Gone are the days when the word 'foreclosure' conjured up images of dilapidated homes with broken windows and boarded-up doors.
Meet the new face of foreclosure.
My client just closed on this spectacular 5-bedroom, 4-1/2 bath home on Wednesday. Nestled on five wooded acres in a desirable gated community in Ellijay, this home was built with no expense spared: two fireplaces; granite kitchen; two enormous master suites; a full-finished basement with media center; library; slate, tile, and wood floors throughout; top-of-the-line bathroom fixtures; butler's pantry. You get the drift...
Before the original owner lost the home, he had it on the market for $899,000. That was definitely wishful thinking on his part -- a price closer to $6
50,000 would have been more like it. Needless to say, the house did not sell at that inflated price, and the owner eventually lost it in foreclosure. When the bank first listed it, they priced it at $474,900, eventually dropping the price to $399,900. Knowing that my client would be interested in the house at this price, I took him to look at it. He loved it and made an offer of $330,000, which the bank accepted. Almost as amazing as the price, was the fact that we were able to close on the house within two weeks of the offer.
Finding foreclosures is easier than ever. Gone are the days of poring over the legal notices in the local paper or visiting the courthouse to check through the default notices. Buyers can now access sites like RealtyTrac.com and ForeclosurePoint.com for foreclosure listings with maps and satellite images.
Remember that foreclosures are not always a bargain, and they can be frustrating to deal with if you are an out-of-town buyer trying to navigate the process, which many of our buyers are, being that the North Georgia mountains are primarily a second-home market. Working with a real estate agent familiar with the inventory of foreclosed property in an area, which ones of those truly are bargains, and experienced at dealing with the foreclosure process can help ensure that buying a bank-owned property is as hassle-free as possible, and most importantly, that you are truly getting a great deal.
The real estate equivalent of the Ice Age is upon us. Like the prehistoric behemoths that roamed the earth millions of years ago, the McMansions and ever-more elaborate homes that popped up all over the landscape during the boom years are being crushed under the weight of their own bloated "over-the-top-ness." The icy winds of change that have contracted our economy are doing the same to the footprint of new homes being designed and constructed.
Smaller is the new black.
New home buyers -- unfettered by the need to sell a house before buying -- are now making up an ever-increasing share of the home buying market. No longer looking to buy a house with the expectation of selling it for a huge profit in two or three years, new buyers are looking at a house as a long-term investment. What appeared desirable in a home that you were only going to have to sustain for a few years -- soaring cathedral ceilings, out-sized rooms, and too many of them -- now looks like an awful lot of impractical space to heat and cool.
Waning too, is the demand for ever-more-opulent upgrades that were merely window-dressing. In their place is a market for energy-efficient upgrades like programmable thermostats and more efficient appliances. New 'green' developments are resonating with buyers who are looking not only for a house with a smaller footprint, but for environmentally-friendly technology like wind turbines and solar panels.
Here in the North Georgia second-home market, building has slowed to a crawl. Many of 
the spec cabins that were built in 2007 and 2008 -- rustics on steroids -- are sitting idly on the market because they are too big and too overpriced. The builders of these spec cabins are having to choose between making deep cuts in prices or going into foreclosure. What new construction is going on in these mountains is reflecting the national trend: smaller cabins with fewer luxury amentities, and a price tag to match.
So it would seem that there is a housing equivalent of "survival of the fittest." Charles Darwin -- whose 200th birthday was last week -- would no doubt have approved.
I've done my best...I've reasoned, cajoled, analyzed, postulated, 
hypothesized, and rationcinated (look it up!). I've begged, pleaded, beseeched, implored, and supplicated.
I have been telling you for months now that we are in an unprecedented time of opportunity for home buyers. As investor Warren Buffett so aptly put it: "Get greedy when others are fearful, and fearful when others are greedy."
The sales figures are in for January 2009. The median residential sale price was $208,500. Compare that with the January 2008 median of $245,000, and you have a 15 percent decline in price.
With the ecomic stimulus package poised to be signed into law and the new bailout plan proposed by the Treasury Department to help bolster the sagging banking industry, we can expect new life to be breathed into the moribund housing market. Once investor confidence is restored -- even a little bit -- we can expect prices to pick up, or, at the very least, to stop dropping.
So, now may be your last best chance to cash in on the market of a lifetime.
Don't say I didn't warn you.
Laws are like sausages, it is better not to see them being made ~~ Otto Von Bismarck
The House and Senate reached an accord on the economic stimulus package this afternoon. The package was whittled down to $789 billion, significantly less that the $838 billion proposed by the Senate version and the $819 billion House version.
One of the provisions that did not make the cut was the $15,000 tax credit for homeowners proposed by Georgia Senator Johnny Isakson. The overall cost of the credit would have been $35 billion. In its place, a more modest proposal will eliminate the repayment requirement currently tied to the $7,500 tax credit for first-time homebuyers. In its current format, the $7,500 credit is in effect an interest-free loan that must be repaid within 15 years.
While I am disappointed that the $15,000 credit for all homeowners has been excised from the package, I am grateful for the extra boost for first-time homebuyers.
Tax time...that least wonderful time of the year. I am not a tax-expert -- I don't even play one on TV -- but here are a few new housing-related opportunities to save on your taxes this year that I have read about and would like to share with you:
First-time homebuyers: A first-time home buyer (or someone who has had no ownership interest in a prinicpal residence within the past three years) can take a one-time credit of 10 percent of the purchase price of a new home, up to $7,500 for a couple and $3,750 for an indivual. The house must have been purchased between April 9, 2008 and July 1, 2009.
In order to qualify, a couples' adjusted gross income may not exceed $150,000, for single's that amount is $75,000. Additionally, the tax credit actually takes the form of an interest-free loan that must be paid back within 15 years.
Energy credits: Up to 30 percent of the cost of certain improvements with caps of $500 up to $2,000, depending on the improvement. Solar electric power and water heating, wind energy, and geo-thermal heat pumps all qualify, plus installation costs all qualify.
Widows and widowers: Under the old tax codes, couples were able to exclude gains of up to $500,000 when they sold their principal residence, provided they had lived there two out of the previous five years. For single-filers, the limit was $250,000. As of 2008, a surviving spouse can claim up to $500,000 if the sale occurs within two years of the death of a spouse.
Be sure to consult your tax professional about these and any other tax advantages you may qualify for as a homeowner.
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Covering the North Georgia mountains like the dew, I serve the communities of Blue Ridge, Ellijay, Suches, Mineral Bluff, East Ellijay, Cherry Log, Morganton, McCaysville, and Epworth.
My name is Kim Southern. After working in banking for many years, I decided to follow my passion and become a full-time real estate agent. My family and I moved to the North Georgia mountains several years ago, and it didn't take me long to recognize the exciting potential of this beautiful region to become a highly sought-after second home market. Little over an hour's drive from Atlanta, and less than a day's drive from all points in Florida, Blue Ridge and Ellijay are fast becoming a destination for folks looking for their own little piece of heaven.
Selling real estate is what I love to do. My desire to help people find the home of their dreams--as corny as that may sound--still drives and fulfills me.
I specialize in one thing--the finest in customer service. That may sound simple, but it means that I 
must have a mastery of:
We first met Kim a few years ago when we purchased our second piece of property in the beautiful North Georgia Mountains! We had already owned a 3 acre parcel in Blairsville, but not only couldn't we get our previous realtor to call us back, we could hardly get anyone to return a message or answer our questions. We finally stumbled across Kim Southern via her website and when we called, she actually answered her phone.
During our first conversation with her, we developed quite a bond. She was very nice to talk to and extremely helpful. It was obvious that she was very familiar with the North Georgia area. In our subsequent conversations, we developed a trust and a relationship with Kim that we had not previously experienced with other realtors.
When we finally went to Georgia to meet with her (we are from Florida), we tied her up all weekend long. She showed us everything we had spoken about and more. We decided on a piece of property in Ellijay and had her sell our land in Blairsville. We knew from our meetings that Kim is a very dependable and trustworthy realtor and a person of high ethical values. Although she did not make much money from our sale or purchase of land, she continually treated us as if we were very important clients.
After the sale, we began to build a cabin in Ellijay. Kim would voluntarily check on our property while we were building our cabin. Being 700 miles away, this was very much appreciated. She would constantly keep in touch with us and became our ‘eyes & ears' in Georgia.
We have since become good friends with Kim and her family and look forward to visiting whenever possible. I would sincerely recommend Kimberly Southern as a realtor that you can count on! She's the best!
Craig & Tiffany
Hi Kim-
When we decided to change our life direction, we never dreamed we'd find such a wonderful Realtor - & Friend - in Kim Southern! We purchased a couple alpacas to diversify our portfolio. Being an animal lover, I got tired of agisting them at someone else's farm. So I began looking for property to bring us all together. I searched the internet, newspapers & those little real estate books. I ran countless hours to "drive-by" the outside before I called my current at the time realtor, (not Kim), because she was too busy with her life to take me.
My husband happened across a property in the North GA Mountains...I called to set up a viewing with the listing agent which turned out to be Kim. I got lost on my way there, & unable to call Kim because my cell phone didn't work in that area, I had to find a pay phone. Kim just laughed & told me she'd see me when I got there. An hour later, I finally made it!
Turns out that property wasn't right for us...but with Kim's never-ending perserverence, we finally found the right one. Kim worked with us for nearly 2 years, looking at different properties in at least 8 counties, researching county ordinences, scouring the internet listings, even taking pictures of places that hadn't made it to the internet yet! She made this exhausting adventure a reality for us. She was always happy & eager to get out to walk the numerous acres with us...she knew if the land wasn't right, the house didn't matter...click & go next.
To say Kim is just our Realtor would be an understatement. Throughout this entire process, Kim became our friend as well! My husband used to joke with me about who was I going to talk to after we finally closed on our house? Little did he know...!
When we outgrow our new alpaca ranch, Kim will be the lady we'll call to help us take the next step, even if we have to get her licensed in another state! I recommend her highly to anyone who wants to find that perfect place to call home. I have confidence she will do everything in her power to get you to where you want to be.
Thank you, Kim, for everything you have done for us. You have been a very big part in making Circle C Alpacas what we are today. We wish you all the best!
Sincerely,
Tom & Lisa
Dear Kim,
We want to thank you for the excellent work and energy you demonstrated on sale of our cabin in Cherry Log. Obviously, this is a buyers market with an abundance of cabins for sale in the North Georgia market; however, you were able to sell our property in less than 8 weeks! Something we did not think could happen. I feel your website, local marketing techniques, and knowledge of the market all contributed to this quick sale. However, I feel your dedication and personal involvement with your clients was the part that made this transaction and our partnership a success.
We sincerely enjoyed working with you and Century 21 Realty. You displayed great professionalism at each step on this process. Your guidance and recommendations were always accurate and lead to a positive and successful association. If I can ever serve as a recommendation for you in the future, please advise, as it will be a great pleasure to recommend such a professional and ethical Real Estate person. Thank you, again, for all your efforts and dedication in selling our property.
Best Regards,
David & Tricia
Dear Kim,
Please accept my deepest appreciation for all the creative and time-consuming work you did to sell my cabin in Morganton, GA. You worked hard, and it showed. In an area where log cabins are so abundant, you helped mine stand out among the others. With good pricing and fabulous advertising (the virtual tour was awesome), it sold quickly.
As you recall, the buyer could only give me 30 days to find a new home, pack and move. You managed to set up both closings on the same day! We went from cabin to closing, moving, to the closing of the new house and in the new house within 12 hours!!!! What a day!!!
Your professionalism and warm personality are a pleasure in a world in turmoil. Your goal, "I just want everyone to be happy," is a not only said but acted out in a way that makes you unique. It was definitely my fortune to have been referred to you. I have and will continue to refer you to others.
Thank you again for all your great effort.
Sincerely,
Joan
Dear Kimberly:
It is the time of year to remember all the things we are thankful for and you are at the top of the list. I remember during the anticipating days and weeks after you listed our home in Ellijay. One Realtor had already "fired" us as a customer saying we were too fussy about our pictures. One thing about you Kim, is you don't let hurdles get in your way. I recall the day when you told me you and your husband were going to rent a scissor lift so you could get spectacular photos of our "up hill" mountain home that was sooooo hard to photograph. Needless to say between your "beyond the call of duty effort " in the beginning and at contract we were happy to see the house sold and move on to our new life.
We love your creative, sensible, thorough and willing approach to real estate and believe you will have a long line of people waiting for your services at any time of the year. If you need to have a prospective client call us we are more than willing to share the good news. May all be returned to you and more this coming year.
Best regards,
James and Glenda
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