How's the Fayette County real estate market?

mapleleaf's picture

How's the Fayette County real estate market?

Seventy-five Fayette real property owners are scheduled to lose their property, generally their home, early next month. Sixty-seven are foreclosures (failure to make payments on a mortgaged property) and eight are tax sales (failure to pay county property tax). They'll all be sold on the Fayette courthouse steps on Tuesday, September 5.

Even though some of these 75 properties might already be on the market, the ones about to be picked up by the bank will all have a very motivated seller at a time when the market seems sluggish.

We hear reports of a slowing down of the real estate market across the country, but reporters generally hasten to say that in the South the market continues to do well.

Does anyone here have statistics, or an opinion, on how well we're doing in Fayette County? I have the impression we're seeing more and more "for sale" signs, with no "sold" stickers on them. Some for sale signs have been there for months.

What do you think?

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PTC Guy's picture
Submitted by PTC Guy on Thu, 08/24/2006 - 3:47pm.

Driving around PTC, the number of homes for sale is increasing. I don't ever recall so many For Sale signs as we have now. Nor them staying up as long as they have.

That includes several off McDuff, next door to homes being built. That ain't good!

Going through my Atlanta and other route, I see more and more for lease and for sale signs on businesses. Everywhere.

Yep. Some areas sell like hot cakes. The 1,400 footers, where I live, rarely last more then 2 weeks. and they are selling for around $185,000, average, right now.

But we have a rather unique little community.

Overall, the economy is down and I believe I see bad indicators popping up all over the Atlanta area.

Those that still have those well paying jobs better hang on to them. Loose'em and the odds are against you getting another one. With excecptions, of course.

My 2 cents, here, and not really going to argue it, since it is a subjective subject unless a ton of data gets posted.

Keeping it real and to the core of the issue, not the peripherals.

mapleleaf's picture
Submitted by mapleleaf on Fri, 08/25/2006 - 8:38am.

Real estate brokers, like all business people, undoubtedly keep records and can compile statistical data. One would expect them to keep track of their “house for sale” inventory, and to have statistics on the number of houses sold each month.

Thus it would be interesting to learn whether their “house for sale” inventory of Fayette County houses is rising, month to month, whether the number of houses sold is also rising, etc.

Could disclosing this information anonymously hurt them? If the figures are bad, I suppose they might think that disclosing this data would erode buyer confidence, as people are psychologically reluctant to do what their neighbors won’t do. There’s a lemming factor there, as there is with the stock market. Perhaps that’s why the brokers remain quiet and unwilling to share their information.

In the property records room, at the Fayette County courthouse, things seem pretty quiet these days. That’s just another sign of a cooling off market.

In any event, real estate brokers, mortgage lenders, and real estate lawyers should be in a position to disclose statistics that would tell us what the Fayette market is really doing. The anecdotal information we can get just by driving around and looking at real estate signs already signals the Fayette market is not doing that well.

Git Real's picture
Submitted by Git Real on Fri, 08/25/2006 - 11:06am.

Everyone knows we're in a housing slump. It's a normal business cycle. What's your point?

Submitted by skyspy on Thu, 08/24/2006 - 2:37pm.

The stats for all counties was printed in the ajc about a month ago. Most of Fayettenam did ok, but home sales in 30269 lost or went down 14.6%.
Maybe Cal could access the article or info without one of us having to pay $2.85 for the archive article.
The loss has to be largely because of all of the creative financing that has been going on for years here. Jumbo loans and 2nd mortgages are not your friends. Live within your means.

Submitted by McDonoughDawg on Thu, 08/24/2006 - 2:47pm.

not a percentage of value at all. Fact is, the very few large new home developments sold less homes. Like I've said elsewhere, the re-sale market between 200-400 is VERY strong, depending somewhat on location within PTC....

Submitted by McDonoughDawg on Thu, 08/24/2006 - 2:35pm.

Very strong, especially with any proximity to the golf courses or lakes involved.

Submitted by Sweet Honesty on Thu, 08/24/2006 - 2:28pm.

I do not work in the housing market in any capacity. But I have to agree with 30YearResident. Location, condition and price play a major role, of course. But, I had a property appraiser tell me one time that only two people could decide what a property is actually worth; the seller, and the buyer. I have tried to help my oldest daughter look for a moderately priced in Peachtree City recently. Haven't yet found the right house for the right price. We looked at one very small house on Double Trace (about 1300 sq ft) back in Feb or Mar of this year. It was clean with a decent yard. The owner was asking $139,000 for this little house. I found a website that shows details on recent property sales. Other houses the same size, on the same street, have recently sold for $91,000 to $99,000. I stopped by the house last week. It is still for sale and the price hasn't come down a dime. I don't think this house will ever sell for that price. I sure hope he sells it soon to someone. I don't want to see it rented. It's very close to where our house is and there is too much rental property in this neighborhood already. My thoughts on this subject.

Robert W. Morgan's picture
Submitted by Robert W. Morgan on Thu, 08/24/2006 - 6:45pm.

You said "I sure hope he sells it soon to someone"

Usually, the overpriced real estate is driven by a "she" and not a "he"

Just something for you to think about.

Men are logical and as you did, are inclined to conduct actual research. Women on the other hand are emotional and tend to think something is more valuable than it is. That works if buyer and seller are both women, but otherwise.......?

Submitted by dopplerobserver on Fri, 08/25/2006 - 7:54am.

All they want you to do when selling your home is spend a lot of money making it pretty and reducing the price for a quick sale. What you said doesn't add up. Or is it different if you are making money instead of selling your own?

cowtipn's picture
Submitted by cowtipn on Fri, 08/25/2006 - 7:26am.

And women are manipulative and are always scheming to get what they want, but I'm not bitter.

Submitted by McDonoughDawg on Thu, 08/24/2006 - 2:43pm.

Meadows shows one home currently under contract at 179K, and the closed sales range from a low of 118K in october of 05 to a high of 226K for an average of 167K.... Only two sold are showing price of under 139K. This is the latest info from Georgia MLS.....

The next cheapest house available in Fetlock Meadows is 184,850.....

The one at 139,900 is currently the low asking price in Fetlock....

Submitted by did not know on Thu, 08/24/2006 - 2:09pm.

We would have...less forclosures...if.. our government were not helping the ..developers...flood the market. We are having forclosures for several reasons, one is creative financing,...and more houses on the market than are needed. People who have lived here, and paid taxes on their property deserve more consideration than developers. If we would only let developers build more when the glut of houses was down to a certain percent, this wouldn't be so bad. But look who is getting better treatment...the people who have paid taxes for years, trying to sell their houses, or the developers...flooding the market?

Submitted by 30YearResident on Thu, 08/24/2006 - 2:05pm.

I know of a home that recently sold in less than a week of going on the market and they had another contract as a backup.
Location, Location, Location.... not to mention, Condition, Condition, Condition, and Price, Price, Price.

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