Charlie Ragonesi Big Canoe Realestate's Blog

North Georgia Mountain Update

This year so far has been tough in the mountains. Winter seems to have lasted forever. Also lay-offs in some of the industries, notably carpet have effected the local economies. We are often a lagging indicator of the market. So while other areas were experiencing high rates of value decline not so much us.

But lately the declines have excelerated. So in some ways while thers are rebounding we are struggling. The news is nt all bad. Given the economic state we already see more and more local folks traveling and exploring the mountains as we are close to them. We also see folks moving here to down size, improve their quality of life and in general reduce their costs.

So it is a mixed bag for us right now. Spring and summer will tell the tale. Will the upswing in first time buyers carry us forward and lead a rebound? Only time with tell

2 comments • Charlie Ragonesi 706- 579-1098 • April 01 2009 07:28AM

What does the new plan for housing mean for the Market ? Plain Advice

We have a number of new plans outlined, rolled out, presented, with flourish and fan fare. However the toxic assets plan is now being rolled out for the first time. I wonder what this will mean for our market?

What I think will happen is that the good deals will start to go away. After all if investors along with Uncle Sam buy these things up aren't they going to sell them for more than they paid? So I am thinking this is yet another way for the rich to get richer.. Sorry for the Cynicism.

What it means for regular people is NOW IS THE TIME TO BUY! With interest rates low, inventory high, and good programs out there BUY NOW. You will not see a market like this again in your life time.

Yes, we will have booms and busts. But the government is fundamentally changing the economic landscape. So what future markets hold and where the deals will be is a big Question mark. Contact your local Realtor and take advantage of this great opportunity. Do not be one of those shoulda, coulda, woulda, tragedies.

9 comments • Charlie Ragonesi 706- 579-1098 • March 27 2009 03:37PM

To Build or not to build , That is the question

Land sales are a large part of our business in the mountains. By all accounts land sales are really really slow. Some communities have a 2 year inventory at the current rate of absorption. There are 3 things that effect land sales here.

1 Investors. In the not so long ago days of easy money investors could buy land to hold for investment with less than good credit for very little down. Those days are over. So the easy money that fueled speculation has dried up slowing the land markets price increases incredibly

2 But the Question of building has effected us as well. In today's market you can build home all things being equal for about 105 thousand dollars. This is a 1 /2 with about 1500 square feet. Now we are talking laminate counter tops and we are not using Viking stoves. This is good. And with land prices where they are you would thing folks are jumping. However you can buy an existing home of this size for the same money. And since my building example did not include the land price it is less expensive to buy existing.

The other factor is buying a foreclosure or a distressed property. You can buy a property for under 100k that needs work and rehab it for less than a new property. In the end you have in effect an updated property.

3 Loans are harder to get for construction. On the other hand you can get a package of loans for rehabs (FHA 201) or USDA at 100 percent financing.

So in the end land sales here are sluggish. They will lag behind the housing recovery. If you are buying for investment.be prepared to hold for a while. On the other hand if you are looking for your "Green Acres" Now is a great time to buy.

7 comments • Charlie Ragonesi 706- 579-1098 • March 18 2009 07:32AM

Come out Come out

The Market today

 

In 2008 I felt like a Munchkin. Some one dropped a market on my House !!! The wicked witch had a Wall Street Address. Her minions were not flying Monkeys but Credit Default Swaps and CDO's.

So here are the questions . Are lower interest rates the Ruby Slippers ?  Will Buyers come out? I think so. I think the storm is just about over. As Realtors maybe when we get to Emerald City we should be asking the Wizard for some Tums. But regardless, The opportunity is here. It is now . And in the end we will be better Realtors for it. And we will help many get into their dream homes which are now more affordable

10 comments • Charlie Ragonesi 706- 579-1098 • December 30 2008 07:45AM

What I would like to see Happen Next

This week in our markets we have had a great deal of turmoil. We have had bills fail. The stock market plummeted. The economic numbers were grim. "THE BILL" passed thru the Senate. Credit started to freeze up. The house got scared and passed  the bill. Wall Street still tanked( Remember the rule , the market rises on the rumor and falls on the fact. So what should happen next week ?

ABSOLUTELY NOTHING. I would like to see a week where I can look at the leaves changing. A week where I can split wood with the Oldies station and not CNN on in the back ground. I week where we can all take a breath and let things start to sort themselves out. As a people I think we need it. Are we going to get it ? Time will tell. Here's to answering the question , "What's happening?" with "Absolutely nothing" ( Except maybe a couple of listing sales of course)

This weekend is the Jasper Marble festival see you all at the cotton candy stand !!!!

9 comments • Charlie Ragonesi 706- 579-1098 • October 04 2008 09:07AM