You are currently browsing the monthly archive for July, 2008.

Source: AJC Private Quarters

3040 Wellington Road

3040 Wellington Road

Robert and Sharon Henry fell in love with this Bill Harrison-designed home in Alpharetta as they were falling in love with each other. They bought it while they were courting and embarked on a renovation that would culminate with the wedding reception in May 2003. With a blended brood of four children, they needed lots of space. “We wanted to create a Brady-Bunch scene,” Sharon Henry said.

Now that their childre are grown, the Henrys lavish their nuturing urges on Boston Terriors Abigail and Arthur. Sharon Henry is writing a series of children’s books, ‘The Adventures of Abigail and Arthur,’ with the canine pair as hero and heroine.

The front foyer showcases black granite floors and a floating staircase. The dark granite adds a dramatic counterpoint to the gleaming white brick of the exterior.

Living room

Living room

The two-story living room is bathed in light from the bank of windows overlooking the pool. The Henrys removed shutters from the windows to make the most of the natural light. The living room fireplace burns with either gas or wood and the chandelier also lowers on a hydraulic cable for cleaning, like the one in the foyer. Eggplant drapes on the windows are matched in the bookshelves’ interior. An antique Italian clock ornaments the mantel.

Master Bedroom

Master Bedroom

Rich tones of aqua blue and gold adorn the master suite. Robert Henry faux-painted the tray ceiling himself and loves the shimmer. “In the morning, when the sun comes through the windows, the whole ceiling kind of flickers,” he said. The master suite has a sound system that is separate from the systems that feeds into the rest of the house.

With tavertine marble and dual sinks, the master bath contains lots of built-in extras, including a small television and a fireplace. His and hers closets adjoin the bath, and a morning kitchen is tucked discreetly between the bath and bed chambers.

Sharon Henry loves to cook and the couple enjoys entertaining. The airy kitchen, the last of the couple’s renovations, is characterized by its bounty of storage, including slide-out racks like these next to the stove and refrigerator. The kitchen sink features a swing-over arm from the island sink next to the stove to allow pots on the stove to be filled in place. The illuminated water gloss-fronted cabinets make choosing the right china easy. Read the rest of this entry »

1965 Birmingham Road

1965 Birmingham Road

Source: AJC Homefinder

 

You’re considering working with a real estate agent to buy or sell your home. Real estate agents tout their knowledge and access to information, which can aid in everything from setting a price to negotiating a deal. But beyond that, what can agents do for you?

A major component is a marketing plan. A strategy for selling your home involves all types of out-of-pocket expenses – recouped by the commission when the house sells – ranging from balloons and signs to virtual tours and brochures to print and online listings.

Some agents admit it costs more to be successful. Several metro Atlanta agents opened their checkbooks and shared their routines and expenses, as well as what they’re doing to keep in constant communication with buyers and sellers to get that “sold” sign in the front yard.

A Personal Touch

Agents say listening to and keeping in contact with buyers and sellers are crucial. For a $1.375 million listing on Birmingham Road in Alpharetta, Nancy Murphy, an agent with Jenny Pruitt & Associates, Realtors, wanted to make an extra impact on buyers who returned a second and third time to view the home.

So she brought in breakfast for the second visit, which included the couple, the husband’s parents and a friend. When she learned the couple wanted to return to the home another evening, Murphy asked the agent what type of wine they enjoyed drinking. She brought a bottle of wine – which cost $63 – and cheese, setting it up at the lake’s gazebo. “On a beautiful, not-so-humid evening, [they could] go down and enjoy the tranquility of the lake. It allow them to linger a little longer and think about it in the relaxed atmosphere. They were impressed and appreciative.”

Her efforts resulted in an offer, although Murphy said in mid-July it hadn’t turned into a contract. “We all spend a little more time, energy and hospitality, whatever it takes,” Murphy said. “It seems like we’re spending more time for maybe not quite the return we used to get.”

An exclusive group of over 100 of Georgia’s premier real estate agents gathered for a Bastille Day celebration and private preview of Atlanta’s only French Château, Le Rêve Estate, located a half hour north of Atlanta. The event, hosted by listing agent James Simons and the Jenny Pruitt & Associates Buckhead Office, gave sales agents from some of Atlanta’s leading real estate companies the opportunity to tour the homes 82 rooms and more than 72 acres of sprawling grounds. The Luncheon à La Française, held in the home’s grand ballroom, which doubles as a 12-vehicle garage, was catered by A Legendary Event, and featured French-inspired cuisine and decadent gourmet desserts. Lavish door prizes consisting of French designer items from Hermès, Chanel, Christian Dior and other couture icons were awarded to attendees during a random drawing at the conclusion of the luncheon.  For more information please visit www.lereveestate.com.

Agent Karen Pate and listing agent James Simons, both of Jenny Pruitt & Associates Buckhead office enjoy the view overlooking the magnificent grounds at Le Reve.

Agent Karen Pate and listing agent James Simons, both of Jenny Pruitt & Associates Buckhead office enjoy the view overlooking the magnificent grounds at Le Reve.

Source: Atlanta Business Chronicle

The number of millionaire households in Atlanta grew 30.7 percent to 83,035 in 2007 — the biggest jump among the top 26 U.S. cities, according to market research firm Claritas.

The report defines millionaire households as those with financial wealth of $1 million or more, excluding primary residence and consumables.

Atlanta ranked No. 1 among the top 13 largest U.S. cities for the expected five-year growth rate of millionaire households with a 28.8 percent expected rise. Atlanta placed fourth among the top 26 U.S. cities in the expected five-year growth rate of millionaire household after Orlando, Phoenix and Sacramento.

Atlanta’s five-year expected growth rate for total number of households also ranks No. 1 among the top 13 metro areas with a 10.6 percent expected overall household growth rate.

Globally, the wealth of the world’s high net worth individuals jumped 9.4 percent to $40.7 trillion in 2007, according to the 12th annual World Wealth Report, published Tuesday by Merrill Lynch and Capgemini. The number of high net work individuals in the world jumped six percent in 2007 to 10.1 million.

The study defines high net worth individuals as those with net assets of at least $1 million, excluding their primary residence and consumables.

Source: CNNMoney

  1. Don’t buy if you can’t stay put.  If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up loosing money if you sell any sooner.
  2. Start by shoring up your credit. Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.
  3. Aim for a home you really can afford. The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you’ll do better to use on of the many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.
  4. Don’t worry if you can’t put down the usual 20 percent. There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as three percent of the purchase price.
  5. Buy in a district with good schools. In most areas, this advice applies even if you don’t have school-age children. Reason: When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property value.
  6. Get professional help. Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.
  7. Choose carefully between points and rate. When picking a mortgage, you usually have the option of paying additional points — a portion of the interest that you pay at closing — in exchange for a lower interest rate. If you stay in the house for a long time, say five to seven years or more, it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.
  8. Before house hunting, get pre-approved. Getting pre-approved will save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.
  9. Do your homework before bidding. Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at five percent less than the asking price, you should make a bid that’s about eight to 10 percent lowers than what the seller is asking.
  10. Hire a home inspector. Sure, your lender will require a home appraisal anyway. But that’s just the bank’s way of determining whether the house is worth the price you’ve agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

Source: REAL Trends Magazine

In the midst of increased foreclosures and high inventory, one measure of the health of the real estate market is viewing the number of showings. ShowingTime is a software service provider offering Web-based real estate lead capture, calendaring, and notification to real estate professionals.

REAL Trendsspoke with Executive Vice President of Sales and Marketing, Michael Lane, to learn what their showing management tools reveal.

What do you see happening in the market?
Our data shows an increase in showings, which to us translates into positive activity from the buyer community. We are associated with 79 associations, which represent about 220,000 sales professionals, and our data shows there are just fewer than one million showing appointments per month.

The longer the property is on the market, the more showings hosted. We are tracking the change of month-to-month showings peaks at about 17 showings per month.

In certain markets that were unusually inflated, we can now see the over correction in the inventory numbers. The average number of showings in Florida went from seven to fourteen. The showing numbers also doubled in Ohio and the Chicago markets, whereas in Colorado it was static.

Why does this matter?
We can see how many appointments are being made by potential buyers, which is an early indicator of an actual transaction. The earliest indicator in the buyer’s market starts with online interest, i.e. global searches. An actual showing represents a more serious buyer.

This is a difficult prediction, based on showings, but interesting nonetheless. Overall, trends are hard to capture. But when looking at month- to- month trends, buyers participating in purchasing activities, such as visiting listed properties, this is a good sign.

We try to track number of showings prior to an actual offer. The sample set included eight large clients of 8,000 listings with an average listing price of $300,000, from Q1 2007 to Q2 2008. The average number of showings in 2007 was ten, whereas the average number of showings in 2008 was 16. This is an increase of 60 percent.

Therefore, this is a 90-day advance snapshot offering unique visibility in the future market status.

What is ShowingTime doing differently?
Real estate is in more need than ever for efficiency management tools. For example, they must save valuable time through automated appointment making tools. ShowingTime has a 40 percent growth in sales last year. Our goal is ultimately to provide standardization across the industry, in a simple way.

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