A Little History - The Ashford Depot
January 16th, 2008 - Categories: Historic Markers around Dothan, Just for Fun
By: Christy Manning
REALTOR Associate
http://www.dothanhomesearch.com
Ashford, Alabama has an interesting history that grew out of the railroad and the turpentine industries in the late 19th century. The Alabama Midland Railroad Depot, built in 1889, still remains a historic centerpiece of this era. Interestingly, the Ashford Depot faced demolition when the Atlantic Coastline Railroad no longer needed it as an active station. The depot was purchased from the railroad by Ashford Gin Company for an undisclosed amount to store ingredients for fertilizer that came by rail. When Ashford Gin Company ceased operations, C. O. Adams, Jr. deeded the depot to the town of Ashford. Local citizens, under the direction of former station master Tommy Rod Henderson, raised money to give the depot a new roof and paint job in the early 1980’s. The present historic marker was placed on September 12, 1985 and the nearly 100 year old depot was placed on the National Register of Historic Places.
Nothing further was done to preserve the structure of the depot until 2001, when Mayor Bryan Alloway appointed new members to the Depot committee to seek grants for a complete restoration. The dream became reality thanks to support from the community and government officials from the local, state, and federal levels. The Ashford Depot dedication took place on November 11, 2005. The recently restored Victorian style building houses a beautiful community room equipped for catering, with tables and chairs to accomodate 60 - 80 people. Presently the restored community freight area and dock is used for business meetings, receptions, reunions, etc.
The railroad museum is a work in progress. This part of the historic depot is projected to open this year for exhibits, classroom orientation, and field trips. The caboose and railcar are considered part of the museum and plans are to restore the caboose to depict its usage by freight crews during the peak of railroading.
The Ashford Area Economic Development and Historical Preservation Foundation is working with the Historic Chattahoochee Commission and the Alabama Bureau of Tourism to make visiting the Ashford Depot a unique experience along the Chattahoochee Trace. For more information, contact Fran McArthur at 334-899-3679 or June Layton at 334-699-2977
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Dwelling on the past
January 15th, 2008 - Categories: Dothan area Real Estate Market information, Inside the numbers
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
This will hopefully be our last post on the real estate market of 2007. I am a firm believer that once something is history, you learn what you can from it and move on to bigger and better things. We don?t lament about what might have been here at CENTURY 21 Key Realty, we embrace the challenge of this market and work hard for our clients every day.
Here are the final numbers for homes sold and median price for 2007, compared to previous years.
The number of homes sold in Dothan in 2007 (1292) was down 9.7% from 2006 (1431). However, 2007 had the third highest number of homes sold ever, behind 2006 and 2005.
Median price dropped from a high of $134,500 in 2006 to $133,000 in 2007, a decrease of just over 1%. The typical Dothan home has increased in value a full 34% since 2003.
If you missed our outlook for the 2008 Dothan real estate market, you can take a look by clicking here.
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Dothan foreclosure numbers going up?
January 14th, 2008 - Categories: Dothan area Real Estate Market information, Inside the numbers
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
As promised, here is the last eight weeks data on foreclosure notices published in the local newspaper.
I have only been tracking this information since November, even though before that I looked at the notices at least several times each week. I can say with a lot of certainty that I have never seen 12 notices in one day as we saw last Thursday. I can also say with relative confidence that the foreclosure numbers from this chart are not abnormally high for the Dothan area.
We’ll see how it plays out. As I stated in my predictions for the real estate market here in Dothan for 2008, I don’t think we can avoid an increase in foreclosures this year.
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All I can say is “WOW”
January 11th, 2008 - Categories: Dothan area Real Estate Market information, Real Estate News
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
12 foreclosure notices in today’s Dothan newspaper. There were 11 all of last week. Maybe its just because it is the first of the year. Then again, maybe it isn’t.
We’ll look at some more foreclosure numbers on Monday.
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Dothan Real Estate Market - January Inventory Report
January 11th, 2008 - Categories: Dothan area Real Estate Market information, Inside the numbers
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
Continuing the theme from yesterday, here is the new and improved Dothan real estate market inventory report, covering the inventory numbers and absorption rate.
Inventory
You?ll notice a slight drop in December. Also notice the slight drop last January. This is a typical winter occurrence. Inventory is back up to 913 single-family residences this morning, and will likely continue to move upward in the coming weeks.
Absorption rate
Simply put, the absorption rate is the amount of time it would take to sell every home on the market today, if no more homes were listed. This figure is calculated by taking the number of homes on the market and dividing it by the average number of homes sold each month (Three month moving average).
The absorption rate for January is 10.1 months, up slightly from December.
Again, I am looking for some feedback on these reports. Are you seeing the information that is important to you? Do you prefer a different format? Like the old updates better? Let us know by commenting below!
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Dothan Real Estate Market - January Sales Report
January 10th, 2008 - Categories: Dothan area Real Estate Market information, Inside the numbers
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
You?ll notice a couple of things with this month?s update. First, some of the numbers from previous months are different from the numbers in previous market updates. Why? I have been using some numbers from the Alabama Real Estate Research Center, but I have started to question their accuracy. Some months they are higher than the MLS numbers, and some months lower. So in order to be consistent, we?ll stick with the raw data from the Dothan MLS. 2007 numbers have been adjusted accordingly.
The other change relates to what numbers we will be looking at. I have previously been presenting a lot of statistics to you in table format, which makes it more difficult to get a true picture of trends and the like. Starting with this update, we will focus the monthly Dothan real estate market update on numbers that are most relevant month-to-month, such as inventory, pendings and solds, and absorption rate. Other statistics, such as median price, days on market, and list-to-sale price ratio, can fluctuate significantly each month, so we will analyze those each quarter instead.
Today, the numbers for sales and pending sales. Tomorrow, inventory and absorption rate. Enough rambling?here are the numbers.
Sales and Pending Sales
Real estate sales are seasonal. Sales slow down during the winter months, and early spring and mid-summer are usually busy. So when looking at numbers for pendings and solds, we need to compare current data with the same months in previous years instead of only previous months, such as we do with inventory. Doing so gives us a better picture of what is really going on.
The number of homes marked as pending sales is a good indicator of the market activity over the next 30 ? 60 days. Looking at the graph, pending sales are continuing to show a downward trend.
Take a look at the last three months of homes sales figures compared to 2006. Remarkably similar numbers. Is this a sign of a market that is leveling off? Could be. We?ll keep an eye on it.
I am interested in your feedback, so let me know what you think about this update. Are you seeing the information that is important to you? Do you prefer a different format? Like the old updates better? Let us know by commenting below!
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What home improvements provide the biggest return?
January 9th, 2008 - Categories: Real Estate News
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
CostvsValue.com recently released its annual Cost vs Value report, which is a detailed list of the value returned on several different remodeling projects, both midrange and upscale. The report shows an average of what home owners can expect to recoup out of the cost of a home improvement project. Keep in mind there are a lot of factors in play, and your results may vary. The numbers shown below come from the East South Central region of the U.S., including Alabama.
If you are considering remodeling your Dothan home to get it ready for market this spring, here are the projects with the highest return percentage.
Midrange Projects
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Wood deck addition - 91.4%
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Siding replacement (Vinyl) - 89.6%
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Minor kitchen remodel (includes replacement of cabinet doors and hardware, flooring, and appliances) - 85%
Upscale Projects
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Siding replacement (fiber-cement board) - 93.6%
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Siding replacement (foam-backed vinyl) - 86.1%
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Window replacement (Vinyl) - 82.2%
So what projects showed the lowest return? The addition of a sunroom (62.5%), remodeling a home office (62.8%), and the addition of an upscale master suite (66.5%) were the improvements with the lowest percentage of cost returned.
If you have questions about an improvement project you are considering, give us a call or leave a comment below. We will be happy to try to answer any questions about how home buyers in Dothan look at the value of different home improvements.
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Featured Home - 604 Massee Drive, Dothan
January 7th, 2008 - Categories: CENTURY 21 Homes for Sale
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
Take a look at this well-kept home in the popular Cloverdale area of Dothan. Featuring an all brick exterior, formal dining room and living room, den or sitting room, plus another extra room that could be used as an office or play room, this three bedroom home has room for everyone. A cozy screened patio overlooks the spacious fenced backyard that includes a good size storage building.
If you would like more details or to schedule an appointment to view this home, give us a call at 334-793-6990, or simply fill out the contact form with your request.
Property stats - 604 Massee Drive
| Bedrooms | Baths | Sq Ft | Year Built | MLS # | List Price |
|---|---|---|---|---|---|
| 3 | 2 | 1742 | 1963 | 0127941 | $104,964 |
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Dothan Real Estate Market Report - January New Construction Update
January 7th, 2008 - Categories: Dothan area Real Estate Market information, Inside the numbers, New construction homes in Dothan
By: Judy Spears
Broker Associate, CRS, ABR, GRI, CNHS
http://www.judyspears.com
The number of new homes started in December was up from November, but considering that November had the fewest number of new homes started in at least five years, that isn?t much to get excited about.
Here is the trend over the last twelve months.
Here is the trend over a longer period of time; the last three years
As of this morning, there were 239 new construction homes listed in the Dothan area MLS, up slightly from November. Again, the increasing number of homes listed means more and more unsold inventory is being added to the market.
If you have an interest in building or purchasing a new construction home, give me a call or use the contact form. As a Certified New Homes Specialist (CNHS), I have extensive training in the new home market and would be happy to consult with you on your real estate needs.
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Don’t let a low ball put you behind the eight ball
January 3rd, 2008 - Categories: Selling a home in the Dothan area
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
I was over at my brother’s house just before Christmas helping put a trampoline together for my niece. His neighbor, who has her house on the market, came over to check out what we were doing. Without knowing me or what business I am in, she starts talking about a recent offer that was presented to her by her agent. From what I was able to put together, the offer was not just lower, it was substantially lower (a ?low ball? in real estate vernacular) than her list price, so she instructed her agent to reject the offer outright, and admonished her “friend” the agent for bringing her something so ridiculous. She basically blamed her agent for the low offer.
I haven’t done a market analysis on this particular house, and I haven’t been inside of it to know what condition it is in. I do know that the current list price does not at first glance look to be far out of line. So why did she get such a low offer? Simple economics. There were three sales in this area of Dothan in the last three months, and there are currently six houses for sale in the same area. Why wouldn’t a buyer, with ample supply to choose from, look for a bargain?
I never let on to this lady that I was in the real estate business, as she wasn’t really talking to me anyway. There will be a time and place for that. My unsolicited advice would be to never outright reject any offer. At a minimum, make a counter offer at or near full price to determine the motivation of the buyer. You just might be suprised when you find out that really want this house above the other five, and they would have bought with just a little negotiation.
What is a seller to do to combat these low offers? We’ve talked about it before here, here, and here. It never hurts to go back and re-read. Let us know your experience with low offers by commenting below!
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