Barry's Real Estate Blog

Fourth of July Celebration

The city of Marietta's Fourth in the Park celebration begins July 4 at 10 a.m. and includes a parade, free live concerts, museum tours, arts and crafts show, food, carnival games and fireworks finale.

The Marietta Freedom Parade includes 110 entries, 2,000 participants and an estimated 30,000 spectators.

The parade begins at 10 a.m. at Roswell St. Baptist Church and travels west on Roswell Street, north on E. Park Square past Glover Park and the Square, down Cherokee Street and ends at North Marietta Parkway.

Entries include marching units from the city of Marietta, Air National Guard Band of the South, civic organizations, beauty queens, scouts and local businesses.

 

Museums and shopping

The Marietta Welcome Center will be open from 10 a.m.-4 p.m. The Marietta Gone With the Wind Museum and Marietta History Museum will be open for tours. Historic walking tours are also available. Unique shops located around the Square will have special July 4 hours. For details, call the Marietta Welcome Center at 770-429-1115.

Entertainment Schedule

10:00 am - Let Freedom Ring Parade
12:00 pm - Colgate Country Showdown
2:00 pm - National Bell Ringing
2:15 pm - Parade Awards Ceremony
2:30 pm - Cobb Wind Symphony
8:00 pm - Peachtree Station
Dark - Fireworks

Arts and crafts show

With 80 vendors: 10 a.m.-9 p.m.

Food

Concessions for sale: 10 a.m.-9 p.m.

Carnival Games

Tickets for games available at booths located throughout the park: 10 a.m.-5:30 p.m.

Fireworks

The fireworks display is scheduled to begin at 9:30 p.m. and will be shot from the First United Methodist Church parking lot. KICKS 101.5 FM will broadcast patriotic music during the fireworks. Rain date for fireworks is July 6 at 9:30 p.m.

Information Flyer

Participant Information

Map of Parade Route

For more information, call Marietta Parks and Recreation at 770-794-5601.

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According to Cobb County Tax Commissioner Gail Downing, homeowners will face a property tax bill increase during the next two years. The state Homeowner's Tax Relief Grant that previously funded a tax credit on homesteaded property will not be available this year or next.

"Declining state revenues during the current recession left the state without enough money to give the tax relief credits that homeowners have become accustomed to," Downing said.

Most Cobb homeowners will see an increase of about $228 on their 2009 tax bills. Those with a School Tax Exemption will see an increase of about $77. Increases will vary for homeowners living within one of Cobb's six cities.

In 1999, the governor and General Assembly appropriated the grant to counties, cities and schools, giving tax relief to homeowners in the form of a tax bill credit. According to legislation passed this year (House Bill 143), the grant will only be made available in the future if state revenues grow at least 3 percent plus the rate of inflation.

Downing believes giving homeowners advance notice will help them prepare for the increase when tax bills are issued in August. Homeowners can determine the exact amount of the 2009 increase by accessing their 2008 account information at www.cobbtax.org under the "Property Taxes" tab; search by parcel ID or address. The "Homeowners Tax Credit" deducted on the 2008 tax bill is the amount their bill will increase for 2009. Many homeowners with mortgages will need to make sure their tax escrow accounts are properly funded since their property taxes are paid by their mortgage company.

"It's unfortunate in slow economic times to have to deliver this message, but homeowners need this information so they can budget accordingly," Downing said.

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Six schools in Cobb and Fulton counties were among the metro area's top 10 performers on this year's high school graduation tests.

Scoring highest among metro schools with at least 50 test-takers was Cobb's Walton High School, with a 98.4 percent passing rate on the Georgia High School Graduation Tests.

Students in Georgia are required to pass all four tests, in mathematics, science, English language arts and social studies, to graduate.

Other top scorers, behind Walton High, were: two other Cobb County schools, Pope High and Lassiter High; Cherokee County's Etowah High School and Woodstock High; DeKalb School of the Arts; Fulton's Northview High, Chattahoochee High School and Alpharetta High; and Gwinnett County's Brookwood High.

Statewide data, showing improved passing rates on all four tests this year, was released by the Georgia Department of Education last month. School-by-school figures came out Monday.

Students have multiple chances to take the test; if they still fail, they can appeal to the state Board of Education for a waiver.

Find your school: Metro test scores

2009 High School Graduation Test Scores

2009 CRCT Scores

2008 SAT Scores

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Contracts signed show a big jump, especially in the Northeast, another indicator the market may be bottoming

Low interest rates and an $8,000 tax credit for first-time home buyers helped push pending home sales up for the third month in a row, another indication that the decline in the real estate market may be stabilizing, the National Association of Realtors reported on June 2.

 The group's Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7%, to 90.3 from a reading of 84.6 in March, and is 3.2% above April 2008, when it was 87.5, the group said. Economists surveyed by Thomson Reuters (TRI) had expected the index would edge up to 85 from a reading of 84.6 in March. It was the biggest monthly jump since October 2001.

Pending home sales activity was greatest in the Northeast, where the index increased 32.6%, to 78.9, in April, 0.8% above a year ago. The only region that showed a decrease was the South, where the index declined 0.2%, to 93.0, 3.5% higher than a year ago. In the Midwest the index rose 9.8%, to 90.4, and is 11.1% above April 2008. In the West the index rose 1.8%, to 94.8, but is 2.9% below a year ago.

VERY FAVORABLE CONDITIONS
Lawrence Yun, the group's chief economist, said buyers are responding to very favorable market conditions, and while the total number of existing-home sales is expected to improve, there will be sharp local variations. "The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline," Yun said in a news release.

Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future existing-home sales.

Paul Dales, U.S. economist for Capital Economics in Toronto, said in a report that if the April increase in pending home sales is reflected fully in existing-home sales numbers, it would bring them to an annual rate of 5.1 million, a level last seen before the collapse of Lehman Brothers in September.

"The pending home sales index has now improved for three months in a row, adding to the evidence that housing activity is finding a floor," Dales wrote. Nevertheless, even if existing-home sales were to rise to 5.1 million, they would still be 30% below their peak. Accordingly, even if activity is finding a floor, it is at staggeringly low levels."

Original article by Phil Mintz, Business Week.  Click here to see original article.

 SEE RELATED HOME BUYER ARTICLES

March stats in national Case-Shiller index offer hope, local analysts say.

Metro Atlanta home prices kept falling in March, but the pace of decline slowed a bit, according to a closely watched index.

Local prices slipped 1.5 percent in March from February, following several previous month-to-month declines of more than 2 percent. Still, on a year-to-year basis metro Atlanta home prices were down almost 16 percent from March 2008, dropping to levels not seen since late 2000, according to the Standard & Poor's/Case-Shiller National Home Price Index.

But the long fall is over, argued Steve Palm, president of SmartNumbers, a real estate research firm in Marietta.

 

"Case-Shiller is a great survey, but you just can't read too much into that," he said. "We have every [home loan] closing tracked, so I know February was the bottom."

Buyers closed on 3,303 homes in April, up more than 20 percent from March although down 21 percent from a year ago, Palm noted.

During April, sale prices averaged $191,803, up 4.4 percent from March although down 18 percent from a year ago.

Residential real estate typically sees sales surge as spring slides into summer.

Whether April's data is more than a whiff of recovery depends on whether the spurt of demand can soak up huge inventories of unsold homes. That challenge is made greater as foreclosures and bank sales continue flowing into the market, dragging down the value of surrounding homes.

Half, if not more, of all recent resales have been bank or foreclosure sales, said Eugene James, division director for MetroStudy in Atlanta.

Inventory has started to drop, "but more importantly, the number of foreclosed listings are 13 percent of the total, which is lower than this time last year," James said. "These are good signs."

Nationally, home prices dropped 19.1 percent in the first quarter from a year earlier, according to the Case-Shiller Index, which is based on a 20-city survey. They are down 32.2 percent since peaking in the second quarter of 2006.

Prices never soared in Atlanta the way they did in Las Vegas or Southern California. Prices here are down about 21 percent since the peak, compared to roughly 40 percent in Los Angeles and nearly 50 percent in Las Vegas.

Markets within each metro area vary widely as well. Some areas of Atlanta have already seen prices rise modestly. It's just that the broader region shares some problems cooked into the housing bubble.

Declining prices are the result of too many homes for sale, combined with financial trouble for many boom-time buyers.

That combination swelled the normal pool of homes for sale -- and that means the market will continue coping with the aftermath of the housing bubble, said Jim Crawford, a Roswell-based Realtor with Re/Max of Greater Atlanta.

"The Atlanta market, due to the no-money-down financing -- has been extremely difficult," he said. "It may remain that way in the near term."

One house's ups, downs

The metro Atlanta housing market has seen remarkable highs and lows. Here is how the sale price on one house in Clayton County, in zip code 30236, has fluctuated in recent years, based on numbers from SmartNumbers.

> The house, located in the Lake Spivey Country Club area, originally sold for $216,000 in 1993 as new construction.

> The first three times the property changed hands, the price went up. It sold in June 2005 for $343,000, a 59 percent jump from the original sale price; in September 2005 for $440,000, a 28 percent increase; and in January 2006 for $480,000, another 9 percent increase.

> In November 2007, with the housing boom over, prices metro-wide dropping and Clayton County's school system woes coming to a boil, the house went on the market for $334,400, a 30 percent decrease from the previous sale price.

> Within the month the asking price was cut 18 percent, to $274,900 . The listing expired on Nov. 30 and the house had not sold.

> In early 2009, the house, then bank-owned, was relisted for $251,900 .

> The house sold in April at auction, in fairly good condition and after 533 days on the market, for $136,500.

Article By Michael E. Kanell, Michelle E. Shaw
The Atlanta Journal-Constitution

See Related Posts:

Home Values Survey Shows Discrepancy Between Sellers', Buyers' and Agents' Perceptions of the Housing Market

Atlanta's Home Prices Drop 11.2% But Still Better Than Most Other Places

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The most common questions I am asked are: Is the market getting any better and is activity picking up?  The problem in providing an answer is that is really depends on the day you ask.  Over the last 6 - 9 months, there really has been any consistent trend in the market.  Some weeks see lots of activity and interest while others have no activity.  It has been this lack of consistency that has made this such a difficult market.

On the positive side, we have low interest rates, an $8000 federal tax credit for first time buyers, an $1800 Georgia state tax credit for all buyers and a buyer's market.  On the negative side, high unemployment, low consumer confidence and a credit crunch have kept buyers from jumping back into the market.

To get a clear picture of the overall Atlanta market, I have broken down the sales trends for 2006 through April 2009.  The chart below shows the trends for all of the Atlanta using the FMLS data for single family homes.

 

EXPLANATION OF CHART

This chart shows the number of homes sold in 2006, 2007, 2008 and 2009 (thru April).  2007 and 2008 are also broken down into Jan-July an Aug-Dec time frames.  The last column represent the the number of currently active listings and their average asking price.  The actual data for each bar and line is shown at the bottom of the chart.

ANALYSIS

Units Sold

2006 saw 46,437  homes sold with that number increasing to 58,115 in 2007.  We know that that market slowdown began in summer of 2007.  This is clear by looking at the breakdown of 2007 sales: 37,497  units from Jan-July and 20,618 units from Aug-Dec.  Total units sold in 2008 declined to 46,677 with the second half of the year seeing only 18,178 homes sold.  Thru April 30, 2009, only 11,631 homes have sold so far.  If we extrapolate this for the entire year, 2009 will see approximately 35,000 homes sold.  This is approximately 25% less homes sold than 2008 and about 40% less than the peak homes sold in 2007.

There are currently 44,351 homes on the market.  Using a total absorption of 35,000 homes for the year translates into the metro-Atlanta area having 15.3 months of inventory.  A balanced market is typically in the 7-9 month range of inventory.

Average Sales Price and Average List Price

In 2006, the average sold price was $264,000.  This increased slightly to $265,000 in 2007.  The average sold price peaked in the first half of 2007 at $269,000. By 2008, the average sold price was down to $229,000.  For the first four months of 2009, the average sold price has fallen to $184,000.

The average list price in 2006 was $271,000.  The difference between the average list and average sold in 2006 was 2.7%.  By 2007, the gap between list and sold price increased to 3.4%.  In 2008, the gap had further increased to 6.1%.  For the first four months of 2009, the gap reached an amazing 20.0%.

The continued growth in the gap between list and sold prices clearly shows that while the number of homes sold has slowed dramatically, the pressure on price has increased.  Even though the average list price is down considerably from the high points in the market, sellers are going to have to price their homes attractively in order to capture the lower number of buyers.

Average Days on Market

This data is not shown on the chart but in the table below:

2006: 76

Jan - Jul 2007: 84
Aug-Dec 2007: 91
2007: 87

Jan-Jul 2008: 95
Aug-Dec 2008: 91
2008: 94

2009: 98

As we can see, the average days on market has increased from to 76 to a current 98 days.

Please feel free to contact me with questions about your specific market or community.  You can request a FREE home market analysis here.

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The most common questions I am asked are: Is the market getting any better and is activity picking up?  The problem in providing an answer is that is really depends on the day you ask.  Over the last 6 - 9 months, there really has been any consistent trend in the market.  Some weeks see lots of activity and interest while others have no activity.  It has been this lack of consistency that has made this such a difficult market.

On the positive side, we have low interest rates, an $8000 federal tax credit for first time buyers, an $1800 Georgia state tax credit for all buyers and a buyer's market.  On the negative side, high unemployment, low consumer confidence and a credit crunch have kept buyers from jumping back into the market.

To get a clear picture of the Roswell/Alpharetta market, I have broken down the sales trends for 2006 through April 2009.  The chart below shows the trends for Roswell and Alpharetta, Georgia (Fulton County only) combined.

 

EXPLANATION OF CHART

This chart shows the number of homes sold in 2006, 2007, 2008 and 2009 (thru April).  2007 and 2008 are also broken down into Jan-July an Aug-Dec time frames.  The last column represent the the number of currently active listings and their average asking price.  The actual data for each bar and line is shown at the bottom of the chart.

ANALYSIS

Units Sold

2006 saw 2475 homes sold with that number increasing to 3028 in 2007.  We know that that market slowdown began in summer of 2007.  This is clear by looking at the breakdown of 2007 sales: 2034 units from Jan-July and 994 units from Aug-Dec.  Total units sold in 2008 declined to 2077 with the second half of the year seeing only 734 homes sold.  Thru April 30, 2009, only 388 homes have sold so far.  If we extrapolate this for the entire year, 2009 will see approximately 1200 homes sold.  This is approximately 43% less homes sold than 2008 and about 60% less than the peak homes sold in 2007.

There are currently 1961 homes on the market.  Using a total absorption of 1200 homes for the year translates into the Roswell/Alpharetta, Georgia area having 20.2 months of inventory.  A balanced market is typically in the 7-9 month range of inventory.

Average Sales Price and Average List Price

In 2006, the average sold price was $411,000.  This increased to $421,000 in 2007, an increase of  2.5%.  The average sold price peaked in the first half of 2007 at $427,000. By 2008, the average sold price was down to $417,000.  For the first four months of 2009, the average sold price has fallen to $376,000.

The average list price in 2006 was $423,000.  The difference between the average list and average sold in 2006 was 2.9%.  By 2007, the gap between list and sold price increased to 5.1%.  In 2008, the gap had further increased to 5.5%.  For the first four months of 2009, the gap reached 7.5%.

The continued growth in the gap between list and sold prices clearly shows that while the number of homes sold has slowed dramatically, the pressure on price has increased.  Even though the average list price is down considerably from the high points in the market, sellers are going to have to price their homes attractively in order to capture the lower number of buyers.

Average Days on Market

This data is not shown on the chart but in the table below:

2006: 55

Jan - Jul 2007: 66
Aug-Dec 2007: 76
2007: 70

Jan-Jul 2008: 80
Aug-Dec 2008: 88
2008: 83

2009: 94

As we can see, the average days on market has increased from to 55 to a current 94 days.

Please feel free to contact me with questions about your specific market or community.  You can request a FREE home market analysis here.

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Housing Affordability Surges to Highest Level in 18 Years

RISMEDIA, May 20, 2009-Nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.

"Underlying the increase in affordability are lower home prices and record low interest rates. Combined with the $8,000 federal tax credit for first-time home buyers, consumers are beginning to return to the marketplace," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.

 

Indianapolis was the most affordable major housing market in the country during the first quarter. Almost 95% of all homes sold were affordable to households earning the area's median family income of $68,100. Indianapolis has now topped the affordability list 15 consecutive quarters.

Also near the top of the list of the most affordable major metro housing markets were Youngstown-Warren-Boardman, Ohio-Pa.; Akron, Ohio; Grand Rapids-Wyoming, Mich.; and Syracuse, N.Y.

Several smaller housing markets posted even higher affordability scores than Indianapolis, with Sandusky, Ohio outscoring all others. There, almost 98% of homes sold during the first quarter of 2009 were affordable to median-income earners. Other small housing markets ahead of Indianapolis on the affordability scale included Monroe in Michigan and Mansfield, Springfield and Canton-Massillon in Ohio.

New York-White Plains-Wayne, N.Y.-N.J., where just over 21% of all homes sold during the period were affordable to those earning the median income of $64,800, was once again the nation's least affordable major housing market in the first quarter. Though affordability jumped 7 percentage points for the quarter, this was the New York metro area's fourth consecutive appearance at the bottom of the list. Other major metros near the bottom of the chart included San Francisco; Los Angeles-Long Beach-Glendale, Calif.; Nassau-Suffolk, N.Y.; and Honolulu.

Among smaller metro areas, Ocean City, N.J. was the least affordable market, along with San Luis Obispo-Paso Robles, Calif.; Flagstaff, Ariz.; Hanford-Corcoran, Calif.; and Santa Cruz-Watsonville, Calif., respectively.

Atlanta, Sandy Springs, Marietta was listed was listed as the sixty-fourth most affordable market in the US and ranked as the 15th most affordable in the region.

For more information, visit www.nahb.org.  For the original article, click here.

Click here for related home buyer articles.

SPLOST Update for May 2009

Cobb County, Georgia voters approved the Special Purpose Local Option Sales Tax (SPLOST) to fund important transportation and public safety projects in 2005. Since then, significant progress has been made in many areas, including the jail expansion, new courthouse project and transportation improvements.

With the Cobb Department of Transportation SPLOST program progressing ahead of the original schedule and on track for completion within eight years, Cobb County's transportation system continues to improve. As of April, 246 of the 256 transportation projects were underway or completed. Of these projects, 162 have begun the right-of-way acquisition phase, 111 were completed and 164 have initiated construction - including the following:

 

21 school zone improvement projects valued at $5.4 million
31 bridge rehabilitation and replacement projects valued at $15.2 million
32 intersection safety and operational improvements valued at $19.9 million
22 thoroughfare and roadway safety improvement projects valued at $68.4 million
230 miles of road resurfacing valued at $40 million

Click here to view a Cobb County map detailing current construction locations throughout the county.

PROJECT FOCUS: SUMMER CLOSURES

Road closures are often a necessary part of a successful roadway program. Closures are required to make significant changes to the existing roadway grades, replace bridges or make roadway realignments. Cobb DOT has worked hard throughout the SPLOST program to minimize the impact of road closures by scheduling most closures during the summer school break when traffic is significantly lighter. Other efforts minimize construction time and coordinate roadway closures and detours occurring in the same areas of the county.

Click here to view a list of roadway projects that will require closure during the upcoming 2009 summer school break. As the closure nears, a specific detour map and time period will be made available at the DOT Web site under Road Reports. If you have any questions or concerns about these closures, please call DOT construction at 770-528-1653.

TRANSPORTATION MANAGEMENT CENTER

The design is complete for the Cobb County Transportation Management Center (TMC) in Marietta. The 24,000-square-foot facility will house the operations responsible for managing the county's Advanced Transportation Management System (ATMS).

The TMC features an Operations Room where images from 70 closed-circuit television cameras will be monitored for traffic surveillance on an 8 foot by 16 foot video wall. The functions of more than 500 traffic signals in the county's ATMS will be controlled from the TMC. In addition, four arterial dynamic message signs, displaying important information for motorists, will be controlled from this location as well as other dispatching services for roadway and traffic signal maintenance.

The TMC is designed according to Leadership in Energy and Environmental Design standards with Silver-Certification as a project goal and is funded by a federal grant and SPLOST funds. The project is registered with the United States Green Building Council. Construction is expected to start in May and be completed in spring 2010.

WINDY HILL ROAD/MACLAND ROAD CONNECTOR

The Windy Hill Road/Macland Road Connector is currently under construction and will provide a new four-lane roadway from the intersection of Macland Road and Powder Springs Road to the existing intersection at WindyHill Road and Austell Road. This roadway will significantly reduce travel times as well as congestion on Powder Springs Road and neighboring Callaway Road, Austell Road and Milford Church Road.

Phase I of this project includes the construction of a bridge where the new connector will pass under the existing Callaway Road near Jim Miller Park and construction of a new bridge and future roadway over Olley Creek. To build the Callaway bridge without closing Callaway Road, it was necessary to relocate the existing roadway in front of the park. Phase I construction, impacting the park and Callaway bridge, will be completed near the end of the summer, just before the next North Georgia State Fair. Phase II construction will begin this summer. Although work will continue on the Austell Road end of the project, new work will start between Powder Springs Road and Callaway Road.

CURRENTLY UNDER CONSTRUCTION

DOT has approximately 30 major projects in design and 60 projects planned to bid during 2009. Four projects under construction are highlighted below:

Stilesboro Road

Construction has been completed on Phase I of the project between the bridge over Allatoona Creek and Mars Hill Road/SR 176. This project added a five-lane section (two lanes in each direction with a continuous center turn-lane) to the existing three-lane Stilesboro Road.

Work is continuing on Phase II of the Stilesboro project. This phase is improving four consecutive intersections on Stilesboro Road at Old Stilesboro Road/Edgeboro Drive, Paul Samuel Road, Mack Dobbs Road/Tisbury Drive and Pine Mountain Road. The project will add left and right turn lanes and include the signalization of the Paul Samuel intersection. This should significantly reduce delays in this area during peak travel periods of the day. This segment of Stilesboro Road is anticipated to be completed in June.

Work is continuing on Phase III of the Stilesboro Road project. This phase will improve the existing two-lane Stilesboro Road to a four-lane section with a raised median (two lanes in each direction) from Kennesaw Due West Road to Barrett Parkway. This project is scheduled for completion in November.

Maxham Road

This project consists of widening Maxham Road from Old Alabama Road to Veterans Memorial Highway to include a raised median, widening the existing bridge over Buttermilk Creek and adding sidewalk along the west side of the roadway. This project, scheduled for completion in September, will significantly improve the safety and congestion issues experienced in this stretch of roadway.

Post Oak Tritt Road

This project consists of improvements to the horizontal and vertical alignments between Murdock Road and the Fulton County line. Curb/gutter and sidewalk will be added on the north side and the existing two bridges will be replaced. Last summer, the roadway was closed when the bridge near McPherson Road was replaced with a culvert. This summer, the roadway will be closed at the bridge west of Johnson Ferry Road as the bridge is replaced and the vertical grade is improved. This project is scheduled for completion in October.

Planning Updates

Bike Ped Plan Pushes towards Next Round of Public Meetings
Cobb DOT and its consultants are conducting ongoing data analysis for the Cobb Bicycle and Pedestrian Improvement Plan. Public feedback from the winter workshops and online survey is being developed into a set of preliminary recommendations. The next round of public meetings is scheduled for later this summer.

Austell Road Access Management Study

The Austell Road Access Management Study is underway and is progressing on schedule. Cobb DOT and its consultants are developing preliminary study recommendations based on field observations, data collection and public feedback. Public meetings held on Feb. 17 and April 16 gave area residents and business owners an opportunity to learn about the study and offer feedback.

Access Management methods are designed to improve the operational efficiency of roadways without adding lane capacity. This study distinguish between different levels of access control on the arterial network, while at the same time maintaining the predominant role of Austell Road to move traffic safely and efficiently through the corridor. The study also has potential benefits for pedestrians, bicyclists and transit users. Consideration of alternative travel modes and integration of solutions to address their needs are vital to the success of the Austell Road Access Management Study. The next public meeting will be held on June 30.

> http://dot.cobbcountyga.gov/AustellRoadLCI/index.htm

For more information about these planning studies, call Cobb DOT Planning Division at 770-528-1629 or email at planning@cobbcounty.org.

Projects on the Horizon

Austell Road Sidewalks

The Austell Road sidewalk project will start construction in May. This project will add five foot sidewalks to Austell Road on the east side of the roadway between Seayes Road and Anderson Mill Road. This project will be completed in late 2009 or early 2010. This addition will result in continuous sidewalk on the east side of Austell Road between Veterans Memorial Highway and the East-West Connector.

Hermi's Bridge

Hermi's Bridge is a one-of-a-kind steel truss bridge built in 1903. Due to its age and current condition, the bridge needs a major restoration to prolong its life.

Hermi's bridge was the original bridge on Paces Ferry Road over the Chattahoochee River until the new one was constructed in early 1972. Mrs. Hermione Alexander championed the effort to keep this bridge from being torn down and instead convert to its current use as a pedestrian bridge, parallel to the new bridge. When Alexander was killed by a drunk driver in 1984, the bridge was named for her at her husband Cecil Alexander's request. Today Cecil Alexander is championing the effort to rehabilitate this historic bridge.

This major renovation is being funded by a federal grant and SPLOST funds with assistance from the City of Atlanta and the PATH Foundation. Additional private donations have helped fund this project, including a donation from the Lovett School. Through this partnership, construction will include stripping the bridge of its current lead-based paint and repainting, replacing sections of worn out decking and railings as well as fortification of the existing piers.

Construction on this project is anticipated to begin in late May or early June and last approximately six months.

SR 176 (Lost Mountain Road/Mars Hill Road) Intersection Projects

The SPLOST program has funded a number of intersection improvement projects along SR 176. These projects include additional left and right turn lanes, improvement of sight distance at intersections and addition of center turn lanes where necessary. A portion of these projects include federal funding as well as SPLOST. These projects are anticipated to begin construction in late summer with expected completion within a year and include: SR 176/Lost Mountain Road at Corner Road, SR 176/Mars Hill Road at Hadaway Road and SR 176/Mars Hill Road at Mars Hill Church Road.

Hiram Lithia Springs Safety and Operational Improvements

Hiram-Lithia Springs is in need of significant safety and operational improvements throughout the length of the corridor (defined as Powder Springs-Dallas Road to Humphries Hill Road). A number of intersections were selected for improvement as part of the project after careful evaluation of the crash data found on this segment of roadway. Proposed intersection improvements at Sullivan Road, Garrett Springs Drive, Sweetsprings Drive, Lewis Road and other nearby intersections are anticipated to begin construction this fall with expected completion within a year.

Information relating to SPLOST transportation projects is updated regularly at cobbcip.org. If you have questions or comments regarding transportation projects, please contact Cobb DOT at cobbdot@cobbcounty.org or 770-528-1621. The next SPLOST transportation e-newsletter will be available in August with a look ahead to fall projects.

Cobb County Department of Transportation - Summer 2009 Road Closures

When the road closure is slated to occur, a specific detour map and time period will be made available at the Cobb DOT Web site cobbdot.org under Road Reports. If you have any questions or concerns about these closures, please call DOT construction at 770-528-1653.

Acworth Due West Road at McClure Road (just south of Cobb Parkway)
Constructing a hillcut on Acworth Due West Road will require closure of McClure Road, for approximately two months. This closure will occur during this summer.

Midway Road Bridge over Allatoona Creek (north of Dallas Highway)
While replacing the existing bridge, this roadway will be closed for the entire summer.

Cheatham Hill Road Bridge (between John Ward Road and Powder Springs Road)
The roadway at the bridge will be closed for the entire summer during bridge widening and rehabilitation.

Old 41 Bridge over CSX Railroad (between Stilesboro Road and Greers Chapel Road)
This roadway closure within Kennesaw Mountain Battlefield Park will begin mid-July and continue for approximately four months.

Holland Road (just north of Dallas Highway)
Hill cut will require two to three month closure this summer. This closure will occur just north of the intersection of Old Dallas Road.

North Church Lane over CSX Railroad (just south of Atlanta Road)
Bridge replacement will require closure for approximately five months starting on May 25 through the summer.

Hamby Road Bridge
The existing bridge will be replaced with a culvert and require closure for the entire summer.

Holly Springs Road at Sewell Mill Creek
Closure began in the spring and will extend through the summer. It will be coordinated with the road closure required by replacement of the nearby Sewell Mill Road over Sewell Mill Creek bridge.

Sewell Mill Road at Sewell Mill Creek
Closure of Sewell Mill Road at the bridge is anticipated after school starts back in the fall. Coordination will be required because of the closure of Holly Springs Road at the bridge over Sewell Creek.

Smyrna-Powder Springs Road/Benson Poole Road
Smyrna-Powder Springs Road will be closed during the entire summer while replacing the bridge over Favor Creek. In addition, the intersection re-alignment of Smyrna-Powder Springs Road at Benson Poole Road will require closure for several weeks this summer.

Floyd Rd at Clay Rd Project
Maran Lane closed for realignment at Clay Road this spring and summer (for approximately four months)

Flint Hill Road at Perkerson Mill Road
Project will be closed late spring and early summer to replace a culvert and raise the grade of the existing roadway over the culvert.

Smyrna Powder Springs Road (two closures)
The Favor Creek Bridge will be replaced with a culvert requiring a roadway closure at the bridge throughout the summer. Benson Poole Road will be closed just north of Smyrna Powder Springs Road for realignment with Smyrna Powder Springs Road. This closure will also be in effect for the entire summer.

Allgood Road
Allgood Road will be closed just east of Rockcrest Drive for the entire summer for major roadway improvements.

Post Oak Tritt Road
The Post Oak Tritt Road bridge over Piney Grove Creek (between Hembree Road and Johnson Ferry Road) will be closed for the entire summer to replace the existing bridge.

Jail Expansion

In the summer of 2007, county officials broke ground for the $110 million expansion of the Cobb County Adult Detention Center. The project continues on time and within budget. The new Visitor's Center opened to the public March 16 and has been well received. Work on the Administration Building has been completed and it will be occupied by the end of May. The Housing Tower is scheduled for completion in November. Renovation and expansion of the laundry area has been completed and renovation and expansion of the kitchen is underway. Final renovations are scheduled to be completed by December. When finished, the jail expansion will add more than 320,000 square feet and 1,152 beds to the facility, bringing its capacity to 3,077 prisoners.

New Courthouse

On May 14, Cobb dignitaries gathered to break ground for the new courthouse. SPLOST funds of $63 million will finance the project. In April, the Cobb Board of Commissioners approved adding approximately $8 million to the original $55 million budget to cover costs of an additional floor for future growth. This building will combine all of the county's court services on one campus and allow Juvenile Court to move to downtown Marietta. The new building will also provide state-of-the-art security and a larger jury assembly room. Turner Construction has begun work on the project and the courthouse should be open for business in spring 2011.

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The most common questions I am asked are: Is the market getting any better and is activity picking up?  The problem in providing an answer is that is really depends on the day you ask.  Over the last 6 - 9 months, there really has been any consistent trend in the market.  Some weeks see lots of activity and interest while others have no activity.  It has been this lack of consistency that has made this such a difficult market.

On the positive side, we have low interest rates, an $8000 federal tax credit for first time buyers, an $1800 Georgia state tax credit for all buyers and a buyer's market.  On the negative side, high unemployment, low consumer confidence and a credit crunch have kept buyers from jumping back into the market.

To get a clear picture of the Cherokee market, I have broken down the sales trends for 2006 through April 2009.  The chart below for Cherokee County includes the cities of Woodstock,  Canton, Ball Ground, Holly Springs and Waleska.

 

EXPLANATION OF CHART

This chart shows the number of homes sold in 2006, 2007, 2008 and 2009 (thru April).  2007 and 2008 are also broken down into Jan-July an Aug-Dec time frames.  The last column represent the the number of currently active listings and their average asking price.  The actual data for each bar and line is shown at the bottom of the chart.

ANALYSIS

Units Sold

2006 saw 2967 homes sold with that number increasing to 3550 in 2007.  We know that that market slowdown began in summer of 2007.  This is clear by looking at the breakdown of 2007 sales: 2312 units from Jan-July and 1238 units from Aug-Dec.  Total units sold in 2008 declined to 2389 with the second half of the year seeing only 869 homes sold.  Thru April 30, 2009, only 595 homes have sold so far.  If we extrapolate this for the entire year, 2009 will see approximately 1800 homes sold.  This is 25% less homes sold than 2008 and about 50% less than the peak homes sold in 2007.

There are currently 2726 homes on the market.  Using a total absorption of 1800 homes for the year translates into Cherokee County having 18.3 months of inventory.  A balanced market is typically in the 7-9 month range of inventory.

Average Sales Price and Average List Price

In 2006, the average sold price was $250,000.  This increased slightly to $253,000 in 2007, an increase of just  1.2%.  The average sold price peaked in the first half of 2007 at $256,000. By 2008, the average sold price was down to $232,000.  For the first four months of 2009, the average sold price has fallen to $219,000.

The average list price in 2006 was $255,000.  The difference between the average list and average sold in 2006 was 2.0%.  By 2007, the gap between list and sold price increased to 3.2%.  In 2008, the gap had further increased to 5.2%.  For the first four months of 2009, the gap reached 6.8%.

The continued growth in the gap between list and sold prices clearly shows that while the number of homes sold has slowed dramatically, the pressure on price has increased.  Even though the average list price is down considerably from the high points in the market, sellers are going to have to price their homes attractively in order to capture the lower number of buyers.

Average Days on Market

This data is not shown on the chart but in the table below:

2006: 77

Jan - Jul 2007: 83
Aug-Dec 2007: 88
2007: 85

Jan-Jul 2008: 102
Aug-Dec 2008: 92
2008: 98

2009: 84

As we can see, the average days on market has increased from to 77 to a current 84 days which is less than 2008's average of 98 days.

Please feel free to contact me with questions about your specific market or community.  You can request a FREE home market analysis here.

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