Real Estate Insights: Metro Atlanta Update, Sir Elton John's Condo, and Foreclosure Trends
Welcome back to another week's edition of Go Gaddis Real Estate Radio right here on AM 920 The Answer. My name is Cleve Gaddis and I am so happy that you've decided to join us during this first segment of the show. We've got the Metro Atlanta residential real estate update for the last seven days.
It's a way you can keep your pulse on exactly what's happening with real estate in Metro Atlanta and are something you should know about Atlanta segment. Sir Elton John sells his Atlanta condo and bids farewell to the city of Atlanta. And US foreclosure activity, believe it or not, is up. My name is Cleve Gaddis.
You're listening to Go Gaddis Real Estate Radio. It has, as I grew up as a child right here in Metro Atlanta, I was born in Decatur, Georgia, well, unincorporated, southwest of Cabot, had a Decatur mailing address. I was born in a home off of Wesley Chapel Road, near the intersection of Kelly's Chapel Road, June 16th of 1968.
So I am an Atlanta native, born and raised right here in Metro Atlanta. As I grew up, my mother, uh, was a... Um, housewife, and then a volunteer in the community, and then did some teaching, and my father was a CPA. And the reality is, is that both of my parents valued me learning, and growing, and understanding, and mastering subjects.
And so, because it was their expectation, I always earned their... Uh, recognition. I earned their respect, I felt like, by learning and knowing and growing and being able to make good decisions. And so, what has started out for me as a childhood, Um, childhood, uh, thing that I did as a, as a something that came about in my childhood has actually turned into an obsession when it comes to real estate, and that is we want home sellers and home buyers who work with Modern Traditions Realty Group, which is my real estate team.
We want you to know everything you need to know before you make any important decisions. Buying and selling a home is a big decision, probably one of the biggest financial decisions that we, any of us make in terms of life, our lives. And we want to make sure that you're making the right decisions or at least having all the information so that you can make whatever decision you choose to make.
with all the confidence in the world. And we want to connect with you. It's easy. Go to gogaddisradio. com. That's G O G A D D I S radio dot com. You can ask questions that we answer on air, off air. You can make comments. You can push back or challenge things we say. You can share your ideas with us, especially creative ideas for buying and selling and maybe ways for making your homes more livable.
We love those ideas. You can also request That we do some research on your neighborhood over the last three years to call out critical changes So that you know as a homeowner in your neighborhood if you have a particular advantage and we call that our neighborhood spotlight And you can subscribe to our podcast.
We would love for you to be a podcast subscriber We're available on every major podcasting platform without further ado. Let's get into the Metro Atlanta residential real estate update for the last seven days. In seven days, 1 2 3 4 5 6 7. That's not a long time. There have been 1, 926 homes listed for sale in Metro Atlanta.
During the same seven days, there have been 1, 034, 1 0 3 4, homes that have gone under contract. So of the homes that were listed, 1, 034 times buyers put a house under contract in the last seven days. We've had 1, 655 homes with a price decrease, 1, 655. That means there's 1, 655 home sellers out there who are raising their hand saying to you as a home buyer, I might be more interested in selling my home this week than I was last week.
So if you don't think there's any opportunities out there for you in the market, you might want to think again. There were also 1, 251 closings for the week. That's 1, 251. Homes that sold and closed for the week. So, what do I know about the last day of the seven days compared to the first day or the last day of the seven days before?
Is that we have almost 900 more listings on the market at the end of the week than the prior week because we had 1926 new listings and a thousand and 34 homes that went under contract. And I know that we have 1655 home sellers who could be a little bit more motivated. So you take the 1655 plus the 900 and that gets you up in the 2400 range.
So there might be 2400 more opportunities for buyers to buy homes in Metro Atlanta this week than there was last week. If you're If you feel like you've been sitting on the sidelines waiting to sell your home or waiting to buy your home, maybe waiting is not what you need to do. And if you want to discuss your situation personally with me, I'd love to do that.
The number is 770 497 0000. When somebody answers the phone, it probably will not be me, but all you gotta say is... I want to talk to Cleave. Say, I listened to the radio show and I'd like to talk to him personally because I've got a couple of questions for him and I would love to call you back. On July the 9th of 2023, just a couple of months ago, the streets of Stockholm, Sweden were buzzing as Sir Elton John took the stage for the last time, culminating his monumental 53 year music career.
That grand finale five year farewell tour broke records with a whopping almost a billion dollars in earnings. They said it was the most financially successful tour in our history. Simultaneously, thousands of miles away, a quieter but equally significant transition was unfolding for Elton John. It was the emptying of his longtime residence right here in Atlanta, Georgia.
Residents of the Park Place condo complex in Buckhead noted That it took almost a month for movers to carefully pack away and transport Sir Elton John's extensive collection of art and personal belongings, spanning nearly 13, 000 square feet. The musician's condo has been his sanctuary since 1991. Now Sir Elton John has officially left Buckhead, Atlanta, and his Story Park Place condo behind.
In a 1998 interview with the Atlanta Journal Constitution, John revealed why Atlanta held a special place in his heart, and I love this. He says, I've always felt at home here, crediting the warm reception he had always received from the community. His connection with Atlanta began back in 1991, when he decided to sell his estate near Windsor, England.
I remember seeing the outside of this estate when I was in England sometime in the 1990s. He found Los Angeles to be too hectic and New York to be too daunting. He was new to his sobriety and he was captivated by Atlanta's southern hospitality. The original unit he bought was listed at 950, 000. He settled for 925, 000.
Over the past three decades, Sir Elton John has been a pillar in the Buckhead and broader Atlanta communities. I love to see him on television with an Atlanta Braves cap on, which I have seen many, many times. He frequented local eateries and, and, and he loved Umi Sushi and Buckhead Diner. He supported the Braves.
He was way more than just a resident. So join me in wishing Sir Elton John, one of our favorite singers, by the way, farewell. And we hope that he will return to the city of Atlanta someday. If you've just joined us, you're listening to GoGaddis Real Estate Radio right here on AM 920. I'm Cleve Gaddis, the host of this show.
We've got just four or five minutes left in this segment. First thing we want to talk about is U. S. foreclosure activity. Believe it or not, U. S. foreclosure activity has... Nevada, Illinois, and South Carolina post the highest foreclosure rates. Atom, which is a, it's A T T O M, which is a leading curator of land, property, and real estate data, released its August 2023 U.
S. foreclosure market report, which shows there were a total of 33,952 US properties with foreclosure filings, default notices, scheduled auctions or bank repossessions, which is up 7% from a month ago, but down 2% from a year ago. Now, I want to make sure that we put this in perspective during the recession, the recession from 2008 to 2012, there were 2 million, nearly 2 million homes foreclosed in the United States.
So 33,000, uh, in. A month for foreclosure filings is a very, very small number. Now that is a big important number to the 33, 952, uh, property owners who received notice and we send our hearts out to them and I hope they're able to keep their houses nationwide. One out of every 4, 113 housing units had a foreclosure filing in August, 2023 states with the higher for highest foreclosure rates, which I just mentioned were Nevada, Illinois.
South Carolina, then New Jersey and Delaware among 223 Metropolitan Metropolitan Statistical areas with a population of at least 200, 000. Those with the highest foreclosure rates in August 23 were Columbia, South Carolina, Fayetteville, North Carolina, Peoria, Illinois, Las Vegas, Nevada and Jacksonville, North Carolina.
Those metropolitan areas with populations greater than one million with the worst foreclosure rates in August 2023 include Las Vegas, Nevada, Uh, Cleveland, Ohio, Riverside, California, Jacksonville, Florida, and Chicago, Illinois. Uh, even though foreclosure rates are inching up, we still believe they're at a very, very healthy level.
This segment of the show is brought to you by John Birchfield and Capital City Home Loans. John makes it his mission homebuyer step by step through the entire loan process so they are educated and can be confident in All of the options available. He wants you to be able to make the best decisions along the way.
And so do I, John is my preferred mortgage partner. He can be reached by calling 6 7 8 2 2 6 7 8 8 7 If you are thinking about selling your Metro Atlanta home anytime in the next 12 months, believe it or not, we believe we can sell your home for 28, 000 more than your neighbor sold his or her home. And I say, if you've listened to me say that and you're thinking, I don't even believe that.
Well, I say try me. Go to gogaddisradio. com. That's g o g a d d i s radio. com. Click on 28, 000 more. Put in just a little information. You'll be on and off the site in 30 seconds. I'll reach out to you and I'll tell you how. The customized maximum value plan we create for you and the rehab and refresh budget of up to 15, 000.
Not everybody qualifies for it, but most people do. I'll tell you how those two things can put up to 28, 000 more in your pocket than your neighbor sold his or her home for. We're going to take a quick break and when we come back, we got a special guest from Children's Miracle Network and Children's Healthcare of Atlanta.
Stick with us, you're not going to want to miss this next segment.