Monthly Archives: March 2010

Friday Five: Homebuyer tax credit

Posted on March 26, 2010 by | Leave a comment
By: Brad Horner
Homebuyers only have about one month left to take advantage of the homebuyer tax credit…and considering it takes approximately one month to close on a home, the time to submit a contract is NOW!
Below are the top five things to remember about this unique opportunity:
  1. An $8,000 tax credit is available for first-time homebuyers (defined as someone who has not owned a principal residence during the three-year period prior to the purchase) and a $6,500 tax credit is available to move-up/repeat homebuyers (buyers who have owned and lived in their previous homes for 5 consecutive years out of the last 8 years).
  2. The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
  3. Home contracts must be signed by April 30, 2010 and the purchase must be completed by June 30, 2010 in order to qualify.
  4. The tax credit applies only to homes priced at $800,000 or less.
  5. Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
For more information about the homebuyer tax credit, click here.

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Posted in Friday Five, Tax credit

Posted on March 22, 2010 by | Leave a comment

By: Brad Horner

Realogy, Coldwell Banker NRT Development Advisors’ parent company, just nationally distributed the following press release to announce the multiple Southeast developers that tapped us to provide innovative sales and marketing services. We’re very excited to strategically position these communities in their respective markets. Our sales and marketing teams have already started executing online messaging campaigns, social media efforts, broker outreach and more, and, as a result, have seen a significant increase in the quality of interested prospects.

——————————————————————————– COLDWELL BANKER NRT DEVELOPMENT ADVISORS TAPPED BY MULTIPLE  SOUTHEAST DEVELOPERS LOOKING FOR INNOVATIVE SALES AND MARKETING SERVICES

ATLANTA —Home-builder confidence increased in February 2010 (up for the first time since September 2009 and eight points higher than in February 2009, reports the National Association of Home Builders), due in part to continued low interest rates, an optimistic job outlook and extended homebuyer tax credits. These national trends in builder confidence have been evident throughout the Southeast as builders and developers re-invest in sales and marketing to stand out – and sell out – in 2010. “Potential home buyers who have been wading in the waters for the past six months or more are ready to finally dive in during 2010, but they’re also much more diligent in their searches, visiting more sales offices before they move forward,” said Brad Horner, president of Coldwell Banker NRT Development Advisors. “That’s why developers throughout the Southeast who represent all price points and property types are increasingly turning to Coldwell Banker NRT Development Advisors for an innovative approach and to marketing and sales – such as repositioning bank-owned properties and adding social media tactics into a marketing campaign – to stand out in 2010 and increase the properties’ traffic and, as a result, closings.”

Coldwell Banker NRT Development Advisors was recently selected to exclusively market and sell six new home communities in metro-Atlanta, Orlando, Fla. and Chattanooga, Tenn., following the company’s recent expansion of service offerings and footprint due to demand. The properties, which total approximately 850 units for an estimated sellout of more than $222 million, include:

1010 Midtown includes 425 two-and three-bedroom homes, starting from the $180’s.These homes feature expansive window walls, tiled baths with garden clubs and 10-foot finished ceilings. Homeowners have access to the community’s fitness center; “Park in the Sky” with signature swimming pool, cabanas and manicured gardens; club room, and 24-hour concierge. The 35-story 1010 Midtown is part of the 12th & Midtown mixed-use development, which includes 1.2 million square feet of Class A office space, more than 600 hotel rooms, more than 1,000 residences and over 200,000 square feet of flagship retail space in the heart of Midtown Atlanta. The community was developed by Daniel Corporation, Selig Enterprises, Inc., MetLife and Canyon‐Johnson Urban Funds.

Kirkwood Station is a mixed-use community with six townhomes available, which start in the mid $200s, as well as 12,000 square feet of retail/office and restaurant space in Atlanta’s historic Kirkwood neighborhood. Homes feature enclosed garages, 9- and 10-foot ceilings, marble bathroom vanities and granite kitchen countertops. The community was developed by The Plinth Group, a real estate developing company specializing of both commercial and residential properties.

Lofts at 5300 is a mixed-use development located directly across from the Chamblee train station. These one-, two- and three-bedroom lofts, which start from the high $80’s, feature 10-foot ceilings, hardwood floors and stainless steel appliances. Homeowners have access to the community’s heated pool, fitness center, clubroom, tennis courts on the rooftop deck and interior courtyards with water features. Homes sit atop of 5,300 square feet of retail space. 

Millside Manor is a quaint community of brick cluster homes in the Hamilton Mill area of metro-Atlanta’s Gwinnett County that start from the low $180’s. Double master suites, master on main floor, basements and loft floor plans are available with flexible living areas.

Mosaic at Millenia in Orlando, Fla., provides an ideal investment opportunity, as homes start in the low $60’s and are located close to the Millenia Mall and many resorts. Mosaic’s Grand Style Clubhouse includes a business center, pool table, theater room and many lavish sitting areas. The tropical pool includes a gas grille and lush trellis, and adjacent to the pool is a large screened-in patio area with TVs and a lavish summer kitchen. The gated community also features a state-of-the-art fully equipped fitness center.

The Pinnacle is a condominium development by Wilkinson Real Estate Advisors that is close to both downtown and the North Shore of Chattanooga. The community’s one-, two- and three-bedroom homes start from the $140’s offer city and mountain views, granite countertops, hardwood floors and large balconies. The community features a state-of-the-start fitness center, pool, clubroom with flat screen TV, theater/media room and coffee bar.

About Coldwell Banker NRT Development Advisors Coldwell Banker NRT Development Advisors, a leading residential real estate brokerage company, is a specialty division of Coldwell Banker that serves as a comprehensive, strategic advisor for new construction residential developments. Focusing on single-family developments, multi-family dwellings (including condominiums, townhomes and lofts) and bank-owned distressed assets, NRT Development Advisors assists with conceptualizing the product, provides input on design, develops the most effective marketing plan and provides expert onsite sales teams and support staff.

Based in Atlanta with a regional office in Orlando, Fla., NRT Development Advisors has successfully marketed more than 750 new construction and conversion developments including luxury high-rises, single-family developments and bank owned assets. NRT Development Advisors is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.nrtdevelopmentadvisors.com or www.cbbankowned.com.

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Posted in Company news

Friday Five: Why you should attend next Wednesday’s Atlanta Real Estate Tweetup

Posted on March 19, 2010 by | Leave a comment

By: Brad Horner

Is next week’s Real Estate Tweetup on your calendar?  It should be!  Here’s why:

  1. What other event brings together professionals from all parts of the real estate spectrum – from developers and brokers to bankers and media?  This event is a great way to expand your network.
  2. Everyone wants to be ‘in the know,’ so come hear more about the latest deals happening around town.
  3. Share perspectives with your peers regarding the impact of national headlines – including topics such as the homebuyer tax credit, the mortgage relief effort, construction starts and more – on the local real estate market.
  4. Have you officially been to a tweetup yet?  Here’s your chance.
  5. Cantina Tequila & Tapas Bar is conveniently located in the Terminus building, Buckhead’s hottest property with a mix of high-end retailers, popular eateries and luxury residences.   This is the perfect opportunity to stop by and see what all the talk is about.

Hope to see you on Wednesday, March 24 from 5 to 7 p.m. at Cantina Tequila & Tapas Bar (3280 Peachtree Road NW, Terminus 100 – Suite 150).  Don’t forget to RSVP to Leslie.Williamson@NRTDevelopmentAdvisors.com or (404) 705-1584.  You can follow #ATLRE on Twitter for additional information about the event, as well as local real estate news.

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Posted in Event, Friday Five

To Buy or Not to Buy

Posted on March 14, 2010 by | Leave a comment

By: Holly Rabits

The pendulum continues to swing back and forth with regard to today’s real estate market and economy. One month sales are up, prices are down. The next month, the prices are up and sales are down. Still, based on an overall year to date comparison, according to the National Association of Realtors, things are beginning to improve and hopefully employment will follow suit.

Florida which ranks in the top 3 of distressed markets in the United States is also beginning to see a shift. One would hope so, as in my 30 years in real estate, I have never seen prices or mortgage rates at this level. Opportunity knocks and then there is the proverbial “BUT” in the equation.

While mortgages are being offered at wonderful rates, the qualification process both for the buyer and the property are getting more stringent. Changes are happening literally every day. A buyer can purchase an entry level home or condominium in areas of Florida for as little as $20 to $30,000 dollars. Higher end homes have slashed prices 50% or more to try to generate interest.

The tax incentive which expires in April has been a key component to driving entry level, owner occupied sales. There are now opportunities for existing owners to receive a tax credit as well, once they sell their home, at a below market price. Still, the opportunity is great to purchase more for less.

With this said, inventory is lower and absorption is gaining BUT there are still more foreclosures coming to market which will affect pricing.

Hopefully loan modifications will become more effective and people can hang on to their homes which will help in terms of stabilizing and improving the Florida market.  This will take many of the foreclosures and short sales out of play which will reduce inventory and strengthen demand, as well as raise prices!

It’s a slow boat but the ship has definitely left the dock and if you are considering a primary residence or second home in Florida. Now is the time to get serious.

Ask lots of questions, inquire about condo HOA’s and percent of developer rentals as well as the percent of investor owners. Make sure the HOA is not more than 15% in arrears. These are part of the perimeters that qualify a condominium for financing. Be prepared to have your financing in order before you purchase or have verifiable cash. Always inspect the property with a licensed inspector before closing. Check out national real estate websites. They offer great information.

Last but not least, contact a REALTOR to guide you through the buying process. We at CBNRTDA are here to help and know the rules to make your purchase easy and worry free.

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Posted in Bank Owned, NRT Development Advisors, Real Estate, Sales and Marketing

Friday Five: How to share your company’s messages where your potential buyers currently congregate – on Facebook

Posted on March 12, 2010 by | 1 Comment

Virtual Views is starting a new column titled, “Friday Five,” which is an informative quick read that gives you the top five points on a particular real estate-related topic – including trends, neighborhoods, industry changes and more.  We’d appreciate your feedback.  What topics would you like to hear more about? E-mail us and we’ll include it in a future Friday Five.

By: Brad Horner

Of Facebook’s 300 million users (making it the largest social network on the Web), an estimated 175 million of them log onto Facebook each day.  And that staggering number doesn’t even include those using Facebook Connect.

Builders and developers cannot afford not to have a presence on Facebook, especially considering that 90% of homebuyers start their home search online.  Facebook provides an unprecedented marketing opportunity to share information about your development on a social network where your potential buyers are already congregating.

But there are clear rules by which you need to abide in order to be seen as a trusted source of useful information and not an annoying spammer.  Here are our top five hints about how to utilize Facebook as part of your development’s comprehensive marketing program:

  1. Facebook and corporate Web sites have very different rules and languages.  While it’s expected that a company’s Web site will contain very sales-y language, that type of language is not used – or tolerated – on Facebook.  Instead, use an entertaining conversational-style tone on Facebook and offer compelling information.  Do not – I repeat – do not solely promote your brand or product.  Consumers don’t want the same door-to-door salesman knocking on their doors every single day pushing company messages, and they don’t want to see companies doing the same on Facebook.  Instead, offer a mix of fun information about the neighborhood, informative updates about the real estate market and links to articles of interest, in addition to information about your development’s latest offerings.  Truly engage with your fans.
  2. Facebook’s advertising opportunities provide a way to share your message with an extremely targeted audience for a very reasonable price.  Unlike most advertising vehicles, Facebook allows you to target your exact demographic by identifying the age range, location, interests, employment status and more.  Use these ads to promote limited-time deals, special events and the community’s unique amenities.
  3. Take advantage of the many ways you can tailor the company’s Facebook page.  Of course, include links to your Web site and blog and upload photos of model homes and events.  But there are also applications that will allow you to post virtual tours, collect contact information for future communication, automatically upload new blog posts and post presentations.
  4. Fully promote your events on Facebook by including photos, videos, directions and links to helpful information.  And when fans RSVP via Facebook to an event, it shows up on their wall, thereby exposing the event to additional networks.
  5. Take advantage of Facebook’s Insights.  Regularly monitor your fanbase and page interactions.  How quickly is your fanbase growing and what is the demographic breakdown?  Are you losing fans?  What links/photos are being clicked the most and how can you use that information to tailor future posts?  What type of updates prompt the most feedback?

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Posted in Friday Five, Sales and Marketing, social media

Equitable price/value relationship

Posted on March 11, 2010 by | 1 Comment

By: Maria Mena

In today’s economy, everyone seems to be focused on price. You can’t open the newspaper, your mail or your e-mail without being bombarded with the deal of the day, the month and, in some cases, the deal of a lifetime.

And no other industry has been more impacted by the focus on price than real estate. Which I find funny, actually, because since the beginning of time, the 3 most important evaluation criteria for a real estate property have always been location, location, location.

While location continues to be a critically important aspect of the successful marketing of a property, an overwhelming percent of today’s buyers are shopping price first and neighborhood second. People on the hunt for deals are crisscrossing cities to find the “right priced home.”

But a competitively priced property alone will not make the sale. While this may sound contradicting it is actually at the heart of selling any product.

The reason revolves around the need for products to have an equitable price-value relationship. Whether it is real or perceived, the relationship must be equitable or the sale will not close.

It is only when value is perceived to equal to or greater than price that the consumer begins to buy. The absolute price doesn’t really matter in this equation. This is not about affordability. It is more about reasonable, sound and understandable value.

For instance, NRT Development Advisors helped The Stacks promote a sale on one of the community’s studio homes.  The attractive price point helped to bring qualified buyers to The Stacks, and the studio quickly sold.  But it wasn’t price alone that sealed the deal, as other nearby communities were selling larger homes at lower prices.  The Stacks team helped the buyer to see the studio’s full value that was included in the price, which included lower HOA dues, a stabled and established Homeowners Association, a strong sense of community among the current homeowners at The Stacks, walkability to restaurants, true loft living with original brick walls and more.

First and foremost, the purchaser must understand what’s inside the deal. It is only then that value can be assessed. It is for this reason that it is critical for any sale to fully explain what is included in deal including the location advantages.

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Posted in Sales and Marketing, Value of a home

Whoa! Did Clark Howard really say that?

Posted on March 8, 2010 by | Leave a comment

By: Meril Missbach

While driving in the ‘burbs a couple of weeks ago listening to the radio, I could swear I heard Clark Howard advise his listeners to NOT purchase a home until AFTER the current tax credit opportunity expires.  I almost wrecked my car!  Did he really say that?

He went on to say you might get an even lower price if you wait until after April 30 to purchase a home because then “there will be no buyers.”   I couldn’t believe my ears.  What are you thinking, Clark!  You’re usually “my man,” but I just don’t agree with you on this.

Here’s my take on the situation:

#1  People will still have babies and life-changing experiences, causing them to purchase homes even after the tax credit opportunity expires. So there will be buyers.

Yes, I anticipate the sales pace will be slower after the tax credit expires because there are a lot of smart people out there.  They aren’t going to leave money on the table by not taking advantage of that tax credit if they are eligible.  They are going to get their dream-home under contract by April 30 because it DOES NOT seem likely that the tax credit will be extended again.

So, ladies and gentlemen, start your engines.  Get out there and get shopping.  Prices are low, interest rates are low, and there is ample inventory from which to choose.  There’s a house out there for you.

#2  Yes, it is a buyer’s market, but this market is also like an estate sale. The best things will sell first.

So, if I heard you correctly, Clark, and you suggest home buyers wait until after April 30  to purchase a home,  then I hope your listeners are prepared to select from “picked over” goods.  If you’ve ever been to an estate sale on the last day when everything is 50% off, you know what I mean.  The good stuff is gone, and you’re picking from Aunt Ella’s gargoyles.  Sure, the price is cheaper, but is there anything there that you even want to buy?

You home buyers out there….. I encourage you to be financially savvy, but buy something you love, and think about these things:

  • Is this where you want to come home to at the end of the day?
  • Does being here make you happy?
  • Regardless of what you paid for it, when you are ready to move again, how easy
    will it be for you to sell this home in a more normalized market?

Your house is a big, big investment, but it’s also so much more.  It’s your happy place; it’s your refuge;  it’s who you are.

Well, Clark, if I heard you correctly the other day, I just don’t agree with you.  If I have misquoted you because I misunderstood something in the broadcast, then my apologies.  aIn fact, it would almost be a relief.  I just can’t believe you encouraged home buyers to leave the tax credit dollars on the table.  They paid it in, and now they have a short period of time in which they can get some of it back out.  I say go for it!

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Posted in Tax credit

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Buying Your First Home

Posted on March 7, 2010 by | Leave a comment

By: Jessica Weston

With only 2 more months to take advantage of the $8,000 federal tax credit, those of you who are first time homebuyers are eager to utilize the government’s money and capitalize on the great offers in the real estate market. 

 However, buying your first home can be very overwhelming and confusing, especially in a market in which location, location, location is no longer the iconic slogan of the real estate industry – it’s now best deal, best deal, best deal, which broadens your search tremendously, making your decision even more overwhelming.   Buyer incentives are everywhere, and the comparable search is no longer simply comparable. 

To all of you first time homebuyers, as you spend your time searching for your perfect first home, it behooves you to work with an agent that has your best interest at heart.  He / she will help educate you to make a decision that is right for you, your pocketbook, and your lifestyle.  Your real estate agent will first instruct you to get pre-approved by a reputable lender prior to beginning your home search.  The pre-approval process will help you narrow your search by limiting the price point you can afford.  Narrowing your search to be based on price will be one step to a more simplified buying process.

An agent will not only guide you in finding your home, but will also be able to help you through the stressful contract negotiations and explain all of the underlying costs of a new home purchase.  And, as you’re choosing your new home, your agent will also help you determine if the house is not just the right house for you, but if it is also the right investment for you.

 Above are just a few of the reasons why it is imperative that a first time homebuyer work with a trusted and knowledgeable real estate.  Agents are authorized to act on your behalf and to limit the stress so you can enjoy the excitement of your first home!

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Posted in First-time homebuyer

Springs is in the air – Tweet Tweet

Posted on March 4, 2010 by | Leave a comment

By: Christine Macrenaris

Professionals in just about every industry know the marketing buzz words for the past year have been “Social Media” and how important it is to participate in order to help sell product, in our case our residential properties.  We have diligently incorporated Facebook marketing into our campaigns and trained our agents on how to use Facebook and other social media channels in order to network and build their pipeline.

But has Social Media really moved the needle? I have to be honest that I’ve been a skeptic, but I’m writing today as a new believer.  Here are a few reasons why:

  • After reviewing the data, it’s clear that maintaining an active Facebook program actually improves organic search results.  In fact, many businesses use Facebook as a second Web site for the company, as savvy marketers can employ the same SEO tactics within a company’s Facebook page as they would within a company Web site. According to National Association of Realtors, 84% of buyers use the internet to search for a home.  If Facebook improves your chances of serving your product first, and it is free, I’m making sure it is a number one priority.
  • What I’m really excited about is recently learning that Twitter is actually not a useless, self indulgent tool to let people know you are eating lunch or just bought a pair of shoes.   Has everyone heard of a Tweetup?  Apparently it is all the rage, but I’ve been in my bubble and had no clue.  Basically a Tweetup is an event at which people with a common interest come together.

For example, 1010 Midtown hosted a Tweetup last week. More than 100 people attended the event, but what is incredible to me is that these 100 people actually reached more than 25,000 people when you consider each attendee’s list of followers.  Photos of the sunset and comments about the homes’ affordability were posted, which was priceless.  Check out the unsolicited press we received from the AJC based on their attendance at the event.  The event was not a hard sell, but the product itself motivated the discussion!

I can’t wait until I plan the next Tweetup.  If you were like me and had no idea about this networking tool, you can follow this link to learn more about organizing a Tweetup.  Also, click the below screen shot to read the “chatter” from the 1010 Midtown event.

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Posted in social media

Practicing What We Preach – How to Sell Real Estate in this Economy

Posted on March 3, 2010 by | Leave a comment

By: Judy Price

In my previous post To Extend Or Not To Extend, I blogged about my belief that the government should extend the first-time homebuyer tax credit. Not only was I listened to, but Americans were also given an expanded credit for those living in a primary residence for more than 5 years. Well, just this past week, I sold my condo (a primary residence of over 5 years) to a first-time home buyer. And how did I do that in this economy, you ask? After doing a thorough analysis of active and sold listings in the market and looking to the success CBNRTDA is having at our on-site communities, I did the following:

• Energy-priced the home so that I was competitive with the market

• Offered an agent incentive (an additional 1% commission)

• Staged the condo so that it always looked like a model home; I even incorporated sound for showings

• Used the extensive internet exposure offered by Coldwell Banker and also invested in regular e-blasts with various messages for the market

• Reached out to local brokers

• Regularly followed-up with prospective buyers

What did I learn from selling my resale condominium in this market? That the tried and true methods CBNRTDA uses each day at our on-site communities are very effective. When I used these same methods, I generating qualified traffic and got the sale. These days, it is a combination of price, exposure and prospecting to go from listing to SOLD!

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Posted in First-time homebuyer, NRT Development Advisors, Real Estate, Uncategorized

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