Monthly Archive

When will it end?  That is the question everyone in real estate is asking.  The “it” being the current slowdown in the housing market both locally and in most major markets across the country.  Inventories are rising, prices have leveled, and days on market have increased considerably.   Fortunately for Metro Atlantans, the “slowdown” is more of a cyclical correction that is normal following a boom. Interestingly, million dollar plus closings have not slowed nearly as dramatically as the rest of the market. More than one out of fifty homes closed in June was a million dollar plus closing. Those closings represented 11 % of the total volume for June.  In the previous month, there were 97 closings in the million plus market that represented over 9% of May’s volume.   (Source:  FMLS) 

Click here for million plus properties currently listed by Jenny Pruitt & Associates, REALTORS®

Rhonda Haran

Senior Vice President, Managing Broker

Johns Creek office

Source: Georgia Realtor magazine, July/August issue

Americans will spend nearly $233 on home remodeling this year, according to the National Association of Home Builders‘ (NAHB) 2007 industry forecast. That represents a 1.9 percent increase from the record $228 billion spent in 2006, according to estimates from the U.S. Census Bureau.

Driving the remodeling market are the size and characteristics of the housing stock. With an average age of 33 years and rising, older homes require more remodeling - both in terms of upgrading features to compete with new construction as well as maintaining their physical quality. Though remodeling is somewhat cyclical with new construction, homeowners cannot put off a major repair like a leaky roof as they can discretionary upgrades, and that stabilizes the industry during slower housing markets.

Article taken from the Daily Real Estate News - June 19, 2007

Moscow is the most expensive city in the world, according to this year’s annual Mercer Human Resource Consulting survey. London comes in second place, up from third last year. Overall, Asian cities dominated the top 10 of pricey cities. On the other hand, Asuncion, the capital of Paraguay, is the least expensive city for the fifth year in a row.

Mercer surveyed the cost of living in 143 cities, comparing the cost of more than 200 household incomes. Strong currencies dropped New York City to 15th place and Los Angeles to 42nd. No Canadian or Latin American cities were in the top 50.

1. Moscow, Russia
2. London, United Kingdom
3. Seoul, South Korea
4. Tokyo, Japan
5. Hong Kong, Hong Kong
6. Copenhagen, Denmark
7. Geneva, Switzerland
8. Osaka, Japan
9. Zurich, Switzerland
10. Oslo, Norway
11. Milan, Italy
12. St. Petersburg, Russia
13. Paris, France
14. Singapore, Singapore
15. New York City, U.S.

Karen McRae

Senior Vice President

Director of Relocation and Business Services

Three homes in Ivey Mills, a community of classic homes in Roswell prices from $1.2 million, will be included in the Roswell Woman’s club 2008 Showcase Home Tour. The homes will be professionally decorated by many of Atlanta’s top designers, and all proceeds from the tour will benefit different charities chosen by the Roswell Woman’s Club. Ivey Mills, a gated community near the heart of historic Roswell, is being marketed by Jenny Pruitt & Associates New Homes Services. “We are so honored to team with the Roswell Woman’s Club for the 2008 Showcase Home Tour,” said Ada Love, Senior Vice President - New Homes Director for Jenny Pruitt & Associates. “The elegant estate homes at Ivey Mills offer the finest in luxury in the Roswell area, and we know tour attendees will enjoy seeing the quality craftsmanship and beautiful designs these homes offer.”

The homes on the tour are being built by Glenn Knowles of Moncler Homes LLC, Jason Rosen of Rosen Custom Homes LLC and Randall Tharp of Tyson Homes. These builders have partnered with the Roswell Woman’s Club during the upcoming tour which will be held March 9 - March 30, 2008. The club chose the Ivey Mills community for the tour since the location provided an opportunity to help link the past with the present in historic Roswell. The site of Ivey Mills is land once owned by one of Roswell’s earliest residents, Franchis Minhinnett, a stonemason who arrived in America from Plymouth, England. Minhinnett completed stone work for one of the mills in Roswell, and he laid the foundation for Barrington Hall, one of the three historic city-owned homes in Roswell. because Roswell Woman’s Club actively builds foundations in the community, this connection provides a great theme for the 2008 tour.

The two-story custom estate homes at Ivey Mills are built by some of Atlanta’s finest custom home builders and developed by Jim and Richard Wernick of Land Sellutions, which has developed land in the Atlanta area for 20 years. The luxurious homes within the community will range in size from 6,000 to 10,000 square feet, and all homes will be located on three-fourths of an acre sites. Children will attend schools in the highly-rated Fulton County district including Sweet Apple Elementary, Elkins Pointe Middle and Roswell High.

Is the second home market a buy or a bust? The simple answer is a buy! The second home market has typically been mostly buyers that are baby boomers, as they continue to drive the market in second homes. They are at a point in their lives when they’re at the peak of their earnings and with interest rates still historically low, they want to diversify their earnings. The National Association of Realtors contends that 41% of vacation-home buyers have purchased second homes for vacations, 31% to use as a family retreat and 28% to diversify investments.

How has the second home market changed? The speculative investors who came into the market, were trying to make a “quick buck” and were buying multiple properties, were distorting the market numbers, and thus are not as prevalent. Some of the inventory left over from the investors have softened some of the secondary home market.

So, is the second home market a “bust?” Not really. Sales of this market are expected to stay strong for years, due to the fact that the youngest of the baby boomers are only 42 years old. The typical buyer for a second home is about 52 years old and has a gross income of about $85,000 according to NAR. As the younger Baby Boomers age, they will be a steady pool of buyers for the next ten years. Many of the second home buyers want to have something they can hand down to their kids or if necessary, use it as a rainy day fund.

Now is as good a time as any to purchase a second home, so please consult with your Jenny Pruitt & Associates Realtor to begin the process of purchasing a vacation home!

Jim Alexander

Senior Vice President, Managing Broker

Sandy Springs office

If you are preparing to sell your home, make sure that you present it at its best. Use these simple and cost-effective tips to make your home more appealing to potential buyers:

1. Keep it clean! This may seem simple since cleaning costs you nothing, but showing your home at its best can make a huge difference.
2. Decrease clutter. Organize and store belongings you can do without for a few months. Decreasing clutter makes your home appear bigger and brighter. Removing excess furniture helps buyers envision their own decorating and furnishing ideas.
3. Add a fresh coat of paint. Painting rooms in neutral, toned-down colors makes them appear bigger and brighter. In addition, painting walls covers marks from everyday wear and tear. Painting the outside is also helpful to present your home as being in “move-in” condition.
4. Replace worn floor coverings and broken fixtures. Potential buyers want to feel like they are moving into a new home, not like they are moving into a worn piece of property. After all, it is new to them. Make your home look new and inviting by replacing worn carpet and/or flooring and repairing broken windows and light fixtures.
5. Remember landscaping. First impressions are lasting ones. The first thing that buyers will notice is the outside of your home. Keep the shrubbery trimmed, the shutters painted and the lawn mowed and edged. Add plants, and repaint the front door.

All of these simple tips can make a difference in the impression that the buyers have of your home and the potential for a quick sale. If you have any questions on selling your home, or are interested in listing it, please contact a Jenny Pruitt Realtor today!

Helen Lynch

Senior Vice President, Managing Broker

Sandy Springs office

Excerpt taken from Realtor.com 6/27/2007

See what the must-have technology trends are this year

The most technology savvy homeowners bask in crystal-clear television screens when they’re home and can control the lights while they’re out of town. Without moving an inch, they can decide what music is playing in each room and can monitor the well being of their aging mother in a different city. So says Greg Hoshaw, owner of High Definition Systems in St. Charles, Ill., who presented the Custom Electronic Design & Installation Association’s top 10 “must have” technology trends for homes at the recent International Builders’ Show in Orlando, Fla.

Making the list:

• Home health-care products and installation. As the population ages, there’s more demand for health-care products that take advantage of advances in technology. Patient-monitoring systems can allow a caregiver to check up on an elderly loved one from afar. Biometric monitoring devices can keep constant watch on a patients vital signs.
• Media Center Edition (MCE) computers. This audio/visual computer can help manage a home’s various media sources, providing such features as surround-sound processing, as well as access to Internet radio and the one-touch recording of TV shows. A top-of-the-line Dell media center fetches at least $5,500. Hewlett-Packard’s HP z565 Digital Media Center starts at $3,000.
• Microdisplay-based televisions. High-definition televisions are hot, including LCD (liquid crystal displays), DLP (digital light processing), LCoS (liquid crystal on silicon) or LCD-based rear-projection TVs. Depending on size and type, prices for these products run the gamut.
• Lighting and Automation. Homes can be set up with the ability to control lighting and other features throughout the house from any room — and any part of the world. Systems can also create lighting schemes and automation that might, for example, turn the lights down and close the curtains when a DVD is started.
• Security Systems. New systems can protect a home while the owner is away by taking a snapshot of light usage in the house over the past two weeks, then mimicking the series while the owner is out of town.
• The iPod revolution. Many people have the popular music player from Apple - or a competing mp3 player - but increasingly homes are adding docking systems that allow more flexibility in using the device’s media libraries. They Keyspan AV Dock for iPod, for example, will connect the device to a computer, stereo or TV and retails for $64.99 on Amazon.com
• Smart sound systems. Multiroom, multisource sound systems allow a homeowner to control the sound piping through rooms. Often with a touch of a key pad, a homeowner can control what’s playing in each zone, independent of the rest of the house.

Article taken from Press Reports

Younger home buyers are a bigger portion of the total home buying population than ever before, and they aren’t putting homeownership on hold for marriage or for other life events.

U.S. Census Bureau data shows that homeownership among the under-30 crowd has been rising. In 1993, less than 15 percent of people younger than 25 owned their own home, but by 2006, one in every four people in this age group were homeowners. About a third of people ages 25 to 29 owned a home in 1993; by 2006, 42 percent were homeowners.

Housing is a good long-term investment, and the younger generation seems to understand that, said NAR Senior Economist Lawrence Yun. In addition to their interest in homeownership, many of today’s 20- and 30-somethings will have the means to invest in real estate, as well.

Most of the record $56 billion of new worth in the United States is held by people 55 and over, and much of the record wealth accumulation among baby boomers is likely to be bequeathed to their sons and daughters.

Younger buyers’ proclivity for homeownership is influencing a number of real estate trends, Yun explained. They have contributed to the recent resurgence of many downtown areas and are part of the reason that condo sales have increased as a percentage of all homes sold, from 6 percent of the total market a decade ago to 13 percent in 2006.

Internet Crusade President Saul Klein described many of these up-and-coming home buyers as Net Gen, the first generation born and raised in the era of the Internet. Net Gen members, as Klein defines them, were born between 1977 and 1996. To reach and serve these Net Gen home buyers, Realtors must be on the cutting edge of technology and stay on top of Internet developments.

This generation’s reliance on the Web can already be seen as Internet resources become more important in the home search process: four out of five recent home buyers used the Internet last year to search for a home, according to the 2006 NAR Profile of Home Buyers and Sellers, compared with only 2 percent in 1995. For most young people, the Internet is a part of daily life, and as younger generations come of age, social networking sites like Second Life and MySpace may offer unique opportunities to establish and nurture client relationships. Realtors can also learn from predictive marketing site like Amazon.com, according to Klein. This popular online shopping site commonly sends users merchandise suggestions based on previous purchases. Following this model, Realtors can send their online visitors listing of houses for sale that are similiar to homes those potential customers had viewed on their Web site.

Article taken from HomeTown Cobb.com - July 9, 2007

When the development and construction of the 15 new homes at Idlewidle in East Cobb County began a few weeks ago, developers preserved a pine tree and saved a family of hawks.

As the land was being cleared, Mike Tobin of Tobin Properties noticed an adult hawk going back and forth from a nest in the top of a large pine tree. After watching for a few days, he realized the hawk was feeding three babies in a nest. The tree was slated to be taken down, but Tobin halted demolition of the tree in order to ensure the family of birds would have a nest to call home.

“Many times during the development of new communities, crews come in and clear the land according to prepared plans. However, not everything always goes as expected and sometimes plans have to be altered,” Tobin said. “In order to allow the hawks to mature, we decided to halt construction on the area around the tree and leave the nest undisturbed.”

Idlewilde, which is being marketed by Jenny Pruitt New Homes Services, is nestled in a private, wooded area of East Cobb in the Lassiter High School district. The homes are priced from the $900,000s to more than $1 million. The beauty of the surrounding woodlands will be incorporated into this new community.

“The builders at Idlewidle, Tobin Properties and Lone Star Custom Homes, are environmentally conscience, and they want to leave as many trees and natural surroundings in the community as possible,” said Ada Love, Senior Vice President - New Homes Director for Jenny Pruitt & Associates. “When the homes are complete at Idlewidle, the developers will add back to the landscaping to further enhance the natural setting of the community.”

The custom built homes at Idlewilde will include an array of distinguished features, such as 10-foot ceilings on the first floors and 9-foot ceilings on the second floors. The designer kitchens will include granite countertops and custom cabinetry. Other features include hardwood floors on the main levels, stone fireplaces, complete home theatres and mudrooms. All of the homes will have three-car garages, and many will offer finished terrace levels with wet bars and mini-kitchens.

Detailed backyards will include covered decks with stone fireplaces, and waterfalls can be incorporated into the backyard landscaping. The community will have sidewalks and streetlights throughout.

Ada Love

Senior Vice President

Director of New Homes Divison

 Article taken from the Northwest Cobb Edition of the Atlanta Journal Constitution  

More than 200 patients at Children’s Healthcare of Atlanta Scottish Rite campus have teddy bears to cuddle, donated by Jenny Pruitt & Associates New Homes Services in honor of Fernwood Creek homeowners George and Nancey Enell.

A long-time volunteer especially concerned with the needs of sick children, Nancey Enell asked the Realtor to provide the plush bears after the Enells bought a home in the Cherokee County community marketed by the firm. “Teddy bears really make a difference to children going through some really scary times when they are in the hospital,” she said.

Article taken from the Atlanta Intown Newspaper

Want to give your home a new look without breaking the bank? Here are 10 tips for simple renovation projects you can tackle on your own that can give a room - or entire home - a new lease on life.

1. Paint the Walls: Paint color sets the mood for a room. Walls are the major element of any room, so chose carefully. A dark paint can make a small room look even smaller. Think about painting trim a different color to give the room texture.
2. Refinish Furniture and Cabinets: Don’t toss out that bookcase or table, or pull your kitchen cabinets down. If the bones are still solid, adding a fresh coat of paint or refinishing with a wood stain can transform a piece into a keeper. Consider changing hardware - drawer pulls, hinges, etc. - to further rehab it. For chairs and sofas, a crisp white sheet can be used to create a cool, inexpensive slipcover for a sofa or chair.
3. Replace Dated Light Fixtures: A new wall sconce, lamp or hanging fixture can instantly pep up a room. Even changing a lampshade can add a new life and color to a room.
4. Find New Art: Re-imagining your space may be as simple as putting new artwork up. Think big - not too many tiny things - and don’t hang too high. Eye level is generally good.
5. Rip up the Carpet: If heavy foot-traffic or animals have taken a toll on your carpet, consider putting down a wood or laminate floor. If you don’t want to change the carpet, rugs and floor runners laid on top can change up a space or hide a stain.
6. Upgrade your Window Treatments: Decide whether your room needs curtains or wooden blinds or shutters. Rather than go with traditional curtains, you could consider using fabric panels.
7. Move the Furniture: Rearrange! Pull items from one room and place them in another.
8. Incorporate Accessories: Mirrors, vases, flowers, stacks of books, framed photos and other items should complement the room. A bouquet of flowers in a simple clear vase can add an inexpensive burst of color.
9. De-clutter: Changing the feel of your space might be as easy as throwing something away or donating it to a local charity. Get rid of unused pieces of furniture, dated lamps and books.
10. Recycle: Don’t horde magazines and newspapers. They take up space and chances are you’ll never read them again. Many supermarket parking lots have recycling bins or check here. Simply enter your ZIP Code at the web site and it will tell you where to recycle everything from newspapers to motor oil.

Excerpt taken from Tom Walker’s article the Atlanta Journal Constitution

City’s Wealth Projected to Grow

Atlanta’s boosters are missing a bet. The city’s slogan should be “Atlanta, for the millionaire lifestyle.”

Atlanta’s already robust millionaire population is getting ever larger, in keeping with a global trend, the latest world wealth survey shows. The 11th annual Capgemini/Merrill Lynch World Wealth Report said the U.S. population of “high-net-worth individuals” (HNWIs) increased 11.4 percent in 2006, compared with 6.8 percent in 2005 - which had dipped from a 9.9 percent growth in 2004. That was 9.5 million individuals who controlled $37.2 trillion in wealth. The number of “ultra-high-net-worth individuals” grew by 11.3 percent to 94,970.

An HNWI is an individual with at least $1 million in net financial assets, not counting the main residence. An ultra-high HNWI has at least $10 million in net financial assets, not counting the main residence.

A separate but related study of rich people by San Diego-based Claritas, a marketing consultant, revealed that metro Atlanta can hold its own in the wealth sweepstakes. Among major urban areas, Atlanta ranked ninth with 63,525 high-net-worth households in 2006.

But significantly, Claritas expects Atlanta’s HNWI population to grow by 62.2 percent over the next five years, while total local household growth will expand 9.9 percent over the same period. That’s a close second to Claritas’ projection for Dallas-Fort Worth, whose HNWI population is expected to grow 62.6 percent in five years, also on a 9.9 percent five-year growth rate in total households.

The rebound in rich people last year was attributed by the researchers mainly to the general global economic expansion and to a roaring bull market in stocks.

Jeanne Linden

Senior Vice President, Managing Broker

Cobb office

Excerpt taken from John Adams’ article in The Georgia Real Estate Report 

Buying a Home Without an Inspection

A professional home inspection is a must for every home sale, whether on a new or resale home. And while inspectors in Georgia are not licensed in any way, there are solid professional organizations which maintain high industry standards. Buying a home without a comprehensive inspection is the equivalent of buying a used car without taking a test drive.

Signing a Document You Don’t Understand

The world of residential real estate has become much more complex as the years have gone by. While real estate professionals are trained to know which forms to use in which situations and how to fill in the blanks, they are not allowed to give any legal advice of any kind.

Remember that this is a binding contract to complete perhaps the largest purchase of your life. It makes sense to have your attorney review every sales agreement before you sign. And the same goes for the documents you will be asked to sign at settlement. This review can be easily accomplished with a fax and a phone call, and will give you tremendous peace of mind.

Sue Forness

Senior Vice President, Corporate Services

Article taken from the July issue of Atlanta Intown paper.

Looking for eco-friends products for your home and garden? Here are three - one for getting rid of bugs, one for helping your garden grow and one for relaxation.

EcoSMART: This botanical pesticide kills ants, roaches, wasps and hornets, but is safe around pets and kids. Alpharetta resident Steve Bessette developed the bug killers after he and his wife became concerned about using traditional insecticides while she was pregnant with twins. The spray is a combination of plant oils that interacts with bugs’ nervous systems. EcoSMART has ,launched at Wal-Mart for $4 a can and will soon be at other retailers.

Chick a Poo: Many gardeners may not realize that the plant food they use is full of chemicals. Chick a Pooto the rescue. The name of the product says it all - it’s organic, pasteurized chicken manure and is suitable for both indoor and outdoor plants. Don’t worry about the smell; the production process removes the odor while leaving behind the nutrients that helps plants thrive.

Aromatherapy Soy Candles: After a day of working in the yard, light up one of these candles on your deck. They are made from 100 soy wax, clean-burning coreless cotton wicks, all natural herbal colorants, and pure essential oils. Soy wax is gentle, non-toxic, and easy to clean up. It’s also soft and creamy in consistency and can be safely rubbed on to your skin as a protective balm. They even come in a reusable tin. You can find these candles and more at the Green Home Environmental Store.