Atlanta Real Estate Report – August 2011
Atlanta Luxury Home Market – People are always asking me, how’s the Atlanta real estate market? In August 2011 there were 32 luxury homes that sold that were listed for over $1,000,000. In August 2010, that number was pretty close to the same with 28 luxury homes sold.
| August 2010 Sold 28 Atlanta Luxury Properties Listed at over $1 Million | ||||||
| Bedrooms | Full Baths | Half Baths | List Price | Sale Price | Days | |
| Min | 4 | 3 | 1 | $ 1,000,000 | $ 850,000 | 11 |
| Avg | 5 | 5 | 1 | $ 1,527,433 | $ 1,317,598 | 193 |
| Max | 7 | 8 | 3 | $ 2,795,000 | $ 2,400,000 | 805 |
| August 2011 Sold 32 Atlanta Luxury Properties Listed at over $1 Million | ||||||
| Bedrooms | Full Baths | Half Baths | List Price | Sale Price | Days | |
| Min | 3 | 3 | 1 | $ 1,099,000 | $ 520,000 | 0 |
| Avg | 5 | 5 | 2 | $ 1,886,065 | $ 1,620,534 | 116 |
| Max | 7 | 8 | 3 | $ 10,000,000 | $ 9,000,000 | 454 |
What was the difference?
In August 2010 the lowest sales price was $850,000 with just 11 days on the market. The average number of days on market for all the luxury homes sold was 193 days and an average sales price of $1,317,598. The highest price Atlanta luxury home sold for $2,400,000 with 805 days on the market.
In August 2011, we saw a decrease in the number of days on the market in the Atlanta Luxury Home Market. The lowest number of days on market is 0, yes, not even 1 day on the market for a home that was listed at 1,099,000 and sold for $520,000 in McDonough. The average number of days on market for all luxury homes in the Atlanta area was 116 days with an average sale price of $1,620,534. The most expensive luxury home that sold in August in the Atlanta area was $9,000,0000. It was on the market 454 days.
Many of the Atlanta Luxury Homes are in golf course communities with fabulous amenities.
Where did the Atlanta area Luxury Homes sell in August 2011?
Buckhead - 8 of the Luxury homes sold in Buckhead
- London Estates in Atlanta
- Kingswood – Atlanta Fulton County
- Woodward Investment (near Buckhead in Atlanta)
- Sugarloaf Country Club in Duluth – Gwinnett County – 2 of them sold here – For the same time period last year, 4 Luxury Homes sold at Sugarloaf
- Peachtree Manor Heights –Atlanta in Fulton
- Atlanta National in Alpharetta in Fulton
- St. Marlo in Duluth Forsyth County
- Tuxedo Park – Near Buckhead in Atlanta
- High Gates on Robinson in Marietta – Cobb County
- Chatham Park in Roswell –Fulton County
- Riverwood in Johns Creek – Fulton
- Sentinel Ferry at the River in Sandy Springs –Fulton County
- Lake Lanier in Cumming – Forysth
- Atlanta National – On the Golf Course in Alpharetta
- McDonough in Henry County
- Atlanta Country Club in Marietta
- Country Club of the South in Johns Creek –Fulton County
- Chastain –Atlanta Fulton County – Last year same time period 3 Luxury homes sold in Chastain
- Spalding Stables Estates in Atlanta – Sandy Springs area of Fulton County
- Chatsworth in Atlanta near Buckhead
- The Enclave at Jett Ferry – Dunwoody – New construction by John Wieland
If you’re thinking of buying or selling an Atlanta Luxury Home, contact Jen Bowman, Broker Associate with Keller Williams Realty Atlanta Partners, Luxury Homes by KW at 404-456-5024.
I am a multi-year veteran of the industry who has served in the highest offices in the industry. I can help you get the best deals and avoid getting ripped off!
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What is a buyer's market or seller's market?
- Image via Wikipedia
I can’t say it any better than my friend Jennifer Fivelsdal “Just a few years ago it was not uncommon to see a house assessed at $200,000 selling for $400,000 and this made home sellers happy. That was a market called a Seller’s Market, in other words more buyers and fewer properties. The well known rule of supply and demand dictates that a higher demand with a limited supply will result in higher prices. Today the scenario is so different. Very high inventory and few buyers makes this a Buyer’s Market. In this case buyers want to spend less and get much more for their money.”
We are very much, for almost every market, in a buyer’s market. More now than ever before many sellers are having to short sell their home or bring cash to closing to pay the difference between the sales price and the mortgage pay off. To be sure a home seller may want to have their home appraised independently. While that appraisal cannot be used by the buyer’s lender due to all sorts of rules and regulations it should still be a standard, Uniform Appraisal and the result should be within a few percentage points. If you are in the Atlanta area I can give you the names of a few Atlanta area Georgia licensed appraisers.
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- 4 Keys to Selling In a Buyer’s Market (entrepreneur.com)
- Still a “Buyer’s Market” in Many Neighborhoods (seattlebubble.com)
When is a property officially a "Short Sale"?
Continuing the great and enlightening discussion on the topic of short sales it has come time for the bane of the web: a poll. Actually polls are not the bane of the web but they are also usually skewed and completely unscientific when used in this manner. However, which is the same as but, your opinion and perspective is invited on this particular matter.
Having taught and “done” short sales for a number of years, in fact well before they were one of the biggest buzz-words in the industry, I have had the chance to work with many agents, sellers, buyer, banks, and lenders in multiple aspects of the process. Still there are “gaps” in understanding, approach and even the timing of a short sale. Moreover, and more personally important to me as the lender offering financing to people who are purchasing short sales, the timing of when a property officially becomes a short sale.
Power of the FHA 203k Streamlined
There is little secret about the devastation delivered to the real estate industry in the Atlanta area over the last twenty-four months. Values plummeted in 2009 as more properties made their way to the market through increasing numbers of foreclosures leaving banks and investors holding inventory unlikely to resell in months if not years.
Making matters worse many of the foreclosed properties are not in prime condition with many of them needing repairs to return them to livable condition. Add to this trouble the number of properties which have been vandalized while vacant and those continue to set in a deteriorating state further impacting the values of other properties in the area.
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