Tag Archives: Real Estate

St. Regis Atlanta 80 Percent Sold

The Residences at The St. Regis Atlanta, a luxury condominium, is 80 percent sold with 11 units remaining. The most recent sales include a 6,824-square-foot unfinished unit for $5,056,584 and a 3,684-square-foot unfinished condo for $2,590,000.

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Filed under A Need to Know Basis

Housing and Employment In Atlanta

In a review of cities with affordable housing and a strong employment market, Zillow, a real estate data company, ranks Atlanta as a favorable city offering both advsntages. According to Zillow, Atlanta offers a housing price-to-income ratio of 2.7, compared with 8.8 for San Francisco.

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Filed under A Need to Know Basis, Let's Learn Something

REALTORS Head To Washington To Advance Key Real Estate Issues

REALTORS are heading to Washington to advance key real estate issues with regulators and members of Congress during the REALTOR Legislative Meetings and Trade Expo.

“To ensure all Americans continue to have affordable access to commercial and residential property ownership and investment, it’s vital for REALTORS to continue the dialogue with regulators and elected officials,” says National Association of REALTORS President Chris Polychron.

REALTORS will work to preserve current real estate-related tax policies, extend the Mortgage Forgiveness Tax Relief Act and to protect commercial real estate related tax provisions, such as like-kind exchange provisions and making permanent the 15-year depreciation period for leasehold improvements.

REALTORS will advocate for legislation that will reform patent demand letters, set nationwide data security standards, and end discrimination against affiliated lenders by passing the Mortgage Choice Act.

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Filed under Consider the Law

Wells Fargo and Blackstone To Buy GE Capital’s Real Estate Assets

Blackstone (NYSE: BX) and Wells Fargo (NYSE: WFC) signed agreements to purchase most of the assets of GE Capital Real Estate in a transaction valued at approximately $23 billion.

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Filed under Above the law

NAR Reports Surge In Pending Home Sales

The National Association of Realtors (NAR) reports that the number of homes under contract increased in February to its highest level since June 2013.

The Pending Home Sales Index is based on pending sales of existing homes. When the contract has been signed but the transaction has not closed, it is a pending sale.

The Index is 12.0 percent above February 2014.

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Filed under Above the law

Home Sales Rise In The South

In the South, home sales climbed 2.7% in the fourth quarter of 2014 and were 5.8% over 2013 levels. Median prices also increased 6.2% to $183,000, according new regional data released by The National Association of Realtors.

Are you observing a trend in your neighborhood?

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Filed under Consider the Law

Impact of Dodd-Frank Mortgage Act for Prospective Home Buyers

 

 

Dodd-Frank Mortgage Reform will come into effect in January 2014.  What will this mean?

 

First, lenders will look more closely at the income and assets of prospective buyers to ensure that they will be able to pay the monthly mortgage payments.

 

Lenders will document and disclose every possible related homeowner costs that borrowers must pay such as property tax, homeowner association fees and homeowners insurance.  Borrowers must demonstrate that they can cover all these fees.

 

Borrowers must prove that they have a stable job. Those who are self employed will be required to show at least a two year track record of income along with two years of federal tax statements.

 

Lenders must take into consideration other mortgage payments borrowers may have. Borrowers must disclose all properties they own.

 

Lenders must consider child support and alimony in the calculation of the ability of borrowers to pay.

 

The debt to income ratio must be less than 38%.  To calculate the debt to income ratio, divide your monthly debt repayments by your gross monthly income (before taxes), and multiply that number by 100.

 

Of course, borrowers must have a clean credit history and clean credit score.

 

For additional information, please consult with your lender and attorney.

 

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Filed under Consider the Law