Market Conditions in 30317>Question Details

A, Both Buyer and Seller in Kirkwood, Atlanta, GA

Want to sell our 3/1 in Kirkwood, needs some tlc, but we need to get as close to $230,000 as possible. Do you?

Asked by A, Kirkwood, Atlanta, GA Mon Dec 31, 2007

think this is doable or do we need to stay here longer? We are currently living in house & have been for 10 years, but want to move on & be closer to work.

House has one of the biggest properties in neighborhood.

I know you haven't seen the house, but if you don't think $230,00 is possible, what do you think would be?

Thanks so much in advance! Happy New Year!!

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Answers

6
You've lived in this cool neighborhood for 10 years - you probably have a terrific equity position, and you pioneered!

What street are you on? I live in Kirkwood too - in Hawthorn Park. Lets talk amongst neighbors...here goes...9 out of the 28 sales in Kirkwood last year of 2/1s, 3/1s, and some with half baths, sold for over $200,000.00. Not bad - about 30%. We'll come back to that...

People are coming to Kirkwood for a lot of great reasons, but we are a street by neighborhood, don't you agree? If you are on Hosea Williams, or another busy stretch of road, you don't have the value of a tree lined section like Ridgedale at Lakeview, do you?

For that matter, you have 93 competitors right now between Turner Field and North Decatur. Just 2/1s and 3/1s. Priced between $200 and $250K. I'm not even looking at houses with 2 bathrooms - add those to the mix and you have 150 competitors. The few buyers who will buy, don't just shop Kirkwood - they have lots, and lots and lots of choices.

How many, out of all of that inventory, went pending or sold in the past 30 days? 1 went pending. None sold. That sucks.

Will 2008 be better? All signs point to a big fat maybe, with a strong likelihood of flatness and depreciation. All signs point to that reality.

Why? Because supply and demand laws haven't been repealed.

How many, out of 150, went active in December? 23

How many are going to hit the market, and compete with the other 150 in the next two months? probably 100. Give or take 20. How many of those will sell in the next 90 days? Probably about 50 - give or take 10.

In our Intown buyer's market, a few things start to matter more than others - safe, walking neighborhoods. Good schools - like Oakhurst ESD, which commands about 10-20% more value over Kirkwood right now. Shopping district proximity. Walking distance. Really nice, really cool, neat, clean and well behaved immediate neighbors. All of those factors make sales easier and quicker.

Woe unto you if you still have a shothouse or a bunch of dudes playing cards, working on their cars and drinking beer in the front yard on your street.

Regardless of where you stand financially, and regardless of whether you have a big property, if you are competing for the buyers who will buy, and by the way, statistically, only 30% or so of all of these active listings will actually sell during the listing period, if you are competing for the buyers who will buy, just like these 150, then you want to be THE ONE that sells. Only one went pending or sold in December, right?

Is $230,000 possible for you? What's the capital value of being closer to work? What's the capital value of being closer to work in February? In March? In July?

What's "some TLC" mean? What's the capital value of that.

So, will demand pick up? Absolutely. I have 23 potential Buyer clients who may buy Intown in the next 180 days. I'm sure that 12 of those will close. Other busy Intown agents are ready to hustle this year too. The great agents who add value at every consumer touchpoint are in business and will stay in business. The most aggressive, the most assertive and the sharpest agents will sell 7-8 times more than the average agent.

But I'm the only one up on this gorgeous Kirkwood New Years Day.

I wanna be your listing agent. I need to sell 25 listings this year. You can be my fourth.

When can I come over? Call me.
1 vote Thank Flag Link Tue Jan 1, 2008
Sorry for the delay. Health related issues like to get in the way. Speaking of which, we are so ready to move on & get settled, but we cannot afford to sell as low as the amounts you listed, Lee.
0 votes Thank Flag Link Tue Feb 5, 2008
Are you ready to list or getting it ready?
0 votes Thank Flag Link Wed Jan 16, 2008
I just wanted to say thanks again. We've been delayed, but will be looking into everyone's ideas.
0 votes Thank Flag Link Mon Jan 14, 2008
Thank you both so much for your fast reply. Thank you also for the very detailed reply, Lee.

Our house is on Murray Hill Ave. We have good, clean & quiet neighbors. We do have 1 house for sale near us due to the owner moving & we think another will be on the market any day now. Both houses have only 2 bedrooms & are much smaller than ours, however ours might need more "love/tlc".

The biggest problem with our house is that the bathroom needs a new sub-floor. We had cut a small hole in the floor to see what needed to be done & now have wood over the hole. We were going to redo the whole bathroom & get the most out of the space, but we have decided that we really want to move on & be closer to work, as well as be in a bigger house.

We had thought about going ahead & redoing the bathroom to sell it or just fix the floor, but we were strongly advised not to, as "people really want to get into this neighborhood who would want to redo it their way".
0 votes Thank Flag Link Tue Jan 1, 2008
what is the street location of you home so we could at least see what other homes in your neighborhood have sold for recently? When you say it needs some TLC...what exactly needs to be done?
If we could be of further help call us at 770-309-5297
Don Lantier
Donald J Lantier Realty
Web Reference: http://lantierrealty.com
0 votes Thank Flag Link Mon Dec 31, 2007
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