IT AIN’T EASY BEING (A) GREEN (TOILET) - (to paraphrase Kermit)

Earth Day is coming up!  A time to focus on sustainability and living green.  And I am quite flattered that American Standard’s Responsible Living Blog has asked for what they call my “expert advice” as Earth Day approaches.  Now, since American Standard makes toilets and bathroom fixtures and is home of the famous “Professor Toilet” so I offer the bathroom (and specifically the toilet) as my “theme” for this blog post.  Love ya, Professor Toilet! 

• Years ago, when I worked in news for a radio station in Birmingham, our Earth Day tagline was “Listen to I-95; We have a Brick in Our Toilet” which I always thought was hilarious.  But also good advice – the idea is that by displacing water in your toilet tank you use less water with every flush.   But the newer, better device for this is a closed water bottle instead (include a few stones to hold it down in the toilet). Bricks can disintegrate with use, so the bottle is a better idea. 
• And while we’re on the subject of toilets (I’m angling for an autographed photo of the Prof. here, obviously) your toilet may leak – and you may not even know it.  Here’s how you test: use a few drops of food coloring in the toilet tank. If you see the color in the toilet bowl within 15 minutes or so, it means you have a leak, usually caused by a faulty flapper valve which is easily replaced.
• This is one of my favorites because I LOVE this trend – when you buy a new home and renovate it, SAVE WHAT YOU CAN from the old residence! Go ahead and replace those drafty windows and reinsulate the attic, but consider whether or not that kelly green or Pepto-Bismol pink bathroom *might* be very retro cool if adorned with the right accessorizing towels and shower curtains. In our ‘70s home we made into a “warm midcentury modern” we kept the cool original yellow bathroom tile in the rec room bathroom and updated simply by replacing the leaky green toilet with an energy efficient American Standard version and posting some cool retro movie posters from the period. Seriously, looks great! 

Happy Earth Day to you all!  Go put a brick in your new non-leaking toilet!

Mary Anne Walser

Keller Williams Realty of Buckhead

 #1 Individual Agent in 2012!
www.maryannewalser.com
maryannesellshomes@gmail.com
404-277-2537

YARN BOMBING in EAST ATLANTA

 

There have been explosions in East Atlanta you haven’t heard a peep about – very SOFT explosions, given, but colorful nonetheless.

The new trend there is YARN BOMBING bicycles.  Just go to the corner of Flat Shoals and Metropolitan and you’ll see what I mean.  Some are full on bombings, others feature just a little yarn shrapnel here and there.

Yarn bombing is the term given to a type of visual but nonpermanent graffiti accomplished with – you guessed it – yarn.  On a recent beautiful day I ate lunch at the Flatiron with a client following her inspection and personally observed the unique “art”.    The trend reportedly started in the Netherlands, spread to Texas, and from there – all over, including East Atlanta.  I haven’t seen it anywhere else in Atlanta yet, have you?

In other cities, the trend has included knit cozies encircling light poles, columns, and even trees.  Today in East Atlanta – bicycles.  Perhaps next, CNN Center?

Mary Anne Walser

Keller Williams Realty of Buckhead

#1 Individual Agent in 2012!

maryannesellshomes@gmail.com

404-277-2537

“The Art of the Highrise”

 

THE GALLERY

2795 Peachtree Road

In my visits to Buckhead highrises, I am charmed by the way Buckhead buildings work to distinguish themselves from one another.  We have so many highrises, but most of them are very different from one another in ways that are carefully planned by the architects, designers, and marketers for each property.

 
This week we take a look at The Gallery - which rises above Garden Hills on Peachtree right across from St. Phillips church and near Fellini’s Pizza.  It’s a newer tower wedged in front of the older building known as The Carlyle.  The Gallery was built in 2007, right before the severe market downturn – the building has done quite well given that unfortunate timing!

The motivation for the name was originally that the condo building would host many original and unique works of art.  Now the art is primarily confined to the lobby, clubroom and foyer areas (and of course the art gallery, also in the lobby), but with its soaring lines, glass exterior and triangulated balconies, the building itself is a work of art, designed by favored Atlanta architects Smallwood Reynolds Stewart and Associates and William T. Baker.

There are 200 homes here on 27 floors, nine homes to most floors.  Most of those homes are two bedroom homes, although there are one and three bedroom floorplans as well.  The top two floors are penthouse units – four per floor, and floors 24 and 25 are larger units with eight per floor.

The HOA dues are about 32 cents a square foot and include internet access.  The fourth floor has the pool, fitness room, clubhouse, tennis court and movie room – and there are two community outdoor living rooms, both with fireplaces.  There’s a dog walk area, but no wine cellar (which seems to be the amenity “du jour” these days, but I suppose the Gallery could always add a wine cellar if there’s a market for it).

There are quite a few Buckhead downsizers here and it is generally a social bunch, with happy hours at the club room the first Friday of every month.

In the past year and a half, two bedroom, two and half bath units have sold from $350,000 to $540,000.  There are currently seven units on the market from a one bedroom, two bath listed at $365,000 to a three bedroom, three bath unit listed at $795,000.  Call me if you have any interest in exploring The Gallery!

Mary Anne Walser

Keller Williams Realty of Buckhead
#1 Individual Agent in 2012!
maryannesellshomes@gmail.com
404-277-2537

NEIGHBORHOOD REAL ESTATE REPORTS

What’s going on with real estate in YOUR neighborhood?

I recently did a market report for the Mount Paran/Northside neighborhood – set forth below. I’m happy to do one for YOUR neighborhood or for your specific home if you’re interested. Just contact me at mwalser@kw.com.

The Atlanta real estate market in general is busting wide open.  Finally!  We are seeing properties which are well priced and in good condition move within days with multiple offers.  We have a lack of inventory, and lots of buyers.  We believe that the market will continue to improve.

But what does it look like specifically for OUR neighborhood, Mount Paran Northside?  Generally, our inventory is low, homes are moving faster (but primarily only if they are well priced and show well) and prices are rising. 

I took the precise boundaries of the association for my search, and here is a snapshot of our current real estate picture:

Right now there are 41 properties actively listed on the market in Mt Paran-Northside ranging in price from $579,000 to $7,995,000.  There are twelve homes that are under contract.  The list prices for those homes ranged from $499,999 to $2,395,000.  Since the first of this year, three homes have sold – at $845,000 (on market for 95 days, sold for 99% of original list price), $1,650,000 (173 days on market, sold for 94% of original list price) and $2,060,000 (on market for 120 days, sold for 84% of original list price).

 

 

 So, how does this compare to last year?  In all of last year, from 1/1/2012 through the end of December, 49 properties were sold, for an average of about four properties per month.  With fifteen homes either sold or under contract after the first two months of 2013, we are off to a good start!

Now let’s take a look at trends in MPNS since 2007.  It seems that we reached the bottom of our sales price slump in 2010 – things looked up in 2011 and hit lows again in 2012 – but we are clearly on an upward trend.  These graphs are a summary of ALL properties sold within our community boundaries from 2007 – present day.

 

 

SOARING AT THE SOVEREIGN

 

Ah, Buckhead!  The hustle and bustle, the bars and restaurants, the buildings old, new and yet-to-be-builts.  Who of us has not dreamed of one day living in the shiny towers that overlook our most affluent and vibrant city center?  If you’re in the market for a shiny highrise, or a more sedate townhome, we are putting together a rundown of some of them for your consideration.  This will take several weeks (we have a lot of them!) so if your favorite isn’t featured this week, stay tuned!

This week, SOVEREIGN – at 3344 Peachtree Road, built in 2008.  The condominiums occupy the 28th through the 50th floors.

This is my personal favorite of the shiny new highrises.  I love the exterior architecture – the “slice” of building that cuts through and the curves that add interest.  The building was designed by the Atlanta architectural firm Smallwood Reynolds Stewart Stewart & Associates.

Smallwood Reynolds also designed other iconic Atlanta condo buildings:

Buckhead Grand (just around the corner from Sovereign), The Brookwood (the Midtown side of Buckhead), The Aberdeen (in Vinings), Aqua (in Midtown) and The Atlantic (rentals at Atlantic Station that will likely one day be converted to condos).

But of those buildings, I think Sovereign is their best work, and they have won many awards for the design.  And Sovereign does things right inside as well – the condos are roomy and have the best outdoor spaces I have seen in a condo highrise.  They are like an outdoor living room; much larger than in other buildings.  The outdoor terraces are cut INTO the building (rather than extending out) and are quite big, so here you can have an outdoor fireplace and even a grill on your terrace, where in other buildings you cannot due to city codes.  I also like that the kitchens are all very open.

The floorplans vary – there are seventeen in all, but the kitchens all open to the main living space and there is always a separate dining room.

There are only 82 homes in this elegant and upscale building.  At 665 feet tall, it is the tallest residential building anywhere in Georgia (and the 9th tallest building, counting commercial buildings, in Atlanta).  The décor is classic modern.  The building is also an OFFICE building, but the offices are completely separate, and the condos have their own elevators.  What the condos and offices DO share is the Buckhead Club – a private club featuring meeting, dining and fitness facilities.  If you live in the Sovereign, the fitness facilities are yours to use 24/7 as part of your HOA.  To use the Buckhead Club, you have to buy a membership to the tune of about $1500/year.

But while your HOA does not cover membership in the Buckhead Club, it does cover several private clubrooms (including one where each resident has their own mini wine locker) that you can use.  There is also a saltwater pool, 24 hour security, catering kitchen and a guest room (like a hotel room – where your guest can stay for $125/night).  The amenities are on the 28th and 29th floors.

Some considerations if you plan to live here – there are several of what may be “extras” at extra cost that are worth considering.  Retractable blinds, for instance, to cover those floor to ceiling windows when you want to, and you’d probably like the blinds in the bedrooms to be blackout blinds.  This will cost in the neighborhood of $15,000-$30,000 for an entire unit.  Also, since the terraces are unique in being ABLE to grill or have a fireplace, it’s worth doing that – it’s like adding an extra room to your condo.

Sovereign is hard to miss because of its distinctive exterior architecture.

It is on Peachtree just south of Phipps and Lenox Malls, just North of Piedmont, and across Peachtree from the Atlanta Financial Center.

The Sovereign units are still being sold new, by the developer – and listings range in price from $890,000 to $2,475,000, and there have been reported sales up to $5,000,000.  Homeowner’s association dues are approximately fifty-eight cents a square foot and the square footage ranges from 1500 to 10,000 square feet per unit.

THE APPRAISAL PROBLEM

You have probably heard this by now, but the Atlanta market, in most areas, is rapidly becoming a SELLER’S market again! We have more buyers than we have good, well-priced inventory, and as a consequence listings that are in good condition and well-priced are going quickly, sometimes with multiple bids.

Sounds great for sellers, and it is – but there is also a catch.

Almost every final purchase contract contains an appraisal contingency. The appraisal contingency states that the property must appraise at or above the contract price. If the property does NOT appraise, the buyer presents the appraisal to the seller, and the seller has the opportunity to agree to pay at the reduced appraisal price. If the seller does not agree to that, the buyer may terminate.

Here is where we often get into a big problem. By definition, appraisals are backward looking. The appraiser looks at similar properties that have sold in the recent past within a certain geographic radius. Even when the market is rapidly improving, the appraiser is bound by the sales that took place in the past. So as you can see, prices cannot rebound suddenly and quickly; the appraisal process does not allow that. Prices must rise more slowly and steadily, as appraisals must build upon homes that have already sold. Good appraisers will also research other properties currently under contract and set to close, which is helpful; but cannot completely take into account a market where suddenly there are more buyers willing to pay more for houses.

To illustrate, good well-priced homes are selling with multiple bids within days of being put on the market (or even BEFORE we list them). The contract price is often higher than the home will appraise for, so buyers are even, in some instances, agreeing to pay extra cash to pay ABOVE appraised value. There is one listing where the buyer agreed to pay $75,000 OVER the appraised price; while that is more than most buyers would be willing to cover, there are others willing to pay more than the appraisal says the property is worth. 

And it’s not just home sellers who need to take this into consideration. Any homeowner who has a need to determine the current value of the property should take heed of this dynamic.  For instance, divorces. What this means is that if you are the divorcing party accepting a “payout” you may want to either wait some period of time before you agree to appraise the house for  the payout, bargain for a higher payout that might otherwise be negotiated, or provide in the settlement that there will be another appraisal in a year, having the party keeping the house pay you half of the increase in value in the home at that time.

If you are curious what your home might be worth in this market, here are some of the pertinent factors.  If you contact a Realtor, while they are not appraisers, they can pull comparable properties for you and give you an idea of what your property might be worth in this market:

• How many beds/baths?
• What type construction (brick, frame, vinyl or stucco?)
• What style (two story, ranch, split level?)
• What year was the house built?
• Any significant upgrades or renovations and if so, what year – and a short description of what was done.
• Parking – is there a garage or carport?  Two car?
• Square footage of the home and acreage of the lot.
• Neighborhood and school districts.

Armed with this information, a Realtor can help you determine whether or not your home is in a high demand area and poised to receive top dollar in this improving market. Just keep in mind that you should also have a strategy for handling the appraisal if it comes in lower than your contract price.

How do you know when the PRICE IS RIGHT?

What’s the “right price” when you’re selling your home? The longer your home sits on the market the less you’ll ultimately get for it, so you want to sell fast at top dollar; everyone does (and should). How can we do that? What’s the ultimate list price to accomplish your objective? It’s a little trickier in the current environment, where we are low on housing inventory and it’s turning into a seller’s market. It’s tempting to overprice. But the key is to determine what price will draw those eager buyers and still get you top dollar for your home. That’s where we step in.
First, remember that the list price should not be based on what you paid for the property, what you need to pay off the mortgage or what the price to rebuild the home would be today. What truly sets the right price is what a willing buyer is willing to pay RIGHT NOW and quickly, afraid that if they don’t buy it right away someone else will. So the right list price takes into account a number of factors, including what other homes are out there that you’ll be competing with, and what’s sold recently in your neighborhood.
We do a comparable market analysis (CMA) for your property to help find this value. The CMA will compare your property to similar properties in your area that have sold in the past 6 months. This analysis takes in to consideration size, condition and improvements. Then we take a look at what is currently out there – the homes you are competing against. Are you the best at the price you are asking? That is what we are striving for. You can see from the chart below that CONDITION is as much a factor as pricing. You want to be the home that’s in the best condition at the lowest price – and that’s how you get “chosen” by a buyer.

In order to steal buyers’ attention from all the other listings you have to be better than the rest at the price you’ve chosen. Listing your property as little as 10% above your determined market value will mean that that you will lose many potential buyers (according to the chart below, seventy percent!) who won’t even see your home because it’s overpriced.

The third and last step to price your property “right” is to take FULL advantage of the first 30 days that your property is on the market. Do not fall into the trap of “trying out” an above market price for a few days just to “see if it sells”. Many sellers make this mistake and end up selling below market value. Your listing attracts the most buyers when it first hits the market. All buyers are on the lookout for “Just Listed” properties every day. If your property is listed above market value from the start, it will be missed by all those potential buyers. After even the second week of listing, property showings begin to drop. So if you don’t have ANY showings the first two weeks, you are clearly overpriced and should drop immediately – it is already almost too late!

If you are ready to sell fast and get a great deal on your property call me today. I will provide you with a thorough CMA specialized for your unique property so we can determine the “right” price and sell fast.