Sandy Springs Now: Life, Business, & Real Estate in Sandy Springs, GA & Metro Atlanta

PRICED TO SELL: Builder Foreclosures at Sandy Springs’ High Point Manor

Lee Davenport — Mon, 08 Mar 2010 14:32:36 +0000

Once priced in the mid-$1,000,000s, the elegant executive homes of High Point Manor, to the builder’s chagrin, have become victim of a builder foreclosure. Despite the unfortunate circumstances, buyers now have an opportunity to purchase one of these stately Sandy Springs’ homes at deeply discounted prices.

High Point Manor is an exclusive, gated real estate community in the award-winning Riverwood High School District. Although the homes of High Point Manor are custom-built and vary from one to the other, you can still expect to see fireside keeping rooms, soaring ceilings, corched porches/decks, windows galore, and picturesque views of the wooded scenery of Sandy Springs. These homes are built on real estate lots near the hub of Sandy Springs and give you quick access to GA 400, I-285, and Roswell Rd., making trips to Atlanta, Alpharetta, Cobb County or Gwinnett County within reach.

Want more information on the foreclosed homes at High Point Manor? Contact places2love@gmail.com or 404.444.5777. Happy House Hunting!

This article can also be found at my website SandySpringsNow.com

Flood Watch Areas in Metro Atlanta

Lee Davenport — Tue, 02 Mar 2010 15:59:01 +0000

Is your dream home in an area suspect to flooding?

With the floods that Georgia experienced in 2009, you should rightfully be concerned about purchasing real estate in Metro Atlanta that could flood. Or, maybe you already live in a home and you are not sure if your real estate is at risk.

Knowledge is power so review this link on the areas that over the past 10 years are more susceptible to flooding in the Metro Atlanta area and proceed with caution!

Do you have further questions? Feel free to contact places2love@gmail.com or 404.444.5777. Happy and SAFE house-hunting!

This article can also be found at my website SandySpringsNow.com

Savvy Real Estate Investments for 2010

Lee Davenport — Fri, 12 Feb 2010 20:19:31 +0000

Vacant residential lots are looking better and better to real estate investors. Why? The cost of a finished, ready to build lot, can cost a developer about 25 percent of the finished home price. There are a number of these ready-to-go lots on the market at about half what they actually cost to prepare. Investor groups are snapping them up, figuring that the time will come soon when they will be in demand.

“The country needs 1.2 million new units for the next 10 years just because of population growth,” says Scott Clark, president of American Development Partners, which has bought thousands of vacant lots all over the West. “[U.S. builders] built about 500,000 units in 2009 and 600,000 units in 2008, so there eventually will be pent-up demand. We want to get as many of those finished lots as we can because as demand begins to rise, the need for housing will become painfully obvious. The delta (ratio of change to value of underlying asset) in this investment will be significant.”

Need help locating vacant lots in the Metro Atlanta area? Call 404.444.5777 or email places2love@gmail.com for more details.

Source: Inman News, Scott Bergsman (02/12/2010)

This article can also be found at my website SandySpringsNow.com

PLACES TO LOVE: SANDY SPRINGS VILLAGE

Lee Davenport — Tue, 09 Feb 2010 14:48:49 +0000

Looking for an upscale home at foreclosure prices? Sandy Springs Village subdivision maybe just the place for you! Located on Glenmanor Court near Glenridge Road and Johnson Ferry close to the heart of Sandy Springs, the Marta Train, and GA 400, Sandy Springs Village will allow you to easily get around Metro Atlanta. Beyond the convenient location of the Sandy Springs Village real estate, you will love the lavish custom features. From the over-sized master suites with spacious sitting rooms, fireplace, spa-styled bath and balcony to the gourmet kitchen with granite countertops, Sandy Springs Village is a must see for its deeply discounted prices. These stunning brick homes also feature 4 - 6 bedrooms, terrace/basement levels, balconies, stacked stone fireplaces, hardwood floors throughout main floor, stereo surround sound pre-wiring, and many other treats for any homeowner. There are also vacant lots available to purchase that start at a fraction of what they used to cost.

Want more details about Sandy Springs Village? Contact places2love@gmail.com or 404.444.5777. Happy House Hunting!

This article can also be found at my website SandySpringsNow.com

Help for REAL ESTATE INVESTORS Looking to Flip Homes

Lee Davenport — Mon, 01 Feb 2010 17:46:20 +0000

Federal Housing Administration is changing what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, says FHA Commissioner David H. Stevens. Beginning Feb. 1, 2010, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days. This is great news for investors that want to rehab a home and sell it to a buyer that wants to receive the Homebuyer Tax Credit before it expires on April 30, 2010 (view this link, http://www.marealtor.com/content/Homebuyer_Tax_Credit.htm, for more details on the tax credit).

Waiving the 90-day rule will encourage private investors to buy vacant properties, fix them up, and quickly sell them to buyers who will be eligible to buy them using FHA financing.

FHA’s change “is going to be absolutely terrific” for first-time home buyers hoping to take advantage of the tax credit, says Bobby Taylor, an associate with Coldwell Banker Mountain West Real Estate in Salem, Ore.

Need more information on how this can benefit you as a real estate investor? Call 404.444.5777 or email places2love@gmail.com for more details. Happy investing!

Source: Washington Post (01/30/2010)

This article can also be found at my website SandySpringsNow.com

Seller Announces,”NO CLOSING COSTS”

Lee Davenport — Fri, 29 Jan 2010 17:50:47 +0000

Fannie Mae, the largest provider of residential home funding in the United States, announced Friday that it would pay the closing costs on purchases of foreclosed homes in its inventory. The government-controlled company said buyers of qualified properties will get up to 3.5 percent in closing costs, or an equivalent amount for the purchase of new appliances.

The goal of Fannie is to clear out the nearly 50,000 properties it has in inventory— listed on www.HomePath.com, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes. “Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover,” said Terry Edwards, executive vice president for credit portfolio management, in a statement.

Need help finding Fannie Mae real estate in Atlanta, GA? Contact 404.444.5777 or places2love@gmail.com. Happy House Hunting!

Source: Reuters News, Al Yoon (01/28//2010)

This article can also be found at my website SandySpringsNow.com

Get Ready. Set. SALE in 2010!

Lee Davenport — Wed, 27 Jan 2010 15:46:31 +0000

Due to the homebuyer tax credit and the extremely low interest rates, now can potentially be your opportunity as a homeowner to sell your home. But in this real estate market, since buyers have a plethora of choices, it is vital that your first impression be your best and make a lasting impact on the buyer. Here are 10 inexpensive ways that any serious Seller should do to sale his/her home in 2010.

1. Improve first impressions. Touch up the paint on the front door and other areas that buyers see first.

2. Clean up the landscaping. Trim the hedges and trees and plant some annuals in the flowerbeds.

3. Paint the interior. A coat of light yellow or cream with contrasting white woodwork looks fresh and clean.

4. Refurbish the floors. Buff the hardwoods. Install new carpets – or at least get them professionally cleaned.

5. Take care of the big problems. If the real estate needs a roof or the front stoop is crumbling, get them fixed.

6. Buy warranties. Putting appliances under warranty gives homebuyers a secure feeling.

7. Improve energy efficiency. New windows or improved insulation tell a potential buyer the seller is on top of things plus they come with tax benefits.

8. Replace light fixtures. Updated fixtures, especially at the entrance way and in the foyer, create a good first impression.

9. Buy a stove. Home owners whose kitchen isn’t top of the line can jazz it up for a few hundred dollars by buying a new stove, which gives the room a fresh feel.

10. Tidy up the bathrooms. Get rid of mildew, replace caulking and replace stained sinks.

Source: U.S. News & World Report, Luke Mullins (01/21/2010)

This article can also be found at my website SandySpringsNow.com

What You Didn’t Know About the Homebuyer Tax Credit

Lee Davenport — Sun, 24 Jan 2010 11:00:37 +0000

So you have either purchased or are getting ready to purchase real estate before the tax credit deadline in April 2010 but the homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.

What you may not know about the tax credit:

1) To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for five of the last eight years consecutively.

2) Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.

3) Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms on line. The wait for a refund is three or four months.

4) The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner.

5) A mobile home or travel trailer that is actually mobile doesn’t qualify.

6) The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.

7) A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.

Source: Bankrate.com, Marcie Geffner (01/21/2010)

This article can also be found at my website SandySpringsNow.com

Savings for Teachers, Police Officers, Firefighters, & EMTs

Lee Davenport — Fri, 22 Jan 2010 12:00:49 +0000

Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home for homebuyers. In return you must commit to live in the real estate property for 36 months as your sole residence.

How the Program Works
Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program (see http://hud.uai.com/hudpls/). Properties are available for purchase through the program for five days.

How to Participate in Good Neighbor Next Door
Check the listings for your state. In Georgia, visit www.bidselect.com and contact us - we would be glad to help you learn about the offer submission process. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD’s regulations for the program.

HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this “silent second” provided that you fulfill the three-year occupancy requirement.
The number of properties available is limited and the list of available properties changes weekly so visit www.bidselect.com.

Have more questions on the Good Neighbor Next Door program or any other programs to help make purchasing a home easy? Contact places2love@gmail.com or 404.444.5777. Happy house-hunting!

This article can also be found at my website SandySpringsNow.com

Has This Home Been Damaged? Website to Check

Lee Davenport — Wed, 20 Jan 2010 12:00:28 +0000

Now, more than ever, before buying a home, you may wonder, “Has this home been flooded or incurred some other form of damage?”. Caveat emptor or “buyer beware” is paramount in this real estate market. You can ask the Seller but what if they don’t know the full history or have “selective memory”, this is especially true if you are buying a home that has been foreclosed on from a bank. There is another option - before you buy real estate, you should also check the Comprehensive Loss Underwriting Exchange (CLUE) report.

Visit https://www.choicetrust.com and click on the CLUE report to learn more about how to appriseyourself of a home’s history of property damage. If you are already a homeowner, this may still be a useful report for you so that you can see what your home is susceptible to and beef up your insurance in needed areas.

Happy House Hunting!

This article can also be found at my website SandySpringsNow.com