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New Listing! September 25, 2011
The new addition to my family: Meet Winston. September 6, 2011
Winston was adopted about a month ago from Shelter Angels Pit Bull Rescue. They work closely with the Dekalb County Animal Services, who have about 400 dogs available for adoption on any given day. The shelter is located in Decatur Georgia, just outside of Atlanta. I highly encourage anyone entertaining the idea of a new pet to first seriously consider a rescue!
Nerdy News Alert . . . . August 4, 2011
Nerdy News Alert… Guess what guys?? You can now search all available properties that are listed in the Savvannah Multi List right here from the Savvy in Savannah Blog.
Just click on the link here or go the tab up top that says “search for property”.
Then call me when you find a few you like and we can take a look.. I’m always available if you have questions too!
Here is a preview of what it looks like… happy property searching!
Under Contract – Super Cute Home!! August 4, 2011
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Big News, New Home for Me! August 4, 2011
That’s right, big news! I just got a new home, well a work-home anyway. I am very excited to announce my move to Century 21 Fox Properties! My new brokers are Kimberly Fox and Danny McIntosh and I couldn’t be happier to join the ‘fox-den’. I made my move for a few reasons. I live here in Thunderbolt and I feel like it slips under the radar in many ways… so how better to be an ambassador for the community I live in, than to work there too? I can ride my bike to work now which is awesome!
My contact information is updated up top under the “contact” tab.
No Need To Break The Bank! October 8, 2010
Just a quick note to remind you that with your good credit you can land an interest rate around 3.9% for a 30 year mortgage and as low as 3.5% on a 15 year loan. That’s crazy good!! Kind of makes you realize how affordable purchasing a home is right now… most people’s credit cards are higher than that!
So you might be able to hold off on smashing that piggy bank after all….
Under Contract!! August 31, 2010
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Not your average log cabin…. June 27, 2010
I found this article about a hunting cabin renovated into this adorable shabby-chic cottage. An honest to goodness little Victorian Gingerbread House in the Catskill Mountains. SHE did it all by herself, and for $3k. I love real estate outside of the box!
Neat story I just had to share!
Everybody loves Ardsley Park… and here is why: June 14, 2010
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Makin’ Moves June 14, 2010
I love Jessica!
She was such a wonderful client and we sold her house on Friday! A little team work, a lot of trust, and this girl is makin’ moves! Thank you Jess, for being so awesome.
I wouldn’t be here without people like you.
Welcome to the Neighborhood! June 14, 2010
My Karma is kicking!! I have lucked out with some really great clients lately!
Congratulations to The Szymanski Family! We closed on a lovely home in Pooler near the new K-8 Charter school at Godley Station on Friday. They bought in a amenity packed community with a 65 acre lake, nature paths, 3 swimming pools with splash zone. I wish them many happy years in their new home.
Military personnel still eligble for $8,000 First Time Buyer Credit May 20, 2010
I am shocked at how many people still don’t even know about the first time buyer credit (read about it here). What’s more, qualifying military personnel still have until 2011 to take advantage!
Here is what you need to know:
- you must have served outside the United States for at least 90 days between the dates of December 31, 2008 and May 1, 2010
- you must be a member of the uniformed service, Foreign Service, or intelligence community and their spouses
- you must be under contract by April 30, 2011
- you must close no later than June 30, 2011
I am a Cartus Network Affinity Specialist and I can help you make Savannah your home!
Click here to get in touch.
Chic condo in the heart of Savannah’s Historic District May 10, 2010
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Great price in Exclusive Southbridge neighborhood! May 10, 2010
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Award Winning Agent!! April 27, 2010
I have been inducted into the Circle of Excellence with my brokerage! This award is given to recognize well-rounded agents, whose performance is measured in top production, participation and company support.
I have also been awarded the first IT award. This award is given to the agent within the company who excels in innovative technology, exceptional web savviness, and applies computer based creativity to their business.
Coldwell Banker Mortgage recognized me for placing third in most closed mortgages.
Quick Tip: Have you short-sold your home?? April 12, 2010
If your mortgage debt is partly or entirely forgiven during tax years 2007 to 2012, you may be able to claim special tax relief and exclude the debt-forgiveness income.
Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude debt forgiven on your principal residence.
Speak with your tax professional to find out if you qualify.
Open House Today! 1-3 PM Come See Me! March 28, 2010
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More Happy Home Buyers…. March 27, 2010
Clint & Sarah Jones were so much fun to work with. I sold them a property in Cumberland Point that is absolutely stunning. They got lots of upgrades and will qualify for the first time home-buyer credit. Congratulations guys!
New Listing: 97 Dailey Drive in South Effingham School District March 23, 2010
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Don’t worry about USDA running out of money! March 15, 2010
Awhile back I blogged about the USDA loan program. Read about it here
. It’s big business in my local area and has helped tons and tons of people purchase homes that may not have been able to before. In short, the USDA loan is designed to be 100% financing and is in place to stimulate growth and development in “rural areas”.
Unfortunately, USDA is expecting the fiscal year of 2010 funding to be depleted by the end of April. Therefore, many lenders have stopped registering any new USDA applications as of last Friday. I would venture to say that there may be a correlation for the depletion of USDA funds and the mad dash for first time home buyers to take advantage of the $8,000 first time buyer credit.
On the flip side of that coin, applicants in need of 100% financing still have options. For instance, in lieu of the USDA loan, a borrower can seek out the Georgia Dream loan program. Georgia Dream has specifications and limitations, just like any other loan would. It is designed for first time home buyers needing down payment and closing cost assistance. There is a minimum credit score required and a maximum occupant number per household. Read about it here.
Need help finding a home? Have questions about loans, lenders or a property? Give me a call!
Marvin’s First Home! March 15, 2010
Congratulations to Marvin Phidd. We found a great little historic property downtown, that was built in the late 1800′s. I was able to negotiate lots of upgrades and updates, so Marvin got everything he wanted. He really lucked out! Marvin utilized a loan program called Dream Maker, which is sponsored by the City of Savannah. Marvin had his entire down payment paid by Dream Maker and I got the seller to pay all of his closing costs.
Spring is almost sprung February 26, 2010
I love home grown herbs & veggies, and I have been day dreaming and doodling the designs of my new garden beds. I think it’s important to remember that no matter where you live, in a condo, a subdivision or out in the quiet countryside you can grow your own organic garden. It’s a great feeling knowing where your food is coming from and that you actually grew it! Then of course there is the added bonus of the beauty and fragrance. I think this year I am going to work on raised beds, and beautiful bushy herbs in the front of my house. 
I am inspired by the tremendous talent of a guy who is known as Farmer D.
I have heard him give talks about sustainable and organic gardening a few times and he comes with his own line of products. It’s a beautiful thing he has going. Read about Farmer D here. I love the idea of supporting local business, tuning my botanical knowledge, and making healthy choices that are sustainable for the earth and for me.
I am ready for some nice warm weather so I can get my hands dirty.
12300 Apache Avenue #211 Reduced! $98,900 — SOLD February 11, 2010
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Fannie Mae & Buyer Incentives?! February 2, 2010
Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on HomePath.com that are closed within this period may receive up to 3.5% of the final sales price for:
· Closing costs;
· The purchase of new Whirlpool appliances by Fannie Mae; or
· A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.
To be eligible for this incentive:
· Offers must be accepted on or after January 28, 2010;
· Property sales must close before May 1, 2010, and;
· Buyers must be owner-occupants (investors are excluded).
Looks like they need a little help selling off all those foreclosed homes…either way, a potential win-win for buyers.
Palm Key January 24, 2010
I feel I have been a little quiet lately, but there is a reason. I have been hard at work behind the scenes, helping to bring a new project to light. I was introduced to an amazing place, a real jewel of the earth and I am so fortunate to be part of it.
Palm Key is located in Ridgeland South Carolina…. which doesn’t necessarily sound exciting, but it might just change your life. I am in the process of creating a new website with loads of information.
Here is a taste of what’s to come….click me.
New Home for the Holidays! December 21, 2009
Congratulations to John & Becca (not pictured). They just bought a great home in Wilmington Park today. Welcome to beautiful Savannah Georgia!
Another Happy Homebuyer!! November 23, 2009
Congratulations to Edward & Felicity Boughner, proud new homeowners! They built a lovely 3 bedroom 2.5 bathroom home, with an expansive rec-room. They chose a new development, in a top notch school district, with a large lot. There home has a beautiful granite fireplace, wood floors, stainless steel appliances… and they even got money back at closing! We got all of their closing costs paid for, they paid no money down and they are taking advantage of the first time home buyer tax credit. What a deal! Edward is overseas serving our country, but he has a beautiful home waiting for him when he gets back. 
Want to know how and where? Give me a call.
Tax Credit Extended! Bigger & Better and you don’t have to be a first time buyer… November 8, 2009
The House of Representatives passed legislation Thursday that would extend and expand the tax credit for first-time home buyers.
The provision was included in a bill that also extends unemployment benefits by an additional 14 to 20 weeks and lets all companies, not just small businesses, carry back current losses to offset profits made as long as five years ago. The bill passed the House on a 403-12 vote. The Senate passed the legislation 98-0 Wednesday, and President Barack Obama is expected to sign it into law Friday.
The $8,000 first-time home buyer tax credit, which helped home sales rebound this year, was scheduled to expire Nov. 30. The legislation extends it to homes that are under contract by April 30, 2010, and creates a new $6,500 tax credit for owners of existing homes who buy a new principal residence. To take advantage of this credit, buyers must have lived in their old house for at least five of the past eight years.
The legislation also increases the income eligibility limits for the tax credit from $75,000 to $125,000 for individuals, and from $150,000 to $225,000 for joint filers. The cost of the home cannot exceed $800,000.
More than 1.4 million households have benefited from the current tax credit, “the majority of whom have incomes below $50,000,” said Rep. John Lewis, D-Ga.
“This legislation would help even more moderate-income families fulfill the American dream,” he said.
Sen. Johnny Isakson, R-Ga., pushed the Senate to expand the tax credit to “move-up” home buyers. He said this is the last time the tax credit will be extended.
“I urge all Americans, whether they’re first-time buyers who’ve always dreamed of buying a home of their own or someone who’s been gridlocked in the failure of our move-up market, to take advantage of this opportunity,” said Isakson, a former Realtor.
The National Association of Home Builders predicts the extended and expanded tax credit will generate 180,000 additional home sales.
“Today’s action by Congress will further stabilize housing and the economy by creating new jobs, stimulating home sales, reducing foreclosures, cutting excess inventories and stabilizing home prices,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.
The National Association of Manufacturers praised Congress for expanding the net operating loss (NOL) carry-back provision to all businesses. Businesses normally can use current losses to offset taxes paid in the previous two years, enabling them to get a tax refund. The economic stimulus bill enacted in February allowed businesses with annual revenue of under $15 million to carry back losses for five years. The new law allows larger businesses to get this break as well.
“This provision is urgently needed,” said Monica McGuire, NAM’s senior policy director for taxation. “More than 20 percent of small and medium-sized NAM members reported NOLs in 2008, and we expect that number to double for 2009. This relief will give manufacturers the ability to transform a future tax benefit to cash today and stem the flow of mounting job losses.”
Here is a link to a chart that summarizes the details….
TIme is Running Out! October 28, 2009
I wrote a blog awhile back that detailed the First time buyer tax credit, and I just wanted to let everyone know that time is running out. As of today you have exactly 33 days to get your financing in place, find a home, and close on it.
If you are, or know any first time buyers in the Savannah area, please give me a call. There is still time to take advantage of what really is a buyers market. When have interest rates been this low? When has the government offered you thousands of dollars back at tax time to make a purchase you were already going to make? The answer is NOW!!! Did you know that you can own a home for less than you pay in rent? Did you know, most people begin to build long term wealth through home-ownership?
You have to act now to take advantage. Don’t kick yourself in December because you didn’t act on this opportunity!
Another Happy Client! October 23, 2009
Congratulations Kay Patrick. I sold her perfect brick home to a military couple. We closed today… Another happy client!
News Place Condo’s to be Auctioned October 19, 2009
The News Place River Homes condo development will be going to auction on Thursday October 29, 2009.
The historic Savannah Morning News building was converted into luxury condo’s and completed less than a year ago. From then to now, only 4 units have sold in the building. Asking prices started at about $440 per square foot and decreased some over the past year, with current asking prices ranging from $300,000 to $1.25 million.
However, downtown condo prices have been averaging about $270k since August, creating a stale mate at News Place. I think it’s incredibly unfortunate that what was to be the most anticipated downtown conversion has essentially just flopped. But not for lack of trying. The condo’s themselves are stunning. Each unit is a little different from the next. The condos drip with luxury; hardwood, stainless gourmet chef’s kitchen, granite– everything that you might expect to find in a luxury home mid-city.
My heart goes out to Cathy Dunn. But according to her, this is not a distressed sale! Instead, ‘“this is just an alternate way to speed up the sales.” Similar auctions in the area have proved to be a buyer’s delight. According to Chatham County property records, the Villages at Tybee townhomes, originally priced in the same $800,000 range as the News Place condos, recently went for as little as $280,000 in an auction.
Want more information?
Absolute Auction
16 Belfair Drive ~ REDUCED October 13, 2009
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275 Barrister Circle Guyton Georgia October 12, 2009
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Another Happy Buyer!! October 7, 2009
Congratulations Dalphine!
We just closed on a beautiful 5 bedroom brick home.
Charter School Location Announced. September 28, 2009
The West Chatham Charter school site has been chosen over much deliberation. JC Wardlaw donated the land that the school is being built on. It is located on Benton Boulevard just between Jimmy Deloach and the Highlands. As far as I know, students will be selected through a lottery. In the meantime, I would venture to say that the neighborhoods around the school, in the Highlands, Spring Lakes and in Pooler are going to be selling more. Who wouldn’t want to live steps away from such a prestigious academic opportunity?
It would be a great time to buy out there. Values and home prices will go up after the school is completed. If you are interested in buying in the Pooler area, I would love to discuss it with you!
Photos of progress coming soon!
Chatham County Charter School (almost) Announced! September 23, 2009
We are one step closer to learning where the West Chatham Charter School will be located.
The contending locations are in Godley Station or on Technology Drive in Pooler.
Homebuilder, Fred Williams graciously offered to donate land at the backside of a subdivision in Port Wentworth. However, there is no access road from there to Pooler and the city council (foolishly IMHO), denied a request to build one.
I will follow up here later this week, as soon as the final location is announced. Parents will meet tonight with planning leaders to discuss the school and it’s proposed location.
Sold! September 22, 2009
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Mitsubishi Plant, this Realtor loves you! September 22, 2009
Big news this week. Governor Sonny Perdue, along with MPSA Senior Vice President Dave Walsh, announced yesterday that Mitsubishi will begin construction on 119 acres of the mega site, in 2009. This is great news for our local economy. Mitsubishi will begin hiring in 2010, and is expecting to fill 500 positions.
Mitsubishi will produce advanced steam and gas turbines on the site, and will also service turbines and related components for power generation. The Pooler plant, which will be constructed in three phases, will serve the company’s customers in North and South America.
In Phase Two, Mitsubishi will build service capabilities to support turbine rotor, rotor balancing, valve and other large component repairs and upgrades for gas and steam turbines.
During the third and final phase, the company will manufacture and assemble the next generation of high-efficiency, low-emission gas turbines.
2009 Jazz Festival September 21, 2009
It’s that time again. We are celebrating the 28th Jazz Festival this week around Savannah. The festival kicked off yesterday at Blowin’ Smoke BBQ and will continue through Sunday September 27, 2009.
Tonight a film will be presented at Blowin’ Smoke that details the story of Nica Rothschild’s discovery of Jazz music and her friendship with Thelonius Monk.
The Line Up
Ben Tucker & Mose Allison
Eric Culberson
Grace Kelly
Howard Paul
International Groove Conspiracy
The Fly Cats
Groove 8
Friday night is the big Jazz in the Park, presented at Forsyth park. Get there early, bring a picnic, and listen to the cool sounds floating in the cool breeze.
The what’s & where’s of the 28th Savannah Jazz Festival Here….
Bonus Time September 17, 2009
I have had some serious reductions on my listings this week! Over $89,000!
100 Stephens Drive ( a beautiful brick, 4 bedroom/3 bath with bonus home theater) was $335,000 is NOW $299,900.
81 Cooper’s Lane (an elegant combination brick with 4 bedrooms/3 baths + over sized bonus) was $260,000 Now $240,000!
11409 Colleen Drive ( a mid century modern brick ranch w 3 or 4 bedrooms) was $157,100 is NOW $149,000.
275 Barrister Circle ( a sweet low country home on 1/2 acre 4/2.5) started at $149,000 and is NOW $144,000.
1834 Hale Street (a renovated Gordonston area bungalow) was $161,000 and is now $130,000!
So, for anyone who brings me a contract on any of my listings from today through October 31 (Realtor or not)… I will give you your choice of :
1. A dinner for two at the restaurant of your choice ( Ruth’s Chris, Local 11Ten, Garibaldi, etc)
2. A couple’s massage at Vanilla Day Spa (or comparable service of your choosing)
3. An American Express Gift Card
My seller’s are all very serious and anxious to sell. Help me help them!
Email me or Call anytime!
The Landings September 10, 2009
The Landings is an exclusive, gated community with it’s own zip code!. Set against the background of coastal Georgia (Skidaway Island) with 6 golf courses throughout ( designed by Arnold Palmer, Tom Fazio, Arthur Hills, and Willard Byrd) , this is a lifestyle community to say the least. The amenities include 2 marinas, 3 tennis facilities, fitness center, 4 swimming pools, 40 miles walking/biking trails, dog park and fine dining. Home prices start in the 300′s, and lots are still available.
Short Sale 101 August 30, 2009
What exactly is a short sale in real estate?
A short sale occurs when the seller owes more on the property than it is worth, does not have the means to pay the difference, and the bank agrees to accept LESS than a full payoff for the amount owed. In such cases, the seller must demonstrate a genuine financial hardship.
Banks lose LESS money on short sales than they lose on foreclosures. Therefore, they have a logical reason to accept a short sale, especially if the sale price is close to the current market value of the property, and it appears that a foreclosure may be likely. The amount owed is not the determining factor. What is important? The fact that the property is worth less than what is owed, and that the seller has a GENUINE FINANCIAL HARDSHIP. These are the two qualifications that are necessary. The fact that the property is worth less than what is owed does not automatically qualify the owner for a short sale by itself.
DO YOU QUALIFY?
Some financial hardship examples include: loss of job, business failure, damage to the property, death of a spouse, death of family members, severe illness, inheritance (when the property is inherited with a mortgage the heirs cannot pay), divorce, mandatory job relocation, medical bills, military service, payment increase, insurance or tax increase, reduced income, separation, too much debt, incarceration.
Sellers do not have to pay the Realtor’s commission or closing costs in a short sale. These funds come from the sale of the property, and this is made possible by the fact that the lender is taking less than what is owed.
Sellers are NOT ALLOWED to receive any funds from the sale of the property. After all, the lender is agreeing to take less than what is owed by the borrower. This often amounts to losses of 100′s of thousands of dollars on a single mortgage. Weigh the cost of the seller renting a moving truck against the repayment of the mortgage balance and it will quickly become evident who is benefiting the most from a successful short sale – the seller!
If you are considering a short sale as a seller or buyer, please contact me so that we can discuss your unique situation.
912.224.0460
The Historic Landmark District August 27, 2009
The original city plan was developed by General Oglethorpe. Oglethorpe’s plan consisted of 6 original wards; with a public square at the center of each– and eventually grew to 24 squares. The Historic District is bounded by the Savannah River on the North, Gaston on the South, and East Broad and MLK on sides. The architecture in this area ranges from brick row houses, high style Regency designs, Gothic, Queen Anne, & Greek Revivals. Many of these dwellings have been preserved or restored and command a much higher price tag.
The home in the picture has 3 kitchens, 5 bedrooms, and can function as a very large home, or 3 separate residences. The best part– it’s under $850,000!
The Victorian District August 27, 2009
The Victorian District
Is an area developed from 1870 to 1910. In 1869 a streetcar system was installed. The boundaries are roughly East Broad on the East, MLK on the West, Anderson Lane on the South and Gwinett St. on the North. It is here where we start to notice the lack of parks or square between the grids, and have the patch of grass between street and sidewalk, and small gardens in front of the homes. The homes here are beautifully embellished with ornate details. Sadly, with the mass production of the automobile, also cam a depression in the area as residents were able to drive out to suburban areas. However, active revitalization is underway. Prices in the area vary.
Coldwell Banker Platinum Partners Commercial is Top Ranked in Nation August 27, 2009
Coldwell Banker Commercial Platinum Partners ranked first of 13 Coldwell Banker Commercial offices in Georgia and 28th of 254 Coldwell Banker Commercial offices nationally.
“We are very honored for the recognition as a top office, especially with the challenges that the current market poses. This ranking exemplifies our dedication to the foremost tools, trainings, and technologies which help our clients in the Commercial sector,” said Jeff Farmer, Commercial Director of Coldwell Banker Platinum Partners.
Coldwell Banker Commercial Platinum Partners is a sister company to Coldwell Banker Platinum Partners. It is a full service commercial real estate company with local coverage spanning from Beaufort, S.C., through the greater Savannah area to St. Simons Island.
For more information call 912. 224.0460
Happy Birthday Leopold’s! August 20, 2009
Unless you have been living under a rock in the city limits of Savannah Georgia, you know who and what Leopold’s is. For those of you new-comer’s, let me explain..
In 1919, Peter, George & Basil Leopold set up shop as an ice cream shop downtown at the corner of Gwinett and Habersham. It was here that Peter refined his knowledge of ice cream making, to the delight of any American. The ice cream shop was in full swing for about 50 years, with regulars such as the famed Johnny Mercer! The centennial of Mercer’s birth is being celebrated in Savannah this year, and Leopold’s has developed a special flavor of ice cream, Huckleberry Cheesecake, in his honor.
Stratton Leopold took the helm when his father and one of his uncles passed away. Savannah saw a dark day, when Stratton closed Leopold’s to pursue his dream as a movie producer in Los Angeles. After some time, Stratton was taking up residence in both cities. It was then that locals saw the opportunity to shamelessly beg for Stratton to re open the beloved ice cream shop.
And so, he did. In 2004 Leopold’s was back in business at a new location, 212 E. Broughton Street! The new store was designed by Academy Award-nominated designer Dan Lomino, who incorporated many original fixtures, including the soda fountain, at the new location.
This weekend is the Celebration! There will be specials, including 90 cent ice cream and sodas, that will be available Saturday from 11-11. There will be birthday cake at 3:30, and live music,and dancing.
Be there, or be square!
Ardsley Park August 19, 2009
Ardsley Park & Chatham Crescent is one of the most sought after neighborhoods in Savannah. It’s home to an eclectic blend of people and architectural styles. Ardsley Park is located in Midtown Savannah and is close to shopping, restaurants, hospitals and anything else you can think of.
Ardsley Park was developed starting in 1910 alongside the Chatham Crescent area, an adjacent planned community. The homes here are as varied as the residents who inhabit them. There are many textbook renderings of homes popular in the twentieth century on through the spectrum of local interpretation.
There are lots of green parks, some with playgrounds, that are loved by the residents. Home prices in the area have a huge range from the upper 100′s to just under a million dollars.
Areas of similar interest include: Parkside, Baldwin Park, Lamara
Gordonston August 19, 2009
Gordonston is the newest neighborhood in Savannah to be named to the National Register of Historic Places. As you may or may not know, Gordonston was named for the noted family that developed it, The Gordon Family. The most famous member of the family, Juliette Gordon Low, was the founder of The Girl Scouts. At the time it was developed, it was accessible by the street car line which ran on Kinzie Avenue toward Thunderbolt. Homes here include a variety of architecture including stunning examples of Neo-Classical, Colonial Revival, and my favorite, Arts and Crafts. Gordonston is roughly bounded by Gwinett Street on the North, Skidaway on the South, Goebel Avenue on the West, and Pennsylvania on the East.
The area is sweet as can be, and tends to slip under the radar for many buyers. It is full of charm and in a convenient location.
Loggerhead Turtles have Hatched! August 15, 2009
The second reported nest of Loggerhead Turtles hatched on Tybee Island late Thursday night. By Friday morning, 99 baby loggerheads made their way down the beach and into the ocean. Some of them needed a little help, but they all made it.
Logger head nests are down this year from last year, a common trend here in Georgia and throughout the Nation. Last year in Georgia, there were 1,646 nests identified, down to only 938 this year. Of those numbers, Tybee Island had six of those nests in 2008, versus only two so far this year.
First Time Buyer Tax Credit: Advance Topic “Monetization” August 14, 2009
I’m sure by now, everyone has heard about the Federal First Time Buyer Tax Credit. You know, the free $8,000 you can get back at tax time if you purchase a home as a first time buyer? There are a few other pieces of information that are worth a mention. But first, let me recap the basics of the Federal First Time Buyer Tax Credit, aka American Recovery and Reinvestment Act of 2009:
- The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
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The tax credit does not have to be repaid.
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The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
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The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
So now that we’ve gone through the refresher, let’s talk about some “advanced” topics regarding the credit. Have you heard of monetization? In relation to the credit, it’s the idea that we can turn the credit into actual cash money. An advance on the anticipated credit. On Friday, May 29, HUD issued Mortgagee Letter 2009-15, which outlines the requirements that must be met in order to monetize the first-time home buyer tax credit.
The tax credit can be monetized in two ways:
- Qualified individuals (Government) may advance the anticipated credit by creating a second lien (a second “loan” against the property to be purchased).
- FHA-approved lenders may purchase the anticipated tax credit from a home buyer.
SO LONG AS,
- The borrower does NOT get cash back
- The second lien cannot be greater than the sum of the down payment, closing costs, and prepaid expenses.
- Payments to repay the advance do not have to be counted in the home buyer’s qualifying ratios as long as the payment is deferred at least 36 months from closing.
Which means you will be able to use the advance to pay closing costs or other expenses, like escrows.
The Downside
The FHA’s required 3.5 percent minimum down payment must still come from the home buyer’s own funds and cannot include any of the money from advancing the credit. Which means you have to get together your own cash for a down payment when using an FHA loan. The only way to get around it is getting a “gift”. That’s a whole other topic, though. 
So as always, I encourage you as a home buyer, to do your homework. Get with a lender and a Realtor. Realize that some people may tell you no along the way, but if you don’t A-S-K, you don’t G-E-T.
Good Luck!
The USDA Loan Program August 13, 2009
The first time I heard someone mention a USDA loan, it threw me for a loop. I thought about it for a second, and the only inference I could make is that the USDA is the government regulatory agency for farmers. So, I assumed it was a loan program just for farmers and acreage. I was wrong. Actually, the USDA loan program is one designed to stimulate the development in “rural” areas, but it’s open to anyone who wants to buy a single family home.
By definition, the USDA loan is a government insured loan program that is designed to make qualifying areas more affordable. In relation to Savannah, anything in Chatham or Effingham County, so long as it’s West of I-95, qualifies. Stop and think about that folks. That means that a huge chunk of Pooler qualifies, as well as Port Wentworth, Rincon, Guyton, and Springfield. Now that you know where you can get this loan, let’s look at some other qualifications.
- The USDA loan is considered “100% financing“, which means you don’t have to put any money down. This has the potential to be great! In many cases, you can buy a home for less than what you pay in rent.
- There is no mortgage insurance premium, like there would be with an FHA loan. ( This is money that is paid into escrow to insure your lender against loss or default on your loan).
- There is no maximum loan amount. As long as your income and credit can support it, there is no cap on the amount of your loan.
- Think your credit score is in the can and you can’t qualify? All you need is a credit score of 580 to qualify.
- ALL USDA loans are 30 year FIXED at whatever the current market rate is. Today is 5.26% for example.
- You can purchase re-sell or new construction properties.
- You may even get approved with Chapter 7 bankruptcy!
There are some downsides to the program:
- There are income limitations. These limitations are based on your income, and number of people in the household.
- Also, I think it’s wise to plan to stay in your home a minimum of 3-5 years. At that point, you may have enough equity in the home to move up.
Not to worry though. It’s a great opportunity for many people to purchase a home that aren’t cash friendly. Despite what the media reports, real estate is still a very sound investment, as long as you go about it the right way. Be responsible. Do some investigating. Speak to lenders and get the help of a Realtor!
http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do
11409 Colleen Drive ~ SOLD 10/23/09 August 13, 2009
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SOLD August 13, 2009
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124 Willow Drive August 13, 2009
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100 Stephens Drive August 13, 2009
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81 Cooper’s Lane — Sold !! August 13, 2009
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Hello world! August 12, 2009
Allow me to introduce myself.
My name is Erin Rowley. I am a realtor with Coldwell Banker Platinum Partners in Savannah, Georgia, and I think it’s high time I started a blog! Bear with me, as this in itself is a learning experience… So here goes!
I am a licensed Georgia Realtor, who specializes in working with first time buyers, relocation, military, short sales, vacation homes & new construction. I grew up in Savannah and know the in’s and out’s of the coastal area. It’s my mission to make you fall in with my city, and to share my experiences in real estate, life, and Savannah from day to day.
Feel free to browse through my other website. Share your thoughts, I don’t bite!
