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Average Annual Increase = 6.4%
** Newsweek Magazine named Roswell High School to it's annual list of Top Ranking Public Schools in the United States! Roswell High School was ranked 464 out of 1,200! A ratio that takes the total number of 2005 Advanced Placement or International Baccalaureate tests divided by the number of graduating seniors was used to determine rankings.
** Roswell was listed third in the new book, Best Places to Raise Your Family: The Top 100 Affordable Communities in the U.S., released by Frommers.
Reminders:
- The closing attorney needs to contact Atlanta Community Services, Inc. (770.904.5270) to request a Closing Letter and a copy of the Covenants and By-Laws;
- There is a $350 initiation fee paid at closing. The annual dues for 2009 are $475.
- The seller should leave the computerized pool access card and the tennis court key for the new owner.
| Crabapple Lake Parc |
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CRABAPPLE LAKE PARC: A Wonderful Community.
Are Properties Appreciating?
Let’s first look at real estate on a macro level. Virtually every day the media bombards us with more statistics about mortgage, new home construction, resale activity, and year over year price change. Several of the most recent price change studies I’ve seen include:
• A January 24, 2008, news release from the National Association of Realtors indicates that national total home sales for 2007 is the fifth highest in history. Unfortunately, that total is 12.6% below the number of transactions in 2006. The median existing single-family home price decreased 1.8% from 2006. New home sales fell 26.4% but median price nudged up 0.2%. Overall inventory is 9.6 months nationally at the current pace of sales.
• A Standard & Poors index covering 20 major U. S. metropolitan areas showed a home price drop of 4.9% from a year earlier. Only five areas – Atlanta (+0.8%), Charlotte, Dallas, Portland, and Seattle – showed an increase in price and S & P notes their pace of increase is slowing.
• Unlike the S & P Index, the U. S. government’s calculation of home prices has remained in positive territory based solely on loans of $417,000 or less (non-jumbo loans) that are bought by government sponsored mortgage companies, Fannie Mae and Freddie Mac, and these excluded many of the riskier high value loans that have gone bad this year.
• The National Association of Realtors tracks prices in 159 metropolitan areas and more than 100 areas have prices higher than last year.
While it is true that prices are depressed overall nationally, a closer look reveals that real downward pressure comes from those areas that also enjoyed the greatest price increases and speculation – California, Nevada, Arizona, Florida and unfortunately some of the Rust Belt states that are losing manufacturing jobs. It is these areas that skew the overall numbers so greatly.
The point to all this is: ALL REAL ESTATE MARKETS ARE “LOCAL”
Moving closer to home, the metropolitan Atlanta area historically moves forward at a pedestrian like 3 to 5% annual price increase. We don’t enjoy the upward spirals or suffer the downward bursts that other areas sometimes have.
So how have we fared in Crabapple Lake Parc? At a late summer well attended homeowners association board meeting a question was raised regarding whether our property values would raise enough to offset the cost of revitalizing our lake. One can only speculate on the answer although we can look at some concrete numbers to see how properties in our community have appreciated compared to the overall Atlanta metropolitan area.
Realtors have access to the Fulton County Tax Records and can review the four most recent transactions on a property. I can drill down to the original sales price if a property has four or fewer transactions; more than four and the original sales price is not available. I was able to access the original sales price on about half of the recently sold homes in Crabapple Lake Parc so this should provide a reasonable sample.
FIRST FIRST RECENT RECENT
SALE PRICE SALE PRICE
07/94 144,400 12/06 261,000
06/94 145,200 03/07 248,700
06/94 151,000 07/07 278,000
04/94 143,900 08/07 246,900
05/95 148,000 06/07 262,000
06/94 131,900 06/07 275,000
05/94 133,000 04/07 270,000
02/95 131,300 05/07 256,000
02/95 144,700 11/06 268,000
08/95 152,300 01/07 269,900
05/96 140,300 12/06 240,000
04/95 146,600 05/07 266,000
03/96 139,300 06/07 248,000
TOTAL 1,851,900 3,389,500
+83%
6.4% average annual increase; Atlanta 3-5% historical
Have our prices escalated in line with your expectations? Individual responses may vary. The numbers suggest that a vibrant community with exceptional amenities, a tireless homeowners association board and numerous social groups, and pride of ownership by all residents contributes to Crabapple Lake Parc having experienced appreciation greater than the Atlanta market and will continue to bring us a bright future.
If you decide to move, picture your home with a SOLD sign in the front yard. Please call me to discuss the listing and SALE of your home. For all your real estate needs or if you have a friend who can use professional assistance, call me at 770-826-1682 or contact me at ‘jerry@urmanskiproperties.com’.
If your home is currently listed with a real estate broker, this is not intended as a solicitation of you as a client.
Jerry Urmanski
Keller Williams Realty Consultants
695 Mansell Road, Suite 120
Roswell, GA 30076
678 287 4800 Office
770 826 1682 Cell
770 643 9556 Fax
jerry@urmanskiproperties.com
www.urmanskiproperties.com
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