SUWANEE TALK!: September 2008

Decreased demand in housing continues to plague our market; and with the current inventory levels, we are seeing an overall increase in days on market, particularly with town homes/condos, as well as declining home prices.

4,545 single family homes closed in August, 2008. 
(Down approximately 41% from a year ago.)

• 3,938 closings for single family detached homes compared to 5,412 closings in August, 2007:

1)      Average List Price August, 2008: $252,355
2)      Average Sold Price August, 2008:  $238,854
3)      Average DOM '08:  91

• 607 closings for townhomes/condos compared to 1,007 in August, 2007:

1)      Average List Price  August, 2008:  $193,797
2)      Average Sold Price August, 2008:  $183,842
3)      Average DOM '08:  105

Interest rates are still very favorable, but economic instability seems to be keeping some buyers at a distance. All conventional and FHA down payment assistance programs come to an end on September 30 which will push some buyers out of the market entirely. In its place will be the required 3% down....at least until January, 2009.

Despite the tightening of mortgage loans, with our current housing prices and the inflated inventory levels, the current real estate market in Atlanta is definitely tilted in favor of the buyer. However, with current oil prices and financial market instability it may take some encouraging news to get buyers back in the game - particularly if they do not have to buy now.

Although the news each month seems like doom and gloom, homes in the Atlanta market are selling.  It does require more work on the home owner's part compared to years gone by. But, when we look back at the 2008 Atlanta real estate market stats, despite all the bad news, billions in dollars will have sold in our market. To increase your chances of success, preparation is the key: Make sure your home is pristine, be willing to price ahead of the curve and be patient. You can be one of the successes!

*Data believed accurate, but is not guaranteed.

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The 25^th Suwanee Day Festival kicked off with the traditional parade. As a long time resident of Suwanee - 21 years to be exact, but first time volunteer, I awoke at 5:45 a.m. to start my day. After a quick detour for my morning brew at Starbuck's, I found my way to the back parking lot of Suwanee Town Center - still half asleep! I parked my car and walked a respectable distance along Buford Hwy. in the dark (a risk I was willing to take....) and arrived promptly to my destination on Main Street in Historic Suwanee at 7 a.m. as instructed!

Once I received my t-shirt marking me as an "official" volunteer and given my assignment, I was off and running. Fortunately it wasn't too taxing of a responsibility and I had plenty of good company. In short, as the parade participants filtered in, we directed them to their place in the parade's procession.  And, come they did! Floats of every design found their place in line preparing to travel through the streets of downtown Suwanee: Pawplex of Suwanee participated bringing along several of their adorable four-legged friends, North Gwinnett Marching Band, Peachtree Ridge High school pageant winners, Sugar Hill Methodist Veterans, Brownie Girl Scout Troop #1214, Riverside Elementary and many, many more.

Once everyone was in place and all were accounted for, it was off to the races (well,...may be a slow procession is more appropriate) at 9:45 a.m. - just as scheduled: Along Main Street, down Russell Road, North on Buford Hwy to Lawrenceville-Suwanee and back to Main Street where they started. The streets were lined with children of all ages with smiles and laughter echoing through the morning air. As the parade found its way back down Main Street, organized chaos ensued as everyone began to disassemble and make their way to Suwanee Town Center where the festival was kicking off - for the 25^th year in a row.

There was no mistaking the day's event for anyone who drove by the Town Center located at the corner of Buford Hwy. and Lawrenceville-Suwanee Road. The Park was adorned in white tents where crafters displayed their wares and food carts lined the streets. Children could be seen running from one place to another in laughter as they enjoyed the rock climbing wall as well as a myriad of rides and games clearly intended for the enjoyment of kids of all ages. And, music filled the air from the amphi-theatre through-out the day with a wonderful skit performed by the knights from Medieval Times. The day was topped off with country music later in the evening and a fireworks display.

A long day indeed...but fun it was!!!!

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By: Chuck Warbington, PE - Executive Director, Gwinnett Village CID

As the dust continues to settle over the July primary elections and we analyze the results, Gwinnett took a major step in setting a positive course for our future with the passage of the Redevelopment Powers Law.  This new policy allows the County to encourage positive change in depressed and declining areas of the County through a creative financing mechanism.

The ballot question, referenced as the Redevelopment Powers Law, centers around the use of Tax Allocation Districts (TADs).  TADs allow local governments to leverage private investment to pay for infrastructure and other community improvements in declining or blighted areas so that those areas can become safe, attractive and productive parts of the community again.  As property within one of these areas is redeveloped and improved by private investment, the County uses the increment on the tax revenues as a result of the increase in property value to fund the improvements in the defined area.

So why was this so important to the future success of Gwinnett?

First, Gwinnett County is one of a handful of counties in the metro-Atlanta region that did not have this mechanism in place.  47 states through the nation currently use this financing tool and Gwinnett has consistently been put in a competitive economic disadvantage for projects.  As seen across the nation over the past 50 years, the track record of TADs indicate a significant role in attracting high quality, sustainable developments to blighted neighborhoods.

Second, this tool will encourage new economic investment by the private community in depressed and blighted areas.  Private investors have consistently focused on green field development in Gwinnett due to the fact that development costs are 30% to 40% cheaper to remove forest and trees rather than demolishing an existing shopping center and starting over with a new high quality and sustainable development.  TADs will level the playing field and encourage investors to seek out blighted and depressed properties to redevelop.  Since TADs have been used in Georgia, direct private investment in these districts have now totaled just under $18 billion dollars.  One example is the Atlantic Steel brownfield site in mid-town that was once an abandoned environmental hazard and is now a positive economic engine for mid-town Atlanta.

The Gwinnett Village CID is very pleased to add this to our redevelopment tool belt as we continue our mission of providing positive change to the southern part of the County.  For a more in depth look at TADs in Gwinnett, visit www.gwinnetttads.com . 

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This month the city of Suwanee will begin the process of updating the 2002 Old Town Master Plan.In a collaborative effort, city officials, residents and consultants will attempt to blend old with new, past with present. 

Quiet, quaint, and once the hub of Suwanee's business district, Historic Old Town is a short distance southwest of Suwanee Town Center.  Just off Buford Highway, which runs directly through Suwanee, buildings like Pierce's Corner Antiques and Rhodes House are reminiscent of days gone by, yet are still an integral part of Suwanee.  By revamping the 2002 Old Town Master Plan, city officials will attempt to merge Historic Old Town Suwanee and Suwanee Town Center into one unique Suwanee downtown area.

To that end, the city has contracted with Ecos Environmental Design (EED), an Atlanta-based firm specializing in landscape architecture and urban design. EED will spend six-to-nine months leading the downtown master developmental committee. The estimated cost of the initial planning process is approximately $85,000. 

In orchestrating a viable plan, public input will be sought by EED, county officials and a combined group of approximately fifteen residents and business owners.  The initial process begins this month, with open Suwanee community meetings beginning in October.  

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Once again the city of Suwanee receives one more award! The Government Finance Officers Association (GFOA), a nonprofit professional organization serving approximately 16,000 finance professionals, presented the city of Suwanee with the Certificate of Achievement for Excellence in Financial Reporting. 

Considered the highest level of recognition in government financial reporting, the CAFR program began in 1945 in an effort to promote top-quality, comprehensive financial reports and currently has over 3,600 governments participating. Reports submitted to the CAFR Program are reviewed and judged by an impartial panel with an area of expertise in public financial reporting.

For the fifth consecutive year the city of Suwanee, meeting the program's high standards and guide lines in financial reporting, is the proud recipient of the GFOA's prestigious certificate for their excellence in presenting and disclosing the financial standing in Suwanee's 2007 Comprehensive Annual Financial Report (CAFR).

Congratulations to the Suwanee city government and management!!!

The Suwanee Day Festival has always been a community festival.  The first Suwanee Day Festival dates back to May, 1984 and was held behind the current Gwinnett County Fire Station #13  - one year before Suwanee had its first traffic signal  - with about 75 people in attendance!  The area was growing and many new residents were moving into Suwanee. Not knowing much about our city, the hope was the festival would allow new comers to get involved, create a sense of community, while at the same time providing a venue where people would be able to show off their talents or skills.

By 1990 the Suwanee Day Festival was moved from May to September. In 1995, organizers moved the location of the festival from its Buford Hwy. location to Main Street in Historic Old Town. By 2004 the festival moved to its current location - Town Center Park. Today the festival is held on the third Saturday of September each year. The festival includes:  arts and crafts exhibitors, children's activities, parade, food vendor and free entertainment. To kick off the festival, on the second Friday in September the annual Suwanee Day 5K Classic takes to the streets beginning and ending at Town Center Park. 

Today the festival attracts over 30,000 people.

COME JOIN THE FUN....Saturday, September 20, 2008

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