SUWANEE TALK!: May 2008

LOOK WHO IS STAYING IN GWINNETT COUNTY!

According to a recent article in Gwinnett Business Journal, Uline Shipping Supplies has decided Gwinnett County is the best place to remain and expand their business. After doing research, Uline ulimately purchased a 500,000 square feet distribution facility off Satellite Blvd. in Duluth. Uline Shipping Supplies has been part of the Gwinnett business landscape for about 8 years.

The warehouse will include distribution and office space. As a result of this decision, Uline will add 500 new jobs over the next 10 years as part of its long-term expansion plan. The plan is to move into the new facility sometime in 2009. 

At a time when we constantly hear a forecast of economic uncertainty nationwide, knowing Gwinnett County worked to keep a business in our county like Uline Shipping Supplies is definitely worth noting and applauding. 

Job Opportunities: 

 Uline Shipping Supply Locations:    

 

                                                                   
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SUWANEE TOWN CENTER...THE PLACE TO BE MEMORIAL DAY WEEKEND!

    

THE CELEBRATION STARTS AT 7:00 pm. Don't miss out on a patriotic and moving celebration at Suwanee Town Center!

Friday,May 23, have your blankets set, your lawn chairs positioned, your picnic basket and cooler          
in place! And, do it early! This will be a celebration to remember: The 43-piece Band of the United States Air Force Reserve returns for an enchore performance. Enjoy the excitement and marvel at the sounds of this amazing concert band. And, you'll want to turn your eyes to the sky as members of the Silver Wings parachute demonstration team will be making an appearance.

The celebration will be begin at 7 pm with an opening performance by Sugar Hill Stakes Choir. At 7:30 pm members of the Silver Wings parachute team will land at Suwanee Town Center Park followed by the steller performace of the U.S. Air Force Reserve concert band at 8 pm.

Noted as the largest, most versatile Band of the United States Air Force Reserve, you will enjoy the sounds of  classical overtures and Sousa marches to Broadway show tunes as well as movie themes, popular music; and, of course, patriotic favorites.

As always, enjoy great food and beverages from the local restaurants that serve the Suwanee Town Center or bring a picnic.

THIS WILL BE A NIGHT TO REMEMBER!!! Come be a part of the excitement!!!

                                                             
                                                              Come to my house:
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Suwanee, GA RIVERMOORE PARK First Quarter 2008 vs First Quarter 2007

 

Rivermoore Park Picture


First Quarter 2008 Compared to First Quarter 2007

First Quarter 2007

SOLD:  5

Corp Owned:  0
Foreclosure:  0
Owner Transfer:  0
Lease/Purchase:  0
No Special Circumstances:  5

High Sold Price:  $624,500
Low Sold Price:  $375,000
Average Sold Price:  $528,300

Average DOM:  41

List to Sale Price:  96%
Seller Finance Concessions:  0
First Quarter 2008

SOLD:  2

Corp Owned:  0
Foreclosure:  0
Owner Transfer:  0
Lease/Purchase:  1
No Special Circumstances:  1

High Sold Price;  $483,000
Low Sold Price:  $438,000
Average Sold Price:  $460,500

Average DOM:  44

List to Sale Price:  96%
Seller Finance Concessions:  $135
Analysis:
  • Number of homes sold first quarter 2008 vs. first quarter 2007:  <40%>
  • Average SOLD price first quarter 2008 vs. first quarter 2007:  <13%>
  • Average DOM:  No change
  • List to Sale Price:  No change
Drop in HIGH SOLD '08 vs HIGH SOLD '07 is not necessarily a reflection of current property values within Rivermoore Park. It is an indicator, in my opinion, of waht price point within Rivermoore Park is selling best in today's market.

Lease/Purchase:  Buyer enters into a lease agreement with Seller and at the end of the lease period, Buyer has opton to buy the home at an already agreed upon price and terms.

My Suwanee Home Picture


Information is courtesy of First Multiple Listing Service (FMLS). Information is believed
accurate, but not guaranteed.

APPRAISALS...Change is Good...Isn't It?

 

 

The one thing I have always loved about real estate is nothing ever stays the same. You're market is probably the same way, isn't it? Just when you think you have something figured out, you realize you don't know as much as you thought you did. I don't know about you, but I have always prided myself in staying informed, learning what is new, staying up on changes in the market etc.  But these days, it is almost a full time job!

I was a bit surprised late last year; or, may be it was the first of this year (at my age, time goes so fast, I can't keep up), when I learned of a change in the Georgia appraisal statute. What first surprised me is the change had gone into effect August, 2006 and I was just hearing about it for the first time. I realize I'm not a loan officer, but being affected by this change it just seems the information might have trickled down to us a bit sooner. Most agents I come in contact with still don't know.   And, I'm curious...are these type of changes  being seen in the real estate industry across the country?

Here is how  our Georgia statute currently reads:

Paragraph 539-3-.02(1)(C)2.D. As approved by the GREAB and EFFECTIVE AUGUST 1, 2006

"SELECT COMPARABLE PROPERTIES FOR VALUATION OF A PROPERTY THAT ARE LOCATED WITHIN THE MARKET AREA OF THE SUBJECT. ABSENT OF CREDIBLE REAL ESTATE APPRAISAL EXPLANATION FOR A DIFFERENT MARKET AREA, THE MARKET AREA FOR RESIDENTIAL PROPERTIES SHALL BE PRESUMED TO BE COMAPARABLE PROPERTIES LOCATED FIRST WITHIN THE SAME SUBDIVISION AS THE SUBJECT AND SECOND WITHIN ONE MILE OF THE SUBJECT."

It is against the law to use comparable sales outside the subdivision without a good explanation.

DECLINING MARKETS/MARKET ANALYSIS: Declining markets are here now. We (appraisers) are now required to report DOM, REO activity and rising listings (supply) as sales fall (demand). Due to the changing markets, we are required to utilize comparables within six (6) months of the effective date.

Notice the last line... six (6) months. As of last week, we were told by our primary mortgage company no more than three (3) months. Just an indication of how tight things have become. Personally, I am glad. Many of the changes taking place in lending and appraisals is a good thing, I think. But boy, am I ready for the worm to turn!

 

       
                                                                 
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Metro Atlanta................March 2008 in Review...

 

 

Atlanta Real Estate - March 2008 

  • All single family units closed in March
  • Single family detached closed 3,599 units in March, 2008 
  • Through first quarter 2008, 11,671 total single family homes closed 
  • Average price of all single family homes was $236,780 for March, 2008
  • Average single detached was $246,901 in March 
  • Overall AVERAGE for all single family homes ws $230,315 
  • 6,172 expired listings all single family homes in March
  • Days on market ran 100.7 for single family detached.



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Tour de Georgia 2008

 

It has been a week since the Tour de Georgia passed through Suwanee, GA. Were you one of the lucky one's who was able to skip work so you could witness the excitement as Suwanee hosted the 5th Stage (of 7 Stages) of Tour de Georgia? The race has passed through Buford, GA in previous years, but this is the first time Gwinnett County hosted the start for one of the stages in the race.  And, Gwinnett County gave the bicyclists a real southern welcome. It is esimated approximately 2,500 people showed up to cheer them on - one of the biggest crowds experienced at the beginning of this race! Well done Gwinnett!!!

I don't know about you, but I know nothing about pro bicycling! I am an avid runner so when I do see bicyclists, I don't know why, but I am always impressed and wonder where they find the endurance.  And, what I didn't know is that the Tour de Georgia, is one of the highest-rated races in North America. 

Even with my little knowledge, when I heard Suwanee was going to host this event, I was excited. If you have read my posts before, you know I have lived in Suwanee a l - o - n - g time! Twenty years to be exact. When I moved out here, I had people asking me how we found this place. NOW!  It seems everyone is beginning to take notice. Who would have thought Suwanee would be the host of Stage 5 for Tour de Georgia! Stage 5 began at the Suwanee Town Center and the route continued along Lake Lanier into the north Georgia mountains. The final destination was Dahlonega. The total leg of Stage 5 was 214.7 kilometers (133.4 miles). Richard England, 26 from Australia, won Stage 5 with a time of 5 hours, 15 minutes and 15 seconds.

Kanstantin Sivtsov, who won the world U23 title in 2004, finished 32nd at last year But it was Kanstain Sivtsov, competing in his first race in the United States, who pulled out the win in the Tour de Georgia. 

Race routes change every year, so who knows if Suwanee will host next year's event. So I hope you were one of the lucky one's out cheering them on this year. If you were, we would love for you to share your experience. And, for those who missed out, if the race finds itself coming through Suwanee, Georgia again, we will be ready with another real southern welcome and hope you'll join us!

 

 

                                                            
                                                             Come to my house:
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