So What's been happening in the upscale market of N. Fulton and west Gwinnett, this week?
Well since Thursday, we have had about 13 new listings go on the market in the $500k+ range (today is Sunday). However, inventory still seems to be short and it would appear that at the higher price points, builders are somewhat reluctant to start on spec homes. This doesn't appear to be a problem as buyers are willing to sign a contract based on the proposed building plans.
The nicest new listing in the last four days is in the prestigious Country Club of The South. It's located at 9335 Colonnade Trail and was built in 1994 - relatively new for this community. It's on the 6th fairway of the Nicklaus designed course and also sits in a cul-de-sac. I think that it is great value and you can check it out on the web site search engine.
Pending sales, or houses that have gone under contract in the last 30 days show how brisk the market is. Just in the above areas, we have had 104 houses go under contract in the $500k+ range
One of the nicer ones is in The River Club. This is one of the nicest and most prestigious country clubs in the area and if you have not seen it, you should definitely do so. The house that went under contract is at 4864 Kettle Point and the asking price was $1,679,900. It's a European French Provincial built by Providence Luxury Homes. Of course, it has the beautiful oak flooring, charming arches, sandstone fireplaces and the ubiquitous hooded vent over the beautiful stove.
Of the 134 homes sold and closed in the last 30 days, none is more lovely than 14240 Phillips Circle. This beautiful home was listed at $2,580,000 but the final price was $2,490,000 with the seller contributing $2k in closing costs. The Traditional house is reminiscent of a top end farm style home sitting on 12 acres with a pool and just about everything that the heart desires. Truly an exceptional purchase.
Interest rates are holding steady at historically low numbers - around 3.7% for a conforming. Jumbo rates are a tad higher but nevertheless still very low. At this moment, we have numbers in the range of 3.8%. Remember, that Georgia is a "bank friendly" state so rates here tend to be a bit lower than the national average. I have this feeling that interest rates are going to start moving up again towards years end.
If you are interested in finding out more about the local communities whether they be golf communities or swim/tennis communities, feel free to give me a call.
In one of my next blogs, I'll cover the pro's and cons of building a house versus buying a resale. Some of the answers might just surprise you. Are the older homes better built? What about the older materials used in the construction? What about the contractors? Were they more skilled and more conscientious? And so on.
See you later........