Sellers, don’t get buried in the avalanche of listings coming off the market

Avalanche!

The number of for sale listings in Atlanta that have either expired or were withdrawn in the last 45 days has seemingly snowballed. Although withdrawals and expireds are typical toward the end of the year, it is counter intuitive given December is one of the best months for real estate closings. Whether it’s for tax purposes or relocation or the other many reasons people move, December can be a BUSY month for real estate. In fact, if the number of residential real estate closings in any given year is divided by 12, there is a good chance it equals the number of closings in December.

Why do agents and sellers take homes off the market in December? Many sellers don’t want their houses available for showing in the time running up to the holidays. Some get discouraged by slower-than-spring market traffic. However, showings are generally of better quality in December and January because nosy neighbors and tire-kickers are distracted by the holidays. Showings are fewer, but of better quality.

The attached chart from the National Association of Realtors illustrates “The Sweet Spot” in the real estate market that occurs every year when homes for sale inventory craters, creating the least competitive environment for sellers any given year. Listings that haven’t sold in the current year come off the market with then intent of going back on the market in the spring. The problem is that those sellers face competition with completely new inventory in the spring which puts further downward pressure on home values.

Beacham & Company, REALTORS has already exceeded its’ 2017 sales as of October. The 12 year-old firm has already enjoyed its best year ever in 2018 as closings are up nearly 20 percent.

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Glennis Beacham Sells Estate Built in 1925

6 W Andrews is perhaps Buckhead’s best kept secret. Tucked away on a private gated drive sits an estate that was originally built in 1925. Renovations and restorations were made to the original portions of the home along with additions to the great room. Professional landscaping transformed the grounds into a paradise. A stone bridge leads to the 3 car garage with a 2bed/2bath guest suite above. You’ll also find expansive gardens, patios, terraces, lawn areas and a magnificent screen porch. The in ground pool is secluded amongst the gardens and is extremely private. The open floor plan allows for natural light to stream in through the tall iron windows throughout the 8,000+ square foot home.

Owner of Beacham and Company REALTORS®, Glennis began her real estate career in 1982 and has since become one of Atlanta’s most celebrated agents. She started this company to better serve her clients who expect and demand the exacting level of marketing the company provides. She has sold more homes priced $1 million or more than any other agent in Atlanta real estate history. Read more about Glennis here.

Atlanta Holiday Must Do’s – Very Best Events

The holidays are here and Christmas is fast approaching! We have created an entertaining list of Atlanta Christmas events to fill up your calendar this December.

POP-UP CHRISTMAS BAR ‘MIRACLE’ ON HIGHLAND

November 24- December 31 @ PARISH Enjoy a holiday themed dining experience at PARISH this year. This pop-up bar will feature weekend brunch, hand-crafted cocktails, and festive merchandise!

 

 

THE ST. REGIS ATLANTA’S ASTOR HOLIDAY ICE RINK

November 23- January 6 @ the St. Regis Grab a group of friends and head to the St. Regis for some ice-skating fun.

 

 

CHRISTKINDL MARKET AT ATLANTIC STATION

November 30- December 23 @ Atlantic Station Inspired by the German Christmas Market, Atlantic Station hosts their own version of this bright and cheery holiday experience. Here you’ll find German food and beverages and hand-made crafts to give as gifts.

 

 

CHILDRENS’ CHRISTMAS PARADE

December 1 on Peachtree Street Head out to Peachtree Street on December 1, to watch the floats go by for the Children’s Christmas Parade. All are welcome to watch the Southeast’s largest holidays parade.

 

 

CHRISTMAS WITH ATLANTA SYMPHONY ORCHESTRA

December 8-9 @ Atlanta Symphony Hall Hear the beautiful melodies that remind you of Christmas at the Atlanta Symphony. They are only here for two days, so get tickets while you can! This is a great idea for a holiday date night.

 

 

GARDEN LIGHTS HOLIDAY NIGHTS

November 17- January 6 @ Atlanta Botanical Garden This vibrant setup brings Christmas lights to a whole new level. The Garden features amazing light displays and shows that are sure to wow you.

 

 

WINTER WONDERLAND

November 16- January 6 @ Fernbank Museum of Natural History Fernbank Museum will turn into a gallery of beautifully decorated Christmas trees during this time of year. Take a stroll around and see all the colorful, different trees.

 

SANTA’S FANTASTICAL IMMERSIVE WORLDS

November 16- December 24 @ Perimeter Pointe This imaginative space will make you feel like you are in a real-life Christmas movie. With twelve different “worlds”, this is a great place to bring people of all ages for an unforgettable Christmas experience.

 

 

STONE MOUNTAIN CHRISTMAS

November 10- January 6 @ Stone Mountain Park Featuring nightly parades, train rides, and Christmas light exhibits, Stone Mountain Park remains a favorite holiday tradition for many people. It is a great place to share in the Christmas spirit with friends and family!

 

Featured Listing: Luxurious Living in Alpharetta

Nestled in the Alpharetta subdivision, The Manor, this lavish home features 6 bedrooms, a spacious kitchen, 4 fireplaces, and a pool with waterfall features. The interior is delicately detailed with barrel-rolled ceilings, built-in bookcases, floor-to-ceiling windows, and a spiraled staircase. This state-of-the-art kitchen includes two dishwashers, a Wolf double-oven, a breakfast bar, and a built-in booth.  Its unique driveway design wraps around the attached garage, giving a great deal of  privacy and space. The terrace level features a fitness center, full bar, movie theatre seating 9 and a snack bar. The covered veranda and backyard overlook the Manor Golf Course!

Listed by: Troy Stowe

See More: https://beacham.com/listings/fmls-6088585-3263-balley-forrest-drive-alpharetta-georgia-30004/

October marks another sales record for Beacham

Beacham & Company, REALTORS set a record for sales in October with nearly $50 million in closed dollar volume. The firm also surpassed its number of sales for all of 2017. Beacham has now set all-time sales records in nine out of 10 months in 2018 and in every year of its existence.

Overall, the local housing market was down in October with 6,822 sales versus 6,962 in October 2017 which represents a decline of two percent. Year-to-date, Atlanta home sales in Cobb, DeKalb, Forsyth, Fulton and Gwinnett are up two percent due to gains in the first half of the year. Sales growth for homes of more than $1 million slowed in October to 8.8 percent but remain up 19.1 percent year-to-date.

The slowdown in home sales has led to a 7.7 percent in U.S. housing inventory year-over-year according to a recent Inman News article, while price reductions are up 15 percent from a year ago – both good signs for buyers. However, slowing new home construction due to soaring lot prices and labor shortages are working in seller’s favor. Robust new construction helps to keep resale prices in check. House flips are a growth opportunity for Millennial buyers and investors alike.

Look for more analysis on the current state of the Atlanta real estate market later this month in the fall issue of The Beacham Insider. To receive your copy, email [email protected]

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Beacham & Company, REALTORS was founded in 2006 by Glennis Beacham, one of Atlanta’s most celebrated real estate agents. The firm has 100 agents who average $7 million in sales per agent – more than any other Atlanta real estate firm. In 2017, closed $600 million in home sales.

What are Millennial Buyers Looking For?

Given the rising rent in Atlanta, it’s no surprise millennials are now one of the most active buying groups out there. According to the National Association of Realtors, millennials accounted for 36% of all home purchases nationwide in 2017. So what exactly are millennial buyers in the market for? Communities with an emphasis on walkability are at the top of their lists along with being close to public transportation. Many are turning their noses up at the oversized homes of their parents generation and instead are seeking affordability and flexibility.

The popular styles of homes begin with Pre-WWII, such as Victorians, Queen Annes and craftsman bungalows. Mid-Century modern are a favorite, boasting the sleek 50’s style with geometric shapes and open floor plans. The traditional brick cottage style and Mediterranean also fair well among this crowd.

 

What about the interior?

It’s undeniable that millennials have a unique living style. They are preferring rustic decor paired with modern touches, all while keeping a minimalist design. Lovers of bold finishes, pops of color and combining reclaimed wood with natural palates. Tiles are back on kitchen backsplashes, bathroom floors and even in the laundry room. Instead of shelling out a ton of money on custom kitchen cabinets, open shelf storage has become increasingly popular. Pendant lights are on the rise with preference of decorative lighting over functional lighting. Take a look below for some highlighted trends!

 

Millennial Home Trends 

Shelves Instead of Cabinets

Art Deco/Pendant Light Fixtures

Pops of Color

 

Modern Feel

 

Tile

Outdoor Entertaining Space

 

 

Featured Listing: Elegant Alpharetta Estate

This Alpharetta estate boasts stunning curb appeal all while sitting on 1+ acres! This home has been fully remodeled and features unique architectural details throughout including the impressive foyer and floating curved staircase plus rear stairs. The high ceilings and array of windows bring in a ton of natural light. The open floor plan makes for easy family living with views from the gourmet kitchen into the vaulted family room. The kitchen has a lot of counter space, Wolf appliances, subzero warming drawers, built-in refrigerators, freezer drawers and a wine unit! The backyard is an oasis with the tranquil koi pond, fountains, organic garden, batting cage and saltwater pool! This home has it ALL!

Floating staircase in foyer

Spacious gourmet kitchen with everything you’ll need

High ceilings and tall stacked stone fireplace in the family room

Marble bathtub in the master bathroom

Backyard oasis with saltwater pool and spa

 

See more on this listing: https://beacham.com/listings/fmls-6090584-1265-hopewell-crest-alpharetta-georgia-30004/

Listed by: Dustin Kimberley 

Zoning changes on tap for City of Atlanta

With the cost of real estate rising, homeowners are looking to make the most out of their home purchase. Accessory dwelling units are becoming more and more popular in Atlanta. So what exactly is an accessory dwelling unit? It is referred to as any type of supplemental housing such as a carriage house, in-law suite, basement apartment or a tiny home on one’s property that has an independent kitchen facility.  The one key feature that sets this specific type of living unit apart is that the additional unit cannot be sold separately from the main property.

Many zoning districts in Atlanta allow accessory structures, including guest houses, but most single-family zoning districts (districts R-1 through R-4) do not currently allow ADUs specifically. The distinction between guest houses and ADUs is that ADUs can have a full kitchen including a stove. Last year, the city passed an ordinance (16-O-1548) to allow accessory dwelling units as a permitted accessory use in the R-5 zoning district. Currently, there is proposed legislation for a group of updates to the zoning code, one of which is to allow ADUs in the R-4 and R-4A single-family residential zoning districts.

The Zoning Update Phase II (Z-18-100) includes, among other changes, allowing ADUs in the R-4 and R-4A zoning districts. The Neighborhood Planning Units are voting on Z-18-100 this month. It will then go to Zoning Review Board public hearing in December and City Council in January.

Currently, in most zoning districts, it is illegal to exclusively use any dwelling unit either as an accessory one, or a short-term rental (i.e. Airbnb). The proposed solution is as follows:

  • Allow accessory dwellings in R-4 and R-4a zoning districts
  • Create a consistent approach to accessory dwellings in R zoning districts (eliminate R-5 distance requirements)
  • Remove parking requirements for accessory dwellings
  • Require that accessory dwellings conform with all existing zoning and development regulations (lot coverage, setbacks, height, density, storm water runoff etc.)

Other regulations that apply to ADU’s include:

  • ADU maximum floor area of 750 sqft.
  • Height 20 feet
  • Setback of side: 4 feet and rear: 4 feet
  • The ADU must not be closer to the principal structure than the adjacent ADU to it’s principal structure, if applicable.

By definition, the ADU has it’s own kitchen. If the structure does not have it’s own kitchen, it is an accessory structure and subject to these regulations.

Beacham Gives Back: $16.5k cancer research donation

Beacham and Company REALTORS® attended the 8th annual Winship Win the Fight 5k Run/Walk on Saturday, October 13th. This is a family-friendly event that helps raise funds for cancer research, treatment and care at Winship Cancer Institute of Emory University. Together as a company we raised $16,504!  All together the foundation has raised $726,110 and counting!

This run is always fun to participate in with inspirational fans lining the streets, playing music and cheering on the participants. It is a humbling experience to run side by side with those who have been affected by cancer. The number of runners wearing survivor shirts emphasized the message and further proved that the organization was something extraordinary. This year Beacham and Company REALTORS® came in 1st in the t-shirt design contest!

For 80 years, Winship has been working to prevent and cure cancer with a culture that integrates discovery and innovation. Winship Cancer Institute also works hand in hand with Grady Memorial Hospital, Atlanta VA Medical Center and Aflac Cancer/ Blood Disorders Center at CHOA.

Limit property tax increases in six metro Atlanta cities!

City of Atlanta residents and five other Fulton County cities will have the opportunity to vote on referendums in the Nov. 6 election that would cap property tax increases for homeowners. This seemingly simple choice has a twist for City of Atlanta residents, however.

In five Fulton County cities – Alpharetta, Johns Creek, Milton, Mountain Park, and Roswell – voters will be asked, “”Do you approve a new homestead exemption from the City of (fill in name of any of the five cities) property taxes for city purposes in the amount of the difference between the current year assessed value of a home and its lowest base year value, provided that the lowest base year value will be adjusted yearly by the lesser of 3 percent or the inflation rate?”

The answer to that question – “yes” – seems easy enough. It’s when City of Atlanta residents’ property taxes are at stake that things get more complicated.

Due to the failure of the City of Atlanta’s legislative delegation to cooperate with the state legislature, a separate statewide ballot measure was passed by the legislature to protect City of Atlanta homeowners from exorbitant property tax assessment increases, the likes of which have been levied over the last two assessment years. Legislation authors, District 52 State Rep. Deb Silcox, R-Sandy Springs and District 54 State Rep. Beth Beskin, R-Atlanta, got the statewide ballot measure passed (House Bill 820) which calls for capping the city portion of homesteaded property tax bills at 2.6% but describes the city as “a municipal corporation that is located in more than one county, that levies a sales tax for the purposes of a metropolitan area system of public transportation, and that has within its boundaries an independent school system, located in more than one county, that taxes for public transportation and has an independent school district.”

Atlanta, which straddles Fulton and DeKalb counties, has a public school system that serves both, and has MARTA, is the only city in Georgia that fits the criteria of House Bill 820. The statewide nature of the ballot referendum means voters from Dalton to Valdosta and everywhere in-between will decide the fate of City of Atlanta taxpayers. If approved, the referendum would allow City of Atlanta taxpayers to choose their lowest base value year from 2016-2018 and have it adjusted upward for inflation. This would apply to all taxable years beginning January 1, 2019. Tax assessments for the 2018 tax year would not be affected.

Anyone who is interested in preserving the health of the housing market in these cities should be sure to vote “yes” for these measures on Tuesday, Nov. 6.

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