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Andrew Doyle's Blog

By Andrew Doyle | Broker in 30309

State of The Union - May 2013 The market is Up Up and Up and everyone wants ALL IN!

OK, so May 2013.   I am just returning from a nice trip down to the Mexican Riviera.   Ha, yes there is such a thing.   Think something other than the wild Cancun and its mix girls gone wild 20 somethings and families from Alabama.    Rather about 50-100 miles down the Yucatan coastline are nice quieter beaches with blue water and white sand.  Resort inhabitants in this area tend to be Canadians (polite and talkative even if a bit boring), Europeans (wide range there no simple stereotype), as well as affluent Mexican and Latin Americans.        Great relaxation and my current clients ( I have about 10 contracts going through the works right now) were kind enough to let me take the week off.     So yes, finished some nice reading (Antifragile, Wool, Tune In Tokyo).    I even got some sport in as I made it to the finals in the Resort's Kayak tug of war.

The Real Estate Market is at its highest point and most rapid pace of acceleration since 2006.    In the most recent Case Schiller Index the composite was up 9.3% nationwide.   Atlanta Metro was up 16.5% year over year.    A number of my current and past clients emailed me that morning upon hearing the good news.

As someone who owns a number or properties I can't be happier myself.   When I started buying properties in Atlanta in 2010 I was the scorn of a rather large amount of  ridicule.      Now while many of my friends are chained to a desk I find myself with a very nice portfolio of rentals which are achieving strong cash returns with renewals are up 5-10% this year.  Couple that with the strong double digit returns on the properties themselves and the proper form of vindication has taken form.   Profit.

For the first quarter of 2013 the top housing markets Year over Year (Median home price) were Bay Area California, another area in California, Akron Ohio followed by Atlanta Metro.   You ask how far up was Atlanta?  Well Atlanta was up 31.1% Y/Y.   Wow!   Yes big number.   Yes the Median (as opposed to the average) is easily influenced by the now current lack of entry level foreclosures (ie- housing product under $50k) that were still fairly prevalent in Spring 2012.

Like other Real Estate investors I am kicking myself over numerous deals I walked away from last year being $5,000-10,000 apart.    Those deals I balked at would all now be up 20-30% had I met the terms offered at the time.   My investment company bought 5 condos and single family homes last year.      How many have I bought this year you ask?   None, I can't land any of the fish.   So many homes and condos now have 10-20 offers within days.      It is very difficult.
As an Agent I am able to offer my clients real time, up to the minute new listings as they are coming to market.   This tailored feature has enabled many of my clients to obtain the right property, in the right building, at the right price.        My clients are closing on product in Eclipse, 1010 Midtown (final closeout phase), Twelve Centennial Park, Buckhead Grand, M West Townhomes, The Stacks Lofts, Sera Townhomes, Lenox Green and a variety of intown new and classic single family homes.

If you seek to list or purchase a home today to take advantage of the historically low rates and/or rising prices then you owe it to yourself to contact me today.

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