February 2008
The Archives
-
02.29.08FDIC Investigating Atlanta InvestorFarbod "Fred" Zohouri, a Miami and Atlanta-based real estate investor and developer, is under investigation for alleged mortgage fraud. A small residential and commercial developer, Zohouri has actively developed projects in Atlanta for over a decade, including the retooling of the 15-story Ramada Inn property at 285 and 85.
-
02.25.08Redevelopment Plans For Downtown Macy’sA group of Atlanta real estate investors is looking to purchase the bottom three floors of the vacant downtown Macy’s department store building and develop it into a retail and restaurant space. The group, which has already secured financing, plans to have the project open before the holiday 2009 season.
-
02.23.08Upcoming: Home Depot 4Q ResultsAtlanta-based home improvement retailer Home Depot is set to report fourth-quarter earnings next week. Expectations are for weak results as the housing market continues to deteriorate and consumers scale back spending in light of ongoing recession fears and tighter credit standards. Investors are not anticipating a recovery to come before 2009.
-
02.20.08Going Green for GreenLast fall, Harry Norman Realtors in Atlanta had 48 of its Realtors certified green by EcoBroker International, which educates Realtors on eco-friendly homes and marketing practices. It’s part of a growing trend of real estate agents trying to set themselves apart by appealing to a niche market in an increasingly tough housing environment.
-
02.18.08NAR: Home Prices Show Steep Quarterly DropThe National Association of Realtors is reporting that home prices have continued to fall, with the national median price dropping 5.8% to $206,200.00 from $219,300.00 in the last quarter of 2007. Blamed by the NAR: fewer higher-price home sales, financing difficulties, and increased foreclosures. Atlanta prices fell 12% from the last quarter of 2006 to a median of $141,100.00.
-
02.18.08Problems Continuing for Atlanta LendersAccording to the Atlanta Business Chronicle, Georgia banks are reporting the highest number in the southeast of loans in default, with 4.74 percent of mortgages either past-due or in foreclosure. Nearly $9.4 billion of loans were reported as being in default at the end of 2007, a new report cited by the ABC shows.
-
02.15.08Century 21 Dwellings Closes 5 of 6 OfficesVictim to the ongoing decline of home sales in Atlanta, Century 21 Dwellings is closing offices in Midtown, Little Five Points, East Atlanta, Decatur, and Conyers. Operations will continue at the company’s Northlake location.