Mike from Savannah Blog

Savannah tourism is good for Savannah real estate

2013-06-17T15:28:31Z

http://savannahnow.com/exchange/2013-06-15/savannahs-tourism-evolution-underway#.Ub8n8yrD_IU

A friend sent me the article linked above. Growing tourism is good for investors who choose a strategy of short term rentals. Although many tourists like the upscale hotels, many are like me -- they like the small, intimate places around downtown, Forsyth Park and around the Victorian District. Whether it's a condo, efficency apartment or a bed and breakfast, investors can profit from short-term rentals in a growing tourist market.

Midtown Savannah coming back to life

2013-06-09T14:37:56Z

After about 5 years of a down market in housing, the housing market is coming back to life and along with it the renovation of midtown Savannah. I expect renovation of midtown to be very active for years to come.

At the corner of Broad and 39th street developers are building 30 something apartment units that are up-scale loft-style, one bedroom apartments, with plans to build a taqueria with 100 seats inside and out, plus a park across from the lofts.

This development is near Baldwin Park, which a neighborhopod that's gone through a lot of renovation over the last 15 or so years. This type of developement will likely spread quickly as Savannah College of Art and Design grows and as babyboomers in the northeast sell their homes and retire in the south.

The new developments are one thing, but what pleases me is to see the old homes in this area come back to life. I love architecture, so when I see old Victorians restored it's a pleasure to witness. I've almost completed a duplex I bought awhile back that was built in the 20s -- I slowed down a bit after the market turned, completed the inside like I want it, and now I'll finish the exterior since there's a little money in real estate again. Some people criticize investors, but the investors who've bought old homes and restored them in midtown Savannah should be applauded. There are many investors who've transformed entire blocks and saved homes that would've been torn down -- that's good.

Victorian home -- trees, bushes, privacy

2013-05-05T16:00:30Z

This is s follow up to the previous post regarding a new listing at 2511 Mechanics Ave. in Thunderbolt. Thunderbolt is an actual town on the east side of Savannah. To the west of Thunderbolt and to east, south and north of Thunderbolt is Savannah, but the area around the river, before crossing the bridge going to the islands, is the city of Thunderbolt.

I promised in the previous post to include pictures of the lot showing some of the trees and shrubbery that add to the beauty of the property -- they also add to the privacy of the lot.

New Listing in Thunderbolt -- 2511 Mechanics Ave

2013-05-02T22:46:29Z

This Historic Victorian Savannah/Thunderbolt home was built in 1884. It's been renovated but the original style is kept intact. It's in very good condition and in a great location. Most Victorian, historic homes downtown are townhomes with small courtyards -- it's almost impossible to find a historic home in Savannah with a backyard like this one -- it is huge, landscaped and private with a storage shed and backyard parking.

It has 3 bedrooms with one downstairs in case the owner doesn't want to navigate stairs. The kitchen is good sized and it has a laundry room. The porch on the front wraps around the side of the home, and there's also a deck in back.

Within walking distance of this home is a marina, a local, popular restaurant and bar, a park for children, and just beyond the park is a pier that goes out on the Bull River where locals fish or watch the boats come by. There is a yacht servicing business right up the river from the pier, and further up there's a marina if the new owner has a boat.

This home is only about 15 minutes from Tybee Island and the beach. It's also very close to the Savannah's downtown historic district, about a 5 minute drive. In the next few days, I will post pictures of the trees on this property -- if you like trees, flowers and mature shubbery, then this home is for you. Call Mike at 912-429-3431, or email at MFarmerRealty@gmail.com

New Savannah Ga listing -- 1502 Brogdon Street

2013-03-27T23:52:37Z

Over the years, I've dealt with all types of buyers -- buyers who want new homes, buyers who want old homes that have been renovated and then buyers who don't mind a little cosmetic work, and some who don't want any work at all. This home is perfect for those who want a solidly built home with major expenses like HVAC and roof already made, so that they can add their personal updates.

This home was built in 1957 and has a good layout. The rooms are all good size -- there's right at 2500 sq ft altogther. The lot is a corner lot and there's already some good landscaping that only needs a new owner's touch to bring to life with Spring coming. Magnolia Park is an established neighborhood in midtown close to by-pass access, so it's easy to get downtown or to the southside malls and restaurants. It's close to Memorial Hospital and Candler Hospital. The central location makes Magnolia Park a popular neighborhood with a lot of ownership and long term residents.

The HVAC and roof have been recently updated and the floors are hardwood in most of the home. All the rooms are good size. With a little imagination, this brick home could be turned into something very special. They don't make homes like this anymore -- it is solid. It was appraised a year and we priced it according to the appraisal -- $197,500.

Call George Powers at 912-667-3376 for a showing.

I will post more info and pictures in a few days.

Savannah real estate news

2013-03-23T00:13:50Z

Building permits nationwide increased last month to the highest level since June 2008. This is good news since Savannah pretty much follows the national trend. I have been more active in the past month than in quite awhile, so real estate is showing positive signs that the recovery is real.

It stands to reason that there's pent-up demand for housing, and with interest rates at historic lows, this is the best buyer's market I've seen since I entered real estate in 1996. There's a combination of low prices and low interest rates. Still, buyers should remain cautious and buy only the best deals with the best terms and conditions. Because buyers have leverage in this market, they should use that leverage.

However, it always pays to be realistic and not get too greedy. I see too many buyers use this buyer's market to make unrteasonable demands, not understanding that not all sellers are in a bind. So, if a buyer finds a home they really like, and the home is already at a good, fair price, and with interest rates being what they are, the buyer should pull the trigger and recognize a good deal when it's there for the taking, not make unrealistic offers which make the seller refuse to deal, thus losing out on a house the buyer really wants. Sometimes you have to know when to say yes and make a move.

If a buyer is planning on living in a home for more than five years, it's a very good time to buy. All indicators suggest we'll see reasonable appreciation in the near future. Let's hope for the best and try to avoid the bust and boom that put us in this mess we're now struggling out of. Slow and steady is much better.

Renovating old Savannah homes

2013-03-18T15:25:57Z

I apologize for being away from the blog for so long. I've been busy renovating a duplex I've owned for awhile -- I worked on it when I first bought it, then got busy with real estate and just life in general, and now I'm back at it. I love renovating old homes. I don't know how to do everything, but I know what I can do and do it well.

Savannah is a good real estate town for anyone who wants to buy an old home at a bargain and fix it up. There are still investors flipping homes in Savannah, although that market is not as hot as it was around 2005. There are some builders who make their living in Savannah by rebuilding old homes. It's amazing how the Victorian era homes transform and come back to life with a lot of sweat and care. There are also a lot Craftsman style homes around Ardsley Park that people restore to their original detail.

Through the years, I've put together a list of plumbers, electricians, carpenters and general contractors who work on old homes. It's an art to do it right, although many people don't restore, they update. But for anyone who wants to restore an old home, feel free to give me a call and I will share my list with you. If you are in the market to buy an old home, Savannah is a great town in which to do it. From Victory to around Gaston there are still many, many old homes waiting to be renovated or restored. It's good to watch the area change and the older homes come to life.

Rice Hope -- Savannah area new construction

2012-12-29T00:43:02Z

I received an email from a DR Horton rep at Rice Hope which is only a few miles outside of Rincon in Effingham County. This new neighborhood took off right before the housing boom and then stopped construction when the housing market remained in a slump, but now it's on the rebound.

DR Horton Builders is offering to pay the first year of HOA fees for buyers that I represent. Rice Hope will eventually be one of the Savannah area's premier neighborhoods -- the clubhouse and pool are top-notch and the homes are priced below market value, but not for long. This is a good opportunity to take advantage of the end of the buyer's market in Savannah. As this neighborhood is finished out prices will begin rising again. Effingham County has great schools, it's close to the interstate and close to shopping, schools, hospitals, cinemas, etc. in Savannah, Pooler or Rincon.

Savannah home owners protected from falling prices

2012-12-28T19:22:51Z

http://www.savannahbusinessjournal.com/news/residential-real-estate/1904-home-value-protection-insurance-enters-georgia-including-coastal-georgia-region.html

An innovative insurance plan for home owners is now available to Savannah home owners. This policy protects a home owner from falling real estate values when they go to sell. I hope it's not needed for a while but it will give home owners peace of mind if they choose to purchase such a policy.

Savannah port gets electric, mobile cranes

2012-12-27T17:01:04Z

hp/news.yahoo.com/savannah-port-upgrades-mobile-electric-201253454.html

The Port of Savannah leads the way in the US with four new electric, mobile cranes, saving millions of dollars on diesel fuel use, plus reducing emissions.

The Port of Savannah is a large part of Savannah's economic future bringing workers to the city from all over the US -- not just for jobs at the port, but all the businesses that grow from the port's growth like distribution centers and trucking companies.