June 2008
The Archives
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06.24.08S&P/Case-Shiller: Atlanta home prices down again in AprilFrom the Atlanta Business Chronicle: Home prices in Atlanta dropped 0.1 percent from March to April and declined 7.5 percent from April 2007 to April 2008, according to the Standard & Poor's/Case-Shiller home price index. The complete 20-city (MSA) index, released June 24, shows home prices were down 1.4 percent from March to April and down 15.3 percent year-over-year. Las Vegas and Miami were the weakest markets. Las Vegas posted a 26.8 percent decline in prices, and Miami recorded a 26.7 percent drop. "There might be some regional pockets of improvement, but on an annual basis the overall numbers continue to decline," said David M. ...
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06.19.08Feds indict seven in metro-Atlanta mortgage fraud ringFrom the Atlanta Business Chronicle: Atlanta federal prosecutors have indicted seven metro Atlanta residents in alleged straw-buyer mortgage fraud scam, centered around an East Lake condominium complex. The U.S. Attorney's Office for the North District of Georgia has charged Dossey Richard, 36, of Atlanta, Lovie Hobbs, 47, of Lithonia, Montra McKenzie, 29, of Atlanta, Cyrus Davis, 42, of Atlanta, Marcus Vickers, 35, of Ellenwood, Rayshaun Harmon, 27, of East Point and Michelle Davila, 35, of Atlanta, of one count of conspiracy to commit wire fraud based on a mortgage scheme. The complaint, filed June 18, alleges the group fraudulently sold condos in the ...
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06.16.08Life is solitary in unfinished subdivisionsFrom the Atlanta Journal and Constitution: Every so often, William Saunders snatches up a golf club and steps behind his Smyrna townhouse to whackballs down a line of neighboring lots. He never hits another home and never hears complaints from neighbors. But that's an easy accomplishment. Most of Saunders' neighborhood is a ghost town, another fallout of metro Atlanta's housing market horrors. One of just two residents in what was to be a 105-home development, the 54-year-old information technology manager strolls down lonely streets past silt fences, weedy lots, nearly 20 vacant homes and a sign cheerily announcing that a pool and cabana ...
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06.13.08Carter cuts 11 positions, remains bullish on AtlantaFrom the Atlanta Business Chronicle: Atlanta-based developer Carter recently cut 11 marketing and information technology positions, or about 7 percent of its 150 positions at its corporate offices, in a move related in part to a tough real estate market. While the residential and office slowdown played a role, the job cuts were also part of a reorganization of Carter's internal back-office operations, which included marketing, human resources, information technology and accounting. That reorganization started several months ago, said Carter's president, Scott Taylor. "I don't expect further cuts," Taylor said. Carter, which also provides investment, property management and transaction services, has plenty of cash ...
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06.12.08Soft condo sales prompt shift to rentalsFrom the Atlanta Journal and Constitution: The subprime mortgage crisis and subsequent global credit crunch have claimed another victim: the Atlanta condo. Local real estate developers say financial backing for condo projects has all but dried up. Those able to get financing are turning to high-end rental apartments instead. "Building condos right now is next to impossible; it really is," said Stephen Franco, a partner at Franco DeFoor Properties, an Atlanta real estate development company. "It's just financing. You can't get financing for condos." High-end apartment complexes are in the works across the metro area, from trendy intown Atlanta neighborhoods to more suburban locales. ...
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06.10.08BofA scouts options for Atlanta officeFrom the Charlotte Business Journal: Could Atlanta's iconic Bank of America Plaza lose the tenant that provides its name? While it's a long way from coming to that, Bank of America Corp. is scouting the Atlanta market for at least 300,000 square feet to house its market headquarters there, according to sources familiar with the search. Charlotte-based BofA (NYSE:BAC) occupies about 182,000 square feet in the tower, along with several smaller offices in metro Atlanta that range from a few thousand square feet to nearly 30,000 square feet. The company's lease at BofA Tower expires in May 2012. In a prepared statement, a BofA ...
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06.06.08Housing crisis hits apartment dwellersFrom 11 Alive: Signs of the housing meltdown are everywhere. For 18 northwest Atlanta families, it means they'll be without a place to live come this weekend -- all of them are from the same apartment complex, and all because of foreclosure. Virginia Coffer sat on the shaded stoop outside her apartment with 2-year-old Elijah snuggled in her arms. His chubby hand is pointing at a bird flying overhead. "No, that's not a red bird. That's a black bird," she said. She says this with a smile on her face as tears roll down her cheeks. Elijah, the back of his head against her ...
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06.04.08Hard times pinch homeowner associationsFrom the Atlanta Journal and Constitution: Neighborhood pool parties, flowers at subdivision entrances and lifeguards. More homeowners are behind on paying neighborhood dues this year, say property managers and lawyers who represent hundreds of homeowner and condominium associations around metro Atlanta. Worse, more associations are learning firsthand how home foreclosures generally nullify liens put in place to get months' or years' worth of unpaid dues. The result: More homeowner and condo owner associations worry they won't have enough money to make budget this year. Some have already cut services to make up for the shortfall. The troubles could add pressure to increase dues ...