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HARRIETTE OZELL

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When will the Market Turn

05-08-08
HARRIETTE OZELL
Is now the time to buy real estate? This is a question many are asking themselves and discussing around the water cooler, at dinner parties and even on the school playground. Vickie Green at Bankrate.com prepared a wonderful article that I am outling here for your quick enjoyment. First of all some quick facts : Nationally, housing prices were down 7.7% in November 2007 National housing inventory estimate is 17.9 millions available units Local (Coastal Georgia) current total inventory as per Brunswick MLS:2214 Homes 2141 Lots Now what the article said: WHO SHOULD BE BUYING NOW? If you are a dual income customer with assets and resvers, a stable job and at least a 680 credit score then you should enter the market at this time. WHO SHOULD NOT BUY NOW? If you are a retiree who is downgrading, you may actually be loosing money making the downgrade. If you have 20% in equity and no PMI in your home. If you have a shaky job situation or experiencing upcoming life changes such as a transfer in the next year or two ( the article suggests that you wait) If you have heavy debts, bad credit, no assets or reserves ( this will make getting a mortgage harder and more expensive). If you are looking to flip houses. Buying trends: FORECLOSURES- Ok my friends, lets face it the bank ain't dumb. Those of you who have bought into the lies that late night info commercials have told you that you can buy a foreclosure for penny's on the dollar; well, what did momma tell you when you were young? If it sounds too good to be true then it is. As a local REALTOR, and one who has dealt with the loss mitigation department of some banks/mortgage companies, Foreclosures are not what they seem. If you do not have immediate (30 day) access to the money you will use to purchase. If you have no patience, If you are unprepared to invest more money in getting the property ready for the market after the acquisition and if you have no idea of what the current local market is doing then do not waste your time with a Foreclosure. Ms. Green's article give these pointers: The foreclosed property should be significantly below the values in teh area. You the investor should be willing to invest in repairs Although you will be buying as is, with no disclosures you should have inspections done. Basically, in this market, it is my opinion that if you have the capital to invest in foreclosures be prepared to do some hard negotiating, be willing to walk away from a deal and be willing to lease the property unless you are purchasing it for a personal residence. LAND Now is the time to acquire land. But you must remember that a land investment is a buy and hold investiment. And unlike a house you must have an idea of what is going on with the land you are buying, does it have sewer and water, what is the zoning, what is scheduled in the area's future development plans surround the land you are purchasing? Think of buying land (even if you are planing on building your retirement or dream home there) as if you were buying a million dollar company. DUE DILLIGENCE is the key. Also be aware that most lenders require 30% to 60% equity in the land if you are financing the acquisition. COMMERCIAL Multi family properties are in strong demand so any multi family project is good for commercial investing. WHAT ARE BUYERS LOOKING FOR? Buyers are falling into three catergories: A). Bargin Hunters- Waiting for that $300,000.00 house in the gated community to go for $150,000.00 B). Signs of Stability- "Can we get some market stability, I mean can at least 5 of the 10 houses in my neighborhood go under contract?" C). Lower Interest Rates and Prices- "Well, we are going to wait for the interest rates to fall to at least 5.35% and prices to drop another 8%" Now according to a Walter Molony a NAR spokesperson, the next 6 months of 2008 will be another window of opportunity to purchase. My prediction is that those in catergory B will start to see some inventory decreases in the neighborhoods they may be interested in plus some minor, yet significant price reductions will occur. Mr. Molony also predicts that the housing market will strengthen in 2009 and estimates a price rise of 3.1% that year as well. ECONOMIC ISSUES YOU SHOULD MONITOR What the Economic Stimulis Package will do for the economy Fed Rates Presidental Election For futher discussion of this topic please email Harriette at Hmozell@theozellgroup.com
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MOVE THE JAIL!!!!!!!!

03-05-08
HARRIETTE OZELL

MOVE THE JAIL, MOVE THE JAIL

Brunswick, is a beautiful place. Surrounded by water and salt marshes. Beautiful sunsets can be marveled at from Mary Ross Park. The Brunswick Marina with its new slips offer a quiet enclave for the weary boater who is traveling the ICW and need a brief stop. Downtown Brunswick is quiet and charming. Good food at Christi's, The Pearl, Cargo Port-side Grille, and Fox's Den Pizza makes a nice date night or luncheon. The newly constructed Three River's Library and renovated Ritz Theater serve as cultural hubs for the community as a whole. Public works are even installing new fountains in the vacant squares between the brownstone inspired buildings of downtown. But as one drives north is the legal district. Standing like a sentinel is the newly built Harold Pate Building where we locals go pay property taxes, get tags for our cars, and perform other governmental transactions. To the left of the Pate building is the jail. Although the Glynn County Correctional facility is not esthetically an eye sore. The mere fact of its current location is what bothers most residents and adding to the fact that its now time to expand the jail. There are good arguments for both sides of this debate. The County Commissioners argue that it is more cost effective to expand the jail at its current location. Their plan is to either voluntarily purchase the needed property for the expansion or utilize the powers of eminent domain to acquire the property for the expansion. The points that the county commission taut is that by keeping the jail where it is and expanding you are keeping the prisoners close to the courthouse, therefore not having to pay for the security and transportation of inmates to and fro. The "move the jail"(MTJ) advocates argue that the county paid over a quarter of a million dollars to a consulting firm that advised the county to expand the jail in the public works location on a 14 acre tract approximately 15 minutes away for the current facility. The MTJ also argue that even if the county commission expand the jail at the downtown site, it too will be over capacity within 10 years and the need to further expand will be needed, at least on the 14 acre site currently owned by the county there's room for further expansion at later dates. But the biggest argument the MTJ advocate is that the current jail site is prime property that could be used in a more productive way for the community's benefit. Like I stated earlier, Brunswick is a beautiful place. But it is my belief that our city and county planners didn't take the time to plan the city/county for future generations and this way of doing business has trickled down generation to generation to our current county commission. Those in power look at what can be done today for whats happening in their life time. They don't take in to account the future generations to come. And this brings me to the most important point of this rant. After attending a county commission meeting in Feb, the commission basically told the public that they would be moving full steam head on the jail expansion in the current location. It dawned on me that in order for change to occur one must get involved in the process early. Maybe if i had been to the first meeting when the county commissioners were in the initial phase of deciding what to do with the jail i might could have prevented what is happening now. But until the fat lady belts that final note. I'm joining the MTJ and yelling to the top of my lungs "MOVE THE JAIL!!!! MOVE THE JAIL!!!!

HARRIETTE

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