Quiet and convenience abound in this four bedroom open planned Norcross home with enough room for now and later. With easy access to Peachtree Industrial Blvd, I-285, and the rest of the metro Atlanta area, you can get anywhere quickly. Other nearby attractions include the Forum, the YMCA, your choice of grocery stores, a great library, and the Gwinnett Aquatic Center. In addition, the Gwinnett County Public School System is award winning. The home is nestled between great neighbors in the middle of a bustling Norcross swim/tennis neighborhood.   

A stroll through the front door is quickly greeted by a two story foyer, hardwood floors, and an elegant staircase. Natural light pours into the spacious rooms, and the nice and bright kitchen is coupled with the warm main living room for an open floor plan you have been dreaming about. The brick fireplace is enhanced with gas for cozy comfort. Custom touches on the main level include recently painted walls and ceilings, a mirrored back splash in the kitchen, crown molding, and two bay windows located in the kitchen’s eat-in breakfast area and the expansive dining room, where everyone can sit and enjoy a big meal. In addition, all windows and doors on the main level are equipped and protected with an installed alarm system.

 Everyone is together as the upstairs is home to all four bedrooms, including the master bedroom with vaulted trey ceilings. The master bath has all the luxury you need including a Jacuzzi tub, separate shower, water closet, double vanities, and a large walk-in closet. No need to stress over laundry days because the spacious laundry room is conveniently located on the same floor as all the bedrooms. For extra storage, the attic has been additionally floored.

 Lastly, the backyard is fenced and professionally landscaped with a charming brick patio perfect for your grill. The beautiful pink dogwood in the backyard makes the springtime even more enjoyable.

If you are an Atlanta first time home buyer or in the midst of an Atlanta relocation, look no further.  This Norcross home in the Wyntree Subdivision is value priced and waiting for you! 

Click on the flyer below for a full PDF flyer of this fantastic piece of Norcross Real Estate:

Welcome to 2010!  This is our first listing of the New Year to hit the market!  And, it’s a great one!  There is a reason our listings don’t last.  From marketing to pricing to staging, we know how to get homes sold in the least amount of time for the most amount of money. Run, don’t walk!  It’s sure to go fast… 

Modern Day Luxury Renovated to Original Craftsman Charm

Old is new again. Originally built in 1930, this immaculate renovation reminds us of a much simpler Decatur. The custom paint and trim fit perfectly and help restore the home to original cottage charm. But don’t let this little trip down memory lane fool you!  This Decatur home, nestled in historic Decatur Heights, is equipped with everything and more that you’d expect from a brand new home, at a fraction of the price.  Within easy walking distance of downtown Decatur, all your favorite hot spots are at your back door.  Also, since you have easy access to Ponce de Leon, the main thoroughfares and public transportation are convenient.  The fenced corner lot provides great privacy and enhances the overall function and curb appeal of the home, and you are districted for the desirable Winnona Park Elementary School within the City Schools of Decatur cluster.

An open floorplan in a 70 year old house? Absolutely! You will love the natural light, flow and openness created in the main living room, dining room, and gourmet kitchen running the length of the home. The rich original hardwood floors and warm custom paint finishes tie everything together. The original fireplace has been brought back to life with modern day gas logs. The tiled kitchen features the granite countertops and counter space you have been looking for with a complimenting tile backsplash and extra outlets for convenience. In addition, the custom cabinets are painted to accent and give the kitchen an ultra updated appeal. The home includes three separate bedrooms along with two separate bathrooms. The updated motif is continued in the baths. No more perfect example than the crisp and clean master bathroom including tasteful tile and an oversized master shower complete with two shower heads. The guest bath includes modern designer light and bath fixtures and includes a classically unique antique slipper tub.

If you’re considering a Decatur relocation or an Atlanta relocation, this may just be the home for you!  What a perfect commute to Emory, Agnes Scott, Decatur Square, CDC, Downtown Atlanta, Midtown Atlanta, Buckhead, or Brookhaven.  This home is also nearby entertainment, shopping, and restaurant destinations such as DeKalb Farmer’s Market, Eddie’s Attic, Watershed Restaurant, Brick Store Pub, Wahoo! A Decatur Grill, and Fernbank.

Your home is waiting. Time is not on your side. This beautifully updated charmer will not last long, and once you see it, you will understand why.  Click on the flyer below for the full PDF image.

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

About twice a year, Andy and I will develop a HOUSE CRUSH! Yes, you heard me correctly – “house crush!” I know it may sound a little odd but we have the great pleasure of seeing some of the most beautiful homes and condos in Atlanta. It can be a dangerous encounter as we often think of moving. Our most recent house crush has been on one of our very own listings – this gorgeous, fully-furnished foreclosure condo in Park Place Buckhead!  The Problem: We’ve already SOLD it! In all seriousness, I’m not sure a family of 5 (including the dog) would be best suited for a 2 bedroom/2 bathroom condo but we can always dream, right?

Congratulations to the new buyers who got a fantastic deal and will have the most amazing view from the 27th floor every night! Can you tell I still have the CRUSH?

We see a lot of Atlanta foreclosures and many are in rotten shape!  This one was a diamond in the rough – completely renovated and fully furnished!  In addition, it was located in one of the most well-known luxury highrises – Park Place on Peachtree. Park Place, nestled amongst church row (Second Ponce de Leon Baptist Church, Christ the King, and St. Phillips Cathedral) and across the street from an Atlanta restaurant favorite (La Grotta) is located in the Heart of Buckhead.  It’s also in walking distance to the new Steets of Buckhead!  No doubt that these buyers got a fantastic location, beautiful condo, and exceptional deal!  CONGRATS!!!

If we can help you find or sell a luxury Buckhead condo, give us a call!

 As I’ve mentioned before, the only way to tell if we are in a bottom is after we have ascended out of it (See diagram above on timing the market).  The supply is still outweighing the demand unfortunately.  Having said and seen all that, there’s certainly a case to be made here for improvement. 

Some are going to say that the rising tide of interest rates over the last few weeks is going to stymie any chance at a housing recovery (see LA Times article).  I can’t speak for everyone, but we are active in virtually all price ranges and we are active in the market every day.  I’ve recently fielded more than a couple phone calls  from home buyers fearing they have missed their opportunity.  Worse yet, they are afraid that if they wait further they may miss another wave of opportunities at sub-6% interest rates.  Wow!  Buyers are starting to cry about high 5% interest rates versus the 4.5-4.75% rates around the first of the year.  Fear is a powerful motivator.  It feels good to say that buyer activity is back in business.  The lower price ranges are leading the charge thanks to first time home buyer tax credits, rising levels of distressed inventory, and the fear as mentioned before (See 1Q 2009 Number Sold: by Price Range diagram below).  The results of the savage buyer activity under $200,000 should have a trickle “up” effect on the other price ranges as homeowners become displaced.  Another good sign is that multiple offer situations are back.  Whereas the fall and spring market meant the buyer was in charge, nowadays the seller has a larger pool of buyers and a better bargaining position.  I expect that trend to continue if at least for the short run.  So, are we in the bottom?  I guess your buying habits and the buying habits of those around you will tell.  It’s only a buyer’s market if you’re buying, and we know in real estate that things can’t stay depressed forever.  I think we can all agree that this is a monumental opportunity to buy real estate.  If we miss the bottom point, we are still going to be buying at a historically low water mark. 

If you have been wondering when is the right time to invest in real estate, buy your first home, or move up to that dream home you have always wanted, we can help.  The Peters Company is skilled in all price ranges, and we represent both buyers and sellers.  We have the manpower, the knowhow, and the tools neccessary to help you make the best decisions possible.  It would be our pleasure to talk with you in a no cost and no risk consultation.  You can contact us at andy@thepeterscompany.com or find more information about us at www.thepeterscompany.com.  In addition, we are proud to be one of the top rated residential real estate teams in the metro Atlanta area on Kudzu.com, where over 40 of our past clients have rated and reviewed our service.

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!

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.

Having attended at least one listing appointment per week for the last several months, we have had to share our fair share of bad news.  In fact, we talk more people out of selling than into selling.  That’s the truth.  As we have said before, we are in the market of selling homes, not listing homes.  If we take a listing it is because we think we can sell it.  This is not the market to get what you want for your house, and it’s really not, in some cases, the market to get what you need.  If I can paint with a broad brush here, I don’t think I’m going out on a limb by saying that inventories remain high and homeowners remain frustrated. 

There is some positive though.  This strange market we are in has created a counter culture for the rental market for the landlord and the tenant.  It has become harder and harder to secure financing thanks to the tightening credit market so more and more renters are looking to take advantage of the market not by buying, but by renting.  What does that mean? 

Many homeowners find themselves upside down on their mortgage or simply refusing to take a large loss by selling their home.  So, what’s a homeowner to do?  Rent it baby!  As in the resale market, a well priced rental home rents fast.  It’s really a great time for the tenant too because they are, in many cases, able to rent a home/townhome/condo at a discount versus the traditional apartment complex.  It’s a win-win for everybody because these new opportunities for tenants allow the landlord homeowner to move on and accomplish goals as well, such as moving up, down, or out of town. 

We have been fortunate to work with some smart couples recently that did not let the market scare them.  In fact, they are rolling with the punches and maximizing their opportunity.  Two couples in particular have already bought or are under contract to buy their “move up” home while renting their current condo/townhome.  This window of opportunity to buy in a perfect storm of high inventory, depressed home values, and historically low interest rates will not last forever.  The smart buyer understands the economics of this decision beyond the initial sticker shock of two mortgages.  A break even on a rental, or even a slight negative cash flow, can pay massive dividends when coupled with a purchase in these times.  As said before, money can be made in an “up” market, but a whole heck of a lot more can be made in a “down” market. 

If you want to move, but you feel stuck or out of options, let’s talk.  We have some great ideas, and we will be happy to discuss the options available to you with no obligation to buy whatsoever.  We aren’t here to talk you in to anything.  We don’t operate like that.  In fact, I think our clients would agree that we are fairly conservative on the risk front.  Regardless, we have relevant statistics and ideas to share with you, and we want all of our clients to make the decisions that are best for them and consistent with their long term goals.

Everyone is looking for a deal.  Unfortunately that deal sometimes needs some sweat and nails to realize its full potential.  So, how do you do it?  In the past most people bought the home and then financed the renovations.  The problem with that is that it’s typically a construction loan or a general personal loan, which can carry a larger interest rate.  What if you could buy a house and finance the repairs/renovations on the front end before you even start?  You can, and it’s called a 203(k) loan.  The loan follows the common FHA lending guidelines, which allows you to put down as little as 3.5% down.  I think it’s important to start from the source when trying to explain the loan and its benefits.  FHA is a division of HUD so click here for HUD’s specific information on the loan.  Standard FHA loan limits apply at $346,250, which is an increase over last year.  Rates typically for this particular loan are only moderately higher (approximately .50% higher).  Currently FHA purchase loans are around 5% so this rehab loan would fall somewhere in the 5.5% range.  Although higher than a conventional loan in the high 4% range, this is still an amazingly low interest rate, historically speaking.

We recently attended a seminar about the 203(k) sponsored by our friends at Countrywide Home Loans, and they provided us with some great Q & A on the loan.  Countrywide is one of the only lenders utilizing this loan currently.  Here is some great information from Countrywide:

Top 10 203K Questions

1.       What is the difference between a regular 203K and a streamline 203K?

• Streamline – between 5K and 35K with no structural changes to the property
• Regular – greater than 35K and / or structural changes to the property

 2.       Is the borrower allowed to perform the work to the home?

·         Yes but very difficult to get approved.

3.       Is the house appraised “As is” or with work completed?

• The house is appraised taking repairs / rehab into consideration of the value.

 4.       How long do you have to complete the work?

• Up to 6 months.

 5.       It the rate higher on a 203K than a regular FHA loan?

• Yes.  Anywhere from .5% to 1% higher in rates.

 6.       Is it harder to qualify for a 203K than a regular FHA loan?

• Yes. 

 7.       Are the 203K limited to single family residences?

• No.  The program can be used for owner occupied 1 to 4 unit dwellings and condos.

 8.      How does the contractor get paid?

• The contractor gets paid through Countrywide’s escrow department.  They are allowed 2 to 5 draws depending on the cost of the rehab.

 9.       What type of out-of-pocket expenses should the buyer be prepared to pay?

• There is a home inspection or an FHA consultant fee to determine the scope of the work.  The cost varies from $300 to $1,000. 

 10.  How long does it take to close and receive the first draw?

• We need 60 days to close and it will take up to two weeks after closing to receive the first draw

With mounting foreclosures, the savy homebuyer can buy lower than low, rehab a house, and realize some major equity all within a single loan.  We would be happy to help you find that diamond in the rough so you too could take advantage of the market and all the possibilities it presents.  If you have additional questions about the 203(k) loan or any other loans, we encourage you to talk with Scott Meldrum at Countrywide Home Loans.  Scott can be reached at scott_meldrum@countrywide.com.

Are you looking for timely information that is relevant to the real estate market?  How about accurate information and statistics on the metro Atlanta market specifically?   How about up to date mortgage rates from reputable lenders?  The Peters Company has a bi-weekly email update called the Metro Atlanta Real Estate Update.  Past topics include Buckhead foreclosure searches, Brookhaven foreclosure searches, Buckhead best buy lists, legal tips from Atlanta’s top real estate attorneys, intown Atlanta home insurance advice from local property/casualty agents, Atlanta first time homebuyer question and answer, education on Buckhead short sales, Brookhaven short sales, and Decatur short sales, creative Atlanta financing, Atlanta real estate investing, and first time home buyer tax credits. We are adding subscribers to the Metro Atlanta Real Estate Update every week, and we would love to add you!  Simply send us a quick email, and we will be happy to add you.  This Atlanta real estate market presents such an amazing opportunity for you.  Make sure you are staying on top of the latest, and if you don’t have enough time to do that, let us help!  You won’t miss a beat with the Metro Atlanta Real Estate Update.