Morningside / Virginia Highland October FUN
Thursday, September 30, 2010
October presents many opportunities to support the Virginia Highland and Morningside communities while having fun!
The Morningside Cooks Tour will be Saturday, October 16th from 1:00 ‘til 5:00. Tickets are $30. Your ticket gets you entry into five homes where you will feast on culinary creations by some our favorite chefs including Rathburn’s, D.B.A Barbeque, Rosebud, and Nakato!
On Sunday, October 24th, Morningside businesses are hosting a fund raiser for Atlanta’s oldest Fire Station! At NOON, Atlanta’s only 1-mile race will be held with cash prizes! You must register no later than October 18th and the cost is $25. Then, The Morningside Village Merchants’ Block Party will feature live music, food, and family fun! The Block Party runs from Noon until 4:00 and will be in the large parking lot across the street from our office at 1411 North Highland Avenue.
The Third Annual Monumental Ball will be held at Magnolia Hall in Piedmont Park on Friday evening, October 29th from 7:00 until about 11:00PM. Tickets are $55 per person and for that small fee, you fill feast on a buffet prepared by Affairs to Remember and dance the night away to the tunes from Kingsized. Black-tie and/or costumes optional
You can purchase tickets to The Cooks Tour and The Monumental Ball in our office. Tickets for the Morningside Mile Run can be obtained from Phidippides.
Questions? Give us a call at 404-874-6357
- Scott Askew
Posted in: Intown Atlanta Real Estate News
The Dog Days of Summer?
Thursday, September 23, 2010
Monday, September 20, 2010 - 94 degrees
Tuesday, September 21, 2010 - 95 degrees
Wednesday, September 22, 2010 - 93 degrees
Thursday, September 23, 2010 - 93 degrees
Wait a minute… I thought Thursday, the 23rd, was the first day of Autumn! Our highs should be in the low 80’s! Is global warming the cause or is it the heat the politicians are feeling from the common folk; the fabric that makes this Country great?
Regardless of your scientific or political position, it is true the heat is on.
Concerning politics, as we all know, politicians are very nervous about the upcoming November elections. Since it now appears the country is splintering into 4 different ‘political parties’: Democrats, Republicans, Libertarians, and now, Tea Partiers, we appear to be headed to a more contentious election period than ever before seen on our soil.
Once the votes are tallied in six weeks, we will probably not have one party dominant in both the Senate and House. Unfortunately, with the splintering, subsequent posturing by the four (probably three in the end) parties will cause: more voting along party lines instead of what truly makes sense; more subsequent gridlock in Congress; more name calling; and ultimately, more reluctance by corporate America to start hiring talented Americans which are needed to produce and expand products the public will then be able to buy since they would be employed, because corporate America is not getting a clear signal from Washington as to which way do we go…which way do we go…
As a good friend of mine, (and successful restaurateur), said over lunch today - “Government just needs to get out of our way so we can do what we do best… and that is prosper!” What do you think?
- Scott Askew
Posted in: Intown Atlanta Real Estate News
Ethics In Real Estate - A Lost Art?
Friday, September 17, 2010
Ethics - “The rules or standards governing the conduct of a person or the members of a profession.”
When I was 21 my father gave me a pocket watch that had been given to him from his father. The inscription on the inside read:
Integrity
Mother and Father
May 15, 1939
When I got into the real estate industry in 1978, I quickly learned that there were a few in the business who lacked integrity nor did they follow the ethical standards that are mandated by the National Association of REALTORS. I then learned that many in the real estate profession did not belong to the REALTOR Association.
While some may claim they do not belong to a REALTOR organization because they do not want to pay the approximately $400 annual dues, I find it more likely they do not belong because they do not want to be subjected to ‘rules’ that demand ethical conduct.
Over the years I have chaired the Atlanta Board of REALTORS’ Professional Standards Committee and have had the ‘opportunity’ to hear cases brought forth by members of the public against a REALTOR they believed did not adhere to our ethical standards. Some cases went against the accused REALTOR, many did not.
Unfortunately, today I find more non-REALTORS than ever before. And the reason is still the same - to ‘save’ about $400… (or to avoid peer scrutiny). But this could end up costing the ‘public’ because these practitioners know a member of the public, nor a fellow real estate practitioner, cannot file a complaint against them with a Board of REALTORS because we would not have jurisdiction.
Word to the wise - If you are looking for a real estate agent to work with you, chose a REALTOR.
(During the combined 91 years of our companies’ existence in the Atlanta real estate industry, we have never had an ethical complaint filed against us NOR have we ever been in a courthouse as a defendant. No other firm comes close.)
- Scott Askew
Posted in: Intown Atlanta Real Estate News
Banks could tank new FHA Refinancing Program
Thursday, September 09, 2010
A recently launched FHA program that allows homeowners who are underwater on their mortgages to refinance at today’s record low rates, take at least 10 percent off their principal, and get a new FHA loan that will leave them with positive equity in their home, is being challenged by banks here in Georgia.
FHA estimates, nationally, some three to four million homeowners could take advantage of the program, called FHA Short Refinance, which they feel would dramatically stabilize housing markets, reduce delinquencies and foreclosures, and make it possible for many “move up” owners to sell and buy a new home that better fits their needs.
However, lenders must voluntarily agree to write off 10 percent of the unpaid principal in order to bring a borrower’s combined loan-to-value ratio to no greater than 115 percent. Real estate and mortgage professionals around the country fear that the principal reduction, which is also required in modifications under the Treasury’s Housing Affordable Modification Program (HAMP), to be a potential roadblock.
In some markets, like Atlanta, where prices are still far below the peak in 2006/2007, homeowners who bought at that time today are far below the 97.5 percent loan-to-value ratio the new program requires. In addition to getting the lender to eat 10 percent or more of the principal, the program, also requires:
* The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a credit score equal to or greater than 500.
* The homeowner must owe more on his/her mortgage than their home is worth.
* The homeowner must be current on his/her existing mortgage.
* The property must be the homeowner’s primary residence
- Scott Askew
Posted in: Intown Atlanta Real Estate News