CAP Rate provides a measure of ability for an income property to return an initial investment. CAP Rate is calculated by dividing the NOI (Net Operating Income) by the Value (Or Sales Price). The lower percentage CAP rates like 6% to 8% are usually assigned to lower risk investments with long term lease agreements and have solid real estate measures, such as a Wal-Greens on a corner with a traffic light. Higher CAP rates are generally higher risk investments that require more management such as small apartment buildings not on a major road.
New homes are selling in Chattanooga in neighborhoods such as Brock Pointe. Brock Pointe subdivision started in the early 1990s. Lots are still being sold and built on in 2013. Thirteen homes have sold since January 1, 2012. The lowest price was $235,000 and the highest price was $341,900.
The dividing line for East Hamilton High School and Ooltewah High School must run through the neighborhood, because the real estate agents are listing both for different addresses. The location is convenient because it sits on a hill just Northeast of the Jenkins Road and Standifer Gap intersection, close to I-75. Some of the lots have good views.
If you are in the market for a new 3 or 4 bedroom home in the $118/sqft range, then take a look at Brock Pointe in the East Brainerd area.
Realtor assisted new home sales in Chattanooga for 2012 in Hamilton County numbered 462. The average price for the overall market was $116/sqft. The average sales price for a new home was $261,683. To compare the market to 2006, there were 976 Realtor assisted sales of new homes. The market is not of old but picking up steam from 2011 where the MLS reports 401 new home sales in 2011.
Black Creek Mountain and Cummings Cove HomesCummings Cove and Black Creek Mountain continue to provide home owners with good value. The primary amenities of proximity to downtown Chattanooga, peaceful surroundings, golf, tennis, and passive amenities like walking trails give this community a unique draw.
12 Single family homes in the original Cummings Cove sold in 2012. The lowest price was $315,000 and the highest was $775,000. The average price per square foot was $123. The average marketing time was 193 days.
8 condos and town homes sold in 2012. The price range was $116,400 to a high of $255,000. The average price per square foot was $118. The average market time was 204 days.
Black Creek Mountain sold 9 new homes in 2012. The price range was $258,000 to a high of $473,817. The average price per foot was $150. The average marketing time was 53 days.
The marketing efforts and amenities paid off for the new home sales, as Hamilton county average for new home sales were $122 per square foot compared to Black Creek Mountain at $150. The older single family homes provided slightly better results at $123 per foot price compared to Hamilton County average of $116 (for homes built 2000-2006 and same price range).
The condos and town homes that were built from 2000-2006 that sold in Hamilton county in 2012 sold for $103 per foot compared to $118 for Cummings Cove homes.
Interesting observation is that single family, town homes, and condos of the original community are holding better price per foot average over competition around Hamilton county but the average days on market for the older homes is noticeably longer. The newer products available in the community may impact marketing time.
Black Creek Mountain is providing a fascinating future to land that sheltered indians, civil war soldiers, miners, recreational hunters and 4 wheelers. The land is yielding to home owners that desire to live near Chattanooga and enjoy its many amenities.
Looking down into family room from balcony.1291 Village Green Drive offers great value for someone needing low monthly costs with enough space to handle visiting family members. This 3 bedroom, 2 bathroom home offers over 2,000 square feet of space. The master bedroom is on the main level. There are gas logs in the fireplace that has a real flue, if you want to convert to wood. The owner enjoys the open room and the light it provides with a skylight.
Parking is provided with concrete pads for 2 cars. The back yard is completely fenced. The yard is cut by a person who charges $15 a cut and includes hedge trimming. The utilities, gas and electric average less than $150 a month for the current owner. The homeowner’s association fee is $25.00 annually. Yes, that is correct…annually, and the association has 4 meetings a year with meals. There are no common pools, tennis courts, etc. to maintain.
1291 Village Green features a sunroom heated and cooled as well as a storage room that provides access to the back yard. Upstairs you will find 2 bedrooms and a full bathroom as well as a balcony office space that looks over the great room.
There is plenty of storage as their is a large closet off the sunroom. Storage room off the sunroom. Walk-in closet on the balcony. and pull down storage with lots of floored decking and shelving above the upstairs bedroom. Each of the front bedrooms up and down have walk-in closets.
The location is convenient to Northgate Mall, Publix grocery, hospital, parks, and schools. 1291 Village Green is a great value for someone looking for great space at a great value. Call 423-665-7777 to schedule your appointment today! Click on my Facebook Page in this album to see many more photos.
Rachel Kelly, songwriter and performer, gives rare interview in St. ElmoChattanooga band As Isaac received a huge gift from Cuban born film producer Axel Arzola. Axel heard the music written by As Isaac and immediately related to the test of his faith as he pursued asylum in the United States. He wanted to give his gift of film making in the form of a music video to the band to say “thank you” to God for allowing him to pursue his dreams here.
Axel and his wife Kretel are native Cubans. He grew up loving to film and video. His work started to receive international attention and he received invitations to attend film festivals in France and Canada. Axel and Kretel knew their best opportunity to seek asylum in the U.S. was during the film festival in Canada. Axel shared his fear as they traveled miles and left most belongings as they approached the border. His contact in the states was Dr. DeWayne Knight. Dr. Knight is the team doctor for Lee University athletics. Dr. Knight received a phone call from the border patrol while at a tennis tournament that Axel and Kretel were under his charge. Dr. Knight made sure that with nothing but backpacks and little money that Axel and Kretel made it from Canada to Cleveland, TN.
As Isaac is a Chattanooga band that started at Calvary Chapel youth group. Pastor Kenny Engels asked the band to lead music worship for the youth. The band took a life of its own as the members started writing their own music and playing different venues. Kenny and Calvary Chapel decided in faith to send the band to Nashville to make a recording. Don Chaffer recorded and produced some of the songs they wrote on a CD titled Hastening The Day. As Isaac’s song Speak Lord, spoke to Axel about his test of faith in coming to the United States. His response was to offer his work as a beautiful gift of thanks to God in the form of a music video.
The video shoot was 16 hours and a first for the young band. The band members talk about their experience in this Youtube video. The band members are Zachary Tate Smith, Peri McIntosh, Rachel Kelly and Kristian Croxall. Nathan Shirai, drummer, mandolin, keyboards, artist of CD cover is a regular and Stephen Humphries is a welcome guest artist that plays at times with the group.
Yes, it is true that Rachel Kelly is my beautiful daughter. It is also true that the blog author is humbled and honored to be her papa. So without further ramblings, here is the music video of Speak Lord, written by Rachel Kelly and performed by As Isaac as captured, directed and produced by the talented Axel Arzola, who was delivered by the hand of God to Cleveland, TN. May your faith be strong to take you to new songs and other countries as he leads you! Speak Lord!
Home life affects everything. Young men are responsible for mass murders. John Medina (link to wikipedia) spoke last evening in Chattanooga at Baylor School about future success of a child. The bottom line key factor he says is “Home life”. So is there a correlation in the “non-successful” mass murderers in our midst? According to a person who studied the 2012 mass murders, 75% were conducted with a pistol, all men, most all born after 1980. If John Medina is correct, then what does it look like to be a “real” home man? My perception is that our culture does very little to celebrate or even define what it means to be a “real” man that can positively influence the next generations. What do you think? Is “Home Life” important to you?
The Chattanooga residential market is up in 2012 over 2011. The number of home sales reflects a 16% increase so far this year to date compared to same period last year. What is interesting is that lower priced homes did not increase in sales as much as the higher priced homes. The number of homes that sold between $250,000 and $1M increased from 807 last year to 1,066 in 2012, or a 32% increase! The number of homes sold between $100,000 and $250,000 increased 19%. The number of homes under $100,000 increased only 6%. That probably means that first time home buyers are still struggling to get on their feet. The good news is that there are good jobs for the middle class in Chattanooga and the borrowers are strong enough to pick up great deals in a very affordable market!
Old school real estate agent, Marilyn Jennings, from Calgary taught classes in Chattanooga in the 80s and 90s while on her way to her winter home in Florida. Her marketing campaign existed of door knocking in the winter just before her trip South. Door knocking in the snow showed her sellers that she was willing to go the extra mile for them. They remembered her when it came spring and time to sell their home.
This story always reminded me of Lamar Alexander and his walk across Tennessee. Who would not vote for the man in a plaid shirt shaking your hand in your home town. The same human spirit is alive today in social media. It comes in the form of caring, listening, responding, and providing good content. Humans are the same, the smartphone is the game! Time to tweet like you care!!
Twitter? Really? I am a busy (49 year old) real estate agent who happens to not need “yet another thing” to complicate my life. Twitter seems to be a plaything for kids. Yes, and kids are buying and selling real estate. Soo, old timer suck it up and represent yourself on Twitter because it is worth paying attention to. 500 million people are registered users. Twitter is not only a good place to communicate to your buyers and sellers but also other pros and business partners. Twitter is also a great marketing link tool to other social media and email marketing. Read the book “Crush It” by Gary Vaynerchuk. In it he tells the story of him turning his Father’s liquor store into a $60 Million business online using Twitter. He did it by listening to people on Twitter. Isn’t that where good customer service starts? Listening to your customers. Old school works with new tools. Time to learn real estate agent!
You can use Twitter to find future buyers and sellers of real estate. I did and I show you in less than 60 seconds what to type in Twitter’s search engine to find yours. The power of Twitter is not in “traditional” push marketing messages or information. The power lies in relationship! Real estate agents have practiced relationship building for years. The first thing in establishing a decent relationship with anyone is listening! This video shows you how to put your first Twitter “ears on.” Got your “ears on” good buddy? Hope so, because more good real estate agents are starting to listen.
New homes are selling in Chattanooga in neighborhoods such as Brock Pointe. Brock Pointe subdivision started in the early 1990s. Lots are still being sold and built on in 2013. Thirteen homes have sold since January 1, 2012. The lowest price was $235,000 and the highest price was $341,900.
