Trilogy Park Homes for Sale Market Conditions – Jarvis Team
1st Quarter 2014
At present, there are 9 active properties for sale at Trilogy Park, Hoschton, GA. The average listing price for active homes at Trilogy Park is $319,833 while the homes sold since February of last year have an average listing price of $248,863. The median list price for active single family residential and condo/town home properties in the subdivision is $319,900 while for those that have been closed since February 2013 have a median of $240,000.
According to the data from MLS, most homes sold over the past year had either 5 bedrooms or 4 bathrooms. Furthermore, some homes that have 5 or 6 bedrooms were sold in less than 50 days while some homes that contained a smaller amount of rooms took a little longer to sell.
A 4-bedroom home in Trilogy Park sells at an average of $233,967. Homes with 5 bedrooms sell at an average of $ 261,200 and lastly, the sold home that had 6 bedrooms was priced at $250,000.
All market data and statistics are pulled directly from the local MLS data as of February 2013. For more comprehensive Homes data you can go to our website at http://gahomesdigest.com.
Hedgerows – Buford GA Real Estate Market Update 1st Quarter 2014
Overall Hedgerows looks to continue the price increase, assuming that there are no other short sales. There are currently 10 homes for sale at Hedgerows, Buford. The list price ranges from $349,000 to $564,000 with an average list price of $468,525. The average listing price for Homes in Hedgegrows since the month of February 2013 is $373,203 The median list price in February for single family residential properties in Hedgegrows is $412,019.
According to the data from MLS, some that had a list price of under $400,000 were sold faster (under 60 days) than those priced higher. Only one home with 4-bedrooms was sold over the past year. More homes with 5 or 6 bedrooms were sold, the former having fifteen sales and the latter having 4.
New construction continues to be the best and worst thing about Hedgerows right now. It’s great because the vacant lots are not going away but it also creates competition for current home owners.
Since February of 2013, there were 45 homes that were sold in Chateau Elan and they were sold at a range of $244,500 to $1,999,000. The average list price of these homes sold was $663,871 and the median list price was $629,000.
Overall we see Chateau Elan continuing the “upward trend” with some of the homes on the upper end moving the least in terms of price. The pressure from new construction, new builds and other neighborhoods will keep the upper tier in line. However, this year many buyers are finally comfortable making a move and overall we see Chateau Elan’s “floor” price rising.
Chateau Elan routinely outsells every other community and is only rivaled by mega-neighborhoods such as Hamilton Mill.
A 71-year old retired postman from Buford has won $1 Million at a scratch off game. Eddie Beard’s luck came from a $20 scratch card, the Georgia Lottery’s 20th purchased his ticket at a store located at 1875 Peachtree Industrial Boulevard in Buford, Wee Willy’s.
Many had joked that this was his late retirement gift. However, the newest millionaire, who resigned from his post 2 years ago, does not have any idea on how to spend his money just yet.
In his press release with the Georgia Lottery, he said, “I was shocked, I wanted to go sleep, but I was excited, of course.”
There are two other Georgia residents who had won the top prizes in the Georgia Lottery: Maurice Matthews of Douglasville, 65 years old, and Regina Williams of McDonough, 48 years old.
The Georgia Lottery’s 20th Anniversary Extravaganza instant game. He had Anniversary Extravaganza is a game where residents can win cash prizes instantly.
The real estate market review of 2013 is out! We reviewed the Mill Creek area and have posted video reviews out on most of the ones featured here. We also give a preview of 2014.
For the most part, neighborhoods in the Mill Creek are all created stability. While that may look like a 10% increase overall in “Average Price,” the real winner of 2013 was the stability mentioned. It meant that if your neighborhood had 10 sales, that you could easily see the transition from short sales and foreclosures to resales and corporate sales.
As we go into 2014 things that will effect the overall real estate market outside of your usual jobs report are the interest rates and new construction.
Check out the real estate market review/preview for your neighborhood:
Hamilton Mill in Dacula is likely the most effected by the new construction in Gwinnett county out of most of the neighborhoods overall. The new homes are right within the same price point as Hamilton Mill homes are and they are a good 10 years newer. No new community in development can really compete with Hamilton Mill on amenities and it will always have that “destination” feel for most home buyers, however, how much is a name worth? Hamilton Mill home owners likely won’t be able to “feel” the impact until the first quarter of 2014, and by the time it’s identified in summer 2014 it may be too late to sell. Our recommendation is sell now before the builder inventory gets… well built up. Competing with new construction and professional sellers can drive prices one place… down. The only hope would be a surge in overall demand.
Hidden Falls as the name implies is one of Buford’s hidden gems. The prices have fallen but are currently on the rise, which is great news for Hidden Falls home owners. Homes under $450K in hidden falls get the benefit of the current seller’s market going on. There’s simply not enough inventory in the lower price points which are driving buyers to look higher… up to a point and that point is exactly $450,000. That’s $50,000 from the standard “luxury” definition for our area.
Overall, the outlook is for the neighborhood’s lower price point to rise slightly while the upper priced homes in Hidden Falls will likely remain flat. The reason is that although the new construction will raise the overall ceiling on prices it’s that same new construction in the area that will compete directly with Hidden Fall homes for sale.
Chateau Elan is still a top selling neighborhood, despite the number of distressed sales the overall outlook is very good as prices start to creep back up. Chateau Elan right now is a great value for move up buyers coming from the surrounding subdivisions such as Hamilton Mill, Trilogy Park and Hidden Falls. Its worth noting that there hasn’t been any sales in the area over 2 million so those in the legends may need to wait a bit longer for the recovery.
New Construction inside of Chateau Elan as well as surrounding areas will affect only the lowest price point in Chateau Elan itself. Overall, there’s not too many homes being built that’s consider “luxury” in Gwinnett County with a few exceptions. (Stonewater Creek)
Trilogy Park in Hoschton,GA is still in a recovery however dazzled are picking up. Great news is also around the corner as the old builder, Waterford is building out a few homes. Hopefully the builder will be able to push the home values back up. However this is a long term situation as the builder homes will also compete with resales in the subdivision. Home owners should act quickly if they want something similar to what the builder is going to sell for. Only those that upgraded their homes (and not over upgraded) will have a chance at competing with the new construction.
It’s that time again, you should be seeing your “newsletter” in your mailbox in the coming days. It’s a very exciting time to be in real estate! It’s still a hot real estate market and it’s an outstanding move up market. You can still sell high and buy low (assuming you are moving up).
The Danger of Waiting To Sell
In all Mill Creek areas, there is new construction. These new homes sold by professional sellers (builders) are competing with resells. With the market on recovery and prices rising and inventory low it’s a good time to sell. However, waiting until spring might very well set you back a few years as your home likely won’t compete well with new construction. So you can either lower your price (come spring) to be below the local builder or wait until they leave the area (with the number of vacant lots around, isn’t very likely).
Our recommendation is sell now and be aggressive. Rates are low but rising so that’s another reason to move now. Rates went up a whole 1% in just 5 short months. It’s still cheaper to buy then rent and we’ve got at least 6 more months before builders start flooding the market with more homes!
GREAT NEWS FOR SHORT SELLERS!
FHA has come out with a “Back to work” program that allows homeowners who short sold their home to get a mortgage in only 12 months (instead of 2 years). Contact us for more information on this great program.
Mill Creek Neighborhood Round Up
Daniel Park is still selling the fastest of all neighborhoods. This is great news as those sellers are likely to upgrade to Hidden Falls or Chateau Elan
Hidden Falls continues to do well, however homes that are over $450,000 will sit on the market noticeably longer as there’s twice as much inventory at that price point.
Chateau Elan continues to sell homes at a normal pace, the striking thing is that there are still foreclosures to buy in there. This is a bit baffling with all the short sale options.
Trilogy Park is lagging behind in the recovery overall, to add insult to injury one of the original builders is now building homes under $300,000 which will keep homeowners in this great neighborhood from experiencing the growth that the other subdivisions have experienced.
Hamilton Mill is only $3,000 away from getting back to an average price point of $300,000. This is great news for this neighborhood. There are still great deals under $300,000 to be found in Hamilton Mill, but the average price is a great sign.
Drayton Hall, sold one recently. It’s still one of the most exclusive neighborhoods in our area and it’s nice to see movement in this sector. However, be wary, if you plan to sell your home in Drayton Hall or Chateau Elan, stay out of the $2 Million price range. Nothing has sold in ALL OF GWINNETT county over $2 Million.
Finally, Hedgerows is still in a transition, with short sales, foreclosures and new construction. Thankfully, builders here are building homes well over $450,000 to help keep prices rising. (sales last month ranged from sub $300 to $475).