SUWANEE TALK!: August 2008

ATLANTA REAL ESTATE MARKET - July Market Report 2008

The Atlanta real estate market began to see a downturn beginning in the third quarter of 2006; and, it is apparent our market has yet to see the upswing most had thought would happen by now. 

As we begin the third quarter of 2008, the Atlanta real estate market is still trending downward. Closings on single family homes in July was down over 34% from last year with a drop in average sales price of over 8% for this same time last year. 

With such a significant drop in home pricing, the recent First Time Home Buyer's Tax Credit (Housing and Economic Recovery Act of 2008) approved last month by Congress, low interest rates and high inventory, this is THE time to buy!!!

The chart below depicts the activity in the Atlanta real estate market for the month of July compared to July 2007. And the graphs provide a comparison for the activity in the Atlanta real estate market for first six months of this year.

 

 

 

 

 

                                                                           
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Information is believed accurate, but is not guaranteed.

Suwanee's 2009 FISCAL YEAR BUDGET

Suwanee’s 2009 fiscal year budget went into effect July 1, 2008 with the approval from the City Council in June. The 2009 fiscal budget of $12,863,830 is an increase of 10.43 percent over the previous year's amended budget. The millage rate will remain at 5.77 – which has remained the same or has been reduced over the past six years.

Within Suwanee's 2009 fiscal budget is a public safety budget which will consist of hiring two additional police officers, the purchase of three police cars and one motorcycle. The city's budget also includes the implementation of a take-home car test program for police officers. The cost of this program is projected to cost $90,820 for the year. Many of the surrounding jurisdictions currently have take-home car programs for their police officers.  This initiative will help the city of Suwanee remain competitive in attracting and retaining quality police officers.

Other Expenditures Include:

  • Technology enhancements which includes digital records storage ($95,000)
  • Update the city's website ($75,000) (www.Suwanee.com)
  • Update to the 2001 Old Town Master Plan ($75,000 - Old Town & Suwanee Gateway areas)
  • Directional signage ($88,800)
  • Improvements to the current water system ($150,000) - most of which services the Old Town area.
  • Staffing  & equipment for Sims Park
  • Completion of Suwanee's first individual MS4 stormwater permit
  • Staff salary increases ($75,560)
  • Annual bond payments ($1.62 million) for the 2002 Open Space Intitiative and new City Hall

 

Projected revenue for the city is expected to top $1 million this year keeping the city fiscally healthy! The budget should maintain the current service levels providing the citizens of Suwanee the quality of life they have come to enjoy and expect.

 


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Source:  CrossRoads (Suwanee's Official Newsletter, August, 2008)

H. R. 3221 - FIRST TIME HOME BUYER'S TAX CREDIT

Now is the time to buy for First-Time Buyers. Opportunity only knocks once; and, if you have been waiting, now is the time to act because time will run out!

For first time home buyers who thought owning a home was only a dream, the recently enacted legislation, H.R. 3221, also known as the Housing and Economic Recovery Act of 2008, will provide a tax credit of 10% of the home cost, but not to exceed $7,500 which could now make your dream a reality. H.R. 3221 also includes reform of Fannie Mae and Freddie Mac, FHA modernization,  with permanent increases in conforming and FHA loan limits

If you are a buyer who has been sitting on the sidelines trying to decide if the time is right...The answer is a resounding "YES!!!!!" You will definitely want to take advantage of this opportunity! And, keep in mind, time is of the essence: You must make your purchase on or after April 9, 2008 and no later than July 1, 2009 to be eligible. 

The table below provides a recap of  H.R. 3221 - Housing and Economic Recovery Act of 2008:

    FIRST TIME HOME BUYER'S TAX CREDIT
(Housing and Economic Recovery Act of 2008)
                        H. R. 3221 (Recap)
          

Feature Housing & Economic Recovery Act of 2008
Amount of Credit 10% of cost of home, not to exceed $7500
Eligible Property Single family - must be principle residence (includes condos, co-ops)
Refundable Yes. Reduces income tax liability for one year of purchase. Claimed on tax return for that tax year.
Income Limit Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000 respectively)
First-Time Home Buyers Only Yes. Purchaser (and spouse) may not have owned a principal residence in 3 years previous to purchase.
Recapture Yes. 6.67% to be repaid each year for 15 years. If the home is sold before 15 years, the remainder of credited is recaptured on the sale.
Effective Date Purchases on or after April 8, 2008

Termination

July 1, 2009
Down Payment Assistance Program DOES ALLOW down payment assistance pgorams funded by other sources with the exception of sellers and those who have a financial interest in the sale. This assistance can come from family members, approved grants and a variety of other sources all of which are subject to lender approval and proper verification. Certain seller assistance programs that are allowable now will terminate October 1, 2008

Information is believed accurate, but not guaranteed. Please verify with your lender.

 **H. R. 3221 - Frequently Asked Questions...Answered
**U. S. Senate Roll Call Votes 110th Congress, 2nd SessionVOTE SUMMARY (By Senator Name)
**U.S. Senate Roll Call Votes 110th Congress, 2nd Session - VOTE SUMMARY (By State) 


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COME PLAY....SUWANEE CITY PARKS!

Suwanee City Parks....Why so many people call Suwanee home!

Our quality of life is often defined, in part, by where we live. For each of us the definition of "quality" will take on many different meanings. For those of us who have found Suwanee, GA to be our home, "quality' is woven into the fiber of our city....starting with the Suwanee city parks. Through an open space initiative, the city of Suwanee has been preserving green spaces and creating several new city parks.

  

Town Center Park - Each of the Suwanee city parks has its own personality and purpose. Town Center Park is located at the intersection of Buford Hwy and Lawrenceville-Suwanee Road. The focal point of the city, this park anchors a mixed-use development and is recognized by the locals as Suwanee Town Center. The 10 acre park is center stage for most of the community's primary events. Enjoy the one mile of interlinking pathways and sidewalks, an array of trees and the 1000 capacity amphitheatre where free concerts take place throughout the summer.  Year round you will witness the activity of bicyclists and joggers along with young and old alike out for a leisurely stroll; and, kids of all ages flying kites. During the summer months, the fountain is open from 10:30 am to 9:30 pm seven days a week to keep you cool during the long, humid Atlanta summers. The fountain has 43 jets and uses up to 1,400 gallons of recycled water per minute. 

 

  

The Suwanee Creek Greenway  -  Suwanee Creek Greenway was originally designed as four beautiful miles meandering through the natural habitat along the Suwanee Creek. The trail was started in the early 1990's with a three mile extension added in the spring of 2004. The park consists of approximately 400 acres of park land encompassing residential and commercial areas as well. The trail includes hard-surface trails, boardwalks and natural trails that winds through woods and wetlands. Along the pathway you will enjoy the friendly wildlife habitat - a perfect setting to enjoy your daily jog, a relaxing walk, a heart-pumping bike ride or energizing roller blade work-out. The trail begins at 1170 Buford Highway but has several other starting points along its path:

  1. Suwanee Sports Academy at 360 Burnette Road
  2. Martin Farm Road, approximately one-half mile west of Satellite Blvd.
  3. Town Center via Portland Drive at the wooden boardwalk
  4. Suwanee Elementary - Weekends and after 4 pm during the week
  5. George Pierce Park - Soccer fields and back softball fields

 

Suwanee Creek Park - An 85 acre park and the trailhead to Suwanee Creek Greenway. The main entrance is located at 1170 Buford Highway and is open from sunrise to sunset. The attraction to the park is the natural setting which has been primarily left intact. Since the Suwanee Creek Greenway winds through the park you will find constant activity taking place throughout. The park is equipped with two pavilions, picnic tables, grills, public restrooms and open meadow areas making it the perfect setting for picnics, reunions and lazy-day weekend relaxation.

 

   

Playtown Suwanee - Of all the Suwanee city parks, Playtown Suwanee takes on the greatest meaning. It is a child's paradise.  Entering the park, you will be greeted by an artistically painted cow - leaving no doubt fun lies ahead. More than 1,200 volunteers worked approximately 10,000 hours over a five day period last summer so the children could have a park designed with them in mind.  The park includes features such as a magical bus, castle, log cabin, boat, elephant, a rocket, climbing wall, bridges, slides and swing sets. You will find the park at 425 Main Street in historic Old Town and open sunrise to sunset.

 

Sims Lake Park - Of all the Suwanee city park's, Sims Lake Park is the newest park; and, is currently under construction with expected completion late 2008. It is a  sprawling 62 acre park where you will enjoy walking trails, open play fields, a small pavilion and picnic areas. The main entrance to the park will be at Tench Road and Suwanee Dam. The park is regarded as "the jewel of the city's award-wining open space initiatives"

 

Main Street Park and Burnette-Rogers Pavilion - Located in the heart of historic Suwanee. It provides a basketball court, in-line skating elements, the City of Suwanee Red Caboose (decorated and in lights at Christmas); and, the Burnette-Rogers open air pavilion. An intimate, yet inviting place for picnics and small gatherings.

 

City Hall Park - Located at City Hall on Buford Highway across from Suwanee Town Center. The park hosts play equipment and a picnic area under a covered gazebo.