The Peters Company has a lot to sing about this year.  Our 2009 goal of 33 transactions has been met, and we have our sights on 2010!   We thank you for your support this year!

Even now we are busier than ever.  The Spring/Summer busy season has carried over into Fall/Winter without hesitation.  It may be freezing cold outside, but there are still homes selling.  If you’re considering buying or selling or know anyone who is, we would love to talk.  Happy Holidays from our family to yours, and thank you for a wonderful 2009.

As we sit at the eve of Thanksgiving, we are thankful for so much more than we could ever begin to list from the past year including the arrival of a new baby girl, a blossoming business with well over 30 closings on the year, and continued good health.  Perhaps the most heartbreaking and heartwarming experience for us this year was an encounter with some new clients, Jeff and Ingrid from New Jersey. 

Jeff and Ingrid were referrals from a lender that has since moved on from the business, but while he was active, we referred a lot of business to him because he was so on top of things.  When we received a referral from him, we knew that it would be special, and it was.  Jeff was being transferred to Atlanta with Taylor Bean and Whitaker in the midst of the worst financial crisis we have seen in virtually forever.  Jeff was brought in to help “straighten things out,” and it was obvious that he had the attitude and ability to do just that.  His lovely wife Ingrid was in charge of the search, and Atlanta was going to be a welcomed change from anywhere else they had lived in the past.  She was excited, and her excitement was contagious.  She and their son Coleman booked several trips down from New Jersey, and we enjoyed multiple days exploring and looking at property in Cobb, Fulton, and DeKalb counties.  I served as tour guide, and as it was their introduction to the city, I wanted it to be as positive and informative as possible.  We built a great relationship fast, and they affectionately reffered to me as “Andrew,” my middle name and a name typically reserved for my mother and mother-in-law.  It should be pointed out that that’s the kind of relationship we built.  We had a great time, and in the end we found a wonderful home in Sandy Springs that met virtually all of their needs AND wants, including a 3+ car garage and a swimming pool.  We made the offer and negotiated a purchase price roughly 10% less than the appraised value of the home.  In short, it was a steal. 

About three weeks after we went under contract, Jeff received an unfortunate call from his company, which was imploding before our eyes.  The Feds raided the Florida headquarters, and the company shuttered in the day that followed.  I followed the news and internet stories for days afterwards in pain, having had a direct connection.  It was a heartbreaking realization that their impending move to Atlanta was now not going to happen.  Jeff and Ingrid were in shock, and unfortuantely lost transaction costs in addition to obviously a wonderful job with relocation benefits.  Its always been our policy to pay the upfront price in everything we do.  As Zig Ziglar says, “It’s imporant to get the money out of your eyes.”  I honestly feel like we do that when we work with our clients.  Sure, it was disappointing to lose a larger transaction, but it paled in comparison to the disappointment we shared for Jeff and Ingrid.  Their response to the situation was as inspiring as it was sad.  They didn’t get down on themselves.  They pulled it together, and I’m happy to report that Jeff has secured a new job, taking them to St. Louis.  I’m thankful for Jeff and Ingrid, their willingness to blindly trust a real estate agent in a strange city, their attitude, their energy, their response to adversity, and most of all their friendship.  We’ll keep in touch with them wherever the go, and they’ll get a Christmas card every year from the Peters from now on! 

I received the following email this morning from Ingrid, and it was more than enough to spark this post.  It’s important to have good people like Jeff and Ingrid in your life, and it’s even better when they are clients.  Give thanks today to those who are important in your life, whether they are friends, family, clients, or all of the above.  Happy Thanksgiving!

Andy and Lesley,

At the time of year we are all giving thanks for the wonderful people that touched our lives this year, Jeff, Coleman and I want to recognize you. Even though the end result was painful and disappointing, the process of learning about Atlanta and trying to find the perfect home for us was so wonderful. It was the two of you that made that happen. We will always be disappointed that we couldn’t begin a life long friendship with you and your beautiful children.

Good news is that Jeff is finally working. He went back to Citibank last week. We will move back to St. Louis probably before March 1. Jeff and Coleman are very happy and I am getting used to the idea. If I can find a job working again with the wonderful friends I had during our past 8 years in St. Louis, I will be happy too.

Andy I must tell you that I have officially graduated from the Andrew Peters school of real estate negotiations. I expect the purchase of our next home will be just like our Atlanta experience. Maybe we can even get a higher appraisal!!

We didn’t get any reimbursement from TBW and will be happy if a check comes in the mail but we don’t expect it. Life goes on.

Happy Holidays and give those beautiful babies a smooch for me.

Best regards,
Ingrid

Red Alert!

After months of speculation, Congress has extended and expanded the home buyer tax credit. On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time.

While there’s no denying the impact the past credit has had on the ailing real estate market, it was obvious from our perspective that the move up market was not impacted as much as originally thought. We constantly met with Sellers that had little to no motivation to move up from their existing home because they were underwater so much. While the new expanded tax credit isn’t going to make millionaires out of move up Sellers, it definitely incents homeowners to consider moving up and taking advantage of a historical market marked by higher inventories, depressed values and amazing interest rates. 

Here are some important details on the new credit:

Who Gets What?

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

 What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

 What are the Income Caps?

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

• Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
• Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.

How Much are First-Time Homebuyers (FTHB) Eligible to Receive?

An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible fort FTHB Tax Credit?

Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.

• This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
• As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500. 

How Much are Current Home Owners Eligible to Receive?

The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?

No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?

Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

1. Right of possession,

2. Right to obtain legal title upon full payment of the purchase price,

3. Right to construct improvements,

4. Obligation to pay property taxes,

5. Risk of loss,

6. Responsibility to insure the property, and

7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?

Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:

• They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from “step-relatives.”)
• They do not use the home as your principal residence.
• They sell their home before the end of the year.
• They are a nonresident alien.
• They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
• Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
• They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

 Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?

Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

 If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?

Yes, provided that the child meets the other requirements for the tax credit. 

The Peters Company is well versed in today’s real estate market whether you are buying or selling. With over 30 homes sold in 2009 to date, we are helping our clients take advantage of the market. Now’s a perfect time to consider your alternatives, and rest assured that we will give you good honest counsel without any strings attached. If you are an Atlanta first time homebuyer, your clock is still ticking! Before you continue to rent, let’s talk about your options. Give us a call or send us an email. We’d love to help you in any way.

These great listings are under contract! The end of the first-time homebuyer tax credit is drawing near and buyers are out in full force.

These 4 great listings are gone…

Immaculate Decatur Ranch

One of Alpharetta’s Finest Swim Tennis Communities

Cottage Charmer in Brookhaven

Walk to Village Place Brookhaven

From Brookhaven to Decatur to Alpharetta… Our listings don’t last! If you are considering buying or selling, give us a call! We know Atlanta Real Estate!

Because of you… We are still the #1 Team at Keller Williams Realty Peachtree Road and now ranked in the Top 50 amongst all Keller Williams Realty agents in the Southeastern Region. Thank you for trusting us to be your real estate agents for life!

We have closed 15 transactions since July 1, 2009! 11 out of those 15 came from your referrals. What an honor!

Through September, we’ve sold over $6 million dollars in real estate. We’re busy but we are never too busy for new clients. As we begin to approach 2010, please don’t keep us a secret!

Your agents for life,
Lesley and Andy

FULTON COUNTY TAXES ARE OUT!

Fulton County property tax bills have been mailed to some properties, and the rest will be coming out by October 15th. The due dates for 2009 have been extended to 11/30 for City of Atlanta and 12/15 for Fulton County.

If you are closing a property in Fulton County, it will help both buyers and sellers if you make sure that the Fulton County taxes are paid at closing. This may require an update to short-sale HUD’s and REO HUD’s that have already been prepared and/or approved.

Do not assume that the buyer’s new lender will pay these bills, because the due dates are much later than usual, and the lender expects the bills to be paid already.

The bills from Fulton County are all marked as “temporary”, which gives the Tax Commissioner the right to issue supplemental bills later on. Therefore, the title insurance issued to the new buyer and lender will still contain an exception for 2009 taxes.

Keep in mind that most short sale sellers will be uncooperative and/or unavailable when the supplemental bills come out, and REO sellers do not assume any liability for taxes that come out after the closing.
Make sure that your buyer understands this and assumes the responsibility for paying any supplemental bill.

Information presented courtesy of Leigh Clack, Attorney
Neel & Robinson, Attorneys at Law LLC
22 Lenox Pointe, Atlanta, GA 30324
lenox@neelandrobinson.com
404-705-3690 fax 404-705-3697

Don’t let this opportunity pass you by first timers! We are telling everyone considering buying a first house over the next year to seriously consider the consequences of higher interest rates, a changing market, and the loss of $8,000 in federal tax credit by waiting. The deadline is November 30, 2009, and at this point despite rumors of a supposed extension, we have no assurances of anything.

For a free e-book courtesy of The Peters Company and Keller Williams Realty outlining the benefits of the tax credit, click HERE. We have helped dozens of Atlanta first time homebuyers this year, and we can help you or someone you know too. It’s not to late!! Give us a call or shoot us an email today, and let’s get started!

What a pleasure it is to list great properties such as this. This renovated 4/2.5 in Alpharetta’s Tuxford is great value for the area and in move-in ready condition! Click HERE for the full flyer.

Wonderfully Updated Tudor Inspired Traditional Home. Tuxford is well known in Alpharetta for having a true “neighborhood feel.” With over 370 homes, this incredibly desirable neighborhood has one of the more active homeowner’s associations in the area with events such as a 4th of July Parade, Halloween Parties, Tailgating, and Adults Night Out (ANO). The swimming pool is a hot spot for parents and kids alike, and the tennis courts are well maintained and popular as well. The “Tot Lot” located in the neighborhood provides a playground full of fun and a great meeting place. Living on Dunoon Drive is living at its best. The neighbors are friendly, and the cul-de-sac prevents through traffic. The convenient location between North Point Parkway and State Bridge/Old Milton make this neighborhood at large incredibly desirable and easy to get in and out of from multiple entrances. You will love being close to everything in Tuxford with easy access to the highways, byways, and the shopping and restaurants surrounding North Point Mall.

Welcome home to brand new updates. This home has been updated through the years and has just undergone a tasteful renovation which includes a new kitchen complete with stainless steel appliances, granite countertops, and a tile backsplash. You will absolutely love the openness of this floor plan as the kitchen and main living room come together for enjoyment. The wall of windows across the back of the home invite the light and give you a beautiful view of the trees and leaves, especially for seasonal color in the Fall. Downstairs you will also find a freshly updated half bath with new tile and vanity. You are going to love your new master bathroom, where you’ll find more updates including new granite countertops, new tile floor, and new fixtures. The 30-year architectural roof is new, as is the hot water heater. The A/C unit is newer, which is yet another thing that you won’t have to worry about on this well maintained home.

Space to live and space to grow. In addition to all these new features of the home, the full sized unfinished basement is waiting for your own custom finishes. The usable square feet of this home give it a world of opportunity and possibilities. You will appreciate a full sized separate dining room and an elegant separate living room on the main living level. Upstairs you will find the master bedroom and bathroom as well as the second, third, and fourth bedroom. The separate bathroom upstairs is complete with a tub/shower combination.

Your new home has been well cared for to ensure minimal maintenance, freshly updated so you do not have to spend your time and money, and value priced for you. Welcome home!

The Peters Company is well versed in Alpharetta real estate, and we represent both buyers and sellers in the area. We know North Fulton well, having lived in both Roswell and Alpharetta ourselves. Activity is back! Houses are moving, and interest rates won’t be this low forever. Come take advantage of this market before it’s too late. To find out more information on The Peters Company, please visit our website or visit us on Kudzu.com where our past clients have rated and reviewed our services. We are excited to be rated amongst the top metro Atlanta real estate agents.

This year we have had the good fortune of working with several relocating clients who really came to Atlanta with no preconceived notions. They were utterly and completely dependant on US introducing them to our great city. What power! What responsibility! So, why not start with the area that we know best of all because it’s our own backyard?

Brookhaven is the northern neighbor of Buckhead. Historically, it’s just as rich as Buckhead, but unlike Buckhead, there is still an affordable side. If you are wanting to stay inside the perimeter with all the convenience and proximity you desire but perhaps without the price tag, Brookhaven could be for you. Historic Brookhaven really is an extension of Buckhead, and its location within the City of Altanta guarantees the same Buckhead schools, specifically Sarah Smith Elementary. The Brookhaven community is split between Fulton County on the southern side, which is considered City of Atlanta, and unincorporated DeKalb County on the northern side. Although the area is well known for the Brookhaven MARTA station, the area is built around Peachtree Road. The eastern side of DeKalb County Brookhaven is highlighted by the incredibly popular Ashford Park, Drew Valley, Brookhaven Heights, Brookhaven Fields, Brookhaven Gardens, and Hillsdale to name a few. Affordability is the name of the game. Despite more affordable intown homes, these great neighborhoods are also home to a blossoming infill phenomenon. Even despite a “valley” real estate market, we’re seeing more and more build starts, a good sign for the area and a good sign for the housing market in general. Dresden Drive off of Peachtree provides a new highly anticipated live/work/play development called Village Place Brookhaven, which adds to the buzz of the area thanks to restaurants like Library Coffee and Verde Taquieria. There are currently two other anchor restaurant spots available, and the community is in hopes for at least another casual grill and bar as Brookhaven continues its transition into a destination. Other great restaurants include Hudson Grill, Haven, and Valenzia. Just a mile north you will see another large live/work/play development going up, Town Brookhaven. This will bring a lot of the “big box” retail stores we have grown comfortable with. Brookhaven has come into its own in many ways, but still feels like a child trying on daddy’s large swallowing clothes. It has even more potential, and the relocating Atlanta resident will appreciate the history, the redevelopment, and the new additions of an area on the rise.

The Peters Company is well known for Brookhaven real estate. We live here. We work here. Our office is here. If you are looking for Brookhaven, you want the best, and if you want the best, you want The Peters Company. We’ll make your move as easy as possible, and we’ll treat your home purchase as if it’s our own. You don’t have to worry because luckily, you’re not with a newbie. Many have gone before you. Feel free to check us out on Kudzu.com, where over 40 of our clients have rated and reviewed our service. If it’s a deal you’re looking for, check out The Peters Company’s Brookhaven foreclosure and short sale search that’s updated daily with the latest on the market’s available inventory complete with Brookhaven Foreclosures and Brookhaven Short Sales. I addition to the blog, you’ll find a wealth of resources available on our website at large. We’d love an opportunity to help in any way make Brookhaven or another great Atlanta suburb home for you!

You won’t believe your eyes. This 8th floor unit is in impeccable condition and literally looks new. Click HERE for the full page flyer.

Amazing Short Sale Opportunity in Prime Buckhead Spot! Paces 325 is the ultimate luxury destination located in the heart of Buckhead Village. Within walking distance to the grocery stores, restaurants and hot spots including ESPN Zone, Chops, Fado, Whole Foods, and Trader Joe’s. Let the reverse commute work for you! You’ll have easy access to the highways and byways to get anywhere quick from this intown locale whether you are travelling to Midtown, Emory, Perimeter, or the Cobb area. Your own personal concierge is on duty 24 hours per day. Other amenities include private, lighted tennis courts, a beautiful 4th floor veranda featuring a rooftop swimming pool with views of the city, grilling area, and entertaining space, a spacious media center with a bar and plasma television, a cutting edge fitness center with changing rooms and showers, a business center, and your very own assigned covered parking space (Space 041). For extra security, the elevators provide controlled access to each floor. You’ll feel like you’re living in a first class posh hotel all the time!

Better than new! This larger one bedroom floor plan features a luxurious kitchen with granite countertops and updated stainless steel appliances. The main living area and kitchen are highlighted by rich hardwood floors along with crown molding and trey ceilings in the living room. The master bathroom features a separate garden tub. Wake up to a beautiful view of Kennesaw Mountain! That’s the view from the master bedroom. The covered balcony has plenty of room for a table and chairs as you enjoy the city sights. Upgrades include remote controlled ceiling fans, a living room wired for surround sound, an arched doorway between the kitchen and the separate office area, and your own 6×4x10 climate controlled storage unit complete with custom shelves (Unit 103 in Storage Area 3 on the 3rd Floor). The laundry room includes a washer and dryer that are included in the sale of the property along with custom shelving. The condominium is wired for cable, phone and CAT5, and the condominium association dues cover internet, garbage, exterior maintenance, exterior liability, fire insurance, security, and portions of the dues go towards a healthy reserve fund.

Location. Location. Location. Being two short blocks away from Peachtree gives you a world of entertainment and restaurants, and the new “Streets of Buckhead” development is sure to reward the area with unparalleled shopping and fame. You’re going to love living in the middle of it all!

Andy and Lesley Peters with The Peters Company at Keller Williams Realty Peachtree Road are well versed in Buckhead Atlanta real estate. We represent both buyers and sellers, and we are intimately familiar with the Buckhead Atlanta foreclosure and short sale market. For more information about The Peters Company, visit our website at www.thepeterscompany.com. You’ll also find us on Kudzu.com where we have received well over 40 5-star reviews and are ranked as one of Atlanta’s highest rated real estate teams. We look forward to working with you and helping you take advantage of today’s market!