The Peters Company KNOWS Ashford Park in Brookhaven.  Not only have we personally lived in Ashford Park, but we have helped Brookhaven homesellers and homebuyers in Ashford Park time and time again.  It’s amazing to see what this neighborhood has done through the years!  If you are interested in Brookhaven, you should definitely consider Ashford Park, and we’d be happy to help.

Here’s the details on our latest Brookhaven listing:

Developed in the 1950’s, Ashford Park was home to military personnel stationed at the site of today’s Peachtree-DeKalb Airport (PDK).  The military housing is a distant memory, but this area is still flying.  You’ll appreciate the history of the neighborhood while enjoying the incredibly desirable location in the heart of Brookhaven’s rejuvenated east side.  With the new Village Place Brookhaven blossoming now and within walking distance on Dresden, there’s a lot to be excited about here.  This charming two bedroom two bathroom cottage provides the perfect setting for city convenience and affordability. 

The front of the home has been freshly painted and finished with fresh landscaping.  From the moment you walk in the door, you’re greeted by rich history filled hardwood floors.  You’ll have plenty of space to relax in the main living room and adjoining separate dining room.  There is no need to waste a bedroom for your home office with the bonus nook off of the living room.  The kitchen features white cabinets and a brand new dishwasher as well as an extra cupboard cabinet for additional display and storage.  Come outside and find the screened porch you have always wanted.  Relax or entertain in privacy with a large flat fenced backyard.  The master bedroom and guest room are accompanied by a traditional full bathroom.  With an excellent lot, the possibilities for expansion are endless here.  The neighbors are friendly and wonderful.  You’re going to love it.  Welcome home to Ashford Park!

What a pleasure it is to represent Atlanta luxury properties such as this, a once in a year type value in the highly desirable Park Place on Peachtree building in the heart of Buckhead.  We put this Buckhead luxury condo home on the market on Thursday of last week, and the activity is enormous.  The condo is being sold fully furnished with contemporary home furnishings and top of the line electronics, and it’s priced below market value for easy sale.  Seriously, don’t let this one pass you by if you are in the market for a beautiful Buckhead condominium home!  Call Andy for an easy showing at 770-634-2782 or email me at andy@thepeterscompany.com.

 Built in 1987, Park Place on Peachtree is forty stories of Buckhead living at its finest.  The building is built for opulence and exemplary service.  You will appreciate the valet and concierge greeting you upon your arrival.  Take the elevator to the 27^th floor, and step into your fully furnished luxury home.  All existing furnishings, fixtures, appliances, electronics, window treatments, and wall decor remain with the home.  The rich parquet floors and columned foyer await you and give way to the freshly carpeted main living room complete with upgraded track lighting, built-ins, wet bar and wide panning views from Stone Mountain to Downtown.  Step out on your wraparound balcony and marvel at the most beautiful views of the city you have ever seen.  The separate dining room gives you more than enough room for a large dinner party.  The kitchen has been upgraded to include granite countertops and backsplash as well as custom cabinets, custom paneled Sub Zero refrigerator and dishwasher, and stainless oven.  You will also enjoy the two pantries and the breakfast area in the kitchen, giving you another brilliant view of Downtown Atlanta.  Wake up to the Atlanta skyline!  The Master suite is an expansive private retreat with it’s own balcony, draped by custom window treatments.  The Master bath has room for two with granite topped double vanities, separate jetted tub with granite surround and paired with a tiled shower.  You will have more than enough room for two wardrobes and storage in this oversized Master closet.  The secondary bedroom boasts the same unforgettable skyline view and includes balcony access and two closets.  The secondary bathroom is far from typical with granite topped double vanities and tiled tub/shower combination.

The building amenities include a fitness center with steam room, sauna, and heated swimming pool.  The temperature controlled wine cellar makes for a welcomed collection or casual convenience.  In addition, your visitors can enjoy a private guest suite, and even your vehicle is pampered thanks to three levels of underground parking.

This is truly a must see home, and it will be an effortless move for you.

The buyers are out in full bloom already, braving this flood weather we have experienced recently in Atlanta.  We’re working with homebuyers in Norcross, Alpharetta, Roswell, Sandy Springs, Brookhaven, Buckhead, and Decatur.  Rain can’t keep people away, and it’s just wonderful to see the pickup a little earlier than expected.  Atlanta home sales are on the move.  Our phone continues to ring daily with new homebuyers ready to take advantage of the market.  With the new buyers also come new listings.  In the past week we have added three new single family listings in Decatur, Sandy Springs, and Buckhead.  You’ll note those listings on our blog.  Week after next we will be adding a foreclosure listing in the well known Park Place condominium building of Buckhead. 

Remember that it’s only a buyer’s market if you’re buying.  If you are a seller, think like a buyer.  If you are interested in learning more about our metro Atlanta market and perhaps how you can take advantage of it, we would love to spend an hour with you over lunch, coffee, or at your home.  We have some wonderful statistics, tips, and tricks for ensuring that your next move is a great move.  If you are an intown Atlanta homebuyer, we would like to meet with you, and if you are an Atlanta first time homebuyer we definitely want to meet with you!  This is an amazing market for you first timers!  All the best. -Andy & Lesley

Are you looking for value in one of Atlanta’s finest Buckhead neighborhoods?  How about a larger home in Buckhead you can live in for a long time that doesn’t need work?  Look no further.  With the Atlanta real estate market in a valley at the moment, it’s deals like this that are going to make you glad you bought when you did.  This home is beautifully renovated and move in ready.  You will not find a better home for your dollar in Atlanta’s Haynes Manor, one of Buckhead’s most beloved neighborhoods.  This home is located directly across the street from Bobby Jones Golf Course.  You must see the inside because the 5-bedroom space is deceiving from the road.  All the systems are less than five years old, and there are too many upgrades to mention.  If you aren’t familiar with Haynes Manor, we would love to tell you more about this beautiful and historic Atlanta neighborhood.  Contact Andy at 770-634-2782 or andy@thepeterscompany.com for easy appointment to show.  You’ll be glad you did!

This one won’t lost long!  Cometitively priced at $400,000, this Sandy Springs gem will immediately stick out from the crowd.  Home is available furnished.  Truly a must see.  For more information, please contact us at andy@thepeterscompany.com or 770-634-2782, and we will be happy to set up a showing.

A real estate transaction only occurs when a seller can convey clear and marketable title to a piece of property to a buyer.  Sounds pretty easy, huh?  Well, there’s a lot that the closing attorney must do before validating clear and marketable title.  This is an incredibly important step because if you were to close on a home without owners title insurance only to find out later your property is stuck with previously unknown encumbrances or past claims, guess who has to pay?  You.  Attorneys overall do a great job of validating title, but we’ve heard the one in a million stories that will make you think.  Your lender will most likely require lender’s title insurance, but don’t forget about owner’s title as well.  It is vital protection that can really come back to haunt you in the event you don’t secure it at the closing table.

In a continued effort to provide you with relevant information, Leigh Clack with Neel and Robinson (lenox@neelandrobinson.com)  reveals what all is involved in a title search.  If you have further questions, feel free to contact us or Leigh Clack directly.  She can be reached by phone at (404) 705-3690.

WHAT IS CHECKED IN A TITLE SEARCH?

1. Chain of title = each deed from seller to buyer
   1. Legal description
   2. Signatures from all owners
   3. Proper execution (witness, notary, corporate seal for company)
   4. No “breaks” in chain = buyer who does not sign as seller later
   5. Most recent deed should match seller’s name on sales contract
2.  Property taxes
   1. Enforceable for seven years
   2. All Georgia properties have county taxes; some also have city taxes
   3. Not removed by foreclosure or bankruptcy
   4. Interest and penalties due if paid late
   5. Homestead exemption and other discounts – determine if still applicable for current year
   6. Some cities/counties also collect water, garbage, other utilities
3.  Open mortgages (security deeds)
   1. Current owner’s mortgages – confirm open – get payoffs
   2. Previous owner’s mortgages – confirm paid – get releases
4.  Liens and judgments
   1. Liens for materials and/or labor are specific to each property
   2. Judgments against owners in chain of title attach to any property owned by that person
   3. Valid for seven years from filing – can be refiled to extend
   4. Common names may have judgments that are not theirs – need to confirm with social security numbers and affidavits
5. Income tax liens
   1. Valid against all property of taxpayer
   2. Federal tax liens (IRS) valid for ten years – state for seven
   3. State liens removed by foreclosure – federal must be given notice and right to redeem
6.  Pending lawsuits and divorces
   1. Lawsuits affecting subject property must be resolved
   2. Other lawsuits – confirm no judgment entered yet
   3. Divorces – must be resolved or have all parties (spouses and their attorneys) agree to the sale
   4. Probate/trust/estate/guardian issues – determine who can sell

As is customary, The Peters Company brings you this monthly market snapshot for the metro Atlanta area.  We believe in market statistics, and we are proud to provide you with the best stats in the metro area from Chartmaster Chuck Carr.  It’s hard to sell homes in this market, but it’s even harder when you don’t understand the market.  We have always paid the upfront price to ensure we know what’s going on out there and so we can provide timely insight and valuable advice.  The first time homebuyer is the one that’s driving the bus here.  When the lower priced homes sell, it creates a domino effect throughout all price ranges.  The new tax credit, the coming Spring season, and the historically low interest rates have created a perfect storm for the first time homebuyer. 

The detached home market is included here:

Here are a couple of observations:

• After comparing these numbers to the February MMO, total inventory has jumped from 12.7 months to 13.9 months.  Now that spring has sprung, we expect more and more homes to hit the market.
• Foreclosures are up to over 32% of market sales, a number that is likely understated given the tendancy of some agents to “miscode” their listings.  This just means that there are a lot of great deals out there that buyers are taking advantage of.
• The median list price is down over $5,000 from last month.  Sellers are becoming more and more realistic, and the first time homebuyer is back in business thanks to low prices, low rates, and free money courtesy of the $8,000 tax credit.
• The percentage of failed listings (listings that did not sell) jumped to 70%, a little over a 3% increase over last month.  Effective pricing strategies and superb condition continue to make the difference in whether or not you sell.

If you have interest in the attached (condo/townhome) market, simply shoot us an email, and we will be happy to provide it for you.  These statistics are the tip of the iceberg.  If you are considering buying or selling this year, I hope you will give us an opportunity to share some more with you.  It would be our pleasure to work with you.  If you would like to subscribe to our bi-weekly email, The Metro Atlanta Real Estate Update, simply send us an email.  We’ll be glad to add you to the distribution!

Courtesy of WSJ, by way of Freddie Mac

We get that question about a handful of times every week.  Just like the real estate market, the answer is rather pat.  We won’t know until things start going up when we have hit the bottom.  The bottom will be in our rear view mirror by the time we figure it out.  Back to the mortgage market.  It’s hard to imagine things dropping further as it relates to rates.  We are already in unchartered territories considering we are at all time lows.  Current 30-year averaged rates sit at 4.85%, the lowest point figure ever recorded since Freddie Mac started recording in 1971.  You can take a look at the chart above for an indication of how far we’ve come in the last year. 

Everyone is trying to “time” the market, whether its in real estate, in mortgage rates, the stock market, etc.  It’s impossible to time the market.  Like playing with fire, sooner or later you are going to get burned.  A recent Reuters report reveals some interesting insight from one of the mortgage insiders, John Koskinen, the head of Freddie Mac.  Koskinen ”said on Friday that U.S. home loan rates are near their bottom and any further decreases will be small.”

So, the moral of the story here is that you don’t want to let the bottom pass you by.  It’s a great time to buy real estate.  It’s a great time to refinance if it’s financially feasible for you to do so.  We are lower than low at this moment.  Rates are lower than they have been in over 37 years.  It’s been said that a roughly 1% rise in your interest rate is comparable to paying 10% more for your home.  It’s hard to imagine a better position to be in.  If we can help you take advantage of this market, we would love to help.  www.thepeterscompany.com

The Peters Company is involved in more and more distressed property transactions these days.  It’s the unfortunate state of affairs right now in our market.  Distressed property is categorized as most commonly “short sales” and “foreclosures.”  The truth is that these distressed sales are providing amazing opportunities for our buyers.  It has been said that one in four transactions in the metro Atlanta area is a foreclosure according to 4th quarter 2008 statistics.  I might argue that it’s a little higher than that as many agents miscode their listings and seem to leave off the fact that their listing is a foreclosure.  Given the numbers of buyers searching specifically for foreclosures, the idea of leaving off a glaring marketing code such as “foreclosure” is hard to believe, but it happens quite frequently.  In addition, many people have called 2009 as the “Year of the Short Sale.”  The short sale route is a much more beneficial route for a seller to go without having to deal with foreclosure.  The lenders are VERY accomodating at this point for those in trouble qualifying for hardship. 

In an effort to provide our clients with the highest level of service, I am taking a class to receive a special designation as a Certified Distressed Property Expert (CDPE).  I hope to use this new designation to help our clients have even more success finding, negotiating, and obtaining distressed property.  In addition, we will be even better positioned to represent sellers in short sale transactions, and we anticipate marketing more great foreclosure properties through our banking relationships. 

By mid April, I should have the CDPE designation, which you will start seeing on more and more of our marketing.  It’s believed that only 1% of all real estate agents have this designation, and we are so happy to add this additional value for our clients.  If you have questions about distressed properties as a buyer or a seller, it would be our pleasure to privately consult with you on the benefits.  Thanks for trusting The Peters Company for all your real estate needs.

Those of you in the market will be pleased to know that rates have fallen again thanks to the government’s commitment to purchase bad mortgage debt.  The most recent quote I received was 4.5% on a new home loan purchase.  4.5%!!!  The FHA rate is slightly higher, but still under 5%.  The nice thing on that FHA loan is that you only have to put down 3.5%, and the money can be a gift.  If you need a good lender, we have several that we recommend quite frequently.  Keep in mind that if you are interested in refinancing that the rates that you typically see and hear about are for new home purchases.  The refinance rates are slightly higher.

Those of you out of the market may want to consider getting into the market with rates like this and deals available everywhere.  We have helped people in just about every situation take advantage of this market, and we would be happy to talk with you about it.  The market is primed for a pickup like never before.  We still have higher inventory; home values are down; the interest rates are at historic lows, and perhaps the best news of all is that we are entering the busiest real estate season in Spring! 

Let us know if we can help you on the buying or the selling of your home.  You’re in good company with The Peters Company.