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By: Judy Spears
Broker Associate, CRS, ABR, GRI, CNHS

http://www.judyspears.com

The agenda for this month’s Dothan Planning Commission was relatively short, with only a couple of items causing much discussion. The development of the next phase of Hidden Lake Subdivision was far and away the hottest topic of the day.

This development was originally brought to the Planning Commission in October, 2006, and was approved. Plans presented at that time included much green space, walking trails, and several small parks on the 167 acre site. The development never started because this was around the time the new construction market in Dothan softened.

Fast forward 18 months, and although the new home market is still soft, it is relatively steady. Because of the need to maximize their investment, the developers came back with new plans that eliminated 12 acres of open space and parks while adding 31 lots, bumping up the total number to 353. Residents living in the current Hidden Lakes feel they were mislead back in 2006. The new plans met all the requirements for approval, so the commission had little choice but to approve. The market wins.

Planning Department staff report on Hidden Lake development

There were several citizens attending concerned about a development in north Dothan that was on the agenda, only to be tabled. The area of the proposed subdivision is mostly rural, even though it is only a couple of miles outside of town. Developing a 71 acre parcel and putting over 200 houses on it, in an area that is predominately quiet and rural, will always bring a crowd. Should be an interesting meeting next month.

Planning Department staff report on proposed subdivision in north Dothan in the Headland Avenue, Woodham Road area.

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

The Notorious ROB has an excellent post making some comparisons between lawyers and REALTORS. If you have ever had a bad experience with a real estate “professional”, take a few minutes to read his post. You may walk away with a better understanding of why there can be such a huge discrepancy when it comes to the quality of real estate agents.

One quote particularly interests me:

Neither the legal industry nor the real estate industry will change towards a regulated system of limiting the number of people who can claim to be an attorney or a realtor. There’s too much money being made by ambulance chasers on the one hand and the sleazy, know-nothing agents on the other.

But in that environment, an opportunity does exist for the elite firms to separate themselves. (emphasis mine)

I hope that no one reading this has had a bad experience with a REALTOR here at CENTURY 21 Key Realty. If you have, I would like to apologize. I would also like you to know that we strive everyday to separate ourselves from the pack. Yes, it may be a little cheesy, but we would like to be the “Gold Standard” for real estate service in the Dothan area market. That is what we shoot for. We may not always make it, but I can promise you it won’t be from lack of effort.

Regardless, please know this; We do require a higher level of education and training in our office, so anyone you talk with on The Key Team will likely have at least some more real estate know-how than the average agent around town. Every REALTOR here cares about their perception in the marketplace, and I think it shows.

I really didn’t intend for this post to be a commercial for our office. It probably comes across that way, and that is alright. I just wanted you to know that if you have a real estate need in the Dothan area, we are here to help. And I promise will be do the job to the best of our ability.

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

From the Birmingham Business Journal

According to RealtyTrac, the number of foreclosures dropped 8% in March compared to February, and are down over 19% compared to March of 2007. That is compared to nationally, where foreclosures are up 57% from last year.

Alabama ranks 43rd among the states for foreclosure rates. Supports what we’ve been saying about foreclosures here in Dothan. Foreclosures are just not a big problem in our area right now.

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Both homes sold and pending sales were up in March, a good sign that the Dothan real estate market is still healthy. New pending sales were up almost 25% over March, 2007 and last month. There were over 100 homes sold in February and March which is the first time that has happened in two consecutive months since last summer.

Pending home sales are at their highest level in several months. In fact, there are more pending sales right now than at any time since April, 2007. This a good measure of activity to come in the next 30 to 60 days.

The number of homes sold is closely following totals from last year, which is another good sign that the Dothan housing market is in good shape. As you can see just to your right, mortgage rates are below 6% and the Dothan area economy is in good shape.

I’ll have a more detailed trends analysis in the coming days, so watch for that, and a report on inventory will be posted next week.

If you are reading this and wondering if it is a good time to buy or sell a home in Dothan, then we need to talk. Pick up the phone and call me at the office, 334–793–6990, or on my cell, 334–596–0808. I’m not going to give you a hard sell or anything like that, we will just talk about your situation and try to figure out what is best for you right now. Sound fair?

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

“Local population, home values on rise” was the headline of a story in a recent edition of the Dothan Eagle. According to the story, Dothan area home prices have risen over nine percent in the past year; a stat from the Office of Federal Housing Enterprise Oversight. It isn’t until near the end of the article that we read that this rise was from 2006 to 2007. Also, note that the OFHEO, according to their website, does not use data for FHA and VA loans, only conforming conventional mortgages, and that they do not figure in newly built homes into their index. I am not disputing the numbers mind you. What I am saying is that more current numbers, and statistics that include new construction and FHA financing, will not show such a significant rise in values.

We will be looking at median price, list-to-sell price, and some neighborhoods around town where sales are strong in the coming days as the first quarter numbers are finalized. While the Dothan MLS data doesn’t include every home that has sold in Dothan (for sale by owners and some new construction may not be listed), it does provide a well balanced set to use for comparative purposes.

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By: Judy Spears
Broker Associate, CRS, ABR, GRI, CNHS

http://www.judyspears.com

New home starts were up again in March, compared to the past few months. Spring typically means an increase, but as you can see from the graph, that wasn?t the case this time last year. If we see another good couple of months in April and May, we might be able to say the bottom of the new construction market in Dothan, Alabama has been reached. The three-year graph below seems to support this idea.

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 217 new construction homes listed in the Dothan area MLS, down about 5.5% from last month. Another positive sign that things might be turning about for Dothan area homebuilders.

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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By: Michelle Beasley
REALTOR Associate

http://www.dothanhomesearch.com

Mildred?s Restaurant and Tea Room is one of those quaint out of the way places to eat that make Dothan a mecca for dining out. Located on North Alice Street, Mildred?s occupies the historic Dowling House, which was an attorney?s office in a previous life.

Mildred greets you herself when you enter her establishment, and she quickly seats you in one of three dining rooms named after her mother, Lena, daughter, Julie, and son, Gene. Lena?s room sparkles with two walls of floor to ceiling shelves covered with Mildred?s personal collection of teapots and tea cups. Julie?s Room is decorated with a little whimsy with the antique fireplace as its focal point. Gene?s Room, as my husband calls it, is the ?man room?. Mahogany paneling encompasses this room and old law books are still on the shelves from its previous life as a law library. She also has seating upstairs for overflow and private parties.

On weekdays, Mildred?s offers a splendid buffet, and also has menu items such as soups, sandwiches, salads, and crepes (my favorite). Menu items start around $6.00. Everything is seasoned to perfection. The buffet includes salad, meat, vegetables, rolls, dessert, drink, and tip for $10. Her menu is different everyday, so you will always have a treat (I just love fried chicken day)! Mildred also loves to do tea parties with all the works.

Mildred?s Restaurant and Tea Room is opened Tuesday, Wednesday, and Thursday from 11-2 and every Sunday from 11-2. Next time you just don?t want to cook lunch, need a party catered, or need a place for your office party or meeting, give Mildred a call and let her take care of everything. Mildred?s charm and wonderful food will keep you coming back for more.

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Last week at a closing, one of our sellers got a not-so-pleasant surprise. Here is their story. The names have been changed to protect the innocent.

Mr. Seller took out a $10,000 home improvement loan with a national department store back in the early 80’s. Not realizing it at the time, said store placed a second mortgage on this home as collateral. Mr. Seller made his improvements, repaid the loan early, and continued to enjoy his home.

Fast forward 25 or so years, and the seller discovers, at the closing table mind you, that said national department store never recorded a satisfaction of the loan. In other words, they never publicly recorded that the loan had been paid in full. When properly recorded, a subsequent search of the title of a property, such as when the home is sold, will reveal the recorded satisfaction. But what happens in this case? Now obviously the loan was paid off, or Mr. Seller would have long ago ran into trouble with the store, right? Regardless, the title company is now obligated to hold $15,000 of this seller’s money until such time as the seller can prove he paid off the loan.

Think about that for a minute. If you were in this situation, how easy would it be to prove? Do you keep your home financial records for 25 years? Do you check your records at the county courthouse regularly to make sure everything is as it should be? Maybe you should, because you just never know when you will run into a problem.

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Search the entire Dothan MLS! No registration, no hassle! GO HERE

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

A couple of things that are on my mind as we start the week.

Jim Duncan had lunch with Dr. Lawrence Yun, Chief Economist of The National Association of REALTORS, one day last week. Dr. Yun had some interesting comments on a lot of things, including the days on market statistic. Take a quick read of Jim’s post, paying particular attention to the part on this subject.

Jim and I agree on the irrelevance of days on market as a statistic, although for different reasons. Withdrawing and re-listing a property (Jim’s beef) to reset days on market to zero skews the data. I have been guilty of doing this, as have most REALTORS, reasoning that sometimes a listing needs a fresh start. Yes, that is gaming the system and shouldn’t be allowed. However, if you read my earlier post on this subject, I have come to feel that days on market should not be relevant to a buyer anyway, regardless of whether it is accurate or not.

Dr. Yun gives the impression he isn’t too keen on using DOM as a meaningful measure either.

Phil Hoover is another real estate blogger that I like. Phil blogs about the Boise, Idaho real estate market and posted this gem last week about listing agents auditioning for sellers.

Phil couldn’t be more right. Too many sellers think they are hiring the best agent when they hire one that will tell them what they want to hear. Look, you need to know exactly what is going on in the market if you want to have any chance at a sale. Are they telling you the real estate market in Dothan is down over 24% so far this year compared to last? Are they telling you what you need to do to get your home sold when competition for buyers’ attention is tougher than it has been in years? If they are, then you’ve likely snagged a good one. If they aren’t, you might want to look elsewhere.

Ok, now on with the week!

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Don’t forget our open houses this Sunday, 1-4! Fourteen homes open, and the weather should be good!

Here are a few links to get you through the weekend.

First the good

Tax Freedom Day comes early this year - Birmingham Business Journal

Alabama sets economic development record in 2007 - Birmingham Business Journal

Alabama now connected to the Appalachian Trail - Anniston Star

An interesting new tax plan proposed in legislature - Daily Dixie

Now the bad

Regions Bank to cut 1,200 jobs - Birmingham Business Journal

Alabama homeowners insurance rates jump 69% - Mobile Press Register via AL.com

Finally, the ugly

Alabama’s property tax system goes to court - Anniston Star

20 ways to determine if you are a real Alabamian - Daily Dixie (not really ugly, could just be perceived that way For professional reasons, I’m not revealing my score)

More good than bad and ugly combined. Life is good!

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