Dean Gardens, Atlanta’s Pink Elephant Mansion Finally Sells: 15 Years On the Market

Atlanta’s pink Elephant has been sole and will be demolished. Why did it take 15 years to sell?

Dean Gardens, Atlanta’s pink elephant mansion has finally sold after being on the market for a whooping fifteen years.

The Pepto Bismal Pink colored manse sold finally with a $25 million price slash.  The house will be demolished soon.

It’s 32,000 square feet of, well, unique decorating. The nursery  actually looks somewhat sinister to me.  Kind of reminds me of an old department store here in Nashville where they had carousel horses floating all over the place.

Reasons for selling?

“The operating expenses far exceeded my expectations,” says home seller Larry Dean.

Yep, some real estate investments are like that.

Read more about Atlanta’s Pink Elephant 

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Real Estate Trends: People Moving Closer to Cities

What will be the most significant real estate trend for the next generation? You might be surprised to learn it won’t be suburbs.

What is one of the real estate trends that is very significant to real estate investors?  Will this trend be important for the next generation?  Why?

The trend is that people will be moving closer to cities-again.  They will not be locating farther away in the suburbs because of higher gas prices and expenses.  Baby boomers want to be closer to what they need.  They do not want to drive everywhere.  Younger people want the neighborhood experience instead of the big lawn, super maintenance of the burbs.

That means savy real estate investors need to pay close attention to these trends.  This is very important because location is everything.  The younger generations want to connect more- and they want to do a lot of it on foot.  They want to be able to walk around and see their neighbors. 

Baby boomers will be driving less and want to be able to get groceries and supplies without getting into their cars. 

Drive around the outskirts of your city and notice the rehabbing going on in the closer neighborhoods.  If a coffee shop has already opened up, you may be already behind the trend.  Look, observe and then invest in houses that need rehabbing- easy rehabbing.  Or if zoned right, you could just tear down a old house and build a new one or two on the lot.

Read ABC’s Special Report: Real Estate Investors Investing Closer to Cities

Home Buyer Tax Credit Questioned

The home buyer tax credit is being questioned by experts. Did it help? Was it worth it?

Our question on this blog is what has been taking them so long to ask?

The home buyer tax credit is being questioned by experts.  Did it help?  Was it worth it?

Our question on this blog is what has been taking them so long to ask?

We’ve been wringing out hands as landlords ever since the first  homebuyers credit went through.  Why?  Because we have lost tenants who jumped ahead to make the deadlines and bought houses.  We were left with empty units during the worst of the recession.

Forbes has a very good article about this and quotes,” but don’t let appearances fool you.”

In other words homeowners were not created out of thin air.

Read Will the home buyer tax credit help?

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Free NOI Calculator

Here’s a free NOI calculator and a free loan payment calculator.

We found a free NOI Calculator tool which can help you calculate your operating expenses.

It’s easy to use and here’s the link.  Free NOI Calculator

Here’s a bonus Loan Payment Calculator

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When Will Foreclosures Peak?

Where is the bottom for housing prices? Why are the banks holding down foreclosures? What’s going on?

Half million dollar house in Salinas, Californ...
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Foreclosures have not peaked yet and many experts believe banks are slowing them down on purpose- for now.

Why?  Why aren’t the banks foreclosing now?

They want to work through their own inventories of default mortgages first.

Then they will start on the newer delinquencies.

Also- here’s an important point according to the Calculated Risk  Blog.

“…historically house prices do not bottom until after foreclosure activity peaks in a certain area.” Continue reading “When Will Foreclosures Peak?”