Trent Cluley -- Pickens County Georgia Real Estate

The Oaks at Yellow Creek is one of several neighborhoods in Pickens County to have suffered the effects of the real estate slow down, with slow home and lot sales over the past couple years, despite a good location in southeast Pickens county GA. Development has been relatively slow, with only nine homes completed in the neighborhood, several of which have already fallen victim to bank repossession through foreclosure actions.

Close to Big Canoe in the Marblehill areaand less than a mile from the Cherokee County line, The Oaks at Yellow Creek affords convenient access to Cumming, Ball Ground, and Dawsonville, at a reasonable price point. With only nine or so existing houses, resale homes for sale in the The Oaks at Yellow Creek don't come up too often, but the recent foreclosure activity has made a couple of homes available at very reasonable prices . . . well below list prices in the $300's of prior years. These bank owned (REO) homes can be purchased starting at around $200,000 and up, making for some pretty good deals!

Lots for sale in The Oaks at Yellow Creak are all estate size, 3-acres or more and nicely wooded, offering privacy and, in some instances, pleasant mountain views. Public water and sewer are not available, so a well and septic tank have to be considered as part of the cost and building process, but other utilities are run underground and readily available. The community has no amenities, or HOA dues at this time.

Existing homes are similar in style and finishes to those found in other like neighborhoods in the Jasper GA area (Wild Timber, Jordan's Crossing, Dogwood Trace, etc), with gabled roof lines, stone-accented concrete siding exterior, hardwood floors, granite counters, etc. One difference is that the larger lot sizes and lessened stage of development affords a greater element of privacy than is often found in similar neighborhoods.

With the Foothills shopping center just a short distance up Yellow Creek Road, the North Georgia Premium Outlet Malland the new Target store and shopping center in Canton just 30-minutes away, and Cumming not much farther, shopping is readily accessible. The growth of high-end neighborhoods like Big Canoe, Crystal Falls, Woodhaven Bend, the new Tate Reserve, and proposed Potts Mountain @ Big Canoe, all in the surrounding proximity, make the general area -- in my opinion -- likely to see further growth and development in years to come.

For more information on lots or homes for sale in The Oaks at Yellow Creek, feel free to CONTACT ME, or search all houses and land for sale in Pickens County GA and surrounding areas by map location HERE.

It's great to be able to report on Pickens County GA real estate data that is leaning toward the positive for a second month in a row!

For May 2009, the number of homes listed for sale in the Jasper GA area that were placed under contract of sale came in at 24 . . . 26% higher than May 2008 (but still well below 2007's numbers). While this is actually a slight decline from the previous month's home sales, this dip is not unusual. A look back at 2007 & 2008 would show a similar month-on-month decline from April to May -- a trend is likely to continue into June, before picking back up for the peak months of July & August.

Only 13 of the 24 sales have actually closed, so there are still some pending sales to account for, which is likely to alter the numbers somewhat once all data is in, but, as of this writing, the average closed sale price was $219,930. With an average list price of only $154,627 for the remaining 11 however, the average sale price for May is once again likely to fall a good bit below $200,000, and well off of 2008's average of $221,876. One point of concern in the otherwise good news is that the average list to sale price ratio for those transactions that have already closed fell below 90% -- suggesting aggressive discounts on at least some of the sales.

As has been the case for several months now, bank-owned foreclosures, short sales and other distress sale scenarios played a significant part in house sales for Jasper last month as well. Nine of the 24 home listings were foreclosed REO's (37.5%), with another three listed as "short sales", bringing the total of distress sales up to 12 . . . or a full 50% of all transactions for the month. New construction homes in Dogwood Trace and Madison Ridge made up five of the nine lender owned properties under contract.

Another slight, if expected, damper on the good news, is a continued increase in overall inventory. Home sellers are more likely to enter the market at this time of the year, so listing inventory usually does increase, but, unless sales numbers pick up significantly, while homes continue to be added faster than they are selling, it is going to be difficult to absorb what is now more than two-years worth of available inventory in Pickens County GA. The percentage of these properties listed as foreclosures or bank owned is still hovering around 7%, but a review of foreclosure notices for homes being auctioned on the courthouse steps in Jasper next month (July), points at possibly 35 or so homes being foreclosed. This could create a noticeable shift in listing inventory (particularly with a number of already foreclosed properties still not yet on market, but out there somewhere). Good for buyers looking for good prices and great deals . . . not good for sellers.

To end on the positive note with which this post began . . . it appears that June 2009, is at least on a pace to match June 2008's numbers, and with a few more days to go, the numbers may in all likelihood come in higher year-on-year for a third month in a row, and fourth month of improved month-to-month sales. If this trend continues, it may signal that at least a bottom has been reached in declining sales. It may take a little longer to see improvement in pricing, as existing inventory will have to be worked through, but we have to start somewhere, and hopefully this is it . . . .

Feel free to Contact Me for specific information about sales data in your neighborhood, or one in which you are interested, (including foreclosure info).

A gently winding mountain road, shaded by arching trees . . . cool air wafting through open windows . . . the moist scent of thick foliage rustling in the breeze overhead. For the first time visitor to Bent Tree, there is sense of something different, something special, that sets in long before the main gate is ever reached. A sense of leaving the hustle and bustle of the city, a flight from noise and traffic . . . a return to nature's magnificence.

Inside the gate awaits a comforting world of lush greenery in spring and summer, rich amber hues in autumn, and misty melancholy in winter. An escape to tranquil days swimming, fishing and boating on the sparkling, spring fed lake; balmy afternoons with friends on the green, and silent evenings under a starry sky at 3,000 feet above sea level. Here is a step back in time to a less hurried existence, where neighbors greet neighbors, and deer and wild turkey have the right of way.

Being overshadowed by its larger neighbor, Big Canoe, has possibly benefited the unique personality of Bent Tree to some degree. While it has many of the same, or similar, types of amenities and features as Big Canoe (albeit to a lesser degree), it has remained something of a pleasant little Pickens County secret, largely unknown to the outside world, other than through word of mouth -- which has kept prices from soaring out of control, and prevented over-development.

Average prices of both lots and homes for sale in Bent Tree GA have remained well below that of Big Canoe, as have property owner's association (POA) and amenity fees. With great fishing on the 110-acre Lake Tamarack, long range mountain views, hiking trails, golf, tennis, 2 swimming pools, stables, a clubhouse, 24-hour gated security, a beach with pavilion, and other community features, Bent Tree has much to offer. Probably as much or more than the average person would effectively utilize anyway . . .

Close to Jasper -- and smaller in size overall than other similar gated mountain communities in North Georgia -- Bent Tree is a convenient option for those seeking this lifestyle choice, but also wanting to commute, or wanting to be closer to schools, shopping choices and medical facilities (Piedmont hospital isn't too far away and is surrounded by a growing medical community). For those interested in a weekend getaway, retirement home, or vacation rental, this ease of access and affordability certainly make Bent Tree worth consideration.

With homes available from the mid $100's and the average sale price in the low to mid $200's, yet with some very nice homes in the higher price ranges also, as high as $800,000+, there is opportunity for most budgets. For those looking at mountain lots for sale in North Georgia on which to build (or land to buy as a long term investment), Bent Tree has some very competitive pricing on lots of all sizes and features -- lakefront, lake view, mountain, golf view, level, sloped, creek . . . something for everyone.

One very attractive program currently available to potential buyers of lots in Bent Tree, is 100% certified buildable lots, offered with 95% financing possible. These lots all come with a new survey, level-3 soil test, and a refund guarantee if the lots prove to be unbuildable for some reason. The 95% of purchase price loans are offered at competitive rates, and are based on a number of factors other than just credit score or debt ratios. For more info on land for sale and financing through this program, you can visit their website HERE.

While Big Canoe certainly has a great deal to offer anyone looking for a vacation home, permanent residence, or land for sale on which to build a home in North Georgia, Bent Tree has perhaps not received enough recognition for what it has to offer, resulting in some great opportunities for those willing to look elsewhere for that perfect mountain property, without paying for image or branding.

Questions or comments? Contact Us.

[NOTE: As of August 2009, the above lot loan programs are being offered as 100% land financing opportunities on the referenced certified buildable lots in the Bent Tree community!]

Both potential buyers and local residents have commented to me on the pleasant setting and overall appeal of the fairly new Madison Ridge subdivision in Jasper GA, but expressed concerns that few homes had sold. Well, that has changed.

In the past few months, there have been four homes sold . . . with another four houses currently under contract of sale, scheduled to close within a few weeks! That is eight, out of a total of about 12 new construction homes for sale in Madison Ridge, already gone! And, most of these houses were purchased at bargain prices, ranging from $150,000 to $242,000, versus previous list prices in the high $200's to low $300's.

These aren't the only bank owned foreclosures in Pickens County being snatched up by buyers . . . there are recently closed and pending sales of foreclosed bank REO's in Wild Timber, Jordan's Crossing, and Dogwood Trace as well, but not such a flurry of activity as has been seen in Madison Ridge recently.

With only a handful of homes remaining for sale in this neighborhood, it shouldn't be long before all available inventory at these great prices is gone. Certainly a positive development for the excess of new houses that we previously had on the market competing with resales and restricting future development . . . and maybe just one more sign of improvement in our local housing market.

Request more information on homes for sale in Madison Ridge, Jasper GA, and other North Georgia areas, obtain a free list of foreclosure homes and land in Pickens County GA, or search homes for sale by neighborhood.

As hinted at in last month's Jasper Georgia home sales report, it appeared possible that we would see a slight improvement in the number of houses placed under contract of sale in Pickens County for April 2009. Sure enough, both in prior month AND year-on-year comparisons, April '09 performed better than both. This is definitely a positive sign, but still a way to go before announcing a major turn around.

A total of 26 homes* were entered as either pending / contingency sales or closed transactions, which is a significant improvement over March '09 numbers and a 30% increase in sales over April 2008! Still trailing 2007 posted data by more than 25%, but an improvement is an improvement and I'll take it.

Now for the bad news . . .

The average list-to-sale price of those transactions that have already closed dropped down to just over 90.5% . . . almost a 10% hit on properties that are often already listed at a reduced price! This may change slightly once all closings are accounted for, hopefully coming in a little higher, but is something to watch.

Likewise, average sale price in Pickens County GA for transactions already closed (10) is only $169,280, and the remaining 16 under contract have an average list price of only $187,598, suggesting that average sale price for April 09, despite a pick up in sales numbers, will still come in lower than last year's average sale of $189,950.

The obvious factor in all this, one that pops up whenever we discuss falling prices, is the ongoing issue of short sales and foreclosures in Jasper GA. Twelve of the 26 homes placed under contract were listed as foreclosures or bank owned "REO" properties. Forty-six percent! By comparison, sales of lender owned foreclosure houses in April 2007 & 2008 came in at only 3 & 4, respectively. These low-priced properties likely account for both the drop in average sale price, and our increased sales numbers, as some buyers are jumping into the market to snatch up the best deals (a trend not restricted to the local market).

Inventory continues to inch upward toward 550 homes for sale in Pickens County. Approximately 7% of these are foreclosed homes, and that number is likely to continue to climb as sales aren't keeping up with repossessions.

Back to some good news . . .

Early data for May indicates that the positive move in April's numbers are likely to be repeated for this month. I look forward to being able to provide more encouraging data in next month's post (unless my monthly report is preempted by someone else before I get to it, but hey, good news is hard to contain!).

* As reported in FMLS listing service.