However, the recession is not going to last forever. Some economists believe the downturn in housing might last a couple more years, with prices going down another 10% or so. There's no way to tell what will actually happen, but when the market does turn around, Savannah is a great place to live.

One lesson from the housing bust is that homes are for living in and enjoying moreso than sure investments. However, long run, say anwhere from 8 to 15 years, real estate is probably still a good investment, seeing as how renting is the alternative.

Even if prices go down another 10% in Savannah, there are deals on the market right now owned by people in trouble with their lender which can be bought as much as 20% below the present market value, and with interest rates being historically low, that combination makes buying now a fairly safe risk. But, who knows, things could get much worse. The only think I'm pretty sure of is that it's not the end of the world, and it's not the end of real estate as an investment.

Plus, home prices in Savannah didn't rise as high as the northeast and the west, so homes in Savannah, Ga and the surrounding area are relatively low for a city that has so much to offer and is also on the coast.

After the cold winters in the northeast, Savannah looks more appealing. When the economy recovers, baby-boomers will likely consider Savannah a prime destination to start a new life in retirement.

Tybee Island is where the beach is located, but most of the waterfront properties with docks are on the rivers going out to the ocean and are located on the other islands around Savannah -- Wilmington Island, Whitemarsh Island, Talahi Island, Skidaway Island, Dutch Island, and so forth. These islands are close to downtown Savannah -- some closer than others, but none over 30 minutes.

As a buyer agent, I've worked with a lot of buyers looking for deepwater properties with a dock and with enough permanent water depth for a good size boat. Many of the properties advertised as "deepwater" are actually on tidal creeks which go up and down with the tides, so this can be misleading because it's only "deep" for a few hours at a time.

As a buyer agent, I gather information from the buyer to determine exactly what type of property is needed for boating needs before taking them out to look, because all deepwater properties aren't equal. So if your searching the internet and see a property advertised as "deepwater" and it's a few hundred thousand dollars less than the others you see, it's probably because the house is on a tidal creek, or the dock is a community dock.

If you don't want to go through the hassle of searching information.

If you don't want to go from listing agent to listing agent with each one trying to sell their own listing.

If you want someone representing your interest.

If you want an agent who doesn't have listings and no conflict of interest.

If you want an agent who will sign a contract which obliges the agent to fulfill certain services.

If you want an agent trained in representing buyers' interests.

If you want an agent who will give you objective information and is not worried if the information will hurt the seller's position.

If you want an agent who is trying to get the buyer the best price.

If you want an agent who will write a contract that gives the buyer the best terms possible.

If you want an agent who will search the entire Savannah market and doesn't care which home you buy as long as it's the best home for the buyer.

I've learned that in this real estate market an agent has to be patient and realize that buyers are not impulsive and will buy when they're ready to buy. Technology now allows buyers to receive automatic notification when a new listing in Savannah comes on the market -- you can see if there are price changes, up or down, over a period of time. I'll also post new construction and projects when I become aware of them. When buyers receive new listings and have questions, they send me an email and I do the research. I just closed on a condo in downtown Savannah with a couple who I worked with for over three years before they decide to buy -- most all our communication was via email.

Having a buyer agent relieves the hassle of running down individual listing agents -- having one source of reliable information, someone looking after your interests, simplifies the process. I also get buyers who are looking for a second home, and I've begun looking after these properties when the owners aren't in town, so my role doesn't end after closing. I have a book full of repair-people or renovation experts to help with maintenance and improvements.

Buyer agency requires more work in many cases, and the time cycle between first contact and sale is much longer, but that's the route I've chosen, and it's how I was trained when I first got involved in real estate in Savannah in 1996. I've chosen buyer agency because I think the need is so great in an area like Savannah where many buyers are not local buyers, even though the same benefits apply to locals.

As a buyer agent I serve clients to make that information useful and to sift through the bad information. Real estate, especially buyer agency, is becoming less about selling and more about information management and service. As a buyer agent my job is to research and gather useful information for my clients, use my specialized knowledge regarding real estate and the area, and to represent the client's interest through the whole transaction, then follow up afterwards to tie up any loose ends.

I work with many out of town buyers who are unfamiliar with Savannah, so the first order of business is get the client familiar with the options and to zero in on an area. Then it's a matter of finding the right home and providing the information necessary to make a good informed decision. My goal is for the client to find the best house, at the best price with the best terms and conditions. This is much different than selling listings. Since I don't list any homes for sale, I search the whole market and look for the best home for the individual buyer -- no conflicts of interest, no selling.

I was worried that the end of the $8000 rebate would cause a slow-down, but that doesn't seem to be the case. At the end of the month, I'll run some statistics to see if my experience holds true with the Savannah market as a whole. I suspect we'll see gradual improvement in sales with a slight rise in home prices. There's quite a bit of pent-up demand, and it seems to be loosening.

I've transitioned to exclusive buyer agent representation and that is working out well so far. There are a lot of people contacting me from out of town with intentions of moving to Savannah to purchase a home and they appreciate the service I provide, as someone who will be looking after their interests. Newcomers to the area find it useful to have one agent they can trust to show them the area, explain the lay-out, give them up-dated information on the market and take care of all the showing appointments. They find that it beats going from listing agent to listing agent with each one trying to sell their listings. There's a need for both good listing agents and buyer agents, but if you are a buyer, it makes more sense to have a buyer agent.

Urban living seems to be the trend and Savannah has a lot to offer with its unique blend of old and new. Even in the historic areas not within the downtown area proper, for a healthy walker just about any location is walkable, plus, shops and restaurants are popping up all along the way. It's hard to tell when the economy will be back in full swing, but lately there's been some evidence that housing sales are picking up. Savannah hasn't done too bad, considering how bad it's been in other areas of the country. It's a shame the renovation activity was slowed down for a couple of years -- it appears to be live again -- lots of renovation throughout the districts.

Many Savannah real estate home buyers are looking for a condo -- it pays to have information before starting the search:

Here are the 10 questions buyers should ask when deciding to purchase a condominium unit:

1. What is the monthly condominium fee and what does it pay for? The monthly condominium fee can range quite dramatically from condominium to condominium. The fee is a by-product of the number of units, the annual expenses to maintain the common area, whether the condo is professionally managed or self-managed, the age and condition of the project, and other variables such as litigation. For budgeting and financing you need to know the monthly fee and exactly what you are getting for it.
2. What are the condominium rules & regulations? Condominium rules can prohibit pets, your ability to rent out the unit, and perform renovations. Make sure you carefully review the rules and regulations before buying.  Needless to say, the buyer's attorney should review and approval all condominium documents, including the master deed, declaration of trust/by-laws, covenants, unit deed and floor plans to ensure compliance with state condominium laws as well as Fannie Mae and FHA guidelines, as necessary.
3. How much money is in the capital reserve account and how much is funded annually? The capital reserve fund is like an insurance policy for the inevitable capital repairs every building requires. As a general rule, the fund should contain at least 10% of the annual revenue budget, and in the case of older projects, even more. If the capital reserve account is poorly funded, there is a higher risk of a special assessment.  Get a copy of the last 2 years budget, the current reserve account funding level and any capital reserve study.
4. Are there any contemplated or pending special assessments? Special assessments are one time fees for capital improvements payable by every unit owner. Some special assessments can run in the thousands, others like the Boston Harbor Towers $75 Million renovation project, in the millions. You need to be aware if you are buying a special assessment along with your unit.  It's a good idea to ask for the last 2 years of condominium meeting minutes to check what's been going on with the condomininium.
5. Is there a professional management company or is the association self-managed? A professional management company, while an added cost, can add great value to a condominium with well run governance and management of common areas.
6. Is the condominium involved in any pending legal actions? Legal disputes between owners, with developers or with the association can signal trouble and a poorly run organization. Legal action equals attorneys’ fees which are payable out of the condominium budget and could result in a special assessment.  In most states, you can run a search of the condominium association in the court database to check if they've been involved in recent lawsuits.
7. How many units are owner occupied? A large percentage of renters can create unwanted noise and neighbor issues. It can also raise re-sale and financing  issues with the new Fannie Mae and FHA condominium regulations which limit owner-occupancy rates. If your buyer is using conventional financing, check if it is a Fannie Mae approved condo. If FHA financing, check if it's an FHA approved condo. (Thanks Lou Corcoran for the links) 
8. What is the condominium fee delinquency rate? Again, a signal of financial trouble, and Fannie Mae and FHA want to see the rate at 15% or less.
9. Do unit owners have exclusive easements or right to use certain common areas such as porches, decks, storage spaces and parking spaces? Condominiums differ as to how they structure the “ownership” of certain amenities such as roof decks, porches, storage spaces and parking spaces. Sometimes, they are truly “deeded” with the unit, so the unit owner has sole responsibility for maintenance and repairs. Sometimes, they are common areas in which the unit owner has the exclusive right to use, but the maintenance and repair is left with the association.  Review the Master Deed and Unit Deed on this one.
10. What Does The Master Insurance Policy Cover? The condominium should have up to $1M or more in coverage under their master condominium policy. For buyer's own protection, they should always buy an individual HO-6 policy covering the interior and contents of the unit, because the master policy and condo by-laws may not cover all damage to their personal possessions and interior damage in case of a roof leak, water pipe burst or other problem arising from a common area element. Ask for a copy of the master insurance policy and don't forget to check the fine print of the by-laws.  Sometimes, there's language that would hurt a unit owner in case of a common area casualty.  Condominiums over 20 units should also have fidelity insurance to protect against embezzlement.

The exclusive buyer agent avoids this conflict by never taking listings.

An exclusive buyer agent can devote all of his/her time and energy and expertise representing buyers and becoming good at doing one thing.