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Another brand spanking new report, this one for my St. Elmo neighbors.

All St. Elmo Real Estate Sales through the Chattanooga MLS

All active listings as of 1/5/09: 23

Pending or contingent listings (under contract) as of 1/5/09: 1

Residential listings closed (sold) during December 2009: 2

Number of months to sell current actives at December’s sales pace: a respectable 11.5

And because everybody is a nosy neighbor, here’s what actually sold in December:

DOM= Days on Market

Notice anything there? Not much sold (although it’s a fairly small area without a great deal on the market) but what did sell, went awfully fast. I’m not saying that everything in St. Elmo goes that quickly but that just goes to show you that if you price it right it will go, and quickly.

Want to know more about this charming little community? Click here for a recent blog post or see what’s for sale right now.

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Brand spanking new report for your viewing pleasure. I haven’t done a downtown market report before. Many of these sales are going to be condos & lofts with a few single family homes sprinkled in for good measure. These statistics are for the downtown, MLK & Southside areas. The boundaries I’ve used are the river on the north and east, I-24 on the south & Central Avenue to the west.

All Downtown & Southside Chattanooga Real Estate Sales through the Chattanooga MLS

All active listings as of 1/5/09: 140

Pending or contingent listings (under contract) as of 1/5/09: 9

Residential listings closed (sold) during December 2009: 2

Number of months to sell current actives at December’s sales pace: Mmmm, looks like about 70

Downtown & Southside Chattanooga Real Estate, Under $150,000

Active, residential listings: 16

Pending or contingent listings: 1

Residential listings closed during December 2009: 0

Number of months to sell current actives at December’s sales pace: I’m going to use the one pending and call it 16

Downtown & Southside Chattanooga Real Estate, $150,000-350,000

Active, residential listings: 88

Pending or contingent listings: 6

Residential listings closed during December 2009: 2

Number of months to sell current actives at December’s sales pace: 44

Downtown & Southside Chattanooga Real Estate, $350,000-600,000

Active, residential listings: 19

Pending or contingent listings: 0

Residential listings closed during December 2009: 0

Number of months to sell current actives at December’s sales pace: Ad infinitum – this price range is where it hurts.

Downtown & Southside Chattanooga Real Estate, $600,000+

Active, residential listings: 17

Pending or contingent listings: 1

Residential listings closed during December 2009: 0

Number of months to sell current actives at December’s sales pace: Again, I’m going to pretend I don’t see that goose egg and call it 17.

The chart below shows what is under contract now or sold in December

S=Status, either Pending, Sold or Contingent; TYP= Type of Home, either residential (single family), townhouse or condo; DOM= Days on Market; Prices shown reflect list prices – not contract prices

The numbers look pretty dismal but that’s a little misleading since we’re looking at such a small, high-end inventory. Like North Chattanooga real estate, the nature of the sample size you’re working with results in some big fluctuations. And upper end real estate is suffering all over Chattanooga and Hamilton County. Since that’s the majority of what you have in this area, it only makes sense that the market here would be a little soft.

If you look at November, there were 4 sales in this area, 7 more for October. What conclusions can we draw from this? Here’s what I think. This area has been a little overbuilt for current demand in this economy but that demand is going to start catching up to the supply within the next year or so, especially as the economy & upper-end market improves.

This is overwhelmingly a lifestyle driven area, much more so than any other place in the metro Chattanooga area. Want to stumble home from the local watering hole or walk to Riverbend? – can’t really do that unless you live here. Jefferson Heights is probably the only single family community that truly is an easy walk from a commercial area (some parts of North Chatt would also qualify). Clearly, there are a limited number of buyers who want a condo/loft but those who are willing to put up with little parking and no personal green space really, really want to live in here. Life is a trade off.  As Chattanooga starts to draw more residents who are accustomed to urban living (it’s already happening, we just aren’t quite there yet), this area is going to take off like a rocket ship.

Think you might be interested in this up and coming area? Check out what’s available right now.

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Julia Odom enjoys long walks on the beach, debating the restoration vs. renovation question and hanging out with plumbing inspectors

Visit her website to search for homes.

Do you have a Chattanooga area image you’d like to share (credit given),

a community event to promote or maybe even a crime to report?

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Stats listed are coming from the 37405 ZIP code. In other words, if you’re a North Chatt snob purist be forewarned that this is going to include Stringer’s Ridge, a little of Red Bank and some of Signal Mtn Blvd too.

All Northshore/North Chattanooga Real Estate Sales through the Chattanooga MLS

All active listings as of 1/5/09: 125

Pending or contingent listings (under contract) as of 1/5/09: 19

Residential listings closed (sold) during December 2009: 8

Number of months to sell current actives at December’s sales pace: 15.6

North Chattanooga Real Estate, Under $200,000

Active, residential listings: 59

Pending or contingent listings: 13

Residential listings closed during December 2009: 5

Number of months to sell current actives at December’s sales pace: 11.8

North Chattanooga Real Estate, $200,000-400,000

Active, residential listings: 35

Pending or contingent listings: 5

Residential listings closed during December 2009: 1

Number of months to sell current actives at December’s sales pace: 35

North Chattanooga Real Estate, $400,000-600,000

Active, residential listings: 8

Pending or contingent listings: 1

Residential listings closed during December 2009: 2

Number of months to sell current actives at December’s sales pace: 4

North Chattanooga Real Estate, $600,000+

Active, residential listings: 23

Pending or contingent listings: 0 (ouch)

Residential listings closed during December 2009: 0 (double ouch)

Number of months to sell current actives at December’s sales pace: A hair past forever?

North Chattanooga definitely took a bit of a nose dive for December – click here to see November’s stats. Not anything that you don’t expect in this industry, there just aren’t that many people out there looking to move right around the holidays. The most striking issue is that there weren’t any sales at all in the over $600k range (and nothing pending right now either). Does that mean that the high dollar love affair with Forest Ave is coming to an end? Probably not but North Chatt has been one of the few areas where you could count on some of these upper end homes to sell. Looks like that’s at least slowing a little.  Of course, when you are dealing with a very small sample size you really aren’t going to see steady numbers so these fluctuations aren’t cause for too much alarm.

On this chart, DOM = Days on Market, everything else is pretty self-explanatory.

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Julia Odom enjoys long walks on the beach, debating the restoration vs. renovation question and hanging out with plumbing inspectors

Visit her website to search for homes.

Do you have a Chattanooga area image you’d like to share (credit given),

a community event to promote or maybe even a crime to report?

Don’t want to miss a thing?? Subscribe to Chattanooga Real Estate.

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These stats are pulled from the 37363 ZIP code. Click here to see what was goin’ on last month.

All Ooltewah Residential Real Estate Sales through the Chattanooga MLS

All active listings as of 1/4/10: 330

Pending or contingent listings (under contract) as of 1/4/10: 58

Residential listings closed (sold) during December 2009: 39

Number of months to sell current actives at December’s sales pace: 8.5

Under $200,000

Active, residential listings: 91

Pending or contingent listings: 29

Residential listings closed during December 2009: 16

Number of months to sell current actives at December’s sales pace: 5.7

$200,000-400,000

Active, residential listings: 186

Pending or contingent listings: 24

Residential listings closed during December 2009: 20

Number of months to sell current actives at November’s sales pace: 9.3

Over $400,000

Active, residential listings: 54

Pending or contingent listings: 5

Residential listings closed during December 2009: 3

Number of months to sell current actives at December’s sales pace: 18

What does all of this mean? Not any big changes since last month’s report which is actually pretty good news. I was expecting a drop off given the expiration of the first time buyer credit, not to mention the typical seasonal slow down. Even though the credit ended up being extended, lots of sales were being pushed through for the end of November supposedly leaving the ‘pipeline’ empty for December. Doesn’t seem to have happened.

So I’ll say exactly what I said last month: If you have a home to sell in Ooltewah for under $200k there’s not much reason to wait around for the market to pick up. Even in the $200-400k range, there’s still only an 9 month supply (not completely optimum for definitely within reason). The upper end of the real estate market fares better in Ooltewah than in the rest of Hamilton County with only an 18 month supply compared to 28.5 for Hamilton County as a whole. If you’ve got a lower to mid level home to sell in Ooltewah and want to move up to a bigger house nearby…get your selling shoes on. If you’ve lived in your house for 5 of the last 8 years you might even qualify for the new $6,500 tax credit.

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Julia Odom enjoys long walks on the beach, debating the restoration vs. renovation question and hanging out with plumbing inspectors

Visit her website to search for homes.

Do you have a Chattanooga area image you’d like to share (credit given),

a community event to promote or maybe even a crime to report?

Don’t want to miss a thing?? Subscribe to Chattanooga Real Estate.

Read Full Post »

Stats listed are coming from the 37405 ZIP code. In other words, if you’re a North Chatt snob purist be forewarned that this is going to include Stringer’s Ridge, a little of Red Bank and some of Signal Mtn Blvd too.

All Northshore/North Chattanooga Real Estate Sales through the Chattanooga MLS

All active listings as of 12/7/09: 119
Pending or contingent listings (under contract) as of 12/7/09: 26
Residential listings closed (sold) during November 2009: 13
Number of months to sell current actives at November’s sales pace: 9.2

North Chattanooga Real Estate, Under $200,000

Active, residential listings: 50
Pending or contingent listings: 17
Residential listings closed during November 2009: 4

Number of months to sell current actives at November’s sales pace: 12.5

North Chattanooga Real Estate, $200,000-400,000

Active, residential listings: 39
Pending or contingent listings: 5
Residential listings closed during November 2009: 7

Number of months to sell current actives at November’s sales pace: 5.6

North Chattanooga Real Estate, $400,000-600,000

Active, residential listings: 9
Pending or contingent listings: 2
Residential listings closed during November 2009: 0

Number of months to sell current actives at November’s sales pace: Ummm, infinity? I’m going to call it around 5 based on what’s pending.

North Chattanooga Real Estate, $600,000+

Active, residential listings: 21
Pending or contingent listings: 2
Residential listings closed during November 2009: 2
Number of months to sell current actives at November’s sales pace: 10.5

North Chattanooga is definitely where you are going to see a disproportionate share of upper end homes selling. 10.5 months worth of inventory compared to a couple of years elsewhere in Hamilton County. After all there really aren’t any cheap ones left out there (if you’ve got one let me know and I can probably find you a buyer lickety split). Most of what makes up that under $200,000 market is probably in Red Bank. Not a bad thing, just not walking distance to Coolidge. If you’ve got a decent house – maybe even an indecent one – in North Chatt and you price it even reasonably well, it’s gonna sell.

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Well this isn’t one of those.

This is a great house in a lovely neighborhood with real life, full grown, honest to God TREES!

FacadeAre you the guy who likes to have the best lawn in town? Welcome home, all you have to do is keep it that way. The separately metered irrigation system will make it easy (and cut your watering bill in half).

Ivanwood Roses

 

 

Or maybe you tend to get into hot water on occasion. Stop on your way up the driveway and cut some roses (flowers always help).

Master BR

Either way, you’ll love the master suite with lots of natural light, jetted tub and separate shower with body jets and frameless enclosure.Master Shower

What else do I get with this lovely home, Jules?

  • Large secondary bedrooms, each with it’s own sink/vanity connecting to the jack & jill upstairs bath
  • 2+ car garage in addition to the unfinished storage or expansion area in the basement
  • Piped gas grill on the back deck which overlooks the fruit tree filled back yard
  • Dual HVAC systems with air filtration system and humidity controls
  • Custom draperies and plantation shutters
  • Separate dining room or office
  • Laundry room with built-in ironing board
  • Advantium Microwave
  • Maytag Gemini double oven range
  • Over 2400 sq ft per tax appraisal
  • Recently painted, meticulously maintained, nothing to do except move in
  • Uber convenient location near 27 & 153

Check out 6844 Ivanwood Dr, Hixson, TN 37343. Priced at $199,000, you won’t be disappointed. Click here for complete information.

View from porch

Trees! Real trees!

Call me at 423-521-0506 or email me to take a look inside.

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I love working with first time buyer’s – they always ask me questions that prompt blog posts. The most recent one was:

‘Will my taxes and insurance be part of my monthly payment?’

The short answer, which is almost always true is ‘Yes.’ If you have a mortgage, the mortgage holder will usually require an escrow account be set up from which your annual taxes and insurance will be paid.

Dollar signWhat’s an escrow account, Jules?

It’s just a fancy term for any amount of money that is being held by one person but which belongs to another. When you write your earnest money check, it will be deposited into an escrow account to be held until the day of closing.

What do I have to do to get it set up?

Nothing except plunk down some of your hard earned cash. When you get to closing, one of the sections on the settlement statement is ‘pre-paids’. Most of those have to do with your escrow account. You’ll pay for a year of insurance up front and then a few more months to get the escrow account started. You’ll also pay a few months worth of property taxes. Then there will be an adjustment to make sure they aren’t keeping more than necessary in escrow (only those with advanced degrees from MIT have the necessary brain power to understand the formula that determines the adjustment).

So then how do my taxes and insurance get paid?

The bills will be sent to your lender and presto-change-o, they are paid without you lifting a finger. Once a year they’ll do a review to make sure that there isn’t going to be a shortfall or overage in the account. Insurance costs go up & tax assessments change but, as long as you got a fixed rate mortgage (you are getting a fixed rate mortgage, arent’ you??), that’s the only reason your payment will go up. And hey! Sometimes it even goes down a little.

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