The results for the Atlanta real estate market were mixed for the month of May. The number of homes CLOSED were up; and the speculation, of course, is this is a result of the First Time Home Buyer Tax Credit coming to an end. And with the end of the tax credit we see PENDING sales are down. According to Steve Palm with Smart Numbers "under contracts for all single family declined almost 22% in May 2010 vs. May 2009." (June 20, 2010).

The Atlanta real estate market continues to struggle. However there is, as you will see, a substantial dip in the number of foreclosure sales both in detached and attached single family homes (21% and 27% respectively). I still hear the buzz that banks are holding back, working on loan modifications etc. We are seeing a definite increase in the OH SO FAMOUS - Short Sale. Not a road to travel down for the weary home buyer that is for sure.

Collectively in the real estate market, I think we are seeing more real estate agents scratching their heads wondering when will this ever end. Unemployment for Atlanta still remains high, new construction is still down providing less new home options to buyers. In fact, I had a buyer in town this past week looking for a home in the Suwanee area. Their preference was up to $260,000 "new construction."  I had two neighborhoods to show him - that's it. Ryland Homes has, surprisingly, started a new development in Suwanee; but, I will be interested to see how many spec homes actually get started. Three Bridges is a gated mix community of manor homes and town homes. Because the builder has independent investors, they also continue to build - They build one; sell it; build another - one home at a time. Probably safest method until we begin to at least see a glimmer of light at the end of the tunnel.

But the sun will continue to come up and it is important to stay focused and positive. This business is not for the faint of heart that is for sure. And if you are a buyer or seller who has stepped out in the real estate arena: be informed, be patient and most of all be realistic in your expectations. 

The good news is......interest rates are still great!!!

See! There is something to smile about!!!

Let's take a look at Atlanta's real estate market for 2010

 
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Statistical data in this report is provided by FMLS (First Multiple Listing Service).
Information is believed to be accurate at time of collecting but is not guaranteed.

These are are precarious times in our great country. 
In my life time I don't know if I have seen such a
division as I witness today.

But I have faith in this - the greatest country in the
world AND the people who live here.

I believe we will move through these challenging
times and be stronger for it.

A great quote from Joseph Addison:

"Let freedom never perish in your hands."

I may be a bit delayed in sharing with you the the events that took place a couple weeks ago as Suwanee celebrated the opening of one more fabulous City park - White Street Park; but the excitement still lingers.

Unlike any other of its kind in the area, this is a community garden. Many of us came together back in April where we drilled holes in the pre-cut wood - which would become our garden boxes, assembled the planting boxes, dug holes in the dirt, set the planting boxes in the holes, spread rock, filled the boxes with quality planting soil. And when the labor of love was complete, the excitement rose to a whole new level as we began planting our flowers and vegetables.

In total construction of the community garden's 76 initial plots required:

• more than 500 volunteer hours
• 3.5 days
• 2,940 linear feet of lumber
• 912 bolts
• 36 tons of slate chips
• 3 tandem loads of soil

You see White Street Park is an organic community garden and Georgia's largest organic community garden. There are approximately 76 garden plots and the premise is based on square foot gardening. You may be asking yourself what is square foot gardening and I must admit I had not a clue until I became involved. It is quite simple actually. Essentially you divide your planting area up into 12 inch plots and within each square you plant either flowers or vegetables. It has been quite a rewarding experience I must admit. And probably some of the most fun comes from visiting the garden throughout the week to see what is growing but also to see what new creative garden decor someone has added to their plot.

As the Grand Opening was upon us many of the plots were in full bloom and the plants were majestic! The day's event included walking through the newly created butterfly garden, face painting for young and old alike, kids making lady bugs from crafts, cook out and so much more.

Finishing touches continue at White Street Park. We anxiously await the arrival of our resident chicks. Our hen house will be cared for by the gardners on a weekly rotation. Eggs laid during "your watch" will be yours to take home and enjoy with your family. I understand there was a contest in naming the chicks during the Grand Opening but I haven't heard the results.

As much fun as this has been and I feel certain it will continue to be, as gardners at the White Street Park, we will have the honor of sharing our produce with the local food bank as part of our giving back to the City of Suwanee and the residents of Suwanee.

Slideshow: White St. Pk Grand Opening: Comm Gardens - Slideshow





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Suwanee GA's very own - North Gwinnett High School - made Newsweek Magazines's 2010 list of the nation's best high schools.  The list is comprised of a total of 1600 schools - only  6% of all high school's made this year's prestigious list.

Congratulations NORTH GWINNETT HIGH SCHOOL!!!!

Read more:  America's Best High Schools:  The List

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Anyone involved in the real estate market in Atlanta had reason to smile as April 2010 closed out. While lag reporting is still coming in, the closings thus far in the month of April for  the metro Atlanta market was sporting a year-to-year double digit increase at 12.2% for all single family closings (stats provided by SmartNumbers/Steve Palm).

So far it all looks good!  And there are some making the prediction that Atlanta has seen the bottom. And, I surely hope that is true. However, one compelling factor remains - our unemployment remains at over 10%. That doesn't bode well, in my opinion, for our real estate market.

The First Time Home Buyer Credit has come to a close. So it has been no surprise to see the first quarter of this year......and, April begin to hit positive increases as everyone scrambled to the finish line. I speculate that the TRUE numbers will begin to show themselves throughout the second quarter and into the third. I, for one, truly hope those predicting better days ahead for the metro Atlanta housing market are right.

Here is April 2010 Market Report:

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Gwinnett County currently has over 17,000 undeveloped residential lots sitting vacant. 

Gwinnett County business and government leaders have put together a stimulus package offering up to $5,000 in down payment assistance plus extremely low mortgage rates.  Funding for this program is made possible through federal, state and local tax funds issued through Gwinnett County Community Development.

For more infomation visit:

GWINNETT COUNTY OFFERS SWEET DEAL

 Prudential Georgia Realty is pleased to announce that Metro Atlanta home values are officially past the bottom.  Read the report to learn the facts that support our case.  The report also includes an overview of the key drivers that impact future homes values with relevant facts about each category. 

• Learn the trends for short sales, foreclosures and bank-owned properties. 
• Get the facts about the shadow inventory being held by banks.
• See the latest stats for new homes permits and trends for replacements costs.
• Understand how increasing mortgage rates could reduce your buying power.  

Home affordability remains exceptional with selling prices below replacement costs and historically low mortgage rates.  But these conditions will not last!

Click Here To Download The Report

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Report posted with permission of Prudential Georgia Realty

Webster defines community as: “a unified body of individuals” or “the people with common interests living in a particular area”; and, there is no better definition to exemplify Suwanee, GA.  

This past week Suwanee citizens came together to provide muscle and sweat to prepare for the opening of one more of the many city parks that City officials had purchased -The theme for White Street Park is a community garden – specifically Square Foot Gardening. There are approximately 70 plots which have been rented by Suwanee residents, each ranging in dimensions of:  5x5, 5x12 and 5x14.    

With the hot Southern sun beating down on us, we started Day 1 with a large group of residents gathered to assemble cedar boxes, dig holes, shovel rock and move dirt. It was hard work, but it was “fun” work with a vision in sight of the end result. 

   Day 2 consisted of more of the same. However, you could already see organization coming together on how everything would lay out once completed: As all the boxes were finally assembled, each was moved to their designated spot.

 And, each box was assigned their own number – like a street address.   

  By Day 3 finishing touches were in place and the reality of what we had been working on for the past three days became real: Garden boxes were in place and the rock had been placed. If you are from Georgia, you know about the red Georgia clay. So some boxes opted to be tilled first while others moved forward with filling their claimed spot with quality, organic, beautiful black top soil.  

By Day 4 we each were able to put our focus on our individual garden boxes. With about five of us up to the work, we met at 10 a.m. Saturday morning. .

1. We tilled our Georgia red clay
2. We saw that the beautiful black top soil which had been ordered by the City was  now very limited but we managed to get what we needed to fill our box
3. We added all the nutrients that plants and vegetables thrive on
4. We measured off for our 12x12 squares within our box
5. We created our 12x12 squares with yellow nylon rope 

And, like we knew what we were doing, we methodically placed seeds, flowers and vegi’s in their respective square.  Not wanting our work undone, we then fenced our “sacred” ground to prevent the deer from undoing what we had just accomplished.  

  Finishing touches continue: A barn is being built to house the gardener’s tools, concrete will be laid to accommodate a grilling area and the park will be fenced. And when the City of Suwanee completes the park we will enjoy a butterfly and humming bird garden……..White Street Park will be breathtaking.  

And, nothing will make it more worth it than we all begin to reap what we haved sowed and can share it with our family, friends and community.

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The Atlanta real estate market continues to have twists and turns. With the end in sight for the housing tax credits, it was anticipated there would be a higher jump in activity as the clock clicks downward....not so much. Closings for all single family homes was up only 8% from one year ago. 

According to Steve Palm with Smart Numbers:

• There was a surge of homes going under contract for the month of March.  So it seems reasonable to expect that closings, particularly for April will see an increase compared to April 2009.
• Inventory levels also seem to be hitting more of a "seasonal" norm for the Atlanta market.
• And, new construction seems to be on the rebound - Metro Atlanta permits are up almost 50% the first quarter of 2010 compared to first quarter 2009 - 1900 permits issued first quarter 2010 vs. 1270 permits first quarter 2009.

So after the last few years being in a tail spin it may be true what the experts are saying...."We have seen the bottom." How long it will take to see a full recovery - as in property values etc. only time will tell.

Here is a look at the numbers for metro Atlanta for March 2010:

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