Tuesday, November 15, 2011
2226 Turnbury Lane, Auburn, AL 36830
Saturday, November 5, 2011
A Short History of the Preserve.
Eastbrook started out in the Preserve Subdivision 4 years ago located on Farmville Road. They purchased some lots on Covey and started out with 2 homes.
They asked me when I first started why they couldn't sell more homes in the Preserves. They believed in the subdivision and really thought it was a "good piece of dirt". I explained that the subdivision started out rough. If a number of you recall the subdivision was 2 years behind. Then we had a crash in the economy with a slip in sales. The subdivision had a number of homes already in it but with a number of other subdivisions with more homes, amenities and stability, Eastbrook had a lot to prove.
They started talking with the owners of the development about adding the amenities with hesitation. 2 years ago the owners of the development decided to look at what Eastbrook wanted to propose and Eastbrook started designing plans for the clubhouse, pool and landscaping. In the meantime of doing all that they had a number of lots re platted and lost some lots by doing that. They knew it was something they had to do in order to put a product in the ground that buyers would buy. One reason why I have so much respect for the organization! They listen!
What a lot of people don't know is that even the current residents were worried about what kind of clubhouse Eastbrook was going to put in. Eastbrook understanding the importance of making the residents happy and the importance of future sales had a meeting with a number of residents in the Preserves. With the comments, suggestions and ideas they went back and implemented a number of those.
In October of 2010 after going through a dozen of designs they finished the clubhouse and pool. They had a grand opening not only to the pubic with a business after hours event that was promoted through the chambers they had a separate one for the residents to welcome them to their new amenities. The overall response was amazing.
The response Eastbrook received not only with the public but more importantly the residents that lived there showed they did the right thing. The clubhouse is one the few in the area that is fully furnished! With 2 large flat screen TVs hooked up to cable, fireplace, kitchenette, large kitchen island, sitting areas, tables and a full working showroom.
The outside area includes, very large covered patio with tables and chairs. The pool is a saltwater pool system with a large kids area that is only 6 inches deep. Other things they did were to add outside bathroom, changing room, grilling area, misters and a lot of you may not know, an area for a future gas fire pit!
Now this is only the clubhouse and pool area. Other investments they made was the amazing landscaping they did around the clubhouse, pool with large rock retain wall! The second entrance into the preserve has detailed out landscaping that make the Preserve look amazing! They also decided to connect the first entrance and second entrance residents by installing a covered bridge by the spill way. The bridge was custom designed with cut lumber at the mill store. They even put a sitting area underneath the bridge with lighting in case residents want to come out and sit and fish! They painted the gazebo on Clements pond in the green space area which looks great! And they put a dock out on the large lake the lot they reserved as a park for those that canoe or boat so they can pull up to!
Some other amenities include the walking trails we have in the back. Some of the residents GPS the trail and said there are over 5 miles. The thing to keep in mind is that its not nicely cut or pathed out. Its rough and natural which make it great of golf cart, four wheeling and jeeping!
The Preserve one of the few subdivision that offers a number of different sized lot too which is great for anyone that is looking to buy a home. Waterfront, estate size (more than an acre), cal-du-sac, half acre, basement lot, etc.
One thing that clients tell me over and over again is that Eastbrook offers the most options and selections for interior and exteriors. They allow a number of different granite, cabinets, flooring, carpet, stone, brick and interior door styles on in the base price. With an in-house archictect it allows the clients to make adjustments to walls, designs, bump out and exterior design as well.
The clubhouse showroom is a one stop shop to making all the selections you need which is one thing buyers like. They chose everything from the color of the siding, to the soffitt. Eastbrook has a good system on how to make selections so that it doesn't become a overwhelming task.
The Eastbrook philosophy is to build a house like they were building their own. Which makes for a great experience when building yours!
So come see me at the Preserve and see what all the hype is about! Homes are springing up everywhere and its only going to keep on moving!
Tuesday, July 26, 2011
Qualified Residential Mortgage (QRM) and Risk Retention: Background
The link shown above provided by the National Association of REALTORS provides information related to Qualified Residential Mortgage and Risk Retention: Background.
Monday, October 18, 2010
Buy a Home!
2010 Housing Opportunity Pulse Survey
Americans Still Believe Buying a Home Is a Good Financial Decision
NAR's eighth annual Housing Opportunity Pulse Survey reveals that nearly eight out of 10 respondents believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership. The telephone survey of 1,209 urban and suburban adults in the top 25 metropolitan statistical areas was conducted for NAR by American Strategies and Myers Research & Strategic Services for NAR's Housing Opportunity Program.
Some key results:
Americans continue to believe that buying a home is a good financial decision (77 percent believe total strongly or not so strongly, 68 percent strongly so).
More than two-thirds of respondents (68 percent) say that now is a good time to buy a home.
Job insecurity and the lack of jobs continue to be the primary obstacle to home ownership and market recovery.
Respondents see the recession and job losses as the main reasons for the foreclosure problem, a shift from last year when they more likely to blame homeowners who bought homes they could not afford.
A majority of renters say that owning a home at some point in the future is either one of their highest priorities (39 percent) or a moderate priority (24 percent). Just 21 percent of renters say that owning a home is not a priority at all.
Frustration with banks is up: now a majority worry that banks have made it too hard to qualify for a home mortgage loan.
51 percent of respondents say foreclosures remain a big or moderate problem in their area. While there has been a significant drop in the percentage of those surveyed who say foreclosures have increased, 51 percent say that the rate of foreclosures is about the same as it was last year.
Most of those surveyed say that it is harder to sell a home in their neighborhood than it was a year ago.
Looking forward, 70 percent expect real estate sales in their neighborhood to remain about the same over the next few months. A nearly identical number (69 percent), also expect home values to remain the same.
Nearly one-quarter (23 percent) are now very concerned about the number of homes and condos for sale in their area—a number that is up 7 points from last year.
Most respondents are more concerned about the drop in home values than they are about home costs being too high. Still, cost remains the significant barrier to many who would otherwise like to buy a home.
More information:
For more information,
Executive Summary (PDF:170K)
Press Release (PDF: 174K)
Survey Questionnaire (PDF: 524K)
Posting from Realtor.org website
Americans Still Believe Buying a Home Is a Good Financial Decision
NAR's eighth annual Housing Opportunity Pulse Survey reveals that nearly eight out of 10 respondents believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership. The telephone survey of 1,209 urban and suburban adults in the top 25 metropolitan statistical areas was conducted for NAR by American Strategies and Myers Research & Strategic Services for NAR's Housing Opportunity Program.
Some key results:
Americans continue to believe that buying a home is a good financial decision (77 percent believe total strongly or not so strongly, 68 percent strongly so).
More than two-thirds of respondents (68 percent) say that now is a good time to buy a home.
Job insecurity and the lack of jobs continue to be the primary obstacle to home ownership and market recovery.
Respondents see the recession and job losses as the main reasons for the foreclosure problem, a shift from last year when they more likely to blame homeowners who bought homes they could not afford.
A majority of renters say that owning a home at some point in the future is either one of their highest priorities (39 percent) or a moderate priority (24 percent). Just 21 percent of renters say that owning a home is not a priority at all.
Frustration with banks is up: now a majority worry that banks have made it too hard to qualify for a home mortgage loan.
51 percent of respondents say foreclosures remain a big or moderate problem in their area. While there has been a significant drop in the percentage of those surveyed who say foreclosures have increased, 51 percent say that the rate of foreclosures is about the same as it was last year.
Most of those surveyed say that it is harder to sell a home in their neighborhood than it was a year ago.
Looking forward, 70 percent expect real estate sales in their neighborhood to remain about the same over the next few months. A nearly identical number (69 percent), also expect home values to remain the same.
Nearly one-quarter (23 percent) are now very concerned about the number of homes and condos for sale in their area—a number that is up 7 points from last year.
Most respondents are more concerned about the drop in home values than they are about home costs being too high. Still, cost remains the significant barrier to many who would otherwise like to buy a home.
More information:
For more information,
Executive Summary (PDF:170K)
Press Release (PDF: 174K)
Survey Questionnaire (PDF: 524K)
Posting from Realtor.org website
Monday, September 20, 2010
Tuesday, July 27, 2010
Existing-Home Sales Slow in June but Remain Above Year-Ago Levels
Washington, July 22, 2010
With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.
Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said.
“Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74 percent in June from 4.89 percent in May; the rate was 5.42 percent in June 2009.
The national median existing-home price2 for all housing types was $183,700 in June, which is 1.0 percent higher than a year ago. Distressed homes were at 32 percent of sales last month, compared with 31 percent in May; it was also 31 percent in June 2009.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said softer home sales expected this summer don’t tell the whole story. “Despite these market swings, total annual home sales are rising above 2009 and we’re looking for overall gains again this year as well as in 2011,” she said. “Conditions have become more balanced in much of the country, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties, which only underscores the value Realtors® bring to buyers and sellers in this market.”
A parallel NAR practitioner survey3 shows first-time buyers purchased 43 percent of homes in June, down from 46 percent in May. Investors accounted for 13 percent of sales in June, little changed from 14 percent in May; the remaining purchases were by repeat buyers. All-cash sales were at 24 percent in June compared with 25 percent in May.
Total housing inventory at the end of June rose 2.5 percent to 3.99 million existing homes available for sale, which represents an 8.9-month supply4 at the current sales pace, up from an 8.3-month supply in May.
“The supply of homes on the market is higher than we’d like to see. But home prices are still holding their ground because prices had already overcorrected in many local markets,” Yun said. Raw unsold inventory remains 12.7 percent below the record of 4.58 million in July 2008.
Single-family home sales fell 5.6 percent to a seasonally adjusted annual rate of 4.70 million in June from a level of 4.98 million in May, but are 8.5 percent above the 4.33 million pace in June 2009. The median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago.
Single-family median existing-home prices were higher in 10 out of 19 metropolitan statistical areas reported in June in comparison with June 2009. In addition, existing single-family home sales rose in 12 of the 19 areas from a year ago while two were unchanged.
Existing condominium and co-op sales slipped 1.5 percent to a seasonally adjusted annual rate of 670,000 in June from 680,000 in May, but are 20.5 percent higher than the 556,000-unit pace in June 2009. The median existing condo price5 was $180,100 in June, which is 1.4 percent below a year ago.
Regionally, existing-home sales in the Northeast rose 7.9 percent to an annual level of 960,000 in June and are 17.1 percent above June 2009. The median price in the Northeast was $244,300, down 1.2 percent from a year ago.
Existing-home sales in the Midwest dropped 7.5 percent in June to a pace of 1.23 million but are 11.8 percent higher than a year ago. The median price in the Midwest was $155,900, down 0.1 percent from June 2009.
In the South, existing-home sales fell 6.5 percent to an annual level of 2.01 million in June but are 11.0 percent above June 2009. The median price in the South was $163,600, unchanged from a year ago.
Existing-home sales in the West dropped 9.3 percent to an annual pace of 1.17 million in June but are 0.9 percent higher than a year ago. The median price in the West was $221,800, up 1.5 percent from June 2009.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.
Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said.
“Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74 percent in June from 4.89 percent in May; the rate was 5.42 percent in June 2009.
The national median existing-home price2 for all housing types was $183,700 in June, which is 1.0 percent higher than a year ago. Distressed homes were at 32 percent of sales last month, compared with 31 percent in May; it was also 31 percent in June 2009.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said softer home sales expected this summer don’t tell the whole story. “Despite these market swings, total annual home sales are rising above 2009 and we’re looking for overall gains again this year as well as in 2011,” she said. “Conditions have become more balanced in much of the country, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties, which only underscores the value Realtors® bring to buyers and sellers in this market.”
A parallel NAR practitioner survey3 shows first-time buyers purchased 43 percent of homes in June, down from 46 percent in May. Investors accounted for 13 percent of sales in June, little changed from 14 percent in May; the remaining purchases were by repeat buyers. All-cash sales were at 24 percent in June compared with 25 percent in May.
Total housing inventory at the end of June rose 2.5 percent to 3.99 million existing homes available for sale, which represents an 8.9-month supply4 at the current sales pace, up from an 8.3-month supply in May.
“The supply of homes on the market is higher than we’d like to see. But home prices are still holding their ground because prices had already overcorrected in many local markets,” Yun said. Raw unsold inventory remains 12.7 percent below the record of 4.58 million in July 2008.
Single-family home sales fell 5.6 percent to a seasonally adjusted annual rate of 4.70 million in June from a level of 4.98 million in May, but are 8.5 percent above the 4.33 million pace in June 2009. The median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago.
Single-family median existing-home prices were higher in 10 out of 19 metropolitan statistical areas reported in June in comparison with June 2009. In addition, existing single-family home sales rose in 12 of the 19 areas from a year ago while two were unchanged.
Existing condominium and co-op sales slipped 1.5 percent to a seasonally adjusted annual rate of 670,000 in June from 680,000 in May, but are 20.5 percent higher than the 556,000-unit pace in June 2009. The median existing condo price5 was $180,100 in June, which is 1.4 percent below a year ago.
Regionally, existing-home sales in the Northeast rose 7.9 percent to an annual level of 960,000 in June and are 17.1 percent above June 2009. The median price in the Northeast was $244,300, down 1.2 percent from a year ago.
Existing-home sales in the Midwest dropped 7.5 percent in June to a pace of 1.23 million but are 11.8 percent higher than a year ago. The median price in the Midwest was $155,900, down 0.1 percent from June 2009.
In the South, existing-home sales fell 6.5 percent to an annual level of 2.01 million in June but are 11.0 percent above June 2009. The median price in the South was $163,600, unchanged from a year ago.
Existing-home sales in the West dropped 9.3 percent to an annual pace of 1.17 million in June but are 0.9 percent higher than a year ago. The median price in the West was $221,800, up 1.5 percent from June 2009.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Friday, August 14, 2009
Did You Know: Who is Buying Homes More Than $500,000
Did You Know: Who is Buying Homes More Than $500,000
August 14, 2009
By Jessica Lautz, Research Economist
Nineteen percent of people who bought homes that were more than $500,000 were first-time buyers.
One in five buyers of luxury homes (those priced more than $500,000).
In comparison, 43 percent of homes priced less than $500,000 were first-time home buyers.
The median age of buyers who purchased a home more than $500,000 was 42. This is just slightly older than the median age of those who purchased a home under $500,000—39.
The median gross household income, predictably, is substantially higher among luxury home buyers. Those who purchased homes more than $500,000 typically had a household income of $154,600.
Almost one-third of luxury home buyers had a household income above $200,000.
The median household income for those who purchased a home under $500,000 was $71,600.
For a complete 2009 NAR Member Profile - available free only for REALTOR® members this year - click here.
Who is buying homes more than $500,000?
Less than $500,000 More than $500,000
First-time buyer 43% 19%
Repeat buyer 57 81
Age:
18-24 6% 1%
25-44 56 54
45-64 30 38
65 or older 8 7
Median 39 42
Gross Household Income
Less than $54,999 24% 4%
$55,000 - $74,999 22 5
$75,000 - $99,999 21 9
$100,000 - $149,999 18 26
$150,000 - $199,999 5 22
$200,000 or more 3 31
Median $71,600 $154,600
This is one in a series of commentaries by the Research staff of the National Association of REALTORS®. Read more commentaries >
Comments? Questions? E-mail NAR Research.
NAR members, learn how you can add this commentary to your Web site, blog, or newsletter. Read more >
More Research Resources
Commercial Market Survey
Commercial Resource Guide
Local Market Information
Realtors®' Confidence Index
Median Prices Interactive Map
State Sales Interactive Map
Housing Data
Economic Indicators
Fast Facts
Nearly one-quarter of first-time buyers are single females who purchased their first home on a median income of $47,400.
Source: 2008 NAR Profile of Home Buyers and Sellers.
August 14, 2009
By Jessica Lautz, Research Economist
Nineteen percent of people who bought homes that were more than $500,000 were first-time buyers.
One in five buyers of luxury homes (those priced more than $500,000).
In comparison, 43 percent of homes priced less than $500,000 were first-time home buyers.
The median age of buyers who purchased a home more than $500,000 was 42. This is just slightly older than the median age of those who purchased a home under $500,000—39.
The median gross household income, predictably, is substantially higher among luxury home buyers. Those who purchased homes more than $500,000 typically had a household income of $154,600.
Almost one-third of luxury home buyers had a household income above $200,000.
The median household income for those who purchased a home under $500,000 was $71,600.
For a complete 2009 NAR Member Profile - available free only for REALTOR® members this year - click here.
Who is buying homes more than $500,000?
Less than $500,000 More than $500,000
First-time buyer 43% 19%
Repeat buyer 57 81
Age:
18-24 6% 1%
25-44 56 54
45-64 30 38
65 or older 8 7
Median 39 42
Gross Household Income
Less than $54,999 24% 4%
$55,000 - $74,999 22 5
$75,000 - $99,999 21 9
$100,000 - $149,999 18 26
$150,000 - $199,999 5 22
$200,000 or more 3 31
Median $71,600 $154,600
This is one in a series of commentaries by the Research staff of the National Association of REALTORS®. Read more commentaries >
Comments? Questions? E-mail NAR Research.
NAR members, learn how you can add this commentary to your Web site, blog, or newsletter. Read more >
More Research Resources
Commercial Market Survey
Commercial Resource Guide
Local Market Information
Realtors®' Confidence Index
Median Prices Interactive Map
State Sales Interactive Map
Housing Data
Economic Indicators
Fast Facts
Nearly one-quarter of first-time buyers are single females who purchased their first home on a median income of $47,400.
Source: 2008 NAR Profile of Home Buyers and Sellers.
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