Reports of all mortgage fraud nationwide have tripled since 2003 to nearly 22,000 last year, the FBI said

RISMEDIA, July 20, 2006—(MCT)—His down payment was a beat-up car that wouldn’t shift into reverse.

His factory-made home had not been installed on his land, yet when he signed his first home loan, Frank Finn Jr. thought his family was getting a great deal. He borrowed $102,500, the cost of the land, home and installation. The appraisal showed his home in West Valley Estates, a community of factory-made homes, would be worth $130,000 — $55,700 above the ZIP code’s median house price. More…..

I sure am glad I live in Atlanta and not San Fran, San Hose, Oakland, or NY NY!!!  Atlanta is number 35 out of 51 MSA’s (Metropolitan Statistical Areas) ranked in the PMI Risk Index Study. 

Not Bad considering we are the 9th Largest MSA in the Country!

The PMI Risk Index is a statistical model based on certain measures of economic activity and conditions that PMI believes is predictive of the likelihood of home-price declines over the next two years. Factors used to derive the PMI Risk Index include the House Price Index from the Office of Federal Housing Enterprise Oversight, labor market statistics from the Bureau of Labor Statistics and the affordability index, which captures changes in the demand for housing as a function of local median household income and interest rates.

The PMI Risk Index scale ranges from one to 1,000, where a higher score indicates a higher likelihood of future home price declines. For example, a PMI Risk Index of 100 indicates a 10% chance of a decline in home prices over the next two years.

Because the PMI Risk Index scale is linear, if the PMI Risk Index for an MSA were to increase by 100%, say to 200 from 100, then, according to the PMI Risk Index model, the risk of home price decline has also doubled. Alternatively, if the score were to decline by 50%, for example to 50 from 100, the risk of home-price decline has also declined by 50%.

A complete copy of the latest PMI Economic and Real Estate Trends report containing the latest PMI Risk Index scores and analysis is available at:
PMI Risk Index by MSA Risk MSA Index
1 San Jose, CA PMSA 526
2 Oakland, CA PMSA 485
3 Nassau-Suffolk, NY PMSA 468
4 Boston, MA-NH PMSA 467
5 San Francisco, CA PMSA 439
6 San Diego, CA MSA 387
7 New York, NY PMSA 349
8 Orange County, CA PMSA 344
9 Sacramento, CA PMSA 317
10 Detroit, MI PMSA 302
11 Providence-Fall River-Warwick, RI-MA MSA 264
12 Los Angeles-Long Beach, CA PMSA 258
13 Riverside-San Bernardino, CA PMSA 237
14 Denver, CO PMSA 227
15 Bergen-Passaic, NJ PMSA 219
16 Minneapolis-St Paul, ,MN-WI MSA 218
17 Fort Lauderdale, FL PMSA 180
18 Newark, NJ PMSA 174
19 Average 171
20 Miami, FL PMSA 145
21 Austin-San Marcos, TX , MSA 128
22 Dallas, TX PMSA 126
23 Tampa-St Petersburg-Clearwater, FL MSA 114
24 Charlotte-Gastonia-Rock Hill, NC-SC MSA 112
25 Washington, DC-MD-VA-WV PMSA 111
26 Seattle-Bellevue-Everett, WA PMSA 98
27 Portland-Vancouver, or-WA PMSA 98
28 Greensboro–Winston-Salem–High Point, NC MSA 97
29 Houston, TX PMSA 96
30 Phoenix-Mesa, AZ MSA 96
31 Orlando, FL MSA 88
32 Kansas City, MO-KS MSA 86
33 Fort Worth-Arlington, TX PMSA 84
34 Chicago, IL PMSA 84
35 Atlanta, GA MSA 82
36 Raleigh-Durham-Chapel Hill, NC MSA 76
37 Norfolk-Virginia Beach-Newport News, VA-NC MSA 72
38 Cleveland-Lorain-Elyria, Oh PMSA 71
39 St Louis, MO-IL MSA 71
40 Baltimore, MD PMSA 70
41 Milwaukee-Waukesha, WI PMSA 67
42 New Orleans, LA MSA 63
43 Las Vegas, NV-AZ MSA 62
44 Philadelphia, PA-NJ PMSA 62
45 Columbus, OH MSA 62
46 San Antonio, TX MSA 61
47 Nashville, TN MSA 61
48 Cincinnati, OH-KY-IN PMSA 59
49 Indianapolis, IN MSA 58
50 Salt Lake City-Ogden, UT MSA 58
51 Pittsburgh, PA MSA 55

Here are Meredith Ashby’s thoughts on the Brookhaven Place project that Sembler is proposing.  I thought I would post it as it points out some interesting things such as how the proposed development interacts with the LCI study for the corridor. Here are the preliminary site plans: http://bpcaonline.info/html/site_plan.html

Neighbors, 

The Sembler presentation last night was very interesting. They certainly have the support of the Ashford Park Community Association. Lots of clapping and cheers, especially when they heard a Whole Foods is coming into the development. But, there was some opposition for sure, and they asked excellent questions about increased traffic, the impact to the environment and neighborhood etc., and we asked about flooding/drainage issues.    (more…)

Click Here for All of our stories about the Sembler Company

Click to enlarge

The Business Chronicle reported today what we were the first to announce back in January (click here). As expected, the article reports that Sembler Company is planning a $400 Million dollar mixed use project that Jeff Fuqua says will reshape the entire Peachtree industrial corridor leading from Brookhaven to Chamblee.  As you can see by the aerial photo above, the massive 50.017 acre site is one of the largest properties besides Lenox Square Mall. 

The project will contain 1,200 residential units with a variety of townhouses, apartments and mid-rise condominiums.  The proposed plans also call for 600,000 sq. ft. of retail, 15 restaurants, and a five story 150,000 sq. ft. class A office tower according to Sembler.

 
The Business Chronicle reports that the project will be completed in 30 months (read the story here).  We are working with Dekalb County to verify the date when Sembler will apply for rezoning of the 50.017 acre site. We will also be publishing the initial site plans when we receive them from our sources over the next week.

The buyer, Sembler Bell Brookhaven LLC is a joint venture between Steven D. Bell & Co and Sembler.  The 523 unit Peachtree Garden apartments were sold by Peachtree Garden Apartments Inc. for 66 million according to county records (DeedBook 18666 Pg 774). $45,100,000 worth of financing was provided by Wells Fargo Bank on a 12 month note with a 6 month optional extension (DB 18666 Pg 785). 

Acording to the legal description, Sembler will have 238.01 feet of frontage on Peachtree as a front entrance to the property.  Many people might be wondering if the old Original House of Pancakes is involved in this transaction.  As of today’s date, the ownership has not changed hands in the last few years.  However, Sembler will have around 1500 feet of frontage on Hermance facing Oglethorpe University.

Peachtree Garden apartments were run by CEO Richard Garber and two other local owners and have been under the same ownership since 1994.  Peachtree Gardens Inc. purchased the complex for 3.510 Million on 2-4-94 (see attached Warranty Deed).

Click Here For Full Size Tax Map 

Sembler is currently developing the following projects in Georgia: 
·  Austel Point, (175,000 s.f. community s (more…)

PEACHTREE HILLS PLACESM TO OFFER SENIORS
A NEW WAY OF LIFE IN BUCKHEAD

Isakson-Barnhart’s CCRC Already 40% Reserved

ATLANTA – (April 21, 2006) – Isakson-Barnhart’s Peachtree Hills Place^SM, a new luxury continuing care retirement community (CCRC) under development in Buckhead, is being met with great acclaim by the housing industry and seniors alike.  Designed with the same vision as the company’s award-winning Park Springs^® CCRC in Stone Mountain, Ga., Peachtree Hills Place recently won the Silver Award for CCRC On the Boards – Large in the 2006 Best of Seniors Housing Awards presented by the National Home Builder Association’s 50+ Housing Council.  Plus, seniors have already placed priority reservations on 40 percent of the available residences.
            The popular community, which will start construction when 65 percent of the homes are reserved (spring 2007), will offer country-club amenities with classic architecture.  When the first members move in, projected for the spring of 2009, it will be home to seniors seeking to live a secure, independent lifestyle with access to a range of services and amenities.  Sales will begin in March, with priority selection available for reservation holders.
            “Our members will enjoy a Buckhead lifestyle in a secluded enclave (more…)

An affiliate of Warren Buffet’s Berkshire Hathaway is buying Atlanta’s third-largest home seller, Harry Norman Realtors.

Harry Norman will be acquired by Minneapolis-based HomeServices of America Inc., which entered the Atlanta market in 2001 with the purchase of Jenny Pruitt & Associates Realtors….. More at:

http://atlanta.bizjournals.com/atlanta/stories/2006/05/22/daily4.html?jst=b_ln_hl

The Brookwood Hills Community Club and Carter & Associates seem to be planning a joint venture, high-end condo development at Peachtree Street and Huntington Road in south Buckhead.

The Brookwood Hills organization, Carter and John Mears, a former Post Properties executive, have plans to develop a 12-story condo building with 56 units, each totaling approximately 2,000 square feet and selling in the $1 million price range. The proposed development also includes three high-end townhomes fronting Huntington Road, as well as 2,500 square feet of office space and 7,500 square feet of retail according to CoStar news.

The redevelopment site is a 1.14-acre parcel that is currently a small law office.

Neighborhood Planning Unit E and City of Atlanta Zoning Review Board  will be hearing the proposal this month
Here is the story posted on www.Brookwoodhills.com:

Plans are under way for a high rise condominium (with ground floor office space) at the southeast corner of Peachtree and Huntington (where the David Joel law firm currently stands).   Summary points:

* Carter Development (www.carterusa.com) and John Mears (formerly of Post Properties) will be development partners.  They did much of Atlantic Station, Lindbergh City Center, and are doing the Regents Park development across from The Loop at Peachtree Battle.
* Concept is 56 units at approx. 2,000 sq. ft. each, higher end clientele, $1mil price range.
* Plan is to make the building 12 stories tall. (more…)

 ATLANTA-Northeast Atlanta Beltline Group, headed by Gwinnett County developer Wayne Mason, has filed conceptual plans with the city for a 73-acre mixed-use project that would comprise 1.1 million sf of residential made up of 757 multifamily units, 20,000 sf of retail and 834 parking spaces.

UPDATE: Mason Files Mixed-Use Plans for Beltline - Atlanta- Globest.com

Developing Atlanta will be using this for all of our listings the SECOND we have coverage in Atlanta!

Check out my old pad in Los Angeles:

1. My Old Apartment In LA  2. My white F-250 extended cab in it’s favorite parking spot.
Is that a parking ticket on my window??  this imagery must be pretty old since I haven’t lived there in over two years.  Still… pretty amazing stuff.

Click Here for a view of Downtown LA            Click Here for more info about Windows Live Local

Comparable Sale Case Study

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