylight savings time, blooming flowers and warmer weather, it is undeniable that spring is in the air. With that, comes the urge to “spring clean” and make some home improvements. Taken from Realtor.com, here are a few tips and ideas on how to prepare your house for the spring.
- Review the contents of your medicine cabinets and throw away dated prescriptions and over-the-counter medicines. Be sure all medicines are out of the reach of children or contained in a cabinet equipped with childproof locks.
- Celebrate spring by cleaning the garage. Hold a yard sale, or organize a community yard sale with neighbors. Dispose of paint thinners, household cleaners and pesticides properly. Contact your city’s department of public works to find out the next scheduled collection of hazardous materials.
- Clean the refrigerator, inside and out, with mild detergent. Remove all trays and shelves, wash, and allow to dry thoroughly before replacing them. Remove old ice from ice-making tray.
- After heavy rains, inspect your basement walls for signs of moisture. If you detect wetness, run a portable dehumidifier. If condition persists, consult a waterproofing contractor. Check to make sure your sump pump works properly by pouring water into the pump silo to raise the float and activate the motor.
- Test the pressure and temperature relief valve on your water heater by opening it and allowing some water to flow out. If little or no water flows out or it doesn’t shut off, replace it. Bad valves can cause explosions.
- Spring is a good time to build a doghouse. Make sure to provide adequate roof ventilation to allow hot air to escape. And don’t use pressure-treated wood in any area where your dog might chew it.
Article taken from the AJC.com. Published 2/1/2007.
The new year is here and now is the time to assess last year and create a budget for expenses in 2007. One thing sure to bust a good budget is the need to repair or replace a major household appliance or component.
To help you with your budget for the coming year, here is a list of common household appliances and components, their life expectancies, and replacement costs. Remember, depending on the quality and size of the appliance or component you purchase, these costs may vary greatly. The estimates are intended to be an indication of average costs.
It is time for the Greater Atlanta Home Builders Association’s 2007 Spring Parade of Homes! During the parade, you can tour more than 130 homes from 64 different builders in communities throughout the metro Atlanta area, and you’ll see that it’s a great time to buy a home. Interest rates are still at some of the lowest rates they’ve been in decades, and the Parade’s homes represent the best of all types, styles and price points on the market.
Excerpt taken from ABC News, March 9, 2007
Bill Gates, Warren Buffett Top Record-Breaking Forbes Magazine’s Billionaires Rankings
What could a Chinese dumpling maker and Mexican mogul possibly have in common? They’re among a record number of wealthy people who held the title of billionaire over the past year. The tally of billionaires around the globe reached a high of 946, their combined wealth growing 35 percent to $3.5 trillion, according to Forbes magazine’s 2007 rankings of the world’s richest people.
The rich cashed in on strong equity markets, real estate and commodity prices worldwide, according to Forbes billionaires co-editor Luisa Kroll.
“It’s just been kind of an extraordinary year for markets worldwide,” she said.
Leading the list are two men who manage to keep getting richer as they give more and more money away. Microsoft founder Bill Gates ranked No. 1 for the 13th straight year, beating out friend and fellow philanthropist Warren Buffett, chairman of Berkshire Hathaway Inc.
Gates’ fortune rose #6 billion to $56 billion last year, while Buffett garnered in an additional $10 billion to boost his net worth to $52 billion.
Only five Amercans ranked in the top 20, through they account for 44 percent of the overall list.
For the complete story, click here.
*In 2001, Jenny Pruitt & Associates was purchased by HomeServices of America Inc., a Berkshire Hathaway affiliate (with majority ownership by Warren Buffet). HomeServices, based in Minneapolis, is the second-largest, full-service independent residential real estate brokerage firm in the United States.
Homebuilders and real estate agents are starting to pay more attention to single women, a significant - and growing - segment of the nation’s home-buying market. While married couples are still 60 percent of homebuyers, their market share has dwindled from 70 percent 12 years ago. Meanwhile, statistics from the National Association of Realtors show unmarried women accounted for 22 percent of sales last year, up from 14 percent in 1995. Single men, on the other hand, accounted for just nine percent of home sales in 2006 - unchanged from the mid-’90s, the Realtors association says.
Experts say the trend is ripe with opportunities for condominium builders and sales agents who specialize in the smaller, low-maintenance houses that agents say single women prefer. Builders already target women when decorating many model homes, emphasizing the lighter colors they believe women favor and showcasing upgrades in rooms such as the kitchen. Real estate agents say that they emphasize a neighborhood’s safety and the security of attached garages when talking with single women interested in buying a home.
Analysts say this home-buying phenomenon is rooted in societal changes, including the fact that women are waiting longer to get married. Married women who get divorced also are less likely to remarry - and remarry less quickly than men, according to a 2006 study by Rutgers University’s National Marriage Project. Another factor is the economic gains college-educated working women have achieved.”
They are a solid majority of the college students inAmerica today, and for several years now they’ve been taking home a solid majority of the bachelor’s and master’s degrees earned in this country,” says demographics expert Peter Francese. “They have substantial money-making capabilities and will do so far into the future.” New Hampshire-based Francese says women are 58 percent of U.S. college students and slightly more than half of managerial and professional workers.
A Harvard University study last summer found that unmarried women are buying about one million houses yearly, and between 2002 and 2003 they spent $550 billion on residential real estate. The study, from the university’s Joint Center for Housing Studies, said single women prefer homes in the city to the suburbs and tend to shy away from new construction. Most buy smaller homes or less expensive condominiums that give them a stronger sense of safety while requiring less maintenance.
According to City of Atlanta statistics, as of October 2006, metro Atlanta has 53 LEED certified and registered projects totaling more than 13 million square feet. In fact, Atlanta is a test market for a brand associated with projects that meet LEED criteria. The brand is specific to residential homes and is called an EarthCraft House. One of the project leaders stated that a public benefit of an EarthCraft House is “reduced impact on the natural environment, reduced traffic and infrastructure demand.” The four projects with EarthCraft Homes include:
- Vickery - located north of Atlanta near Cumming has a mix of housing types and price points in a pedestrian friendly village
- Serenbe - located south of Atlanta and plans include and emphasis on the protection of green space
- Glenwood Park - a mixed use re-development project in Atlanta that is pedestrian friendly
- Clark’s Grove - located in Covington, the development features a Department of Energy Building America demonstration home
Atlantic Station also incorporates many of these same environmentally friendly practices and is a model for smart growth especially in cities where the population growth and infrastructure changes aren’t always concurrent. In short, Atlanta is a great place to live! Overall, we are making great strides and Atlanta is considered and early adopter of these environmentally friendly practices. Progress is already in motion and we’re glad to be on the right track!
Vice President Career Development
Sandy Springs office
by Matt Woolsey, forbes.com
Along Australia’s Gold Coast and across the French Riviera, they sit above the beach offering extraordinary views of the sea. In the U.K. they are palaces that humble the Queen’s Belgravia mansions.Others range from landed estates throughout continental Europe to nature preserves in Zambia.
These are some of the world’s most expensive properties, and the prices are as unique as the homes. Saudi Prince Bandar bin Sultan’s Aspen ski lodge lists for $135 million, while 6,000 miles away, a 64-room Istanbul waterfront mansion asks $100 million.
“You’re definitely talking about the highest end of the market here,” says Joshua Saslove of Joshua & Co., an Aspen, Colo.-based affiliate of Christie’s Great Estates. “The net worth of the buyers and the sellers is such that they can do whatever they want.”Feeling a little less flush?”
A modest $18 million will get you South Africa’s priciest pad. But you’d better act quick; with international real estate company Knight Frank calling the country one of the quickest growing real estate markets, that affordability could soon change.
Buyers’ Bios
Whether they’re plunking down $20 million or close to $200 million, in Hong Kong, New York or
Rio de Janeiro, potential buyers are generally cut from the same cloth.
They are wealthy globetrotters looking for a second, third or fourth home, and don’t mind gassing up the jet if it means owning a beautiful property. Americans, Arabs and Europeans have long bought getaways across the globe, but increasingly the rising wealth in China, India and Russia is raising the world’s luxury watermark.
And while no one besides Indian steel tycoon Lakshmi Mittal has ever shelled out more than $100 million for a home (he did so in 2005, when he snapped up a Kensington townhouse for $127 million), there are plenty available.
Dream Homes
Though it hasn’t yet been built, Tim Blixseth is asking $155 million for his planned Montana lodge. He says that several members of the Forbes 400 have already expressed interest in what will be a 53,000-square-foot stone-and-wood mansion in the billionaire’s members-only Yellowstone Club.
But until Blixseth finishes construction in 2008, this year’s top property sits across the Atlantic in Surrey, England. For $138 million a buyer gets a palatial 103-room, 58-acre estate, which rivals regal Buckingham
Palace and Hampton Court Palace in size and luxury.
Dishing The Data
For the third consecutive year, Forbes.com compiled lists of the world’s most valuable properties on the market in every continent, excluding Antarctica. We scoured international real estate listings and spoke to top brokers around the world, restricting our list to homes and apartments, not including apartment buildings or plots of land. We allowed for some commercial properties such as ranches or vineyards, but only if the property also featured a residence worthy of the list.
Still, discovering every top-tier property is impossible. Many owners sell their homes only to preselected buyers, and hide their asking and sales prices. This can help owners conceal the value of a home for tax purposes, and keeps fellow aristocrats from regarding them as gauche for announcing a $100 million property to the world.
In France, for example, this year’s highest listing is $65 million for an elegant Cote d’Azur gem perched above the
port of Saint Jean, with views of Beaulieu and Monaco.
But realtors say there are many more available on the sly.
“We have a chateaux priced at more than 50 million Euros ($65 million),” says Thierry Journiac of Terra Cognita who said owners of the country’s priciest properties very rarely make public listings. “But, in general, the most expensive estates in France are private mansions inside Paris called ‘hotels particuliers’ with prices which can be above 100 million Euros ($130 million).”
The numbers are in, and Jenny Pruitt & Associates once again has the highest average sales price in metro Atlanta. Additionally, we have had the lowest days on market for the most recent quarter. Thanks to our sales associates’ professionalism and commitment to impeccable customer service, we are firmly situated in the Atlanta residential real estate community with the strongest numbers in what matters most to our buyers and sellers.
If you are considering buying or selling a home in the fast-approaching spring market, please contact one of our sales associates.
