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Real Estate experts forecast 2013 housing market

What will 2013 bring to the housing market? Certainly no one has the crystal ball but in this article some of Atlanta’s top market leaders give their professional insight. The good news is this: All are encouraged that 2013 will be a better market. According to the Demand Institute : The Shifting Nature of U.S Housing Demand, 11% of homeowners would like to sell their homes but haven’t listed yet, mainly because they feel that they would not be able to get the price they want. This means fewer houses are for sale, and therefore it isn’t a surprise that 60% of buyers, according to the Wall Street Journal (June 4, 2012), face competition when making an offer on a […]

Checking the financial health of HOAs

One of the causalities of the real estate downturn has been the condominium homeowners association. No one could predict five years ago when condos were selling like hot cakes that loose lending and rampant speculation would wreak havoc on a building’s Home Owners Association (HOA) and inhibit future buying and selling of its condominiums. Many of the condo and townhome communities’ HOA’s become victims during the real estate downturn as homeowners who were upside down in their mortgages defaulted on their debts and stopped paying their fees to the HOA. These deficiencies left communities in financial straits without adequate funds to maintain and run the projects. In fact, many projects fell into disrepair by cutting amenities and services or passing […]

Jenny Pruitt featured in Atlanta Business Chronicle

Jenny Pruitt, CEO & Founder of Atlanta Fine Homes Sotheby’s International Realty, was featured in the October 26th issue of the Atlanta Business Chronicle with a Q and A about the current real estate market. Speaking to consolidation in the industry, the greatest challenge to homebuyers as well as greatest challenges to agents, Pruitt, a seasoned leader in the industry for the past three years, gave her insight to homebuyers and sellers alike. Q: What do you see as the greatest challenge ahead for homebuyers? A: Getting loan approval. Federal mortgage guidelines have become very tight in the past few years since the recession began and it is more difficult for a borrower to get qualified for a loan. The […]

Where are the condos? Inventory at historical lows

The intown Atlanta condo market is rebounding due to steady sales and limited new construction. “We’ve hit the bottom, and now the recovery is happening,” said Anne Schwall, vice president of the luxury condominium division of Atlanta Fine Homes Sotheby’s International Realty.   Atlanta Business Chronicle The intown Atlanta condo market is rebounding due to steady sales and limited new construction. “We’ve hit the bottom, and now the recovery is happening,” said Anne Schwall, vice president of the luxury condominium division of Atlanta Fine Homes Sotheby’s International Realty. Intown developers are building apartments, not condos. That’s left the supply of new condos at its lowest in 10 years, Schwall said. “A slowdown in construction activity, coupled with widespread price discounting, […]

Silicon Valley’s Boom Creates Shortage of $1 Million Homes

The capital of high tech is now the capital of high-priced real estate. Silicon Valley currently leads the nation in the number of homes sold for $1 million or more, according to Realtytrac. Sales of $1 million-plus have more than doubled in many communities in the Valley this year, toppling longtime luxury real-estate leaders like Beverly Hills or Miami. Topping the list is Saratoga, Calif., in Santa Clara County, which had 225 homes sold for $1 million or more. That marked a 162 percent increase over last year. Ranked second was Burlingame, Calif., which had 211 sales of at least $1 million, more than double last year’s rate. Cupertino and Los Altos ranked third and fourth in the nation, with […]