Archive for September, 2007

Streets of Buckhead

Saturday, September 29th, 2007

Streets of Buckhead soon to include new hotel, office building, retail space

By Kevin Duffy, The Atlanta Journal-Constitution McClatchy-Tribune Regional News Sep. 26–The Streets of Buckhead project is expanding across Peachtree Road to include the site of the old Three Dollar Cafe and adjoining land. Ben Carter Properties and Barry Hotel Partners announced Tuesday plans to build a Hotel Monaco, a Class A office building and 55,000 square feet of retail and restaurant space on 2 acres at the Pharr Road intersection. Ben Carter said the hotel will cater to business people and families, and it won’t be exceedingly trendy or expensive. Construction is expected to begin next year and wrap up in 2010. The bulk of the Streets of Buckhead project is on the other side of Peachtree Road , where demolition has been under way for a while. The additional land means the development has grown to nine blocks. A few years ago, the development site was the city’s No. 1 party scene. But after outbreaks of violence, the city cracked down, making arrests and forcing bars to close earlier. Businesses suffered and became ripe for purchase. Hotel Monaco is Streets of Buckhead’s second confirmed hotel.  Barry Hotel also is developing 1 Hotel and Residences, which will include 48 condos. A third hotel, an “ultra-luxury” international brand with about 100 rooms and 42 condos, will be announced soon, Ben Carter said. Plans for a Paces Plaza Hotel and Residences have been scrapped. Hotel Monaco is part of the San Francisco-based Kimpton Hotels & Restaurants. Ben Carter is under contract to buy the additional land for the project from Brad Bradshaw and plans to sell the hotel portion to Barry. Carter said acquisition and development of the additional acreage will cost roughly $250 million. Investment in the entire Streets of Buckhead development is expected to top $1 billion. That includes construction of about 350 luxury apartments by Wood Partners.

Streets of Buckhead plans also call for 80 high-end retailers. A new one was announced Tuesday — Loro Piana, which sells clothing and accessories.

New Townhome Listing

Monday, September 24th, 2007

New Listing in the Ivys

I have a new listing that went on the market today in The Ivys.  The Ivys is a great swim/tennis townhome community located in the Heart of Buckhead!  Please come join me on Sunday, September 30th as I host an Open House from 2-4 pm.   The address is 3 Ivy Square NE, Atlanta, GA 30342.

How did your restaurant rate?

Monday, September 24th, 2007

Dekalb County Board of Health has an awesome website where you can search for your favorite restaurant and view their most recent ratings.  Check it out at http://atlanta.digitalhealthdepartment.com/dekalb/

Fed interest rate cut seen this week

Sunday, September 16th, 2007

(From L to R) Greenspan, President Bush, Bernanke

Looks like we’re in store for some good news this week…Lesley

 By JEANNINE AVERSA, AP Economics Writer

For the first time in more than four years, the Federal Reserve appears ready to lower interest rates to prevent a housing meltdown and a painful credit crunch from driving the economy into a recession.A rate cut would affect millions of borrowers, with the intention of getting them to spend and invest more, which would revitalize the economy.In one of their most important and anxiously awaited decisions, Fed Chairman Ben Bernanke and his central bank colleagues meet Tuesday to determine their next move on interest rates. Those policymakers are widely expected to cut an important rate, now at 5.25 percent, by at least one-quarter of percentage point. Some analysts predict a bolder step, a half-point reduction.

If the Fed drops the rate, then the prime lending rate that commercial banks charge many individuals and businesses would fall by a corresponding amount. It now is at 8.25 percent.

Should the Fed go with a quarter-point cut, analysts expect policymakers will lower the rate again in October and in December, their final meeting of the year.

Fed action would mean that borrowers who can obtain credit would see rates drop on a variety of loans. It would become less expensive for people to finance certain credit card debt and for homeowners to take out popular home equity lines of credit, which often are used to pay for education, home improvements or medical bills.

Also, it should help some homeowners whose adjustable-rate mortgages reset in the fall.

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On the Net:

Federal Reserve: http://www.federalreserve.gov/

Many have asked…

Friday, September 14th, 2007

It seems like everywhere I go, someone is asking . . .

“How is the Atlanta market surviving the current real estate market?” 

So, is Atlanta surviving?  

I believe it is a real estate miracle…  Prices are relatively stable even with an abundance of inventory on the market!  So, most sellers aren’t losing their investments but buyers have a great amount of choices with stable prices!  And, yes… this is a real estate miracle!  Even Clark Howard had a special this week on Real Estate and the Mortgage Industry and stated that although the national real estate market reported prices down 2%, the Atlanta market remains flat. 

See this great article below from Unique Homes/ Top 25 Markets to Watch. Camilla McLaughlin.

Individually, each of these markets gives us a reason to take notice. Collectively, they will indicate where luxury real estate is going. We’re watching. Are you?1. Annapolis, Md. Boaters gravitate to this historic city on the Chesapeake Bay, as do buyers seeking quality of life in a town reminiscent of Williamsburg. Affordable prices compared to Washington’s luxury enclaves and a reasonable commute to both Washington and Baltimore make this waterfront gem highly desirable.2. Asheville, N.C. A perennial on lists of great places, Asheville continues to draw upscale buyers looking for a low-key, outdoorsy lifestyle. The city’s eclectic ambiance, which fosters folk arts, great restaurants and lots of entertainment, adds to the allure.

3. Aspen, Colo. The fire hasn’t gone out of this market. No longer just a ski enclave, Aspen has four-season appeal and a reputation as a platinum location. Restrictive zoning and growth policies restrain supply, so don’t expect a property explosion or bloated inventories here.

4. Atlanta, Ga. No bubble worries here with respectable, not astronomical, appreciation. Luxury still lives in Buckhead, where the teardown trend continues. New upscale communities with lots of lifestyle amenities, city retreats and waterfront on nearby Lake Lanier continue to sell, fetching top dollar.

5. Austin, Texas Lots of untapped potential for luxury exits in this Texas hill country city, which posted record gains for much of 2006. The University of Texas, two lakes, and the bragging rights to the “music capitol of the world” bring a mix of newcomers.

‘Hope this sheds some light on the market.  Watching national news, you get the real estate doom and gloom synopsis.  Fortunately, for us, it looks like we’re not experiencing the pains felt in other parts of the country.  

As always, please let me know if I can assist you in your next real estate transaction!  

Lesley’s First Blog Post

Thursday, September 13th, 2007

This is my first post!  Welcome to my new website!!!

REALTOR® Equal Housing Opportunity