Reminder about Thursday’s Developer Forum
February 23, 2010 · Leave a Comment
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Information about banks’ obligations when selling new construction condos
February 23, 2010 · Leave a Comment
Fannie Mae has predicted that new home sales will rise 26 percent in 2010 compared to an estimated 19 percent drop in sales in 2009. And many of these buyers have realized that new construction bank owned homes allow them to purchase the latest features in brand new homes, but still get a great deal.
But there has been some confusion surrounding such homes, regarding the bank seller’s obligations according to the Georgia Condominium Act.
That’s why I was so impressed with Seth Weissman’s recent newsletter article about the topic. Having practiced law for more than 30 years, Seth, partner at Weissman, Nowack, Curry & Wilco, certainly understands the complexities of the Georgia Condominium Act. Below is his full article.
SELLING BANK-OWNED NEW CONDOMINIUM UNITSMany brand new, never previously sold bank-owned condominium units are nowon the market for sale. A question which is increasingly being asked about such units iswhether the bank seller must comply with the consumer protection requirements of theGeorgia Condominium Act in selling these units. The answer, as explained below, is anunequivocal yes!Georgia law requires that consumers be given certain special protections inbuying condominium units that apply “to the first bona fide sale of each residentialcondominium unit for residential occupancy by the buyer, any member of the buyer’sfamily, or any employee of the buyer.”1 The consumer protections apply to “any suchsale regardless of whether the seller is the declarant, the association, or any otherperson.”2 Therefore, the requirements apply to bank-owned condominium units thathave not been previously sold. The protections generally fall into three categories.First, the sales contract is required to contain certain disclosures in bold-facetype warning buyers of issues to consider before purchasing the unit. Therefore, a GARcondominium unit sales agreement cannot be used because it does not contain thesedisclosures. More importantly, there is a standard set of disclosures that can beattached to all contracts to bring them into compliance with the law. The nature of thedisclosures made will change depending on the type of condominium unit being sold.So, for example, the disclosures in a unit that is part of a condominium conversion aredifferent from the disclosures for a newly-constructed condominium unit.Second, buyer must be given a bound copy of a condominium disclosurepackage and sign an acknowledgment that they have received the same. For tworeasons, banks should not simply use the condominium disclosure package prepared bythe original developer or “declarant.” The Georgia Condominium Act requires that thedisclosure package be current. The foreclosure will often result in a new declarant andthis must be reflected in the disclosure packet. The passage of time will normally resultin the condominium association’s budget being out of date. Additionally, if the bankmerely hands out the original disclosure package, it runs the risk of being legally liablefor any misstatements, or out of date statements, of the original declarant. Therefore, ata minimum, the bank should carefully review the condominium disclosure package whichis being used to be certain it is current, accurate and complete.Third, buyers who are purchasing previously unsold condominium units forresidential occupancy must also be given a seven-day right to rescind or back out oftheir condominium sales contracts. The seven-day period does not begin to run until thebuyer has signed a contract and acknowledged in writing the receipt of the condominiumsales contract. The Georgia Condominium Act is silent on whether a buyer who was notgiven a current condominium disclosure package can rescind after they have closed onthe purchase of their unit. However, the likelihood is that they can.It should be emphasized that this section of the Georgia Condominium Act is oneof the few which provides that the “willful violation of any of the requirements of thisCode section by the declarant, the seller, any sales agent or broker, or any other personshall constitute a misdemeanor.” Since there is a risk of criminal prosecution for failingto comply with the law, this is definitely an area where an ounce of prevention is worth apound of cure.
→ Leave a CommentCategories: Closing · Condo
2009’s top sales agents and employees recognized
February 22, 2010 · 1 Comment
Coldwell Banker NRT Development Advisors recently named its top sales agents and employees, based upon 2009 home sales and performance:
- Agents of the Year - New Home Sales – Gross Commission Income: Shira Broder (first place), Kelly Guidry (second place) and Donna Robinson/Kelly Campbell team
- Agents of the Year - New Home Sales – New Homes Sold: Shira Broder (first place), Kelly Guidry (second place) and Sara Bednar/Sherry Gandy (tie for third place)
- Agents of the Year – REO/Resale – Gross Commission Income: Kathy Phillips (first place), Tammy Weniger (second place) and Liz Baska (third place)
- Agents of the Year – REO/Resale – Units Sold: Barbara Morgan (first place), Toni Taggert (second place) and Dottie Kurtz (third place)
- Extra Degree Award: Judy Price
- Professionalism Award: Kathy Phillips
- Outstanding Attitude Award: Josh Tipton
The internal awards were supplemented by national recognition given by NRT LLC (the nation’s largest residential real estate brokerage family, of which NRT Development Advisors is part). NRT Development Advisors received several honors:
- Rookie Sales Associates of the Year in Gross Commission and Total Units: Shira Broder
- Top Associates in Building and Development for NRT: Kathy Phillips – gross commission income and Barbara Morgan – total units
- Top Office in Building & Development in Gross Commission and Total Units for NRT
In 2009, we asked the impossible of NRT Development Advisors’ employees and agents, and they certainly delivered. In what was such as a challenging year for most in real estate, NRT Development Advisors pulled together and became stronger than ever, delivering solid results for all clients and creating demand for the company’s services – so much so that we had to increase our geographic footprint and service offerings as a result.
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NRT Development Advisors signs six new clients
February 9, 2010 · Leave a Comment
Coldwell Banker NRT Development Advisors has continued its 2010 momentum and growth by signing six new clients!
We were recently selected to exclusively market and sell six new home communities in metro-Atlanta, Ga., Orlando, Fla. and Chattanooga, Tenn. The properties – which total approximately 850 units for an estimated sellout of more than $222,664,000 – include:
- 1010 Midtown in Atlanta, Ga.
- Kirkwood Station in Atlanta, Ga.
- Lofts at 5300 in Chamblee, Ga.
- Millside Manor in Dacula, Ga.
- Mosaic at Millenia in Orlando, Fla.
- The Pinnacle in Chattanooga, Tenn.
Developers and banks know that a very strategic and targeted marketing and sales execution is vital to sell homes in the current market, which is why those in the Southeast are increasingly turning to Coldwell Banker NRT Development Advisors for a innovative approach to marketing and sales. We are proud to partner with these communities and develop creative campaigns that keep the communities in front of their prospective buyers and increase the properties’ traffic and, as a result, closings.
We wish everyone a successful 2010!
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Tagged: 1010 Midtown, Chattanooga, Kirkwood, Kirkwood Station, Millside Manor, Mosaic, Orlando
Networking Nets Positive Impact
January 29, 2010 · Leave a Comment
By: Christine Macrenaris
Down economy, job loss, home value depreciation…enough is enough! The vein of our existence for the past 18 months has been focused on negativity. It was refreshing to meet with peers from all aspects of the real estate industry at the first Real Estate Round Up last night at Ormbys’s. A new energy was in the air and a true collaboration of ideas took place. We are all in this together, and instead of focusing on what is not working we all recognized last night how much more productive it is to band together to forge positive change for our industry! We received quite a bit of interest for future Real Estate Round Ups, so we’re in the midst of planning another in the coming month(s) and possibly in a different part of town. Where would you like them to be held?
→ Leave a CommentCategories: Sales and Marketing · sales agent · social media
Tagged: Sales and Marketing
Network with Atlanta’s real estate professionals and help Habitat for Humanity International
January 22, 2010 · Leave a Comment
At next Thursday’s Developing Relationships: A Real Estate Roundup event, we’ll be collecting donations for Habitat for Humanity. The organization’s international efforts are focused on Haiti right now and they certainly could use the help now more than ever!
Wondering how much to donate? Consider what your donation would provide:
- $10 = Box of Nails
- $35 = Roof Shingles
- $50 = Low Flow Toilet
- $75 = Window
- $100 = Kitchen Sink
- $150 = Front Door
Hope to see you there!
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You’re invited! Jan. 28 real estate networking event
January 20, 2010 · Leave a Comment
You’re invited to the first Atlanta Real Estate Roundup, a mixer hosted by Coldwell Banker NRT Development Advisors.
Come network with Atlanta’s real estate leaders, including developers, brokers, media and more! We’ll be at Ormsby’s from 5:00 p.m. to 7:00 p.m. Cash bar and free parking.
RSVP: Leslie.Williamson@NRTDevelopmentAdvisors.com, (404) 705-1584 or sign up via Facebook
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HUD is scheduled to report changes to FHA lending!
January 20, 2010 · Leave a Comment
HUD is scheduled to report changes to FHA lending terms in an effort to shore up the program against increased financial losses.
The expected changes are as follows:
- Increase the mortgage insurance premium, which is collected at closing and most often financed with the loan from 1.75% to 2.25% of the loan amount.
- Require that any borrower with a credit score less than 580 put down 10%. 3.5% down will continue to be required by HUD with credit scores equal to and greater than 580.
- Seller concessions will be limited to 3% of the purchase price verses the current 6% limit.
→ Leave a CommentCategories: FHA financing · First-time homebuyer · Real Estate
Tagged: FHA financing, First-time homebuyer
Diversification and education is your winning formula in challenging times
January 12, 2010 · Leave a Comment
By: Bob Romano
Whether you are referring to investing in real estate or investing in your career, diversification and education are your best options for surviving – and thriving – in difficult markets. So often we get in comfort zones and choose not to see the opportunities that are available in challenging times, many times because we anticipate the fear that change brings.
The best way to control change is to create it yourself. Agents today are embracing the changing market place and learning new skills from the numerous companies offering education and training on a wide array of subjects. This new breed of agents has developed skills in all areas of real estate – managing to juggle new home sales and resales, and even developing a healthy mix of foreclosures and short sales. As a result, today’s most successful real estate agents have grown more in the past 3 years than in their entire careers. Adversity makes the strong survive and grow.
As our economy regains momentum during the next 12 months, the housing market will not lead the way out of this recession as it has in so many recessions in the past. Therefore, real estate agents must continue to work smarter than ever before and learn new skills that will serve them well for years to come.
Learn, Grow and Survive in 2010.
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Tagged: sales agent
Poised for a successful 2010!
January 8, 2010 · Leave a Comment
By: Brad Horner
Happy new year!
We are proud to share this exciting company news with you. Based on our 2009 success, we are well positioned in 2010 to be the region’s new homes real estate sales and marketing leader. The following is just a highlight of our accomplishments:
- During 2009, NRT Development Advisors lead the market in the implementation of creative repositioning strategies for developer clients with new construction communities, resulting in immediate increases in qualified traffic and closings.
- We successfully created an innovative sales and marketing platform for bank-owned new construction homes, achieving more than $125 million in sales.
- The company has expanded its territory to cover Georgia, Florida, North Carolina, South Carolina, Tennessee, Virginia and Washington, D.C. due to client demand.
- We surpassed our 2008 sales in 2009.
- The company attained the status of #1 New Home Real Estate Company in Atlanta for all property types, as well as for Multi-family Sales according to Trend Graphics (which is based on FMLS data).
Our ability to offer the highest level of resources and talent from a specialized team of new home professionals – as well as the industry insight and connections due to our partnerships within Coldwell Banker, NRT and Realogy Corporation – helped to expand our list of developer and bank clients, services and territory.
It’s rewarding to work for a company that is an exception to the rule in such a challenging economy, as our 2009 success has lead to 2010 growth. In the past year, NRT Development Advisors worked with real estate developers, investors and financial institutions to develop creative sales and marketing strategies that resulted in large volumes of homes being sold, while still preserving the integrity of developments and neighborhoods, and clients have tapped us to duplicate these success stories in other markets this year.
→ Leave a CommentCategories: New Years 2010 · Real Estate · Sales and Marketing
Tagged: Bank Owned, First-time homebuyer, National Association of Realtors, REO, social media

