4815 Allison Drive
You just have to say WOW! This stunning home boasts spacious rooms and vaulted ceilings while maintaining the entire living area on the main floor. Our tour of this home starts in the over sized kitchen. You won’t be bumping into others in this kitchen even with the large center island / breakfast bar. The kitchen features updated appliances, wood cabinetry and is open to the breakfast area as well as the sun room. There is a formal Dining Room and a large Den with a double sided fireplace.
All 4 bedrooms and both bathes are also located on the main level. The recently updated Master Suite features a ceramic tile shower and a walk-in closet. The 3 secondary bedrooms are all spacious and ready for your family.
Perhaps one of the most inviting features of the home is the park like private backyard. It is level and ideal for family cookouts and children playing. The backyard also features a superb outbuilding.
Lakefield Forest Subdivision has a mandatory Home Owners Association fee of $150 per year and if you desire swim/tennis facilities they are available for an additional fee of $350 per year however the swim/tennis is optional.
This home as well as the entire Lakefield Forest subdivision is serviced by some of Gwinnett County’s best Public Schools; Level Creek Elementary, Lanier Middle and North Gwinnett High.
For additional information and photos of this home check out the Interactive Floor Plan and the Property Detail Page.
Gwinnett County Market Update November 2008
Statistics for single family detached homes in the Gwinnett County real estate market for the month of November 2008 are in. Gwinnett County is divided into six different areas and we will examine each area and then look at the county as a whole.
Area 61
Area 61 is that section of the county that is North of I-85 and West of Pleasant Hill Road. Area 61 includes Norcross, Berkeley Lake and part of Duluth. In the resale segment of the market there were 27 properties ranging in price from $69,000 to $999,900 that went under contract and 4 properties that closed ranging in price from $118,800 to $320,000. In the new construction segment of the market 2 homes priced from $189,900 to $499,000 went under contract and there were no closings in the new construction category.
Area 62
Area 62 is the section of the county that is North of Pleasant Hill Road and North of I-85. Area 62 includes Buford, Sugar Hill, part of Duluth and part of Suwanee. In the resale segment of the market there were 59 properties ranging in price from $39,900 to $899,000 that went under contract and 13 properties that closed ranging in price from $41,475 to $365,000. In the new construction segment of the market 13 properties went under contract ranging in price from $229,900 to $634,900 and 3 properties closed ranging in price from $160,000 to $300,000.
Area 63
Area 63 is the section of the county that is South of I-85, Northeast of Hwy. 120 and North of Hwy. 29. Area 63 includes parts of Lawrenceville, Duluth, Suwanee and Dacula. In the resale segment of the market there were 49 properties ranging in price from $87,900 to $384,900 that went under contract and 12 properties that closed ranging in price from $65,000 to $347,500. In the new construction segment of the market 7 properties went under contract ranging in price from $182,000 to $544,900 and 5 properties closed ranging in price from $182,000 to $469,000.
Area 64
Area 64 is the section of the county that is South of I-85, Southwest of Hwy. 120, West of Hwy. 124 and North of Hwy. 78. Area 64 includes Lilburn along with parts of Lawrenceville and Snellville. In the resale segment of the market there were 91 properties ranging in price from $32,900 to $399,900 that went under contract and 8 properties that closed ranging in price from $45,000 to $180,000. In the new construction segment of the market 7 properties went under contract ranging in price from $164,900 to $690,000 and 5 properties closed ranging in price from $232,000 to $590,000.
Area 65
Area 65 is the section of the county that is South and East of Hwy. 78 and Hwy. 124, and South and West of Hwy. 20. Area 65 includes Grayson along with parts of Snellville and Lawrenceville. In the resale segment of the market there were 59 properties ranging in price from $39,900 to $424,000 that went under contract and 5 properties that closed ranging in price from $79,000 to $183,000. In the new construction segment of the market 9 properties went under contract ranging in price from $139,900 to $339,900 and 1 property closed. It sold for $225,000.
Area 66
Area 66 is that section of the county that is East of Hwy. 20 and South of Hwy. 29. Area 66 includes parts of Dacula and Lawrenceville. In the resale segment of the market there were 25 properties ranging in price from $49,900 to $499,900 that went under contract and 4 properties that closed ranging in price from $90,000 to $167,900. In the new construction segment of the market 5 properties went under contract ranging in price from $139,990 to $274,900 and 1 property closed. It sold for $225,000.
Gwinnett County Real Estate Sales for November 2008
For the month of November 2008, real estate sales for single family detached homes in Gwinnett County looked like this:
• 311 Resale Properties Went Under Contract
• 46 Resale Properties Closed
• 43 New Construction Properties Went Under Contract
• 17 New Construction Properties Closed.
Compared to October’s data Gwinnett County as a whole slipped a bit in moving toward recovery. The Resale Market shows a decline of 61 units going under contract and a decline of 70 closed units. The New Construction Market also declined with 23 fewer properties going under contract and 8 fewer closings. With the number of properties that have gone under contract in the last two months in Gwinnett County I would expect that closings in December will be up.
Reverse Mortgage In Atlanta Part Five
Reverse Mortgage Frequently Asked Questions
What is a Reverse Mortgage?
A reverse mortgage is a loan against your primary residence that you Do Not have to repay for as long as you live in your home. Through a reverse mortgage you turn the equity in your home into cash without having to sell your home or repay the loan. The funds that you receive can be done in one of several ways or possibly a combination of several of the ways:
• A lump sum distribution at closing
• A monthly cash advance
• A credit line for you to draw from as you need the funds
What are the Requirements to Qualify for a Reverse Mortgage?
Qualification for a reverse mortgage is totally different from what we are all used to in qualifying for any type of loan. First of you do not have to have an income. Remember you do not make a monthly payment so you do not have to have an income. What about a credit score? It doesn’t matter. Your credit report will be accessed but only to verify that you do not have any federal tax liens against you. If you do have federal tax liens they must be cleared in order for the reverse mortgage to go into effect. They can possibly be cleared with funds at closing from the proceeds of your equity. What you do have to have is age. The minimum age requirement is 62.
Can I Purchase a Home Using a Reverse Mortgage?
Yes you can! One way would be to utilize the funds form your Reverse Mortgage and pay cash for a vacation or second home that is not your primary residence. After January 1, 2009 you will be able to use a Reverse Mortgage for the purchase of your primary residence.
Who has Title to My Home If I Have a Reverse Mortgage?
You Do, just the same as if you have a Forward Mortgage on your home.
What If My Credit is Not That Good?
It doesn’t matter. There is no credit, income or medical requirements needed in order for you to obtain a Reverse Mortgage, just equity in your home.
What are My Options for Receiving Funds?
You can receive your funds in several different ways or in a combination of them.
• A lump Sum Distribution
• As fixed monthly payments for a set period of time or for as long as you live in the home
• As a line of credit that allows you to draw on the funds at any time
How much Will I Get?
The proceeds from your Reverse Mortgage are based on several factors such as your age, the appraised value of your home and current interest rates.
Am I Limited on How I can Use the Funds from a Reverse Mortgage?
The simple answer is NO. You can use the proceeds from a Reverse Mortgage for whatever you elect to use them for.
What If I Have an Existing Mortgage?
The Reverse Mortgage must be in the first position. What this means is that your existing mortgage would be paid off as part of the transaction.
What Am I Required To Pay With A Reverse Mortgage?
The nice thing about a Reverse Mortgage is that you do not have a monthly mortgage payment. You are however required to maintain the real estate tax and homeowners insurance on the property.
When Is The Loan Repaid?
A reverse Mortgage is repaid when you permanently move from the home, sell the home or fail to occupy the home as your principal residence.
How Much Will I Owe When My Reverse Mortgage Comes Due?
The amount owed will be determined by how much you have borrowed to date, accrued interest and mortgage insurance, along with any servicing fees due. In no circumstance will your Reverse Mortgage Payoff exceed the value of the home when the payoff becomes due.
What about My Heirs and Their Inheritance?
When the residence is sold and the Reverse Mortgage payoff is satisfied, any proceeds from the sale over the payoff amount go to your estate.
I realize that these may not be all the questions regarding Reverse Mortgages. If you have a question about a Reverse Mortgage in Greater Atlanta contact me. Together we will find the answer to your questions.
For additional information on Reverse Mortgages in Atlanta please visit these previous articles in this series:
• Part One - The Basics
• Part Two – How to Use A Reverse Mortgage
• Part Three – Examples
• Part Four – Downsides and Pitfalls of Reverse Mortgages
Reverse Mortgage In Atlanta Part Four
As was stated in Part Three, everything about a Reverse Mortgage can’t be just perfect. There have to be some aspects of a Reverse Mortgage that may not be as desirable as on other mortgage products. Let’s examine what some of the downsides and pitfalls may be.
High Fees and Closing Costs
Fees and closing costs are higher on a Reverse Mortgage compared to a forward mortgage (Standard Mortgage with Monthly Payments). Each Reverse Mortgage has a one time 2% charge of the appraised value from FHA that goes into a pool of funds, much like a one time Mortgage Insurance payment. Reverse Mortgages also have a one time charge for monthly servicing of the loan. With a forward mortgage this fee is collected monthly and hidden in the payment. Origination Fees along with Attorney Fees and all other fees to close a loan remain in effect. A counseling fee has to be paid as HUD requires all applicants to obtain counseling prior to the lender processing the loan. On the bright side of most of the fees and closing cost associated with a Reverse Mortgage, the borrower is not paying them in the form of cash they are being rolled into the loan. The best way to evaluate what kind of fees and closing costs would be involved in a Reverse Mortgage for you would be to schedule a consultation with Qualified Atlanta Reverse Mortgage Lender.
I’m Spending My Kids Inheritance
With a Reverse Mortgage you are utilizing the equity in your primary residence as opposed to leaving it to your heirs. Of course the strong likelihood of appreciation exists for the residence thus leaving a situation where there may be equity for the heirs to divide.
Property Taxes and Insurance
If you had a forward mortgage on your primary residence and paid your property taxes and insurance through an escrow account you will now be paying those bills yourself.
Limits on Reverse Mortgage Amounts
Remembering from Part One in this series, Reverse Mortgages are an FHA product and are thus regulated and controlled by FHA loan limits. Currently that figure is $417,000. There are rumors that the possibility exists that there will be Jumbo Reverse Mortgages available in the near future. While I don’t know this to be fact or fiction I am just letting you know what I am hearing.
Possible Problems With New Construction
Newly built properties must comply with FHA minimum property requirements, the Certificate of Occupancy must be issued, if the residence is a Condo the Homeowners Association must have been in control of the association for 1 year and any loan that financed construction must be paid and the Reverse Mortgage assumes the first position on the residence.
Possible Problems With A Refinance
When utilizing a Reverse Mortgage for refinancing your primary residence there will of course be an appraisal performed. If the appraiser determines that major repairs need to be made, funds from the Reverse Mortgage can not be drawn upon until these repairs are completed. These needed repairs can be handled in one of several ways:
1. Completed Prior to closing with borrowers funds
2. Completed After closing with a Repair Rider to the Reverse Mortgage
3. Completed After closing with funds escrowed at closing
I hope you are finding this educational series on Reverse Mortgages helpful. Just doing the research has been a huge educational experience for me. I have one more part planned and that will be a FAQ (Frequently Asked Questions) unless you as the readers have topics that you would like for me to research for you and report here. Let me hear from you, So until Part Five….
Reverse Mortgage In Atlanta Part Three
Before we dig any deeper into Reverse Mortgages lets review what we have covered so far. In Part One we found out what a Reverse Mortgage is, what the requirements are for obtaining a Reverse Mortgage, how not to be taken advantage of and using a Reverse Mortgage for the purchase of a home. In Part Two we examined some important questions to ask yourself about your financial health and we looked at some possible ways to use a Reverse Mortgage to your advantage. To aid with understanding how a Reverse Mortgage can work let’s look at a couple of examples.
Using A Reverse Mortgage For A Refinance
John is 77 years old and his wife Mary is 75 years old. They currently live in their $200,000 home that has a remaining balance owed of $75,000. Their current payment is $825 per month and their income is $2,200 per month from Social Security. Upon interviewing John and Mary, their loan officer establishes what their goals are and what they would like to accomplish:
• They want to remain in their home
• They want to have money available for a few repairs on their home
• They want to eliminate their current mortgage thereby increasing their discretionary income
• They want to have funds available in case of an emergency
Based on their age, John and Mary qualify for a Reverse Mortgage in the amount of $142,000. Subtracting the remaining balance owed on their current mortgage along with all the costs associated with closing the loan, John and Mary will have $55,348 available for repairs or emergencies, will never have to make another payment on their home as long as they live there and feel as though they just received an $825 per month raise. In fact they just received that $825 increase by keeping the monthly house payment they were used to making for themselves. SWEET!
Using A Reverse Mortgage For A Purchase
Mr. and Mrs. Smith, aged 77 and 75, are in the process of relocating to Atlanta to be closer to their daughter, son-in-law and their grandson. They have sold their very nice home in Oklahoma and have net proceeds of $200,000. They have asked their Atlanta Buyers Agent to help them find a home close to their daughter for $200,000 or less so that they will not have a mortgage payment. Their daughter happens to live in a very nice area of Gwinnett County and homes in the $200,000 range close by are not common. Fortunately the Smiths were working with a REALTOR who was also educated in the advantages of a Reverse Mortgage. After obtaining all the information and scheduling a consultation for Mr. and Mrs. Smith with a loan officer, it was determined that they would be able to purchase a $400,000 dollar home that kept them in a similar lifestyle that they were accustomed to. They would only have to use $127,000 of their proceeds for their downpayment with the balance of the purchase being financed via a Reverse Mortgage. The Smiths are able to keep part of their proceeds, live in a much nicer home than they anticipated and now can spend more quality time with family.
What To Expect in Part Four
It sounds as though a Reverse Mortgage is the greatest thing since sliced bread and for some that is true. In Part Four I think we should examine some of the pitfalls and downsides of a Reverse Mortgage. So until then…..
Remodeling Projects That Payoff in Atlanta
Each year about this time Remodeling Magazine comes out with one of the most interesting articles of the year. The Cost vs. Value Report shows what the expected percentage return on investment should be for various remodeling projects and is divided by region of the country. As we have all learned real estate and related projects are very local. Even though home values have declined in many areas of the country, some remodeling projects have held their value very well and are a possible way for homeowners to add value.
Let’s examine several common remodeling projects and look at what area of the country has the best expected return, the worst expected return and how Atlanta compares.
1. Wood Deck Addition – The National Average for recouped value is 81.8%. The Best return is in the Pacific states with a 97.1% return while the North Central area shows only a 68.9% return. In the Atlanta area you could expect an 83.9% return on your investment.
2. Basement Finishing – The National Average for recouped value is 72.9%. The best return is in the South Central states with an 87.9% return while the New England states only show a 56.7% return. In the Atlanta area you could expect a 78.1% return on your investment.
3. Kitchen Remodeling (Midrange) – The National Average for recouped value is 79.5%. The best return is in the Pacific states with a 95.5% return while the North Central area shows only a 69.1% return. In the Atlanta area you could expect 79.9% return on your investment.
4. Window Replacement – Windows can be replaced either with wood or vinyl windows. The wood windows are a bit more expensive and therefore yield a slightly smaller return on investment. For the sake of this example we will look at wood window returns. The National Average for recouped value is 77.7%. The best return is in the Pacific states with a 93.9% while the North Central area shows only a 67.3% return. In the Atlanta area you could expect a 78.9% return on your investment.
5. Siding Replacement – With the various types of siding available in today’s market and the relative costs for each, for this example we will look at fiber cement siding. The National Average for recouped value is 86.7%. The Best return is in the Pacific states with a 96.2% return while North Central area shows only a 79.3% return. In the Atlanta area you could expect a 91% return on your investment.
This is by no means a complete list of all the projects examined but it does provide a good cross section for evaluation. For the most part I think we can see that in the Atlanta Real Estate Market remodeling projects are returning percentages above the National Average. This is due primarily to the favorable labor rates in the area along with ample supplies of building materials. If you have the skills and are able to provide the labor yourself your percentage of return on investment will skyrocket past these examples.
Are You Thinking of Selling
For those who are thinking of putting your home on the market, consult with a professional fulltime Atlanta REALTOR prior to undertaking any remodeling project. Get the ins and outs of what to expect for a return on your investment along with what projects may be required to get your home up to par with other homes in your neighborhood or maybe the best plan is to do nothing. An unbiased opinion may save you thousands of dollars.
Forsyth County Market Update October 2008
Statistics for single family detached homes in the Forsyth County real estate market for the month of October 2008 are in. Forsyth County is divided into three different areas and we will examine each area and then look at the county as a whole.
Area 221
Area 221 is that section of the county that is East of GA 400 and includes addresses from the cities of Cumming, Suwanee and Alpharetta. In the resale segment of the market there were 55 properties ranging in price from $59,900 to $1,595,000 that went under contract and 15 properties that closed ranging in price from $126,000 to $830,000. In the new construction segment of the market 16 properties went under contract ranging in price from $186,900 to $825,000 and 4 properties closed ranging in price from $270,200 to $483,500.
Area 222
Area 222 is that section of the county that is West of GA 400, South of Hwy. 20 and includes the city of Cumming and part of Alpharetta. In the resale segment of the market there were 20 properties ranging in price from $169,900 to $424,900 that went under contract and 7 properties that closed ranging in price from $144,000 to $569,000. In the new construction segment of the market 11 properties went under contract ranging in price from $218,560 to $499,900 and 1 property closed with a price of $295,490.
Area 223
Area 223 is that section of the county that is West of Ga. 400, North of Hwy. 20, outside City limits of Cumming. In the resale segment of the market there were 5 properties ranging in price from $144,900 to $420,000 that went under contract and 5 properties that closed ranging in price from $93,500 to $269,900. In the new construction segment of the market 6 properties went under contract ranging in price from $179,990 to $539,900 and 2 properties closed ranging in price from $180,000 to $203,782.
Forsyth County Summary
For the month of October 2008, real estate sales for single family detached homes in Forsyth County looked like this:
• 80 Resale Properties Went Under Contract
• 27 Resale Properties Closed
• 33 New Construction Properties Went Under Contract
• 7 New Construction Properties Closed.
To the casual observer these statistics may be nothing more than just numbers; however to a savvy investor they just might be saying that we may very well have reached the bottom of the market in Forsyth County. New construction continues to lag behind resales and the builders are offering substantial discounts to help move the inventory, which by the way is decreasing. As the inventory decreases and becomes more in line with the accepted norms the real estate market in Forsyth County as well as the Greater Atlanta Area will return to its robust nature. Look at the number of properties, both resale and new, that went under contract compared to the number that closed. Now that is a trend that will bring the local real estate market back pretty quickly.
Gwinnett County Market Update October 2008
Statistics for single family detached homes in the Gwinnett County real estate market for the month of October 2008 are in. Gwinnett County is divided into six different areas and we will examine each area and then look at the county as a whole.
Area 61
Area 61 is that section of the county that is North of I-85 and West of Pleasant Hill Road. Area 61 includes Norcross, Berkeley Lake and part of Duluth. In the resale segment of the market there were 30 properties ranging in price from $61,800 to $979,000 that went under contract and 46 properties that closed ranging in price from $37,900 to $599,000. In the new construction segment of the market 1 home listed at $190,000 went under contract and there was 1 closing for new construction. It sold for $282,500
Area 62
Area 62 is the section of the county that is North of Pleasant Hill Road and North of I-85. Area 62 includes Buford, Sugar Hill, part of Duluth and part of Suwanee. In the resale segment of the market there were 63 properties ranging in price from $59,000 to $799,000 that went under contract and 15 properties that closed ranging in price from $53,000 to $505,000. In the new construction segment of the market 30 properties went under contract ranging in price from $169,900 to $2,490,000 and 8 properties closed ranging in price from $198,900 to $850,000.
Area 63
Area 63 is the section of the county that is South of I-85, Northeast of Hwy. 120 and North of Hwy. 29. Area 63 includes parts of Lawrenceville, Duluth, Suwanee and Dacula. In the resale segment of the market there were 62 properties ranging in price from $69,900 to $451,500 that went under contract and 11 properties that closed ranging in price from $137,000 to $344,000. In the new construction segment of the market 16 properties went under contract ranging in price from $170,210 to $569,900 and 3 properties closed ranging in price from $215,000 to $320,000.
Area 64
Area 64 is the section of the county that is South of I-85, Southwest of Hwy. 120, West of Hwy. 124 and North of Hwy. 78. Area 64 includes Lilburn along with parts of Lawrenceville and Snellville. In the resale segment of the market there were 100 properties ranging in price from $36,899 to $449,900 that went under contract and 26 properties that closed ranging in price from $50,000 to $249,900. In the new construction segment of the market 6 properties went under contract ranging in price from $199,900 to $474,900 and 9 properties closed ranging in price from $184,000 to $633,800.
Area 65
Area 65 is the section of the county that is South and East of Hwy. 78 and Hwy. 124, and South and West of Hwy. 20. Area 65 includes Grayson along with parts of Snellville and Lawrenceville. In the resale segment of the market there were 67 properties ranging in price from $44,900 to $370,000 that went under contract and 11 properties that closed ranging in price from $58,000 to $275,000. In the new construction segment of the market 4 properties went under contract ranging in price from $187,100 to $379,000 and 1 property closed. It sold for $187167.
Area 66
Area 66 is that section of the county that is East of Hwy. 20 and South of Hwy. 29. Area 66 includes parts of Dacula and Lawrenceville. In the resale segment of the market there were 50 properties ranging in price from $79,900 to $395,000 that went under contract and 7 properties that closed ranging in price from $90,000 to $189,000. In the new construction segment of the market 9 properties went under contract ranging in price from $159,990 to $279,900 and 3 properties closed ranging in price from $186,966 to $380,000.
For the month of October 2008, real estate sales for single family detached homes in Gwinnett County looked like this:
• 372 Resale Properties Went Under Contract
• 116 Resale Properties Closed
• 66 New Construction Properties Went Under Contract
• 25 New Construction Properties Closed.
The amazing part of these statistics to me is that with the domestic and international economic news there were 438 buyers of new and resale properties that elected to take advantage of the discounted pricing and lower interest rates. Perhaps some were first time buyers who were just tired of paying their landlord’s mortgage and decided to also take advantage of the $7,500.00 tax credit. Some were probably relocation buyers, after all the real estate market in Gwinnett County as well as Greater Atlanta is fueled by jobs and relocation. Whatever segment of buyer they are from, it is pretty certain that they got a fantastic deal on both their home and their financing. After all these are the times we live in.
Gwinnett County Trash Pick Up
In 2004 Gwinnett County charged Gwinnett Clean and Beautiful, along with it’s Citizens Solid Waste Advisory Board, to develope a solid waste management plan as required by Georgia law. The purpose of the law is to establish a long term plan of action to provide for improved garbage disposal and increased recycling in the state.
Gwinnett County Residential Trash Pick Up Plan Announced
Gwinnett Clean and Beautiful has announced the details regarding the new residential trash pick up plan for Gwinnett County. The county has been divided into six areas with Advanced Disposal Services Atlanta, LLC handling the three northern areas and Waste Pro of Georgia, Inc. handling the three southern areas. This plan goes into effect on January 2, 2009 and encompasses all residents of unincorporated Gwinnett County. Each residence will receive 2 of the 95 gallon wheeled carts, one for trash and the other for recyclables.
How Much Will It Cost
Initially, and through June 30, 2009, the service providers will bill the residents at a rate of $20.45 per month. Then beginning in July residents will stop receiving bills from the providers and a once a year payment, of $214.32 or $17.86 per month, will be paid when the property taxes are paid. This fixed rate will remain in force at least until December 31, 2010. After that time any fee increases must be justified by the provider and brought in front of the Gwinnett Clean and Beautiful Board and would have to receive support from the board. Yard waste pick up is optional and will be billed at a rate of $10.00 per month.
One Benefit
One of the benefits that I forsee from this program is the reduced number of garbage collection trucks and trash out by the curb on various days of the week. Currently in many subdivisions there are multiple providers for trash removal which creates collections on different days along with trash being put out on different days. By going to this plan there will only be one day of the week that trash will be visible at the street.
Gwinnett Clean and Beautiful has set up a web page for Frequently Asked Questions regarding this plan.
Top 5 Things To Do For The Time Change
For everyone who hasn’t heard, the time change will occur this Sunday morning. I was in a meeting this morning with Ginny Staib, a fellow REALTOR in my office. In our conversation, we thought — what are the top five things that home owners need to do that would coincide with the time change? We came up with these:
Replace the batteries in your smoke detectors.
Winterize hose bibs.
Re-program your thermostats.
Shut down your irrigation system for the winter.
Re-check windows and doors for caulking and weatherstripping.
Please feel free to add any you can think of!
