The citizen-to-legislator contact effort marks the next phase of New Jersey Home Sales Tax campaign, which is gaining momentum and catching the attention of New Jerseyans.

“We’re getting a very strong response,” said Jarrod C. Grasso, vice president of government affairs for the New Jersey Association of REALTORS®. “There’s a sense of momentum propelling our effort as a result of individual homeowners and future homebuyers signing our online petition and contacting their legislators.”

Legislation being considered by the state Legislature would permit New Jersey towns to impose a tax on the sale of homes and other real property. This local Home Sales Tax would be in addition to the state Home Sales Tax (officially called the Realty Transfer Fee) already in place.

New Jersey citizens can now use njhometax.com to easily send a letter to their state legislators asking them to oppose a new local Home Sales Tax. The Web site provides a pre-written message that allows visitors to add their own comments. Citizens sending a letter through the Web site will need to submit their name, address and e-mail address. The letter will be sent to the appropriate state legislators based on the zip code provided.

The letter writing effort is part of a campaign to inform and engage homeowners about the local Home Sales Tax proposal. In recent weeks the campaign has reached out to homeowners through its Web site and newspaper, radio and Internet advertising.

The current Home Sales Tax due on a home sold for $376,500 – the median price of an existing home in New Jersey – is $2,989. With the extra local Home Sales Tax, the entire Home Sales Tax bill due by a home seller would increase 13%. The extra local tax will push the total Home Sales Tax bill up 103% since 2003.

“For people selling their home, money that would otherwise go toward a new home purchase or improvements would instead go toward paying this new tax,” said Grasso. “Homeowners are concerned about this tax and want to protect their home and equity.”

“New Jersey homeowners have access to useful information and resources through the njhometax.com website, including a Home Sales Tax calculator,” continued Grasso. “Now homeowners can use the website to voice their concerns to state legislators about this proposed new tax, which will cost homeowners hundreds of dollars out of their home’s equity.”

The campaign is funded by the New Jersey Association of REALTORS® Issues Mobilization Political Action Committee. New Jersey-based Novita Issue Communications is the media consultant for the campaign.

The New Jersey Association of REALTORS® is a non-profit organization serving the professional needs of more than 55,000 REALTOR® and REALTOR-ASSOCIATE® members in the state. 2007 marks the association’s 90th anniversary year. REALTOR® is a registered collective membership mark which may be used only by real estate professionals who subscribe to the REALTOR® organization’s strict Code of Ethics and are members of the national, state and local REALTOR® organizations. For more information, please visit www.njar.com.

For more information, visit www.njhometax.com.

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The problem is that for most consumers these windows of opportunity are easy to see historically but are often missed as they occur. People who make money in real estate do not just buy low – they buy the right property at the right price and in the right location for their specific needs.

Nationally, many pundits are saying that next spring is probably the right time to buy – and that is true in many parts of the country. The facts tell us that right now is the right time to buy the right real estate in Atlanta. There is an abundance of inventory, sellers are motivated, mortgage rates are low and long-term trends for future values are excellent.

National Market:

First let’s review the national market. We hear all over the media terms like “real estate recession” and “real estate bubble.” Yes, that does get attention – which sells advertising. That is how the media makes money. So let’s review some of the facts that will help you make money!

CNN Money reported on September 25th that “Home Sales Dropped For The 6th Consecutive Month To The Lowest Levels In 5 Years.” And that is true. However, the national market is largely the story of 7 states. California, Nevada, Arizona and Florida had huge run-ups in prices driven by speculators and flippers.

Those markets are now correcting as they should. Midwestern states like Michigan, Ohio and Indiana are suffering from population trends moving in the wrong direction.

Foreclosures have been increasing as adjustable mortgages and other “exotic loans” reset to higher payments. In October, we will see a peak in ARM adjustments for 2007. Another significant adjustment will occur in March of 2008. The result will be several million homeowners with substantially higher monthly payments. That means more foreclosures are likely ahead. The sub-prime crisis and some questionable lending practices have led to a serious restructuring of the mortgage industry. Fifty mortgage lenders have already closed their doors. This led to the recent Fed actions including pumping $38 billion of liquidity into the market, lowering the Fed funds rate twice by a half point, pushing legislation to allow the FHA to underwrite more mortgages and for more disclosure in the mortgage process.

More foreclosures will create more supply and even better opportunities for buyers. Caution: Buying foreclosures is much more complicated than most realize. Prudential Georgia Realty has agents that specialize in this market segment.

New home construction is challenged. Builders were over-building in many markets and are now stuck with significant inventories. This is especially the case in the western states and Florida. Many of the large public companies in this segment are seeing their stocks tumble and shareholder lawsuits are growing. Homebuilders have stopped building spec homes in most markets until they finish moving their inventory. New homes supply is significantly dropping which means that the current overall supply will be absorbed faster than normal. That means that this buyers market will not last.

Atlanta Market:

So what does all this mean to Atlanta? Atlanta did not experience a big run-up in prices and has great prospects for the long-term trends that will positively affect home values. In the first half of 2007, the Atlanta real estate market was off slightly – running around 2004 to 2005 levels. Since June, there has been a significant drop. In August, Smart Numbers reports that closed sales were off 34.6% which is the largest decline on record since 1996. Pended sales and units were off even more. Significant market declines create buying opportunities.

So what is causing this? There are multiple factors including:

• Potential buyers that cannot sell their existing homes – especially those moving from other markets.
• Potential buyers that can no longer qualify for the mortgage on the price of home they wanted to buy.
• Potential buyers simply waiting on the sidelines trying to figure out – “when is right to get back in the market.” Much of this is caused by media-driven fear and consumer confidence is at an all-time low.

Historically, the Atlanta market has strong sales in the spring and early summer. The market starts to slow in July, August and September. In October, we typically see a noticeable jump and then the market slows again through the holidays. Mortgage rates have historically seen a similar pattern and we expect them to drop further later this year with increased Fed action. Smart Numbers reports that “days on the market” plus expired and withdrawn listings are at all-time highs. This signals that sellers have gone through the denial and anger stages and are now accepting the fact that they need to improve the competitiveness of their property to sell it.

That means that – right now – is a great time to buy the right real estate in Atlanta. Supply is high, sellers are willing to make deals and mortgage rates are historically low.

Home Values:

So what affects home values over time and what are the odds that your investment in real estate will pay off in the future? Home prices are generally driven by supply and demand, population and job growth, costs of new construction and mortgage rates. Atlanta currently has an overabundance of supply. Single family homes currently show over 13 months of supply. That said, new homes starts are significantly lower so the current excess supply is expected to be absorbed in the next 12- 18 months. This is why – listen to these trends on Atlanta.

Atlanta has an incredible future. Our economy is strong and diversified. We have an active and business-friendly government. Hartsfield-Jackson airport is an incredible asset which allows passengers to reach more places in the world quicker than any other metropolitan area.

• Atlanta created 60,000 new jobs In 2006 – 3rd in the nation. (Bureau of Labor Statistics)
• Atlanta has the highest percentage increase of new millionaires – 1st in the nation. (Claritas)
• Atlanta is the #1 destination for young professionals. (Geolytics & U.S. Census)
• AARP rated Atlanta as the best city for baby boomers & seniors to live.
• In the last 6 years, Atlanta added more people than any metro in the nation. (Fortune)
• Fortune magazine says that Atlanta is expected to add 2 million more by 2020 – roughly the size of Denver.
• The Census Bureau and Virginia Tech released a report that says that in the next 25 years, Atlanta will be the center of a “Megapolitan” cluster of over 7 million people.

Atlanta has been a national leader in housing starts for the past 10 years with over 70,000 new home starts in 2006. The costs of lumber, concrete, land, development and labor are expected to increase – causing the average cost per square foot of a home to rise. Housing starts in 2007 are considerably down and the forecasts for 2008 and 2009 are also lower.

Mortgage rates remain historically low. The recent fed cuts have not yet translated to long-term rates that help lower mortgage rates – but we expect rates to go lower for the remainder of the year.

Additional action by the Fed is likely.

CNN recently rated Atlanta as the leading large metro and the 4th city overall that is poised for a real estate “bounce back” in 2008 and 2009. Atlanta is a great place to buy “the right” real estate. That is why Donald Trump is building Trump Towers Atlanta. That is why many wealthy individuals are buying and investing here. They see the next wave coming and are smart enough to buy ahead of the wave when prices are lower. And we wonder how the wealthy get wealthier?

The Right Choice For Buyers:

Real estate investors make the highest returns by making the right choice in selecting an expert to advise them through the process. We have provided a perspective on the national market and the general Atlanta market. However, the submarkets locally can be very different. Areas of town, neighboring communities, homes on different streets or individual homes can have very different investment values. Donald Trump does not buy real estate by himself. He finds an expert, who knows their local market, is a great negotiator, knows real estate contracts, knows property valuations and delivers great client service.

Prudential Georgia Realty agents are experts in their local markets and are specialists in representing buyers. They understand the trends in those specific communities and know the best properties. There are excellent opportunities for move-up buyers, luxury properties, lakefront and stream-front properties, mountain views, golf course properties, in-town condos, revitalized neighborhoods and much more.

The facts tell us that right now is the right time to buy “the right” real estate in Atlanta. There is an abundance of inventory, sellers are motivated, mortgage rates are historically low and the long-term trends for future values are excellent.

The Right Choice For Sellers:

For sellers, this type of market requires a different approach. Buyers are comparison shoppers. When there are many opportunities, buyers only want to consider the best opportunities. They will not waste time on properties they perceive to be overpriced, in need of significant repairs or that require upgrades. In a buyer’s market, your value proposition must be clear and compelling.

Here are some keys to success in a buyer’s market.

First, your property must be found. Since over 80% of buyers search for properties on the Internet, your property must be exposed in all the right places online. Your listing agent should be exposing your listings on as many major national and local Web sites as possible.

They should also be actively working the Realtors that do business in the area. Last, but not least, they should be targeting neighbors and other potential buyer segments directly.

Second, your property must be highly prioritized and distinctive. You must understand how the leading Web sites prioritize their listing searches. Most favor multiple photos, virtual tours, video and other rich media. Showcase, featured and branded listings on major Web sites such as Realtor.com are also very helpful. If your listing is buried deep in the search pages, it will never be found!

Third, your unique value proposition should be displayed in beautiful rich media so that consumers want to come see more. This requires high-quality images with impact text descriptions. The latest innovations are widescreen narrated videos which communicate your story in the most powerful format available.

It is more important than ever to create a powerful value proposition that makes your property stand out. Print materials must also be beautiful and distinctive. Again, larger “rich media” images help make your property stand out. These require the use of higher quality pictures – not the same images that are used for Web sites. Otherwise, your brochures will only have very small pictures and they may still be grainy.
Your listing agent should use tools such as property cards, flyers, property brochures, ecards and our popular PGR Homebooks. Prudential Georgia Realty is also introducing another compelling seller program called a RIGHTChoice Home^TM. These listings are distinctive to buyers because they are appraised (price to market), have completed an inspection (less risk), have a great presentation (cleaned, de-personalized, staged), have a home warranty and are showcased using the latest technology. This program was specifically developed from buyer feedback. Buyers love these types of homes because they are less risky, look great and are priced to the market. Many sellers and their agents will also package additional incentives such as a financing incentive, payments for clubs or associations and other creative ideas. More and more sellers are realizing that the market has changed and they need to improve the competitiveness of their value proposition to sell their property. They understand that we are in a buyer’s market and their approach to selling their property must be different to attract buyers. They also realize that they will have the opportunity to take advantage of this market for their next purchase.

Especially for sellers that are moving up in price, they see the opportunity to make more profit on their next home. Some sellers may be tempted to take their property off the market and just wait. This is a risky strategy. We are very bullish on the long-term trends for Atlanta.

However, there are no guarantees that the market will turn back quickly. As homes mature, they require more repairs and may need significant upgrades to compete in the future. There are no guarantees that mortgage rates will remain as low as they are today. This is especially true with an upcoming election cycle. New home construction starts are likely to return to higher levels and may increase your competition. Your Prudential Georgia Realty agent can help you “Make The Right Choice” for your property investment. We hope that you have found this State of the Real Estate Market – Fall 2007 report valuable.

Please register at www.PrudentialGA.com for access to future reports.

Information is believed to be accurate but is not warranted.

© 2002-2007, An independently owned and operated member of The Prudential Real Estate Affiliates, Inc. is a service mark of The Prudential Insurance Company of America. Equal Housing Opportunity. Equal Opportunity Employer.

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“If you were a landlord with a home or apartment for rent, would you even think about renting to someone without first checking their credit and income, and not requiring any deposit?” asked Wendy Teixeira, president of the Santa Maria Association of Realtors and an agent with Winsor Properties in Orcutt. “But that’s what happened with so many lenders. The guidelines were too loose.”

The bubble has burst on slippery lending practices only to be replaced with a new hype—that it’s impossible to get mortgages now. Calls to several mortgage lenders around Santa Barbara, however, prove that’s not true, and even first-time buyers can still qualify for loans.

“You can’t go out and get what we call a ‘toxic’ loan anymore,” said one mortgage broker at a large company, who asked that his name not be used. He was referring to the once-popular loans made without income verification to people with shaky credit who didn’t have to come up with a down payment. “A year ago those ‘toxic’ loans were commonly made to the people who shouldn’t get a loan. But people who have good credit, good jobs and some money in the bank can still qualify for loans.”

As many loose lenders have closed up shop, the result has been the prevalence of conforming loans (limit of $417,000) or jumbo loans at higher rates than the once-standard 6% or lower.

“It seems like everybody has turned into doing only conforming loans these days,” said Tim Taylor, senior loan officer at Metrocities Mortgage in Santa Barbara. “Buyers can still get mortgages, but lenders now want full documentation (of income) and at least 5 percent down (payment). And you don’t need perfect credit. It can be as low as 620 and still qualify.”

To meet the $417,000 conforming loan limit with 5% down means buyers would be limited to purchasing a home with a price of under $450,000.

Finding such a home is not impossible, contrary to what most people believe. Though the median home price on the South Coast currently hovers at around $1 million—not counting sales in the exclusive areas of Montecito and Hope Ranch, there are properties available for half that amount. Most of them, however, are condos in less desirable South Coast neighborhoods, or in the North County bargain areas of Lompoc and Santa Maria.

The lowest-priced condo available for sale this week on the South Coast is listed at $329,000 for a one-bedroom, one-bath on Dearborn Place in Goleta.

There were nearly two dozen other properties on the South Coast listed for under $500,000, the majority of them Goleta condos.

“If you look at what’s available to first-time buyers right now, it’s really not much different than what it was a few years ago during the housing boom,” said Harlan Green, at Bankers Mortgage in Santa Barbara.

“We’ve always advised them to go to Ventura, Santa Maria, or Lompoc if they want to find the best deal on a house.”

For those buyers who can’t let go of the dream of living in Santa Barbara city limits, and who seek a traditional single-family home, a jumbo loan (for more than $417,000) will typically be required.

Rates on jumbo loans were ranging between 6.75% and 8%, according to one nationwide broker. Mr. Green and Mr. Taylor said “hybrid adjustable rate loans,” which are fixed for around five to seven years, were available for rates ranging from approximately 6.25% to 6.5%.

“Historically, those are still good rates. If you compare it to 1998, they’re really good. But compared to a few years ago, when they were below 6%, they’re higher. And that can be a hard adjustment for people,” Mr. Taylor said.

John Bahura, an agent with Village Properties in Montecito, said he sees many potential buyers struggling to get loans they can afford.

“It’s really hard to get a loan right now, especially for a jumbo loan. And nearly everyone who wants to be in a desirable area in Santa Barbara needs a jumbo loan. You need it to get something in the $1 million range.”

Rates on jumbos may come down in the near future as big-name lenders compete to gain market share from the fallout of fringe lenders.

Well-known lenders such as Chase Home Finance and Wells Fargo have become more aggressive in marketing their loans to people who have decent credit and good incomes.
There has been a dramatic increase in financings at big lenders lately because a lot of the competition has been eliminated, several brokers said.

Yet the widespread perception is that the housing market is collapsing.

While that may be just overblown fear, it still impacts buyers’ decisions, said developer Jarrett Gorin of Centerpointe in Santa Barbara.

“Many buyers are sitting on the fence thinking that prices are going to keep on dropping. And there is a lot of fear out there right now,” he said.

“So homes are taking longer to sell, or sellers are taking them off the market.”

At the new 37-unit Willow Creek Townhomes development on Hollister Avenue in Goleta, sales appear to be slow, but some units have found buyers. The lowest-price, two-bedroom condos available at the moment are listed at $565,000 and $575,000, and one three-bedroom is going for $695,000, according to Matt Benwitt, a sales agent for the development.

He said that he recently closed two sales at Willow Creek, both for two-bedroom units, but he did not disclose the sale prices.

“One of them was a first-time buyer,” he said. “The other one was sold as a vacation home to someone from L.A.”
Editor’s note: next week, the News-Press looks at the economic impact that housing woes have had on Santa Barbara County and how sellers are using creative means to attract buyers.

Copyright © 2007, Santa Barbara News-Press, Calif.
Distributed by McClatchy-Tribune Information Services.

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According to the RE/MAX study, the top five interior improvements are:

1. Painting
2. Replacing flooring
3. Finishing Basement
4. Major bathroom remodel
5. Major kitchen remodel

The top five exterior improvements are:
1. Improving landscaping
2. Roof replacement
3. Adding patio or deck
4. Window replacement
5. Painting

“Home improvement continues to be a priority among homeowners not only to increase property value, but also to enhance quality of life by creating desirable surroundings,” said Jeanette Schneider, vice president and regional director of RE/MAX of Southeastern Michigan. “Typically when you purchase a home, you want to ‘make your mark,’ putting your own stamp on the property with personal touches that reflect you and your personality.”

Forty-one percent of respondents made improvements solely to increase their home enjoyment. More than half (51 percent) of respondents cited both enjoyment and salability as reasons for home improvements. Only two percent made improvements for salability reasons only.

“Similar to the need for people to see a doctor regularly to maintain good health and cars to receive routine maintenance to continue to run properly, so does a home need periodic care to maintain its appeal, comfort and value,” said Schneider. “Regular maintenance and upgrades will help homes operate in peak condition and possibly avoid major repairs in the future.”

Study Background

The 2007 RE/MAX Housing Study, conducted by W.K. Greene and Associates of Royal Oak, Mich., was designed to establish a baseline understanding of RE/MAX of Southeastern Michigan’s service area, which includes residents in Oakland, Wayne, Macomb and Monroe counties.

About RE/MAX of Southeastern Michigan
A leader in the metro Detroit real estate market, RE/MAX of Southeastern Michigan has more than 1,000 sales associates in 56 offices serving the region. RE/MAX of Southeastern Michigan has been helping thousands of Michigan families with their home buying and selling needs. For more information, visit www.remax.com.

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“Don’t get me wrong, I thank God for this trailer, I really do,” said Addision, a 65-year-old who lives on $643 a month in Social Security. “But, I live in constant fear. I don’t know when they’re going to come and say, ‘Well, now next month you gotta ‘ you don’t know. And that’s an awful thing to be faced with. You don’t ever feel secure of where you are.”

South Mississippi residents such as Addison, who had limited resources and lived in rentals before Katrina, are in many cases sinking, mentally at least, from the pressure of just trying to survive. Many homeowners have received federal grant assistance, insurance payments or volunteer labor and materials to rebuild on their property.

Former tenants without property find themselves turned away by agency after agency. And they aren’t seeing any relief yet from programs designed to help, such as tax credits given to developers who will build affordable apartments.

Habitat for Humanity’s Project Hancock County, where Addison stopped in recently, would like to help. They are searching for donated land or any other option.

Habitat’s Wendy McDonald hears about drug addicts living in FEMA trailer parks, but she says plenty of productive members of society are stuck there, too.

“We lost 100 percent of our public housing and many of our apartment buildings accepted vouchers,” she said. “It’s been a staggering loss.”

The high cost of insurance has stifled the affordable housing market.

The disaster certainly has strained Addison’s budget. Although the FEMA trailer is free, her expenses are higher.

Her federally subsidized rent for the apartment cost her only $109 a month. Because she lost her car in the hurricane, she now has a car note and higher insurance payments. Her telephone bill climbed because she must have a cell phone rather than a land line.

To conserve money, she eats only twice a day. A can of kidney beans stretches into two meals of red beans and rice. Forget the sausage.

If she runs out of bread before her monthly check arrives, she picks some up at the food pantry, but she hates feeling like a bum. She’s never had to live like this before.

Addison has been everywhere she can think of trying to find a way out of the FEMA park, a noisy place compared to the apartment complex where she and other senior citizens lived. It’s set to close in January, she said.

“I would sleep on the floor to get away from here if I had an apartment,” she said. “This is the golden years? Lord. It’s like people my age and in my predicament, they just don’t want to deal with you. It’s like they want you to disappear. I wish I could.”

Copyright © 2007, The Sun Herald, Biloxi, Miss.

Distributed by McClatchy-Tribune Information Services.

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LynxBanc will be using an industry leading software program to facilitate these Equity Reviews known as The Mortgage Coach(R). This software will provide a consumer friendly and detailed analysis of recast periods, likely rate increases, payment shock and suitability for alternative mortgage programs thereby allowing homeowners to preempt
potentially devastating changes to their budget.

“It is predicted that over 2 million homeowners will lose their homes to sudden, unexpected and devastating increases in their mortgage payments, it’s imperative Florida homeowners know exactly what kind of loan they have, and even more importantly, when and if the loan will recast and go up,” said Stephen Parnell, chairman of LynxBanc Mortgage Corporation.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

As part of the move, the City Council’s Housing, Community and Economic Development Committee also said it wants to find $100,000 to help pay for a second effort by Operation Hope to educate and help at-risk homeowners.

But reluctant to follow a proposal by Councilman Richard Alarcon to tap into the city’s Affordable Housing Trust Fund, the panel said it instead wants to review whether to develop guidelines and look for other sources of funding.

“We have spent a long time building this fund up and I think it would be shortsighted to take money from it now,” Council President Eric Garcetti said. “It is the ultimate case of borrowing from one fund to pay off another.”

Alarcon, however, said the $100 million Affordable Housing Trust Fund, seemed a logical source of funding for his proposal. He had proposed taking $5 million from the fund for the effort.

“We have people losing their homes and that creates other problems,” Alarcon said. “If people lose their homes, they will be turning to the government for help.

Rather than have people go into poverty, we should try to help them.”

Alarcon’s proposal called for making low-interest loans of up to $10,000 each to help people caught in the bind resulting from subprime mortgages and a drop in the housing market.

Councilman Herb Wesson, who chairs the committee, asked for a report on other potential sources of funding for the proposal while guidelines and procedures are developed.

Alarcon said his concern is that any delay could mean families are evicted from their homes.

“The fact of the matter is that we will not be able to help everyone, but we might make a difference for five percent of the people out there,” Alarcon said.

He also noted the Los Angeles Neighborhood Housing Services organization has offered $2 million for the effort.

But Garcetti said the city can help with the Operation Hope effort, first launched in April, that provides information to homeowners.

Under the program — available by calling 1-888-388-HOPE — homeowners get information on how to negotiate with lenders, apply for loan modifications and avoid foreclosures.

Garcetti said public service announcements have been prepared and an additional $400,000 is expected to be made available from financial institutions.

Copyright © 2007, Daily News, Los Angeles
Distributed by McClatchy-Tribune Information Services.

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He had to think about Junior and Sidney. Especially Sidney, who is an energetic Jack Russell terrier.

Giradot looked at some single family houses in the Home Park neighborhood, but all were too expensive or in need of repair.

Condos in Midtown, he said, just didn’t work for Sidney or Boston Terrier Junior.

“There really wasn’t any area you could go and walk the dogs without being in the middle of the city,” said Giradot, who ended up buying a condo at the Art Foundry in Atlantic Station, which includes a large, tended dog park.

“It was definitely nice to see that they had thought about that,” he said.

A survey of owners at The Manhattan, a high-rise condo near Perimeter Mall, recently identified 33 pet owners in the 227-unit development.

Condo developers are getting the message.

The latest, hottest selling item in condominium and loft projects is pet respite parks and other pet-friendly spaces.

Scott Leventhal, president and CEO of Tivoli Properties, is prominently promoting the pet-friendly aspects of his new luxury development in Buckhead, Mezzo. In addition to an indoor pet respite area, Mezzo will include a space equipped for grooming and bathing.

Leventhal said he became aware of the need during sales of his Midtown development Aqua at the intersection of 10th and West Peachtree streets.
“At least a half dozen very serious customers, who were ready for an urban lifestyle, were concerned that the nearest place for their dogs was Piedmont Park, which is four or five blocks away,” Leventhal said. “That was just a little too far.”

Especially because the condo market depends so heavily on downsizing Baby Boomers, pet amenities are an important draw and a natural evolution for Atlanta condo developers, said Frank Reese, a developer with the Novare Group who is guiding the construction of Gallery in Buckhead.

A lot of empty-nesters are moving from single family homes, where their pets have been a key member in their family life, Reese explained. While they’re ready to park the lawn mower and live in a more manageable space, they remain devoted to their furry friends.
“The one thing they don’t want to give up when they move is their pet,” Reese said.

With that in mind, Gallery was designed with a roomy, well-kept greenspace at the north end of the development where dogs and owners can stroll. Reese also promotes Gallery’s location at the edge of the leafy, walkable Garden Hills neighborhood.

An estimate of pet ownership in metro Atlanta derived from an American Veterinary Medical Association formula reveals that more than 1 million dogs and almost 1.2 million cats populated the area in 2002.

Nationally, almost two-thirds of U.S. households contain at least one pet, according to the American Pet Owners Survey. Americans will spend an estimated $41 billion on pet care this year, and pet care is widely considered a lucrative growth sector of the economy.
The details matter Jason Frost, vice president for development at Cousins Properties, developer of Terminus at the intersection of Peachtree Street and Piedmont Avenue, said he was a little surprised at the depth of buyer response to inclusion of a 1,500-square-foot pet respite on the building’s roof.

“It comes up a lot more than we would have anticipated,” Frost said.

And with great attention to detail.

Prospective homeowners at Terminus are already familiar with the pea gravel medium and drainage specifications the area needs, Frost said. And they want to know how many times a day the attendant will clean and groom the site.

That’s because dog walks and other pet amenities are already a common feature in densely populated cities such as Miami, Chicago or New York, said David Laube, vice president of the Morsberger Group.

Private respites help owners cope with inclement weather and odd hours as well as the concrete character of the urban core.

“City of Atlanta parks close at sundown and there are safety concerns,” Laube said.
Laube is guiding the development of The Exchange, a Mitchell Street loft project in downtown’s Railroad District. And he is planning to include a specially designed dog park with washable synthetic “canine grass” and fake fire hydrants in its half-acre amenity deck. The area will also include a fresh-water station.

Laube said market research shows that the dog walk is likely to be one of the project’s most trafficked amenities.

On average, about five percent of a development’s residents will consistently use a fitness center, which is considered standard in contemporary condo and loft developments, Laube said. Fewer than that will be regulars at the community center.

But 15% to 20% of a condo’s homeowners are likely to be pet owners, according to Laube.

“A pet amenity is something that your pet owners are going to use twice a day, every day,” he said.

PET STATS

According to the 2007-2008 National Pet Owners Survey, 63% of U.S. households own a pet, which equates to 71.1 millions homes In 1988, the first year the survey was conducted, 56% of U.S. households owned a pet as compared to 63% in 2006.

Total Number of Pets Owned in the U.S. (millions)
Bird: 16
Cat: 88.3
Dog: 74.8
Equine: 13.8
Freshwater Fish: 142.0
Saltwater Fish: 9.6
Reptile: 13.4
Small Animal: 24.3

–Atlanta snapshot: According to a formula provided by the American Veterinary Medical Association, the Atlanta MSA had 1,033,424 dogs and 1,175,965 cats in 2002.

Copyright © 2007, The Atlanta Journal-Constitution
Distributed by McClatchy-Tribune Information Services.

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(NJARR) about the state’s Home Sales Tax – officially known as the Realty Transfer Fee – and legislative efforts to permit local governments to impose their own Home Sales Tax.

Legislation being considered would allow local governments to impose a local Home Sales Tax on the sale of real property. The tax would be in the amount of $0.50 per $500 of a home’s sales price. The local tax would be in addition to the current Home Sales Tax that is paid to the state.

“Creating a local Home Sales Tax will further raise closing costs and overall home prices,” said Jarrod C. Grasso, NJARR vice president of government affairs. “It will unfairly erode the equity that homeowners may have accumulated over the years.”

Home sellers will feel the strongest impact from a local Home Sales Tax.
The home seller typically pays the Home Sales Tax, which is based on the sales price of the property. The result is an instant reduction of homeowner equity.

The state-imposed fee, begun in 1968 as a nominal charge for tracking real estate transactions, has increased dramatically in recent years.

The Home Sales Tax on an average home is up 80% since 2003. The extra local Home Sales Tax will push the total Home Sales Tax bill up 103% since 2003.

“We call it a “tax” because that is what this once insignificant charge to record property transactions has turned into,” said Grasso.

“Realtors have been continually fighting increases in the Home Sales Tax on behalf of homeowners.”

The current Home Sales Tax due on a home sold for $356,700 – the median price for an existing home in New Jersey – is $2,799. With the extra local tax, the Home Sales Tax bill would increase 13% to $3,156.

NJARR’s campaign includes radio, mail and print advertising and will use online video to deliver its message to New Jerseyans.

“Most New Jerseyans are shocked when they learn that this simple fee, once used to cover the cost of recording their deed, has grown into such a large tax,” said Grasso. “The campaign’s goal is to educate the public about the tax and encourage them to speak out against increasing the tax by extending it to local governments. Together, we can make a difference and protect the New Jersey homeowners.”

NJARR’s campaign website is www.njhometax.com. New Jersey-based Novita Issue Communications is the media consultant for the campaign. For more information, visit www.njar.com.

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“It’s a new opportunity for people to market their properties,” said Downtown Development Specialist Christine E. Hoffman.

The city receives about 100 inquiries a year about property, mostly downtown. The list, Mrs. Hoffman said, is a way to formalize something the city has been doing for years.

The page will appear like a typical real estate advertisement, posting information about properties, including their Realtors or landlords. The city will provide the service for free.
The Web page will focus on properties on Public Square and its extended area, Mrs. Hoffman said. It will provide a link to developers and, hopefully, boost downtown development, she said.

“The city’s not in the real estate business. The city’s in the economic development business,” she said, adding that it often provides tax incentives and assists with grants for downtown property owners.

The idea has the support of Lance M. Evans, executive officer of the Jefferson, Lewis and St. Lawrence Boards of Realtors.

“The more exposure for the client the better,” he said.

He cautioned that such a site will need to be updated regularly. “Trying to keep it current,” he said, “that can be hard.”

The city, which initially planned to remake its Web site earlier this month, hasn’t set a makeup date. The Web address is www.watertown-ny.gov.

Copyright © 2007, Watertown Daily Times, N.Y.
Distributed by McClatchy-Tribune Information Services.

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The average monthly rent rose 7.2% to $1,542 in the second quarter from the same period a year ago, RealFacts, a market research firm, reported Wednesday.

Renters pay more to live in the county than people in San Francisco. The only places in California where people are paying more are in the Los Angeles and San Jose regions.

Landlords are going to take what they can in exchange for a small decrease in occupancy, said Bill Watkins, executive director of the UC Santa Barbara Economic Forecast Project.

The average occupancy rate over the same period dropped 2.6%.

“There’s a limit,” Watkins said of what landlords are charging. “But they’ll push the limit, certainly.”

Renters in Simi Valley and Camarillo have been the hardest hit. Simi’s average rent rose 12.2%, and Camarillo’s increased 12.8%. Meanwhile, Oxnard renters are paying 2.7% more. In Ventura, the average rent was up 7.6%, and Thousand Oaks rose 6.1%.

Most of the increases were well above the United States’ core inflation rate of 2.3%, as measured by the federal government.

The reason that property owners are able to keep increasing prices is because the “economy is strong and we haven’t had much supply added over the years,” Watkins said.

Rent would decline, he added, if more rental units were built, or there were a slowdown in demand, perhaps brought about by a major employer leaving. But Watkins said that’s not likely to happen.

“We don’t expect to see the military, government or Amgen leave,” he said.

Charles Maxey, dean of the School of Business at California Lutheran University in Thousand Oaks, echoed Watkins’ sentiments about rent rising with supply and demand. As long as people are willing to pay their asking price, property owners will ask for more, he said. “They’ll press it as much as they can.”

Local governments do have power to control the situation to some degree, however, by designing policies that allow for certain types of housing and issuing building permits based on that design.

Next spring, cities must submit such plans to the state, which has mandated that they document their needs in various categories of affordability over a five- to seven-year period, said Jill Fioravanti, special projects manager at the Cabrillo Economic Development Corp.

In the meantime, fewer people are renting. Occupancy rates fell to 93.8% from 96.4% the previous year.

As affordable housing goes by the wayside, experts foresee the county suffering in other ways.
For instance, local cities enjoy sharing in retail returns, but the retail outlets need staffs.

“Retail jobs don’t pay well so people have to commute,” Maxey said. “Commuting creates traffic, so the balance between what kind of jobs and housing you build is directly related to traffic.”

Another repercussion will likely be felt by homeowners who can’t find buyers and are trying to lease their homes, said Jayne Haggar, California Oaks Property Management manager.

“When the rents go up, multiple people — like students — want to rent a large home because the rent’s so high that it’s less expensive for them,” she said. “They try to rent a four- or five-bedroom house and split the cost instead of renting an individual one-bedroom apartment.”

Homeowners typically aren’t thrilled at the thought of leasing their property to a group of young people.

That said, with students coming to town, this is the best time of year to rent a house, Haggar said. “But to get a family they have to come down from what their expectations are.”

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Copyright © 2007, Ventura County Star, Calif.
Distributed by McClatchy-Tribune Information Services.

But Weld home sellers might have to work a bit harder this summer than in years past to attract buyers. In Greeley, there is about a nine-month supply of homes on the market. Nationally, a balanced market is about a six-month supply, which means there’s a lot of competition out there for home sellers.

To get the edge, and the desired price, sellers need to think about how they can spruce up their homes to attract potential buyers, said Lynn Begin, owner and principal designer for A Beautiful Home Interiors, a Greeley-based interior design company that also helps prepare homes to sell.

Experts warn that there’s a fine line when it comes to how much money sellers should spend on their homes to prepare them for sale. Do nothing and sellers might have a hard time attracting buyers. Spend too much and sellers won’t recoup their expenses.

“We live in Greeley,” Begin said. “It’s a very conservative spending atmosphere. People can’t afford to pull out all of the stops in staging a home as far as buying new furniture and accessories.”

How much is too much?

Statistics show that the best bang for your remodeling buck comes from bathroom and kitchen renovations. According to a 2006 survey by Remodeling Magazine, a bathroom remodel that costs about $13,000 could get the seller about an extra $11,000 in the house — recouping about 85%.

Other renovations may not allow the seller to recoup as much. For example, according to the study, the addition of a sunroom to the house would only recoup about 66% of the additional cost.

But in a tight market, such as Greeley’s, it doesn’t make sense to spend a ton of money remodeling a home just to sell it. Home prices still aren’t appreciating much in Weld — in some areas they are even depreciating — so even if remodeling makes your home prettier to buyers, it still might not fetch you the price you had hoped for.

“You have to weigh what you are willing to sell your house for versus how much you are willing to improve it,” said Lou Manfredini, a Chicago-based real estate developer who is also spokesman for Ace Hardware. “You might not be moving the needle, you will be trading dollars to do it.”

In a tight market, he suggests “freshening up” a house instead of completing costly renovations.

“I would spend $1,000- $2,000 maximum for the freshening up,” he said. “If you start investing $4,000- $7,000, it’s not going to move the needle.”

Low-cost changes

Instead of the high-priced renovations, Begin and Manfredini suggest a variety of low-cost options to help spruce up a home.

Add a new coat of paint inside and outside if needed. A simple paint job can do worlds of good to improve the look of your house, Begin said. She suggests more neutral colors.

“Neutral colors give the illusion of more space,” Begin said. “Dark colors usually make a room feel smaller.”

– Spruce up the kitchen and bathroom. Instead of high-cost remodeling, simple changes in the kitchen and bathroom can go a long way, Begin says. Install modern-looking faucets and new handles and knobs on cabinets and drawers.

“Making these things more up-do-date will create a whole new look,” she said.

– Improve the “curb appeal” of your home by making the front look as welcoming as possible. Make sure the lawn looks great, plant a few flowers and replace anything unsightly such as an old mailbox. Make the front door look welcoming, perhaps with an updated doorknob.

“The first thing they will touch is the front door knob,” Manfredini said.

– Complete all of those little problems that you have probably been living with for years. All of those little idiosyncrasies in a house like drawers that stick or banisters that are loose can add up for potential buyers, Manfredini said.

“Remember that a well-maintained home always sells,” he added.

– De-clutter the house. Excess furniture and knick-knacks often can make a home feel smaller than it really is. Before selling, you probably also want to take down a lot of personal items so buyers can envision their own lives in the home.

“If you collect Precious Moments statues, perfect,” Manfredini said. “But you don’t need 1,000 in the house.”

– Make sure the carpets look great. Rent a steam cleaner or hire a professional, but make sure carpets look as if they are in tip-top shape when the seller comes by. If worst comes to worse, they may need to be replaced, she said.

“If you have stains that won’t come up and the carpets are worn, it does make a big impression to a potential client. If you don’t replace them, they will try to whack off a big chunk of the price in negotiation,” she said. “A lot of people can probably replace their carpets for less than they think they can.”

A lot of these low-cost changes can go a long way when considering selling a home, Manfredini said. Still, he warns, don’t over-do it. Sellers should probably save much of the time and effort of renovations on a home they plan to live in for awhile, not on a place they plan on getting rid of.

“To dump that money into it and flip it makes no sense,” Manfredini said. ” You could negotiate the price and not deal with the mess.”

Quick tips to make your home appeal to buyers

– Add updated faucets and kitchen knobs in your bathroom and kitchen. These simple things can change the whole look of the room.

– Put flowers in front of the house, especially near the front door. Add a pot of bright flowers at the doorstep. The color red tends to be appealing to buyers.

–Bake fresh bread or chocolate chip cookies before you have an open house. This may sound crazy but the smell gives the house a homey-feeling that appeals to buyers.

Source: Lynn Begin, owner and principal designer of A Beautiful Home Interiors.

How much will you get back for your remodeling investment?

Job cost–Resale value % cost recouped

Basement remodel $56,724 $44,685 78.8%
Bathroom remodel $12,918 $10,970 84.9%
Deck addition $14,728 $11,307 76.8%
Major Kitchen Remodel $54,241 $43,603 80.4%
Minor Kitchen Remodel $17,928 $15,278 85.2%
Sunroom Addition $49,551 $32,854 66.3%
–Reflects national averages

Source: 2006 Remodeling Magazine Cost Vs. Value Report

Copyright © 2007, Greeley Tribune, Colo.
Distributed by McClatchy-Tribune Information Services.

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