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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
Excerpt taken from Parade - May 7, 2007
Today’s new house is likely to be big - really big. With high ceilings, spacious closets and garage space for at least two cars, the average new home measures about 2,459 square feet - 50% more than its 1970s counterpart. And luxury details abound: kitchens equipped with flashy professional appliances are in demand, as are bathrooms with walk-in showers and separate bathtubs. To clear space for them, such houses are more likely to forgo fussy, seldom-used living and dining rooms in favor of large laid-back family areas.
New homes cost more too: A recent report puts the median price at around $250,000 vs. $200,000 for an existing house. The new “starter home” is a thing of the past. Yet, just when it seems the the thirst for square footage is insatiable, experts say it’s nearing its limits.
Now entering the market is a modest but increasing selection of smaller homes that substitute floor space for high-quality finishes and designer touches. These cozier homes can be squeezed onto smaller lots in dense city locations, making for shorter commutes. They’re also more likely to be built “green” and to save money: A 2005 study found that small homes with even so-so efficiency standards use much less energy than big houses built to the highest energy specs. Even mainstream builders are outfitting newly constructed houses with triple-pane windows, high-efficiency toilets and shower fittings, passive heating systems and tank-less hot-water heaters to corral utility costs.
The biggest reason for the smaller-is-better change is most likely dynamics: By 2011, it’s estimated, more than half of U.S. home owners will be 50 or older-and these empty-nesters won’t have much need for 3,000-square-foot McMansions.
Graying boomers may fuel another trend: two master suites. A survey by the National Association of Home Builders predicted that his-and-her bedrooms will become the next staple in custom homes. Romance isn’t at issue, though. Seems that, in many households, snoring is.
Taken from the AJC Real Estate Section - April 21, 2007
Anyone who navigates metro Atlanta’s roads has come bumper-to-bumper with the area’s growing traffic congestion. The recent news that there are more than 5 million people living here confirms that, each day, more vehicles are piling onto the highways, neighborhood streets and suburban two-lane roads.
It’s no wonder the idea of living in a community where you don’t need a car once you’re home is starting to appeal to buyers. After finishing the daily commute, the last thing most folks want to do is get back behind the wheel to find a restaurant, a place to drop off the dry cleaning or a grocery store.
Finding a spot where you can park the car and travel on foot is getting easier as developers design more mixed-use communities that cater to pedestrians. As a result, developers are answering the call for more convenience by adding new homes within walking distance of commercial centers.
That’s the case at Avignon at Vinings, a new, gated-community project under way in Cobb County. The project, which will have 60 condominiums, 75 townhouses, and 25 single-family houses, is within walking distance of the established commercial district in Vinings. Prices at Avignon will range from the $400,000s to $1.2 million.
Jenny Pruitt & Associates, Inc. Realtors today announced the promotion of Dan Parmer to president and chief executive officer. In his new role, Parmer will oversee the company’s strategic direction and lead its continued growth in the Atlanta market. He previously served as chief financial officer since 2001.
Parmer believes the strength of Jenny Pruitt & Associates lies in the breadth and skill of its people. “I work with an amazingly talented team of more than 450 professionals,” he said. “Our realtors and staff provide superior service to our clients, which is reflected in long-term client relationships and repeat business. During the first quarter of 2007 our agents achieved the highest average sales price and highest average productivity in the Atlanta market. I’m extremely proud of this team and excited about leading this exceptional company.”
Ron Peltier, president and CEO of HomeServices of America, Inc., parent company of Jenny Pruitt & Associates, said, “Dan Parmer has an impressive track record for success and knows every aspect of this business. We are very fortunate to have Dan at the helm of Jenny Pruitt & Associates. His understanding of the Atlanta market and all facets of the real estate business is compelling.”
“The value of our affiliation with a Berkshire Hathaway affiliate cannot be overstated,” added Parmer. “This partnership allows for local control of our company with the support of one of the world’s most powerful enterprises. It is truly the best if all worlds.”
Parmer brings 20+ years of corporate, financial and management experience to his position as president and CEO. Prior to joining Jenny Pruitt & Associates, he served as chief financial officer for Buckhead Brokers and helped build that company into a premier real estate brand throughout metro Atlanta before the firm joined with Coldwell Banker in 1998. Additionally, Parmer served as chief financial officer for Guaranty Mortgage Company.
Offering lakeside tranquility in West Cobb County, The Lake at Victoria Falls features 32 custom homes on 3/4 acre lots. Jenny Pruitt New Homes Services is pleased to announce that lakeside lots are now available in this intimate community of custom homes priced from the $600,000s.
“The Lake at Victoria Falls offers peaceful lakeside living in an intimate, natural community,” said Ada Love, Senior Vice President - New Homes Director for Jenny Pruitt & Associates. “Of the 32 homes available in the community, 14 of the homes will be located directly on the lake. For homeowners who desire a lakeside lot, we currently have several available.”
The custom homes at The Lake at Victoria Falls will be individually crafted to suit each homeowner’s desires. In addition to beautiful lake views, the homes will sit on large 3/4 acre plus lots.
Homeowners can choose from a variety of home plans, all of which offer impressive architectural styles featuring basements and three car garages. The homes will be filled with exquisite custom details and architectural features including custom kitchens, keeping room, covered back porches, media rooms, and mud rooms off the garages or laundry rooms.
Taking full advantage of the private lake on the community, all homeowners will have direct access to the lake as well as a community area where they can picnic or gather with friends. In addition, there will be a gazebo and waterfall.
To visit the community, take I-75 North and exit at Barrett Parkway. Travel west. Continue north on Stilesboro Road. Turn left on Mars Hill Road and then make a right on Fords Road. The Lake at Victoria Falls will be on the right. For more information, call Lynn Kuroski at 770-312-8700 or visit the website.
Senior Vice President, Director of New Homes Division
Have you entered the second home market? This may be a good time to do so!
Back in 2004 as you’ll remember, the second home market was booming! There were over 2.8 million second homes sold that year, up 16% from the previous year. Buying a second home in the early part of 2000 was money in the bank! So many of the buyers were the baby-boomers who had a great deal of equity in their primary residence, with the money being basically dormant. So they decided to put that money to work for them in the form of a second home.So is the second home market as good now as it was in 2004-5? Well it depends. If you are an investor and want to make a “quick buck,” the answer is probably no. But if you are looking for a great place to invest your money, the second home market is primed for you! The National Association of Realtors‘ study of second home buyers found that the typical buyer is about 55 years old, married with no children at home and with a household income of about $92,000. But hold on, the baby boom second home buying spree is just getting started according to NAR. Each year for the next decade, NAR estimates that enough consumers will hit 55, to expand the second home sector to more that 150,000 units a year!
With the amount of new home inventory in many of the second home communities, especially in the condo markets, this could be a great time to just “go-for-it” and get that second home you’ve been dreaming of!
As always, consult your Jenny Pruitt associate for more information on the second home market!
Senior Vice President, Managing Broker
Sandy Springs office
As described on its website, the Portabello Estate is an art form complementing its natural environment. Meaning “beautiful door” in Italian, Portabello opens new doors of never-before-seen luxury and unheard-of amentities to create a grand-scale living and gala entertaining environment that is beyond that of a five-star beachfront resort.
Gracing three oceanfront lots in Cameo Shores, (Newport Beach, California) this soft contemporary masterwork is both defined by its stunning seaside site and redefines the luxury lifestyle ideal. Most every room provides a breathtaking panorama of the Pacific Ocean, serene beach coves and the coastline from Dana Point to Palos Verdes.
Excerpt taken from the Real Estate Report, May 2007
The number of homes for sales in metro Atlanta exceeded 100,000 for the first time ever, April 1.
One year ago, the number of homes for sale had just exceeded 80,000. the 20,000 increase in inventory from year to year comes on the heels of a dramatic slowdown in Atlanta’s new home sales, which fell more than 13 percent in 2006. Atlanta re-sales were up four percent in 2006, as they were valued at historically low levels compared to new homes.
While metro Atlanta has always been one of the most affordable housing markets in the world, the area is now especially appealing to buyers as the increases inventory of homes has created even more of a buyers market.
In fact, housing forecasters like Steve Palm with Atlanta-based Smart Numbers predict positive sales growth will return by summer when comparisons are made to last year’s sluggish third and fourth quarters.
In addition, the Atlanta Regional Commission predicts metro Atlanta will add nearly two million new jobs by 2030. Last year there was a 140 percent increase in job growth and a 303 percent increase in revenue over 2005, and several Fortune 500 companies are currently making the move to Georgia.
Excerpt taken from Parade Magazine - May 6, 2007
Putting your house on the market? Staging your house can be the difference between it sitting or selling. So what is “staging”? Small tweaks with paint, furniture placement and accessories that make your house look as desirable as possible. Here are some simple staging tricks to help you turn lookers into buyers at your next open house.
- Scrub till it sparkles! It sounds obvious, but experts say sellers often overlook this easy fix. Vacuum behind couches and under the bed. Scrub out stains in the carpet and wash all of the windows inside and out. When things sparkle, houses sell.
- Clobber the clutter. Go room by room and purge. The less stuff you have, the bigger the house will seem. Get rid of anything personal: kids’ trophies, wedding pictures and college banners make buyers feel like intruders.
- Pay attention to details.Go through your entire to-do list, then do and redo. That means patching any holes in the walls, fixing leaky faucets and replacing burned-out light bulbs. Buy fresh towels and put all the toilet lids down. Hide wastebaskets. Line up all the shoes in your closet.
- Camouflage with paint. Paint not only makes a house look better, it also helps with odor. Pick neutrals. Sure, you love your orange walls, but a potential buyer might simply remember your house as the one with the awful orange bedroom.
- Entice buyers to enter. Go across the street to get a good look. Your eye should be drawn to the door, not to the grass that needs mowing, the overgrown weeds or that old rain gutter. Create an inviting entry with colorful flowers - group pots in threes or stage them at varying levels.
or the Atlanta Journal-Constitution
Published on: 05/06/07
Buckhead is buzzing with new development, particularly townhomes and condos from the $400,000s to more than $1 million. Here are four projects rising; some are slated to welcome residents as early as this summer while others are a couple of years from completion. The new 58 Sheridan in Buckhead’s Garden Hills neighborhood will have 28 townhomes from $799,000 to $979,000. It’s within walking distance of Barnes & Noble, Publix and the planned Rodeo Drive-like Buckhead Avenues. The three- and four-story brownstones have 10-foot ceilings, hardwood, travertine and tile floors, crown molding and Viking appliances. The project by Patronis Properties and Capital Partners Development is expected to close on its first homes in November.
Pulte Homes‘ Overlook at Lenox, priced from the $410,000s to $440,000s, is off Lenox Road near Ga. 400 and I-85 in Atlanta. The three-story townhomes have brick exteriors and kitchens outfitted with stainless steel appliances and granite counters. The two- and three-bedroom units are slated to be ready for residents this summer.
The Astoria at The Aramore is a high-rise on Peachtree with condos from the $400,000s and penthouses from the $900,000s. The 71-unit complex by Kairos Development Corp. is north of downtown Atlanta and Piedmont Hospital and just south of Peachtree Battle. The units have 1,500 to 4,000 square feet and have fireplaces, Viking appliances, hardwood floors and balconies. Amenities include a lap pool, heated spa and private cabanas, outdoor fireplace, poolside summer kitchens and grill areas, fitness center, clubroom with full catering kitchen, media room, concierge, private guest suite and street-level retail.
CityPlace Buckhead will have 3,800 condos and townhomes in nine towers at Roxboro and East Paces Ferry roads. The first phase, One CityPlace, will have 230 condos in a 29-story tower and 11 townhomes, ranging from the $400,000s to more than $1 million. Construction is set to begin in October. Phase Two will have condos starting in the $200,000s. It’s the first Atlanta project for the Related Group, a Miami-based firm.
Busy lifestyles lead to specialty rooms and havens.
Buyers have come to expect well-outfitted kitchens, master bathrooms, and outdoor living space; though the size of each (and its bells and whistles) varies greatly depending on the price of the house and its location. Builders, recognizing buyer’s infatuation with what’s new, keep trying to come up with the next it space to set their products apart.
As a result, some builders are now betting on the game room. Rather than creating this room on a basement level, builders are placing the game room on the main floor. The room is designed to incorporate the latest or hippest technology and toys, from big flat-screen TVs, to billiards, and air hockey tables.
Other contenders for the next it space include: the scrapbook room to savor memories; meditation room to find inner peace;home-management center to track family schedules; storage-and-more room for strogage and hobbies, club room designed with Dad in mind; screen porch with heated floor, fireplace, flat-screen TV and airlock space to safeguard deliveriesof perishable foods or dry cleaning when nobody’s home.
Senior Vice President, Managing Broker
Cobb office
Excerpt taken from the Georgia Real Estate Report
What are the most terrible mistakes to make when buying a home and how does a smart buyer avoid making these errors? These are some of the most common questions clients have with regards to real estate. In this first part, of a series, I will address some of the worst mistakes to make when purchasing a home. Check back monthly for more tips!
Failing to Build a Team
Because most of us shop for a home only once every six or seven years, it’s almost impossible to keep up with all the changes in the housing industry. The most important step you can take is building a team of experienced professionals to assist you in your search.
This would include an accountant, a mortgage banker, a lawyer, an inspector, and an appraiser. Perhaps most important is a real estate agent whom you trust. Because the agent is actively engaged in this business, it is their job to help you coordinate all the other team members to promote and protect your interests.
It is not uncommon to meet first time buyers who refuse to seek help, preferring to “go at it alone” and work only with sellers on a direct basis. This is a foolish approach to the home buying process. Denying yourself the many benefits of an agent’s experience is not a smart way to find a home!
Vice President Corporate Services
Information on Green Building Projects in Atlanta and beyond
More green sprouts in Atlanta - 1180 Peachtree in Midtown is one of the newest high-rise commercial buildings employing green building strategies.
- Over 30 green strategies, based on Leadership in Energy and Environmental Design (LEED) standards, are planned for the building bases on preliminary documentation.
- A few of the unique green strategies for the building include: energy-recovery systems, water-reclamation systems, lighting-control systems, low VOC paints, recycled materials, exposure of interiors to direct sunlight, low-water plantings and drip irrigation.
Realtors are environmental trendsetters - The Washington, D.C. headquarters of the National Association of Realtors was the first building within the District of Columbia to receive certification from the U.S. Green Buildings Council’s LEED rating program.
- The construction site for the Washington, D.C. headquarters of the National Association of Realtors previously contained a gas station. In fact an extensive amount of clean-up was required because the soil was contaminated.
- Energy saving features from a super efficient HVAC system and a glass curtain wall that reduces energy use by up to 30 percent are a couple of the unique features that make the headquarters a green building.
Vice President Career Development
Sandy Springs office
Source: http://www.cement.org/buildings/buildings_office_peachtree.asp
