You are currently browsing the monthly archive for May, 2007.
Jenny Pruitt & Associates recently enjoyed a visit from Paul Boomsma, Executive Vice President of Luxury Portfolio. Agents attended a company-wide meeting and learned more about Jenny Pruitt & Associates’ affiliation with The Luxury Portfolio Fine Property CollectionTM, the luxury face of a well-established international real estate network, dominated by many of the world’s most powerful independent luxury brokerages. Luxuryportfolio.com is an award-winning website launched in 2005. In their very first year grew to feature more than $1 million-plus properties than any other luxury real estate organization.
In addition to the website, Luxury Portfolio is the only luxury network to showcase listings to high net worth through their unprecedented exposure both nationally and internationally in prominent advertise in publications such as Departures, ForbesLife, Town & Country, Veranda, Villae International, Robb Report and more. At the same time, Luxury Portfolio is successful at attracting luxury consumers through striking advertisements in publications such as Wall Street Journal, Unique Homes Magazine, and duPont Registry of Fine Homes.
Karen McRae, Jenny Pruitt & Associates Senior Vice President and Director of Relocation and Business Services adds, “Paul presented an extremely comprehensive analysis of hte most effective and successful marketing strategy available for luxury properties. His knowledge and experience in creating Luxury PortfolioTM, a premier luxury marketing program, demonstrates his credentials in both print and online target marketing for unique properties. We all enjoyed his time with us and our agents were very pleases to learn about the opportunities for their clients. Our long time affiliation with Luxury Portflio’s parent company, Leading Real Estate Companies of the WorldTM is important to Jenny Pruitt & Associates and we are pleased to represent them in the metro Atlanta market.”
Excerpt taken from the April issue of the Inside Gwinnett
Now that spring is here, many people have the bug, the home-buying bug! With a little planning anyone anyone can make a wise decision buying.
You may think the most critical issue in your next purchase is the home itself. While that tip is priority, you have many other considerations that will make your next move the right move. Here are a few things to consider when searching for that perfect community for you:
- Know your schools – Whether you have school age children or not, good schools means a great investment. Check school test scores on the Internet and ask about future zoning issues.
- Know your location – Drive to work during rush hour from the areas you are most interested in. Consider your priorities. What would an additional hour at home mean to you or would you love that travel time if ti meant the perfect home?
- Know your neighborhood – Before you zero in on the perfect home you should get to know the neighborhood. Drive around. Is pride of ownership evident in the community? Talk to the neighbors. Do you want a Brady Bunch neighborhood or a Friends neighborhood?
- Know your passions – Do you love to fish? Is tennis your passion? What is your most important need in a community? Is it shopping or easy access to major highways? Do you love to walk? Do you want low maintenance or do you crave a large private lot?
- Know your surroundings – One of the scariest things is to buy next to vacant land. How is it zoned? Can something be built behind you? If so, what would it be? Are you surrounded by lower priced homes or higher priced homes? These will all impact your future values!
Sales of new homes surged in April by the biggest amount in 14 years, but the median price of a new home dropped by the largest amount on record. The mixed signals left no clear picture of whether the worst of the nation’s housing slump is over.
The Commerce Department reported that sales of new single-family homes jumped by 16.2 percent in April to a seasonally adjusted annual rate of 981,000 units. That was far better than the tiny 0.2 percent gain that economists had been expecting.
However, the median price of a new home sold last month fell to $229,100, a record 11.1 percent decline from the previous month. The big price decline indicated that builders are slashing prices in a n effort to move a huge overhang of unsold homes.
The jump in sales was the biggest increase since a 16.4 percent surge in new home sales that occurred in April 1993.
However, analysts cautioned against reading too much into the big gain, especially in light of other surveys showing that builder confidence has sunk in recent months over worries that troubles in the sub-prime mortgage market will further crimp demand in coming months.
The strength in sales was led by a 27.8 percent surge in the South. Sales were also up in the West by 8.5 percent and in the Northeast, where they rose 3.8 percent.
Sales fell in the Midwest, dropping 4 percent.
The drop in median prices in April compared to March was a record one-month decline. If the April sales price was compared to the sales price a year ago, the decline was 10.9 percent, the biggest year-over-year drop since 1970.
Before starting a remodeling project, large or small, it is important to have an understanding of how much your investment will be returned when you later sell your home.
While there can be many variables to determining the “cost recouped” such as the condition of the home, the value of the similar homes nearby, and the changes in property values in the surrounding area, the statistics shown below are averages taken from Remodeling Magazine’s study, Remodeling Cost vs. Value Report 2006 and REALTOR Magazine Online, published 12/01/2006.
The highest return on investment remodeling projects for the Atlanta area were:
Project Type Job Cost Resale Value % Recovered
Basement remodel $56,407 $47, 538 84.3%
Major kitchen remodel $53,463 $44,898 84%
Bathroom remodel $12,834 $10,714 83.5%
Deck addition $14,603 $11,580 79.3%
Roofing replacement $14,132 $10,439 73.9%
Window replacement (wood) $10,846 $ 7,911 72.9%
The lowest return on investment remodeling projects for the Atlanta area were:
Home office remodel $19,710 $11,535 58.5%
Sunroom addition $49,258 $32,784 66.6%
Bathroom addition $28,535 $19,589 68.7%
Master suite addition $92,643 $65,002 70.02%
Invest wisely, talk with several contractors before making your decision and enjoy your remodeled home!
Senior Vice President
Director of Relocation and Business Services
As an increasing number of our clients express interest in the Lake Oconee area for a second home, we decided to spend a day learning more about this popular community. In just over an hour, we left behind the hustle and bustle of our great city and arrived at a place that give you the feeling that you are a million miles away.
We were welcomed by the gracious staff as they rolled out the red carpet to show us the best of what Reynolds Plantation has to offer. Our home tour included everything from cottages to grand waterfront estates. The highlight of the day was our tour of the lake aboard “The Spirit of Oconee.” What a wonderful way to appreciate the beauty of the lake, the golf courses and the magnificent waterfront properties.
It doesn’t take long to come to the conclusion that Reynolds Plantation is the premier residential lake and golf community of the Southeast offering five championship golf courses, a myriad of water sports, miles of walking trails, and three luxurious clubhouses.
And don’t forget the AAA Five Diamond Award-Winning Ritz-Carlton Lodge, Reynolds Plantation. Named the 2005 North American Golf Resort of the Year by the International Association of Golf Tour Operators and Best Golf Resort in the Country by Zagat (2003-2005), the Lodge’s 251 rooms offer guests a Mobil four-star rates spa, private beach, and a choice of fine, casual and lakefront dining. With southern hospitality combining with the standards of service that have made Ritz-Carlton world renowned. The Ritz-Carlton Lodge provides a warm welcome to those visiting the Reynolds Plantation community.
For more information contact Ginny Izadore and ask about The Discovery Package!
Senior Vice President, Managing Broker
Johns Creek office
Kitchen Upgrades
Kitchens have long been the family gathering spot and home renovations continue to reflect this trend with added features to keep people entertained and content. Televisions and computers — with waterproof, wireless keyboards — are being integrated into cabinetry and freezer doors.
Many homeowners are hoping to achieve a seamless look to their appliances by matching the materials in appliances and cabinetry. Refrigerators and dishwashers have interchangeable panels that can be used to hide appliances and make them blend into the kitchen.
Alone the same lines, people have shown more interest in integrating appliances that used to sit on the counter-top. People are building things like high-end coffeemakers into the cabinetry. It is a luxury item that has become more affordable.
Spa Baths
Re-modelers are eager to bring the spa experience home and that doesn’t mean enormous tubs. We are seeing whirlpool tubs with added aromatherapy components. Speakers are often integrated into designs so homeowners can put on a soothing tune while they soak. Some even go so far as to add mood lights.
Another popular upgrade is a flat-screen television placed behind a two-way mirror; people only see an image when it is turned on.
Warming Trends
The cool, sleek look of modern design is making way for a warmer, more inviting look. Stark and sterile is out. We are seeing people who want to have welcoming and comfortable spaces. They do not want to feel like they are in a museum. Golden hues are growing in popularity and the brightest colors are taking a back seat to more muted, natural colors and tones.
Of course, the key to a great home renovation is making sure it fits your needs and will be utilized by the owners and their guests.
To find out more information on these topics or for suggestions on how to begin your own renovation project, contact your Jenny Pruitt & Associates agent today!
Senior Vice President, Managing Broker
Sandy Springs office
