About Duluth's Willbrooke

Yesterday I received a voicemail message from an appraiser about a listing I have in the Duluth subdivision Wilbrooke. As I listened to the message my first thought was that the listing four doors down from mine must have a contract. When I returned the call, the appraiser said he simply needed to confirm that the basement in my listing was 100% finished. I confirmed that my basement is 100% finished with a bedroom, full bathroom, a full kitchen and hardwood flooring throughout.

After I answered the appraiser's question, I took the opportunity to inquire about the subject of his appraisal. Was it for the other listing? "No," he replied. "Someone is doing a refinance." "Oh...OK" was my response.

Now to back up a little...when I first took the listing in Willbrooke and started studying the comparables in the subdivision, I had a hard time finding listings that had sold for even half of what the seller paid for his home. I looked at existing home prices, did a CMA for the previous twelve months, and something still did not add up. So I took an evening and walked through the subdivision. That's when it dawned on me that the subdivision was really two phases. One phase began with an average price of $170,000 while the other phase where my listing is located began with an average price of $270,000.

In the last two years the $170,000 homes have foreclosed at a much faster rate than the $270,000 homes. The $270,000 homes experienced less than six homes going into foreclosure in the two year period. The $170,000 homes had quadruple the number of foreclosures in the same period with both phases having pretty much an equal number of properties.

The data pointed to the lesser valued homes having a real affect on dragging down the value of the homes in both phases. My gut reaction to the seller was that agents and appraisers just weren't in tune with the differences in the phases and hence flowed with the downward spiral. That was the only explanation for why a 2600 square feet foreclosure could sell for the same price ($145,000) as an 1900 square feet home in the same subdivision in similar condition but in different phases.

So the last part of the conversation with the appraiser was to put it out there. I gave him a very brief synopsis of how I saw the values in the neighborhood being affected by the two diferent phases. And how the slightly older smaller phase has been a drag on the values of the phase where my listing sits. And guess what? He agreed with me and said 'that is why you sometimes have to go outside of the subdivision to really get true comps.'

After we hung up, I was thrilled because I could see the appraiser understanding where I was coming from with the list price. "Yes, he gets it." The appraiser is local to the area and understands how one phase of much lesser value impacted the other phase's value in a dramatic way. This can only happen when we who are guardians of markets are not keen to is driving value for each and every property we list. We tell sellers all the time to ask us 'what's my house worth?' and we have to do our very best at establishing a real value for the property. Appraisers impact the process as they have the final say in determination of the value of a property.

I could have easily went along with what I initially found in the MLS and told the seller his house was worth $110,000 less than it really is. But I chose to exercise more of my analytical skills coupled with every day experience in real estate to give the seller a true value for his home. The steps I took required more of my time and went beyond producing a CMA. And I see that the appraiser is taking those same steps to get the values in the neighborhood going in the right direction.

I challenge all listing agents/brokers to more aware of what you propose to a seller for a list price. Don't be so quick to place all faith and trust in a CMA pulled from the MLS. Take a minute and get to know the neighborhood. There may be more value there than meets the eye.

Willbrook in Duluth GA is a subdivision that is just minutes from great shopping, a wide range of dining establishments, and access to heavily travelled roads. Yet as one of my Open House guests stated, Willbrook in Duluth GA is hidden from all of the hustle and bustle around it - quietly tucked away. Here are some other great facts about Willbrook in Duluth GA

• Willbrook in Duluth GA has 236 homes with most built between 1998 and 2001.
• The homes range in square feet from 2200 to over 3500 and many have finished basements.
• Most of the exteriors are brick front or stucco with Hardiplank siding on the sides and back.
• Willbrook in Duluth GA has a community swimming pool that goes from three feet to five feet deep.
• There is a set of tennis courts for the community that are available to light up for night play.
• All of the streets are lined with sidewalks on both sides, and residents enjoy the use of the sidewalks.
• The school bus comes right through the subdivision to drop off kids at the front door.
• The elementary school is Chattahoochee, the junior high school is Duluth, and the high school is Duluth.
• Willbrook in Duluth GA is very culturally diverse.
• There is an HOA in Willbrook in Duluth GA. For more information about the HOA, click here.

Currently there are two listings in Willbrook in Duluth GA.

• 3535 McClure Woods Drive is a beautiful large home with six bedrooms and four full bathrooms on a finished basement in 4800 square feet of living space. Granite counters, stainless steel appliances, and hardwoods adorn the inside. The current asking price is $274,900 and the owner is very flexible with terms.
• 3595 McClure Woods Drive is gorgeous home featuring three bedrooms, three full bathrooms and a finished basement. The home is immaculate and waiting for the right buyer. The current asking price is $265,000.

For information about Willbrook in Duluth GA, please call 404 923 4210 or 404 246 3210 or click here.

This Listing was Leased as November 7, 2011******

New Listing in Duluth, GA - 3535 McClure Woods Drive in Willbrooke

This huge spacious home in Duluth features six bedrooms and four full bathrooms with a completed finished basement. There are granite counter tops in the main kitchen with stainless steel appliances. Hardwood floors on the main level and throughout the basement with wall to wall carpeting in the upstairs bedrooms. Main floor bedroom can double as a home office or guest room. Basement features a second full kitchen and room for your media equipment or workout machines. Over 4500 square feet of living space.

New Listing in Duluth, GA - 3535 McClure Woods Drive in Willbrooke

Exterior is brick front with hardiplank siding on the sides and back. The large deck has stairs leading to the yard below. There is also a shed for more storage and a play area in the backyard. The two car garage is complete with automated openers and additional space for storage. Residents in Willbrooke enjoy a pool, tennis courts, underground utilities, sidewalks, and a great Duluth neighborhood.

New Listing in Duluth, GA - 3535 McClure Woods Drive in Willbrooke

The asking price is $279,000 - an awesome deal for this much space. It's not a short sale and not a foreclosure. The owner will consider all offers to include purchasing, leasing, rent to own, and owner financing. If you would like more information about this Duluth listing, please call 404 246 3210 and I will be happy to assist you. Please email offers to offers@jordonwheeler.com.