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PERIMETER BUSINESS Q & A on Perimeter single-family homes: Definitely recovered Todd Emerson has been work ing with residential real estate in the metro Atlanta area since 1998. In 2005, he joined Harry Norman Real tors' office in Buckhead and then, in 2008, was named Senior Vice Pres ident and Managing Broker of the Harry Norman office for the Perim eter Center area. In 2009, he also be came managing broker of the com pany's Blue Ridge office. This year, he was named president-elect of the Atlanta Board of Realtors. Q How do single-family home sales in the Perimeter area compare with sales in other mar kets in metro Atlanta? What drives home sales in the Perimeter? /\ The Perimeter area continues '* to outperform what I define as the "six core counties" (Cobb, Cher okee, DeKalb, Forsyth, Fulton and Gwinnett) that make up a signifi cant part of metro Atlanta. Year over year, home sales in the Perimeter area are up 19 percent compared to sales for the same time period in 2012. Conversely, home sales in the six core county area ac tually are down 9.3 percent com pared to the same time period in 2012. However, a significant rea son for the year-over-year decline for the six core county area can be directly attributed to a significant reduction in the overall number of distressed properties (REO/bank- owned properties and short sales) that are currently available versus what was available for sale in 2012. Regarding what drives home sales in the Perimeter area, there are a number of factors: access to good schools (both public and private); the Perimeter Mall area and sur rounding shopping venues in gen eral that offer a multitude of choic es; the high concentration of office and commercial space that attracts hundreds of companies to the area and thousands of jobs; and conve nient access to a number of major surface streets and highways allow ing quick access to other areas of At lanta. In addition, the Perimeter area has historically been a highly desir able destination for not only those living locally in nearby areas, but also for those relocating to Atlanta. Announcing Pick-up and Delivery! ^ People Drive Us Is your Mercedes-Benz ready for it’s service? Well, just give us a call We’ll come to your home or place of business, pick up your vehicle, service it, wash it and return it ready to go. Mercedes-Benz of Buckhead mercedesofbuckhead.com 2799 Piedmont Road | Atlanta, Ga 30305 404-846-3500 — A Q How did single family home sales in the Perimeter area fare during the recent recession? /V As in all markets across the greater Atlanta area, the Pe rimeter area experi enced a decline in the total number of sales during the recent re cession, however these declines were not as significant or severe as what a majority of the greater metro area ex perienced. The primary reason the Perimeter area was not as severely impacted as Atlan ta as a whole can be directly tied to a very low percentage of distressed property sales. Throughout the re cession years, distressed sales only represented 5 to 7 percent of the to tal sales in the Perimeter area, com pared to more than 30 percent for Atlanta in general. Usually, distressed properties are sold at a significant discount (typi cally 20-30 percent less) compared to non-distressed properties. As the market was absorbing these dis tressed properties, it had a negative impact on prices and future apprais als. However, now that we have liq uidated a significant amount of this type of property and demand has remained high, we are beginning to see prices appreciate across most market areas. Todd Emerson has been involved in Atlanta real estate since 1998. He was with Harry Norman in Buckhead before being named senior vice president and managing broker of the company's Perimeter Center office in 2008. He is also managing broker of the Harry Norman Blue Ridge office. He was named president-elect of the Atlanta Board of Realtors this year. Q Has the market for sales of single-family homes recov ered in the Perimeter area? How close do you think it is to a full, pre-recession recovery? What do you expect to see in the near term in single-family home sales in the Perimeter market? In the long term? /\ Sales of single-family homes ' * definitely have recovered in the Perimeter area. We aren't quite back to pre-recession (summer 2007) levels; however, we are making very positive strides in that direction. The simple economic fundamen tals of supply and demand indicate we will continue to see positive im provement for home sales in the Pe rimeter market area. Demand re mains high and additional "buyer 94% of small businesses close We take the worry out of IT so you can focus on business! within 2 years of a major data loss.* We can protect your data and help you recover from a disaster. 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