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2009 Metro Atlanta Land Report:
Request your free copy today at FitzgeraldLand.com
Renovated 60,000 SF Warehouse Sale/Lease
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2009 Metro Atlanta Land Report
Thursday, April 30, 2009
After a steep drop during the first half of 2007, the number of land transactions has remained fairly steady for the last six quarters. However, the price per acre for residential land continued to decline through the end of 2008 while commercial acreage prices reached steady levels in 2008. A review of the list of transactions shows a larger number of banks taking title to land in each succeeding quarter. The land bottom will not be reached until the banks unload their inventory or demand returns for new construction.
Expect to see a slight uptick in land sales in the second and third quarters of 2009 as small pockets of demand develop for new construction. Also look for an increase in vacant land sales beginning . . . Click here for the full report.
FDIC Loan Sales and Bank Failures
Collected from Loopnet.com and AJC.com reports
So far ten banks have failed in Georgia and the FDIC is selling off their loans through two approved loan brokers. Debtx.com is the approved loan seller for east coast including Georgia. According to crenews.com, the FDIC has sold $1.2 billion in commercial mortgages at roughly 62 cents on the dollar. $702 million of those loans were classified as performing and sold for 79 cents on the dollar. While $304 million in non-performing loans sold for 33 cents on the dollar. The subperforming loans sold for 46 cents on the dollar.
American Southern Bank (Kennesaw) April 24: $112 million
Omin National Bank (Atlanta) March 27: $956 million
FirstCityBank (Stockbridge) March 20: $297 million
Freedom Bank of Georgia (Commerce) March 6: $173 million
FirstBank Financial Services (McDonough) Feb 6: $337 million
Haven Trust Bank (Duluth) Dec 12: 572 million
First Georgia Community Bank (Jackson) Dec 5: $238 million
The Community Bank (Loganville) Nov 21: $681 million
Alpha Bank (Alpharetta) Oct 24: $354 million
Integrity Bank (Alpharetta) Aug 29: $1.1 billion
Georgia Dream NSP Program
$14,000 Interest Free 2nd Mortgage on foreclosed homes
"The Georgia Dream NSP Purchase Program was created to encourage the purchase of foreclosed properties. Funds utilized are an allocation of federal dollars received by the Department of Community Affairs from the Housing and Economic Recovery Act of 2008."
"The program provides $14,000 to eligible borrowers purchasing foreclosed properties in eligible areas. Funds are disbursed in the form of a second mortgage lien with no interest and no monthly payments. The lien is released over a period of five years and six months. Funds may be used for required repairs and/or down payment assistance. This program begins April 1, 2009 and all funds must be disbursed by June 30, 2010." More information available at Georgia Department of Community Affairs.
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