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A Second Look at East Cobb Homes
[ Add Comment ] 07/01/08 | Kathy Drewien | Filed under: Atlanta Real Estate, Marietta, Sellers
We talked about 3 East Cobb homes on April 14, 2008. Two of them were judged to be tough sales secondary to price and condition.
Let’s take a look at where they are now 80 days later.
MARIETTA FORECLOSURE STILL FOR SALE
Located in the Wheeler school district, 13 Weatherstone Parkway is a foreclosure priced at $259,900. UPDATE: Price has dropped $30,000. Now listed for sale at $229,900. The house sits atop a hill on a corner lot and features an in-ground pool.
My client learned that foreclosures are a lot more, a lot less, not always what they seem. The in-ground pool is empty, the liner torn, and more closely resembles a terrarium.
The private backyard is certainly private with months of overgrown neglect.
What I learned: the bank foreclosed in November 2007 for $238,000 and listed the property for sale at $299,900 - market value for move-in condition. Huh?
PRICED TO SELL IN MARIETTA! RIGHT ON THE MONEY, SOLD AND CLOSED
The next house on our list was 451 Springs End Lane. It is smaller than the foreclosure and has a “drive-under” garage. (A drive under garage is a garage in the basement level with additional room for storage or living space.)
One of the many features of this home is the exterior living space - a screened porch off the family room and adjoining deck. Every room was prepared for showing with lights on and no distracting clutter.
My client learned her emotional response to a well maintained house (set within the first 10 seconds of entering) prompted serious purchase consideration.
My experience was affirming. Listing agents who know how to get houses sold in a tough market counsel sellers on target pricing ($225,000) and staging. UPDATE: Purchase offer accepted just a week after this was posted. Sold for $215,000 on May 15, 2008.
STILL WAITING FOR A BUYER IN MARIETTA
A candidate for Bad MLS Photo? Sure. But the listing agent for 4415 Kings Way deserves a great deal of credit for capturing a picture that doesn’t scream this house sits below street level.
Priced at $259,900, this seems like a good deal for a house in the Sope Creek, Dickerson, Walton school district. My buyer learned - even before we got out of the car - that preventive maintenance had been long deferred. UPDATE: After 6 months on the market, this listing expired May 14 - still priced at $259,900. The house is listed with a new price -$250,000 - and a new photo.
Is there a house in here somewhere? Why did the agent think this was a better photo?
Wood rot is evident at the door frame, fascia, siding and window trim. The interior is dated (1980). Every room demands updating, which is reflected in the price.
The space over the garage (which adjoins the master suite) has been finished out with a stairway down to the garage. It’s unclear what function this space would serve in the future.
SELLERS TAKE NOTE: Target pricing is the key to getting your house sold in a slow moving market.
Conversation Tags: 30067 | 30068 | Cobb CountyAre You Blinded by Love?
[ Add Comment ] 06/06/08 | Kathy Drewien | Filed under: Buyers, Sellers
Are you a homeowner blinded by love?
I was on a listing appointment yesterday. It was not unlike other listing appointments.
The owners walk me through the home, pointing out features important to them. I observe and take notes. My comments are encouraging, and yet critical when warranted.
We sit at the kitchen table to discuss marketing strategies based on their needs and goals. I probe the motivation level. We swap real estate stories.
Sellers tell me about past experiences. I use real estate stories to clarify points. 
Stories help me understand the seller’s expectations of me. I begin to learn how they process major decisions.
I heard a funny real estate story yesterday.
Several years ago the homeowners were selling another home. It was a labor of love.
A home constructed with golden nails. Every paint color chosen with deliberation. Natural light streamed through new windows. The garden a visual delight.
They knew buyers would be impressed with the beauty of their home.
The sellers were broken-hearted to learn the buyer was visually impaired. His appreciation of the house was very different.
We both laughed at how the seller’s expectations were far removed from the needs of the buyer.
The take away:
Seller’s are emotionally involved in the sale of their home.
Buyer’s are looking for a house they can make into a home.
What about you? When have you been blinded by love?
Add a comment to share your story.
Conversation Tags: downsize | Home Improvement | upsizeNew Trend with Atlanta Sellers
[ 1 Comment ] 05/21/08 | Kathy Drewien | Filed under: Atlanta Real Estate, Sellers
Atlanta sellers are teasing me. 
Hello. I found you on the internet.
My house at 123 Anystreet is for sale. The listing number is #1234567.
I am offering a 4% commission to the agent who brings a buyer before the end of the month.
Curiosity compels me to investigate. Every time.
What I discover - every time - is the seller hired a flat-fee broker who listed the property in the multiple listing service. And, the seller priced the property without regard to current market conditions, or the most recent sales data.
Today’s carrot dangler seller over-priced the property by $25,000.
My response is always the same. “Homes that are target priced, and in showcase condition are selling. Why do you think your house has not yet sold?”
Sellers take note: Target priced houses in showcase condition are selling.
Conversation Tags: Atlanta Sellers | Buyers | MLS Listing Data | multiple listing serviceMLS Moments
[ 5 Comments ] 05/19/08 | Kathy Drewien | Filed under: Alpharetta, Buyers, MLS Moments, Marietta, Roswell, Sellers
Tonight’s review of mls activity - homes for sale in North Atlanta, pending contracts, closed sales - is reported in the table below. Do you like the new display?
The numbers are compiled by me (not the multiple listing service) using the same geographical area we started tracking in 2005 - marking the beginning of the downward trend in the real estate market.
This week I included data from the same period in 2006 and 2007. You can see the significant drop in the number of houses sold since May 18, 2006. And yet, the average sold price has dropped only a slight margin since 2007, and is higher than 2006.
I included information for subsets of the larger market area:
- Marietta / East Cobb zip codes 30062, 30066, 30068, 30075, and 30339
- Roswell / North Fulton zip codes 30075 and 30076
- Alpharetta / North Fulton zip codes 30004, 30005, 30022, and 30097.
The average price for current listings has a wide spread between East Cobb and Alpharetta. My colleague in Johns Creek offers insight on the variation.
Sellers take note: homes are selling at 2006 prices.
| 2008 | 2007 | 2006 | East Cobb | Roswell | Alpharetta | |
| Current Listings For Sale | 8146 | 1699 | 821 | 2122 | ||
| Average List Price | 591,701 | 499,161 | 602,640 | 738,014 | ||
| Under Contract - Pending Close | 1030 | 227 | 106 | 249 | ||
| Avg List Price | 392,321 | 399,064 | 364,455 | 504,212 | ||
| Time on Market | 82 Days | 71 | 82 | 81 | ||
| Closed Sales - Year to Date | 2053 | 3629 | 3979 | 501 | 233 | 506 |
| Average List Price | 386,576 | 383,268 | 360,205 | 369,221 | 383,782 | 483,157 |
| Average Sold Price | 367,979 | 372,014 | 350,672 | 350.603 | 367,750 | 462,189 |
| Time on Market | 92 Days | 73 Days | 64 Days | 82 Days | 81 Days | 95 Days |
Related Posts: MLS Moments
Conversation Tags: MLS Listing Data | North Atlanta | Sales Reports
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