Mike from Savannah Blog

Downtown Savannah homes sold -- statistics

2012-01-29T23:10:32Z

From 1/29/2011 through 1/29/2012, 84 single family and townhomes sold in the downtown area of Savannah. In real estate, we call this Area 1 and it's approxiamtely from Gaston Street to River Street. The median sales price during the last twelve months was $305,000. The median Sales Price per Square Foot was $162.55. The median days on market before being sold was 130, and sellers were getting on average 93% of the asking price.

Compared to the previous 12 months, 1/29/2010 through 1/29/2011, the last twelve months were better for sellers. The median sales price for that period, 1/29/2010 through 1/29/2011 was $255,000. There were 115 home sold. The median Sales Price per Square Foot was $146.04. The median days on market was 104, and the slaes prive to asking price as the same at 93%.

That's quite an increase from basically the year 2010 to the year 2011.

Guest Blogger on Packing Tips

2012-01-25T21:16:01Z

Helpful packing tips for your next move
Let’s be honest, no one likes moving. It always ends up being a nightmare of confusion and way too much work. Plus, there is that added displeasure of realizing that you are leaving the place you have come to call your home. However, there are things that can be done to smooth the hassle and ensure an efficient and lower stress process. The following moving tips should help reduce this discomfort and make you look at your next move in a whole new light.
The first step and one of the best and most important moving tips is to make a packing checklist. This list should include an inventory list, packing supplies, truck rental, and arrangements for utilities to be turned off and mail forwarded. This will keep you organized and aware of what you have, where it is located and what else must be accomplished so nothing is forgotten or left to the last minute.
Strongly consider renting a self-storage unit during the duration of your move. Storage facilities provide a secure place for your belongings, namely those belongings that you don’t know exactly where to put yet in your new home. Add storage reservations to your checklist to remind yourself to confirm those reservations.
Once you’ve done the legwork of locating a secure storage area for your belongings, it’s time to consider a few other important packing tips:

Investigate the storage size. Sometimes people misjudge just how big or small an area is by just reading the measurements off the website. Picture your belongings not as they are in your home right now, but as they will be once they are disassembled and stacked in boxes.
Buy top-of-the-line packing supplies designed specifically for moving. Check and see if your storage facility sells packing supplies, or purchase them through general retailers.
Put labels on everything you plan on storing in your unit. Storage labels help you find the boxes you will need quickly. This type of storage organization will also help with your packing checklist creation.
Be sure to place the items you think will be accessed more regularly in the front so that you don’t have to go digging through all your other belongings just to get to one thing. Also, make sure everything is clean and in good condition before placing it in storage.
Cotton or wool blankets might provide the extra insulation needed in colder climates because sometimes even “climate-controlled” units may not provide the temperature control you need.

From there, moving tips should also include a moving-in checklist. This list will allow you to check all the items from your inventory list that have arrived. It will also make it easier to keep track of which items you plan to keep and which items you want to place in self-storage while you redecorate the new house.

This article was written by Matt Schexnayder. Matt is on the SpareFoot marketing team and writes for the SpareFoot blog. SpareFoot is the largest online marketplace for self-storage with more than 5,000 self-storage facilities listed nationwide. SpareFoot offers consumers the most complete comparison shopping experience in the storage industry and has been a big part of the national moving and storage industry for over 3 years.

Savannah real estate investors

2012-01-13T16:28:47Z

http://www.linkedin.com/news?actionBar=&articleID=5562274737595355150&ids=djoOdjoPdj0UdjgTd3oVczoRdiMVdz4RdjgOcjkVdj0MdjwOdzkRb30RcjkRcPkVdjsPdPgTcz8SdjkIejgOcjgPdzkTcPgPej0MczoRdiMMcj4QczATcPcOdPgMd34NdzkR&aag=true&freq=weekly&trk=eml-tod2-b-ttl-2&ut=3k5iuDNrPnlB41

In 2012 there will lots of pressure from the Fed on government to create programs to deal with vacant houses and low foreclosure sales bringing down neighborhood prices. One program likely to take place soon will incentivize investors to buy a number of foreclosures as a package to turn into rental properties. The success of the program will be the incentives.

I hope the government interventions don't have unintended consequences, but, for investors, 2012 might be a good year. With so many rentals on thew market, rental prices could go down to levels which work against investors. We'll see how it works out. The first investors in will likely do better than the last investors in.

Commerical real estate in Savannah Ga

2012-01-09T00:45:45Z

Commercial real estate in Savannah Ga has been affected by national trends and the economy. At one time we all said real estate is local, but that's not true right now. Below is a video regarding some of the trends and problems in commercial real estate nationwide. Tight financing is still a problem for new developement, and, because of increased demand for rental properties, apartment complexes are positive investments. As always, the trick is timing. If money flows into apartment investments, at some point the home-buying market will turn around, and those investors who pay the highest prices can get caught as more people start buying again. But, from the information given in the video below that transition will not likely take place in 2012.

Return to listings

2012-01-06T04:15:04Z

In all of 2011 I worked exclusively as a buyer agent and didn't take any listings. In 2012 I will start taking listings again. I quit taking listings in 2011 because the market had turned and many sellers had not yet realized that prices were going lower. I believe now that home sellers are more realistic, so I will work as a listing agent representing sellers as well as a buyer agent. If a buyer likes one of my listings, I will advise the buyer to get a buyer's agent if they feel there is a conflict of interest.

I look forward to Savannah real estate market in 2012, which I believe will be a better market for sellers.

Savannah Ga Townhomes

2011-12-11T01:04:26Z

http://www.mikefromsavannah.com/savannah-ga-photos/savannah-townhomes/

Savannah has some of the most beautiful townhomes in the country. You will find a variety of European styles, and most are three stories with an apartment downstairs. The townhomes usually have sizeable courtyards in back where many owners have gardens. The above link is to photos of a sampling of townhomes in the historic district.

What's true in Boston is true in Savannah real estate

2011-12-04T19:40:15Z

http://bostonglobe.com/magazine/2011/12/04/things-consider-before-buying-multifamily-home/YBAlehh8PSm8fSz7dlofNJ/story.html

This Boston Globe article recommends buying a multi family home in this market if you are concerned about losing your job. The specifics of the Boston real estate are different from the Savannah Ga real estate market, but the principle is the same. If you don't mind living a little outside the very center of downtown Savannah, where the prices are high, you can find a duplex or triplex in midtown Savannah at a low enough price that renting the other unit or units will pay your mortgage or most of your mortgage. Read the article -- it gives some good advice.

Savannah midtown renovation and new construction

2011-12-03T22:44:32Z

I went for a walk the other day in the Victorian District, and I noticed quite a bit of renovation still taking place. This is a good sign. I ran into a friend who has just built a new home on a vacant lot at Bolton Street and Lincoln. It's unusal to see new construction downtown but there are a few lots available for new construction

Right across the street from a property I manage which is undergoing renovation -- 34th Street -- there are two new homes built according to the older designs. I'm glad to see this activity in the Midtown area. These old homes have a lot of character and they're a welcomed relief from the subdivisions with only a few floorplans to choose from.

Some of these homes are being sold for less than $50,000, although you have to be careful not to buy a money pit. Most of the homes don't need a lot of work -- mostly cosmetic and updating of the systems. It's a good way to live close to the downtown Savannah Historic District at a good price.

Savannah Real Estate -- Challenging Appraisals

2011-11-23T15:25:32Z

http://www.8newsnow.com/story/16106011/real-estate-tug-of-war-on-appraisals

As stated in the article linked to above, laws regarding appraisals have changed, so before taking an appraisal at face value, find out about who did the appraisal and then assess whether the appraiser is competent and objective or not. Many buyers and sellers don't know that an appraisal can be challenged. As a Buyer Agent working for buyers in the Savannah Ga real estate market, I want my buyers to have all the information they need to make an informed decision, and the appraisal process is an important aspect of successful real estate transactions. Being fully informed in this market is critical.

Guest Blog -- USDA and the surrounding Savannah area

2011-11-08T00:47:56Z

The Rural World Outside of Savannah -- Written by Jasmine Reese

Savannah is a beautiful city. Every year, millions visit the Atlantic seaport, historical district and gorgeous parks. What tourists might miss, however, is the world developing right outside of Savannah. Tranquil farming towns and suburbs offer growing families and busy individuals more space, a clean environment and a healthy lifestyle.

How is it happening?

Rural development is nothing new. Although, many—a few years back—might not have associated it with residential promise. It was just in 2009 that the United States Department of Agriculture made changes to what qualifies a person for a USDA home loan—it’s not a farmer’s loan only anymore. Since then, the USDA’s efforts within small rural provinces in Georgia as well as all over the U.S. have caused a significant boost in single-family housing and small businesses in rural areas.

Apart of the initiative, the USDA home loan program provides low to middle income persons with an opportunity to purchase an affordable home with zero down and low interest rates in qualified rural areas. The department also has small business loans and grants available to individuals wanting to bring innovation and jobs to a rural setting.

The USDA Home Loan Program

Savannah itself is not an expensive place to live, so the suburban and rural areas surrounding it are even more affordable. Families or individuals not wanting to completely disconnect themselves from the urban lifestyle could move to areas that are only 30 to 45 minutes outside of Savannah—not so bad of a commute.

Requirements

Potential homebuyers will first need to check the USDA website to find an eligible rural area around Savannah or further out. Talking to a USDA expert could make the process a lot easier. The home loan program also calls for decent, not perfect, credit. Families will need to meet the median income levels for the loan.

Benefits

The loan offers great benefits for those who qualify.

* Zero-Dollars Down

· 100% Financing Available in Some Situations
· No PMI, Private Mortgage Insurance
· Flexible Plans such as a 30-year Plan
· Extra Funding for Renovation, Repair and Construction of the Home or Farm
· Lower Utility Bills for Energy Efficient and Sustainable Properties

Converting to Rural Life?

The rural life effect is different for everyone. It’s about an open-mind. For some, living in a place with far more space can provide opportunities for fun and responsibility such as teaching children to respect the diverse types of natural life and taking care of those lives. It helps people to get more active, taking up more outdoor activities such as hiking, biking and gardening. A smaller community can also result in close friendships or customer relationships if one is bringing a new business to town.

It’s important to think hard about the benefits of rural life as opposed to urban life. One may find that the benefits are few for them and choose to stay in the city. And that’s fine. Talk it over with a USDA expert and visit the area of interest.

Jasmine Reese is a junior content writer with USDA Loans.com, a company devoted to rural development.

Photo thanks to TOM GILL under a creative commons license from Flickr.