Southern Hospitality
Program Will Pay Homeowners Who Sell at a Loss
The Obama administration has announced a new short-sale program aimed at alleviating some of the roadblocks that now impede the process, which will hopefully inject some life into the nation's ailing real estate market.
According to a New York Times article, the program -- that will take effect on April 5 -- will help some of the five million households who are currently behind on their mortgages by compelling lenders to accept a short-sale arrangement in lieu of foreclosure. A short-sale can occur when a lender agrees to take less for a property than the amount owed on the mortgage, thereby avoiding foreclosure.
The program will not help everyone; those who have a second or third mortgage on their properties may have the subordinate lenders block the sale. But for those with only one loan, they will be able to get out from under a crushing burden with less of a negative impact on their credit rating, plus they will receive $1,500 in relocation assistance.
This is not a get-out-of-jail-free card. The homeowner must be able to document that they are under extreme hardship and have exhausted all their resources in an effort to stay in the home.
Our local housing market here in the North Georgia mountains has been as hard hit as most other areas of the country. The confusion surrounding short sales has only exacerbated the problem. If this new short-sale program works as promised -- and that is a big if -- this should help clear the way for renewed vigor in our housing market.
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Your Second Home: A Place for the Grandchildren
"Never have children, only grandchildren." - Gore Vidal
More and more retirees are calling the beautiful mountains of North Georgia home. The lovely laid-back atmosphere and natural beauty of the area, combined with the multitude of activities available, make the mountains the perfect location for retirement.
Grandparents will soon find that grandchildren feel the same way about the mountains...they LOVE them! The ability to do the things they usually can't do at home -- fish, kayak, raft, hike, go to the drive-in -- with the extra added attraction of being able to do it with Grandma and Grandpa, makes a trip to the mountains a wonderful experience for the grandbabies.
Making your mountain home welcoming to the grandchildren is an easy proposition according to this article from The New York Times. Enjoy!
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Blue Ridge Market Report -- January 2010
An analysis of Fannin County home sale data for January showed some positive signs. Although the number of closings was down from December of 2009 (30 in January compared to 40 in December), the median sale price was up substantially ($247,500 in January vs. $200,000 in December).
Sales were also up from January 2009 numbers - there were 20 closings in January of 2009 versus 30 in January of 2010.
The percentage of the market comprised of foreclosures continues its upward climb: 35% of the closings in January of 2009 were foreclosures; 37.5% in December of 2009; 40% in January 2010.
The existing inventory of homes for sale continues to reflect a saturated market -- one that tilts in favor of buyers. If current rates of sales hold steady, we are probably still a few years away from a balanced market.
That is great news for buyers...not so much for sellers.
Fannin County is primarily a second-home market -- a market harder hit than the primary home market. In the boom years in Fannin County (2003 to 2005), second home buyers were often using equity from their primary homes to finance their second homes. Once that source of funding dried up, so did the market.
Lured by unprecedented low prices and plentiful inventory, savvy, credit-worthy second home buyers are returning to the market. This time around, though, they are taking their time to find just the right deal, often looking at 20 or more properties before deciding which looks like the best deal. Offers are being tendered that are often significantly below asking price -- and they are often accepted.
My advice for buyers is to come on up to the mountains -- the buying is fine. For sellers...with the overabundance of inventory and foreclosures on the rise, you MUST be prepared to price your property aggresively. The three most important selling points right now are 1. Price! 2. Price! 3. Price!!! It is all about the deal today.
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Your Second Home: Hardy Perennials to the Rescue
We bought our cabin in the beautiful North Georgia mountains in the dead of winter. When we came up from Atlanta on the weekends during the cold months, we busied ourselves on the inside of the cabin making it our cozy nest.
Once Spring arrived, we welcomed the opportunity to start digging and planting. We planted what we thought were hardy varieties of plants, and for a few months - as we came up weekend to weekend - we were delighted to see the progress that our 'babies' were making. Come May, we sank a pretty penny into buying hanging baskets of ferns and planting container gardens stuffed with showy annuals. And for the first few weekends, a splendid riot of color greeted us when the cabin came into view.
Then came the Summer months. Our hanging baskets were the first to go. Colorless and panting plants drooping over the sides of the baskets were our welcome committee when we came up on the weekends, and we soon realized that a once-a-week drenching was not going to be enough for our baskets and container gardens, even those in the shade - never mind the ones that required full sun. Then, the plants in the garden started to shrivel up one-by-one as June turned into July turned into August. By Summer's end, we were left with only a few stunted plants that had managed to eke out a living in the relentless sun with only a watering once a week.
Speaking with other weekenders, we found that most of them had similar experiences, and we commiserated with one another. So, we resigned ourselves to the fact that a colorful garden would have to wait until we moved up to the cabin full time.
An article in today's Atlanta Journal-Constitution, Perennials top list for Atlanta gardens, outlines a list of hardy perennials that have thrived in Atlanta's historic Oakland Cemetery with little care. They include hosta, Bath's Pink, phlox, bearded iris, and other hardy varieties that require little attention to yield lots of color.
As planting season approaches (finally!!!), second-home owners in the North Georgia mountains might consider some of the stalwarts on this list to help them plant a garden that will provide color and texture, even when ignored.
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The Pinnacle -- Blue Ridge Cabin
Spacious (over 2800 s.f. according to the tax roll) and rustically elegant, the heart of this wonderful cabin is the Great Room with its rocked fireplace, gleaming hand-hewn wood floors, and wall of windows that overlook Mother Nature's finest views!
The open kitchen features ample cabinetry with under-cabinet lighting, a large center island, a charming farm sink with unique bronzed fixtures, and custom task lighting.
The master-on-main is huge and has a sitting area, French doors out to the wide covered deck and ample fenestration to take in the mountain views.
The master bath features two separate sinks with furniture-grade cabinetry, a slate shower, plus a large jetted tub.
A powder room and HUGE laundry room with tons of built-in shelving and storage space round out the main floor.
The full-finished basement has a second fireplace (flanked by custom built-in shelving & cabinetry) in the entertainment room, two large bedrooms, a large bath, plus a game area with a pool table and portable bar.
Exit the basement, and the fun continues in the spacious hot tub or around the elegant fire pit.
This wonderful cabin comes fully furnished and professionally landscaped.
You will be proud to call this cabin your own!Features
Bedrooms: 3 Bathrooms: 2 Parking Spaces: 1 Year Built: 2007 Subdivision: Sundance Mountain Lot Size: 1.51 School District: Fannin Agent Name: Kim Southern Broker: C21 Professional Realty Group MLS #: 196535 Location
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December 2009 - North Georgia Mountains Calendar of Events
From November 23, 2009 Holiday Art Show and Sale To December 19, 2009 Blue Ridge Art Association From December 11, 2009 Winter Wine Highway To December 13, 2009 Young Harris to Dahlonega From December 11, 2009 Swan Drive-In Theater To December 13, 2009 Blue Ridge Georgia From December 11, 2009 The Life and Adventures of Santa Claus To December 13, 2009 Blue Ridge Community Theater From December 11, 2009 Christmas Village To December 12, 2009 Between the bridges on the riverfront in McCaysville December 11, 2009 Season of Light / The Rollins Planetarium Young Harris College December 12, 2009 Santa Village Night Train Downtown Historic Blue Ridge Train Depot From December 12, 2009 Santa Train To December 13, 2009 Blue Ridge Scenic Railroad From December 18, 2009 The Life and Adventures of Santa Claus To December 20, 2009 Blue Ridge Community Theater From December 18, 2009 Santa Train To December 24, 2009 Blue Ridge Scenic Railroad From December 18, 2009 Christmas Village To December 19, 2009 Between the bridges on the riverfront in McCaysville <!--#exec cgi="/cgi-bin/showpage.pl" -->
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Blue Ridge Market Report - Hellzapoppin!!
Make sure you're strapped in tight! Home sales in Fannin County continue their wild roller coaster ride. October 2009 residential sales figures are in, and both number of units sold and median prices are up over last October. This is a break from the trend we saw last month, when the number of sales was up, but prices were down from September 2008.
There were 35 residential sales in Fannin County last month, compared with 22 in October '08. The median price this October was $186,000, almost $26,000 up over last October's $160,450.
An analysis of foreclosure data yields some interesting results: Out of the 35 residential sales last month, 13 (37%) were foreclosures, versus 2 (9%) of last year's sales. The median sale price for foreclosures was $130,000, the median sale for non-foreclosure units was $227,375 -- a 43% price increase!
A further breakdown of the data shows the following:
Price Range # of Units Sold
$0 - $100K 6
$101K - $200K 13
$201K - $300K 8
$301K - $400K 5
$401K - $500K 2
Over $500K 1 ($810,000)
October 2008 October 2009 Variation Total Units Sold 20 35 +43% Average Days on Market 104 138 +25% Median Sale Price $160,450 $186,000 +14%
What can we learn from this month's analysis? I sure wish I knew! I am grateful for the uptick in both sales and prices and would LOVE to think it will be a continuing trend. But, I'm not sure if I feel like the adorable girl in the front of the roller coaster...or the guys in the back!
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'Elevate' Your Point of View -- Blue Ridge Cabin
Take in the truly awe-inspiring mountain views from nearly every room and the sprawling screened-in decks on the main level, and the private screened deck off the upstairs bedroom. K
The heart of this great cabin is the large kitchen, dining area, Great Room, which features a huge rocked fireplace with a generous hearth.
The full-finished daylight walk-out basement has a luxurious entertainment area/game room, plus a large bedroom and full bath, plus plenty of storage space. A large hot tub -- in a full screened enclosure -- adds to the 'oomph' factor of this great home.
Nestled on a 1.54 acre lot, the cabin sits in the middle of a nice, level yard area, offering plenty of room for the kids and pets!
Shepherd's Ridge is a prestigious gated cabin community filled with luxurious cabins, underground utilities, and all paved access.
Make your move to the mountains now!Features
Bedrooms: 4 Bathrooms: 3 Year Built: 2002 Subdivision: Shepherd's Ridge Lot Size: 1.54 acres School District: Fannin Agent Name: Kim Southern/Dawn McGuire Broker: C21 Professional Realty Group MLS #: 193299 Location
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November 2009 Calendar of Events -- North Georgia Mountains
From November 06, 2009 Live Theater / A Christmas Carol To November 08, 2009 Blue Ridge Community Theater From November 06, 2009 Artist Studio Tour To November 07, 2009 The Martyn House 912 Flat Branch Road, Ellijay Georgia November 07, 2009 Rivers Alive Gazebo, Fire Station 13 on Aska Road / Ron Henry Horseshoe Bend Park in McCaysville November 10, 2009 Winter Pickn' Ann's Pickin Parlor 50 Kingstown Street From November 13, 2009 Live Theater / A Christmas Carol To November 15, 2009 Blue Ridge Community Theater November 14, 2009 Veterans Day Parade / Blue Ridge Downtown Historic District of Blue Ridge November 17, 2009 Winter Pickn' Ann's Pickin Parlor 50 Kingstown Street From November 20, 2009 Live Theater / A Christmas Carol To November 22, 2009 Blue Ridge Community Theater November 21, 2009 Holiday Art Show Opening Reception Blue Ridge Mountains Arts Association From November 23, 2009 Holiday Art Show and Sale To December 19, 2009 Blue Ridge Art Association November 24, 2009 Winter Pickn' Ann's Pickin Parlor 50 Kingstown Street From November 27, 2009 Live Theater / A Christmas Carol To November 29, 2009 Blue Ridge Community Theater From November 27, 2009 Christmas Village To November 28, 2009 Between the bridges on the riverfront in McCaysville From November 27, 2009 Brasstown Valley Resort Fall Festival To November 28, 2009 Brasstown Valley Resort November 28, 2009 Light up Blue Ridge Downtown Blue Ridge From November 28, 2009 Santa Train To November 29, 2009 Blue Ridge Scenic Railroad
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We LOVE the Folks We Have the Privilege to Serve!
They say a picture paints a thousand words...Here are the beautiful flowers we received as a gesture of appreciation from two of our incredible customers after a closing we had last week. The cards read: "Kim, You are the best!" and "Dawn, You made this happen for us!"
It was such a lovely surprise to getthese roses. We don't do this for the glory (God knows!!), but it is so heartwarming to 'feel the love' like this!
Thanks Jim & Maria! We are so happy to have helped make your dream come true!
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The rain that fell Saturday evening did little to dampen the spirits of the hundreds of kids who visited downtown Blue Ridge's Halloween Safe-Zone. Witches and goblins, princesses and fairies shared
Main Street as they Trick-or-Treated their way among all the shops. A spook-tacular time was had by all!
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Wordless Wednesday: Ellijay Wearing its Autumn Finery
A view from my father's deck in Ellijay overlooking a pasture and the lovely mountains of North Georgia.
Visit my Website to find out more about the beautiful Mountains of North Georgia and the great home-buying opportunities that await you right now! Or, call me at 404-435-6470.
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E.B. Reece -- Small Town Girl with Big Time Stuff
You may not have heard of E.B. Reece...yet. But, trust me, you will.
On Friday, the Gilmer Arts and Heritage Association (GAHA) hosted an evening with E.B., where, in a cozy intimate space, she performed songs from her new Nashville-produced CD, "Big Time Stuff." With the voice of an angel -- a face to match -- and a personality that lights up the room, E.B. enchanted the audience with her lovely performance.The self-described "small town girl," a mere 19-years old, grew up in Ellijay. Her songs -- most of which she writes herself -- reflect an innocent sensibility shaded with humor, love, and angst. E.B.'s talent shimmers off of her like the spotlight off her long, blond hair and her determination to make it in the music business is palpable.
Make no mistake, this "small town girl" is headed for "Big Time Stuff!"Enjoy a sampling of her music, click here:
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The Martyn House--'Arabian Nights' in Ellijay
The Atlanta Journal-Constitution has a great piece today on The Martyn House in Ellijay, about a 20-minute drive
from Blue Ridge. It brought to mind the wonderful time I recently had at one of their amazing farm-to-table meals. The hosts -- Joann Adams and Rick Lucas -- couldn't have been more warm and welcoming, the food more divine, or the surroundings more enchanting.
I went on a balmy summer evening, and shared a table under the stars with about 50 other folks, a varied group that included local artists, gallery owners, civic leaders...and me (I could make out the whispers, "Who invited HER???"). Our food was cooked in front of us over a fire, and the menu included foods grown in the local community or in Georgia. We feasted onbutternut squash soup, mixed greens, shrimp & grits, and strawberry shortcake. The long table was lit by candleabras, and candle chandeliers hung from tree limbs. Through the trees you could see the colorful Gypsy Faire Sleeping Tents lit up, inviting you to go visit them in all their 'Arabian Nights' splendor.
It was truly a magical evening, and I most certainly plan on continuing my visits to The Martyn House. Hope to meet you there!Visit The Martyn House on the Web
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The Appraisal Came in at WHAT??? A Cautionary Tale for Second-Home Buyers
I recently negotiated a contract for a beautiful home just
outside of Blue Ridge. The home sits astride a small pristine lake surrounded by mountains and shared with only three other homes. Not only is the setting gorgeous, the house itself -- a luxurious 6-bedroom, 4.5-bath home -- is well-appointed and has been meticulously maintained.
Our buyers are a wonderful couple from Atlanta who are buying the home initially as a second-home, with plans to eventually retire here. They are positively giddy about the house -- they love everything about it and can't wait to call it their own.
The entire contract process has been going along swimmingly. The price negotiations went well, we were able to arrive at a fair price. The inspection turned up only minor issues that the sellers have been more than willing to address. We know our buyers have sterling credit and they are putting down 50 percent, so we figured we had nothing to worry about with the financing. Price: check. Inspection: check. Financing: check. Slam dunk!
Our buyers have banked at a neighborhood bank for years, so naturally, they felt most comfortable getting the loan through the folks they have a relationship with. Makes sense, right? Only one very big problem -- the in-house lender has only Atlanta-based appraisers on their vendor list.
So an Atlanta appraiser was sent to value a home completely outside of his market area, and the two markets couldn't be more different -- rural vs. urban, second-home vs. first-home, for starters. He made adjustments for things that don't typically command a premium in second homes, and didn't make adjustments for things that do (like water frontage...hello???). As a result, his appraisal -- while perfectly suited for Atlanta -- was pretty far off the mark for our area; it came in $50,000 low.
The bank approved the loan despite the appraisal -- in part, I'm sure because of the large down payment -- but I have appealed the appraisal anyway. I am appealing in part because I want to make sure my folks are getting a true snapshot of value. The other part, I admit, is because I don't want them to think I sold them short.
The moral of the story? When you are buying a second-home make sure your lender will use a local appraiser who is familiar with that market. Better yet, work with a local lender that uses local appraisers. That lessens the chances for nasty surprises.
Here is an article on the subject that appeared in today's Atlanta Journal-Constitution.
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Cowan's Book Store -- Adding 'Volumes' to Blue Ridge
On a chilly, gray day, I welcomed the opportunity to step into Cowan's Book Nook. As warm and inviting as it's name, Book Nook celebrated it's grand opening on Friday.
Owners Barry and Melinda Cowan -- who also operate Cowan's Book Nook in Ellijay -- recognized the need for a top-notch bookstore in Blue Ridge. A great addition to the town's thriving downtown area, the shop is full of a large selection of books including fiction, non-fiction, and best-sellers. The store also features an impressive array of children's and Christian books. The space is light and airy, with sitting areas so that after you've browsed and chosen a book from the shelf, you can sit and relax and leaf through your selection.
On hand to help celebrate the grand opening was cartoonist Don "Duck" Edwing. His cartoons have appeared in Playboy, Look, and The Saturday Evening Post, but Edwing is probably best-known for his work with Mad magazine, where he wrote the iconic Spy vs Spy comic strip for 12 years. A true character -- full of tales of his fascinating life and quick with a joke -- Edwing is in the process of making a move from Florida to Blue Ridge.Also on hand for the celebration was author Jerry Roberts signing copies of his memoir entitled "My First Forty Years." Roberts didn't set out to publish a book, he just wanted to ensure that his children had a written account of his life. Once finished, he asked a friend who was in the publishing industry to give his manuscript a read, and the friend was very impressed with Roberts' writing, and encouraged him to publish the autobiography.
Stop in and visit Cowan's Book Nook in the downstairs plaza of the Mulberry Building at 576 E. Main Street, Suite C, in beautiful downtown Blue Ridge. 706-946-BOOK (2665)
Barry & Melinda Cowan
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No, I think they meant THAT White Oak...Legal Descriptions in the North Georgia Mountains
Oh, the simple pleasures of living in the North Georgia mountains. I came across this actual legal description for a property today:
BEGINNING at the old house place, running southwest to a large Beech tree, continuing the same direction to the top of the mountain and a White Oak tree; thence northwest following high ground to the Stephens property line; thence following the Stephens property line due North to the corner; thence northeast to the branch; thence down branch to ford of branch; thence southeast, following an old road to the starting point, containing 30 acres, more or less
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Painfully Funny Video -- "How to Buy a Bank-Owned Home"
A fellow agent e-mailed this to me today. The video, entitled "How to Buy a Bank Owned Home," is sure to bring a laugh -- perhaps a pained one -- but a laugh, nonetheless. I think we can all relate...no matter which "part" we play.
Enjoy!
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Blue Ridge Market Report -- September 2009
Home sales in Fannin County are mirroring the national trend -- sales are up, but prices are down. September 2009 saw 33 residential sales, with a median price of $206,000, compared to 27 residential sales and a median sale price of $245,000 in September of last year.
Foreclosures account for about 20% of last month's sales. Since our local MLS didn't have a separate category for foreclosures last September, it is difficult to ascertain what percentage of last year's sales were foreclosures. However, from personal observation, they are up this year over last year at this time. In my opinion, the increase in sales of foreclosures is part of what is driving prices down.
Another major factor exerting downward pressure on prices is our existing inventory. There are 822 active residential listings on the market today. At current sales levels, it will take about two years for all the homes on the market in Fannin County to be absorbed.One difference between our area and most others across the country is that our increase in sales is not being driven by first-time homebuyers looking to take advantage of the tax credit by November 30. Our market is overwhelmingly a second-home market, so our sales are not being artificially propped up by the tax incentive. Hopefully, that is a sign that our market truly on the upswing.
That said, our backlog of available inventory, combined with foreclosures continuing to hit the market, point to a buyer's market in Blue Ridge for the foreseeable future.
September 2008 September 2009 Variation Total Units Sold 27 33 20% Average Days on Market 126 128 1% Median Sale Price $245,000 $206,000 -16%
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Leaf Watching in the North Georgia Mountains
"Autumn is a second spring when every leaf is a flower."
- Albert CamusThe North Georgia mountains provide an ever-changing canvas upon which Mother Nature paints. Perhaps knowing the winter months will bring little opportunity for color, she pulls out all the stops and splashes the autumn canvas with a riot of reds, golds, yellows, and oranges.
Fall is a spectacular time in the North Georgia mountains. The colors rival anything you will find in New England, and, because we don't get early frosts, the leaves -- in all their splendor -- stay on the trees much longer, stretching leaf-watching season through November. The days are usually sunny and bright, and the average temperatures in October are 69 degrees during the day, and 42 degrees at night.
Because of the above-average rainfall we've had this year, experts predict a particularly colorful and long leaf watching season. So, grab your camera and head for the hills!
Here are some great resources for leaf-watchers:
Fall color information for the Chattahoochee - Ocoee National Forests
Georgia Forestry Commission's Fall Color Report
Georgia State Parks & Historic Sites Fall Leaf Watch 2009
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