Duluth, GA

The whole year of 2009 was challenging in some segments. In other segments, it has shown surprising resilience and strength. It is one of the markets in Gwinnett County, GA, that has shown relative strength, even into the last quarter of 2009. And it started off fairly strong.

Looking back over the last couple of months for Duluth, GA, the market has moved... but only a little. The biggest thing has been the First Time Home Buyer Tax Credit. It has had a GIANT pull on the market, and when it "expired" (it was renewed and expanded before it actually expired, but the effect seemed to expire) it altered the direction of the market... as it did when it was enacted.

Let's knock out a few numbers...

• There were 527 Listings as of 12/31/2009
• December currently reports with 57 sales
• The Absorption Rates for Lawrenceville break down as follows:
  • 12 month average - 9.02 months of inventory
  • 6 month average - 8.30 months of inventory
  • 3 month average - 8.55 months of inventory

The link above explains Absorption Rates more fully, but basically, it tells us how long it would take to sell all of the property on the market at the current rate.

Sales for Duluth in December were up 5.6% compared to December 2008. This was after November was up 54.8% year over year. Days on Market also decreased by 23 days to 87 days. One thing to keep in mind though is that there may still be sales that are unreported.

By Segment...

The market is divided up into six segments.

Under $200k...

There were 147 listings and 28 sales in December. Looking back the 12mo/6mo/3mo Absorption Rates were 5.6/4.9/5.3 months. I expected the 3mo rate to be a slightly better because of the accelerating sales, but that wasn't the case. However, since 6 months is considered a balanced market, none of these numbers are bad. The Under $200k segment is the strongest, but only slightly stronger than the $400k - $600k segment.

$200k - $400k...

There were 163 listings and 14 sales in December. The 12mo/6mo/3mo Absorption Rates were 8.9/8.6/8.6 months. I also expected the First Time Home Buyer Tax Credit to have a little more impact on the 3mo rate, but sales remained steady. The $200k - $400k segment has been pretty consistent in 2009. Looking back at our historical numbers for the last couple of years, and these are great numbers.

$400k - $600k...

There were 49 listings and 11 sales in December. The 12mo/6mo/3mo Absorption Rates were 7.1/7.4/5.7 months. This segment shouldn't have been affected by the tax credit as lower priced homes. I was a little surprised at the way the sales picked up in the last quarter. However, since this is a fairly affluent area, I shouldn't have been shocked by the numbers.

$600k - $800k, $800k - $1m and Over $1m...

There were a total of 168 listings and 83 sales in the last 12 months. The Absorption Rates can be calculated, but they really aren't meaningful. A couple of extra or missed sales make a big swing in the data. Also, these homes are not likely to be affected by the old tax credit or the newer expanded tax credit.

Click here to search Duluth properties.

I have posted the 2009 real estate report for Sugarloaf Country Club. View the report for details on Sugarloaf Country Club real estate. You will see all the closed transactions plus ratios such as "Original List to Sales Price" and "Last Sale Price to Current Sale Price" which is the best indicator of Sugarloaf real estate values.

The Sugarloaf Country Club Real Estate Report is the most comprehensive information available for Sugarloaf homes. Contact Mary Floyd for questions or additional details.

With the new year, comes new short sales. I thought I would share with you what we are seeing in the market place and hope that you might share with us so we can all grow.

• HAFA is getting rolled out and if you don't know, be sure to read up on it. It'll likely streamline the Fannie Mae and Freddie Mac loans with some wrinkles, such as possibly having to wait for you clients to be denied a loan mod first.
• FHA Short Sale loans are still awesome to work with, but for Bank of America FHA Short Sales, you must have the customer call and demand to be a part of the Pre-Foreclosure Sale. Most of the phone people don't know what this is, so they will have to go to someone who does.
• Property Preservation companies are still a pain in the rear when it comes to vacant short sales. I have noticed that they use the same keys, so be mindful of that. If you have one or two of the keys for this contractor then you might not have to wait for them to mail you a new one.
• Faster approvals are coming, but their coming from your favorite banks, Wells Fargo Short Sales, Citi, and Chase.
• Some banks only want financial statements (worksheets) not proof of anything to start the process.
• HSBC is proactive, they will call you!
• Suntrust still doesn't put names on the approval letters, which is the only thing I like about their process.
• People are a bit more savvy about short sales this year. I'm going to have to add wording that protects my time if they file bankruptcy - for a bankruptcy attorney, filing is always a good option. Hard to argue with an attorney.
• Deed-in-lieu's still baffle me. Why anyone would do this in Georgia, I have no idea.
• BPO (Broker Price Opinion) agents are requiring someone to be there lately. Sounds like a good thing for us (so we can show them the problems with the home), but can anyone verify if this is correct or is it just because most BPO agents don't really do real estate... anymore.
• A Bank of America Short Sale is still taking the longest and is still the hardest to deal with. They've added call centers, electronic filing systems and even a third party. All their running around isn't helping when it's their process that is flawed.

That's all for me!

Remember, It's not about specializing in a Niche or short sales, it's about being knowledgeable enough to actually help people. Even if you refer it to an agent that specializes (which we recommend) at least you are up to date on the changes.

Image via Wikipedia

Yes, Georgia, there is a Duluth nearby… you don’t have to go all of the way up to Lake Superior to find it.

About Duluth, GA…

Duluth is one of the most prestigious areas in Gwinnett County, GA. It is home to several high end developments, like Sugarloaf Country Club and St. Marlo County Club (which is actually in Forsyth County, but has a Duluth mailing address). Duluth does actually extend slightly into both Forsyth and Fulton Counties, but it primarily in Gwinnett.

As of July, 2008, the population of Duluth was estimated at about 26,000 within the city limits. That represented an 18% growth since 2000. Forbes Magazine ranked Duluth 26th on their list of the best places in Amercia to live. NCR, Primerica Financial and AGCO all call Duluth home. Also calling the area home are Bow Wow, Terry Pendleton and many other members of the Atlanta entertainment and sports industries.

The City of Duluth goes back to Evan Howell’s cotton gin at the Chattahoochee River. He built a road connecting his gin to the Old Peachtree Road. That brought settlement to the area, especially after Gwinnett became a county in 1818. The town was renamed to Duluth in 1871, honoring railroad built between Duluth, MN and the new Duluth, GA. Even up until the 1970s, Duluth was quite rural, but has grown considerably since then.

Recent additions in the area include the Arena at Gwinnett Center and the commercial areas along Satellite Blvd. and I-85. The Arena at Gwinnett Center is home to the Gwinnett Gladiators, while the Atlanta Thrashers practice at the nearby Duluth Ice Forum.

Life in Duluth…

Because Duluth is located along I-85, there is easy access to Atlanta, as well as other points along the I-85 corridor. The Mall of Georgia, Discover Mills and Gwinnett Place Mall are all nearby, as well as dozens of smaller shopping venues.

There are lots of recreation opportunities near Duluth as well. Aside from the Arena at Gwinnett Center, and the Convention Center, the Gwinnett Braves play nearby in Lawrenceville. The #1 rated Gwinnett County Parks are well represented by McDaniel Farm Park and the Shorty Howell Park.

And you can live here too…

To see the latest market stats for Duluth, take a look here…

If you’d like to browse homes currently for sale in Duluth, check this out…

from LaneBailey.com

Sugarloaf Golf and Country Club is an exclusive multi-million dollar homes planned 24 hour gated country club community built around the acclaimed Sugarloaf Golf and Country Club golf course in Duluth Georgia. Sugarloaf Golf and Country Club is located just 18 miles north of Atlanta in Duluth Georgia.

Here is the current real estate market update for Sugarloaf Country Club in Duluth GA as of today Monday December 15, 2009:

• Active - 86 Properties Found - Sugarloaf Country Club homes for sale
• Contingency w/Kickout - 0 Properties Found - Sugarloaf Country Club homes for sale
• Contingency - Due Diligence- 0 Properties Found - Sugarloaf Country Club homes for sale
• Contingency - Other -1 Properties Found - Sugarloaf Country Club homes for sale
• Pending - 2 Properties Found - Sugarloaf Country Club homes for sale
• SOLD 49 YTD >01/01/2009