Savannah Real Estate Blog

There has been quite a flurry of activity recently in Savannah’s Core Historic districts, an area I call the Golden Rectangle which is surrounded on the north by River Street, The South at Victory Drive, the West at Martin Luther Kind BLVD (formally West Broad Street) and to the east, East Broad Street. What with historic low interest rates and highly motivated sellers, some folks are getting off the side lines and finding some super deals! Here are a collection of 8 interesting sales that closed within the past month or so starting with the least expensive:

415 East Duffy is a three unit condo building and unit A had been originally listed for $198,000 in October of 2007, was relisted in August of 2008 for $145,500 and sold on 12-16-08 for $140,800, a fair price for a nice 2/1 Condo in the Victorian District with under 1000 square feet of living space.

This new construction duplex at 538 East 31st Street was first marketed in 2006 when it had just been built for over $100,000 more than what it finally sold for on 11-26-08 which was $148,000. The seller (investor) went belly up. This is a significant part of the market these days. The new buyer is “pinning it out” (splitting the parcel) and has immediately put up the half he does not want for $119,000. So if it sells for anywhere near the asking price, they will have a perfectly nice 2 bedroom/2 bath house in an edgy area one street away from a popular block of E. Anderson St. in the Thomas Square District for very little money!

308 East Duffy sold in December 2004 for $173,000. It had been renovated in 2000. In December 2008, it sold for $163,000! Yikes! Not good, but another example of a market trend that cannot be denied. This is in a nice area a few blocks from Forsyth Park.

511 East Perry is a sweet circa 1852 masonry row house near Crawford Square that was listed for sale on 10-23-08. One of my favorite friends used to live a few doors down and I have been in several of these. They are small 2/1/1s (2 bedroom. 1 and 1/2 half baths) at just over 1000 square feet but they have nice open floor plans, kitchens and a living room/dining room overlooking a small courtyard and one off street parking space in the lane. For someone wanting to be downtown and not in a condo, this was a reasonable choice selling for $269,000 on 12-12-2008

I remember well when our office first listed these two charming townhouses at 536/538 East Charlton Lane in September of 2005. I predicted they would and they did go under contract almost immediately for close to the asking price of $187,500. They were so nicely renovated by one of Savannah’s foremost restoration experts, ET Smith. Lots of nice features and 2 beds 2 baths up with a 1/2 bath down, the ideal example of how to make the most of a small space (each is under 1000 square feet). The right half just sold again on 12-04-08 for the full (after a couple of price reductions) asking price of $215,000. A draw back is very little outdoor space and no true parking adjacent.

This Parlor level 2/1 condo at 116 West Liberty with two off street parking places is just around the corner from the Civic Center. The buyer did well at a sales price of $225,000 on 12-5-2008, especially considering it had sold for $269,000 in October of 2005! Markets adjusting …..

15 East Jones Street was sold as an apartment building in January 2006 for $725,000. They had pinned it out for six separate condo units. Several investors bought in and they all did a very nice job of renovating each unit with the idea of SCAD students (Savannah College of Art and Design) or second home buyers. This is truly in the absolute best blocks of Jones Street just a few doors from Bull Street in the true center of the most desirable residential area of Savannah. Unit 1A (the “garden” level) which is slightly below street level had been fabulously renovated with recessed lighting and beautiful slate floors. This unit was sold in May of 2007 for $285,000 and then relisted as an attempted “flip” in January 2008 for $350,000! Well, with all the market changes, this unit sold on 11-25-08 for the exact same price it sold for in 2007.

Here is an example of extreme optimisim in our residential market coupled with harsh realities of today’s marketplace. This historic looking new construction 2/2/1 property with just over 1800 square feet was built in 2005 and the developer had nothing but the very best intentions when they created this row of three fabulous triplexes at the very eastern edge of the landmark District abutting East Broad Street on what had been vacant land. I have the list of all the thoughtful features this property included and the look inside was sort of beach-cottage like with white marble countertops and white cabinetry, an open floor plan with a great room feeling in the main living area open all the way to the roof of the second floor. A small courtyard and two car garage finished the picture. These were originally marketed in 2005 for over $600,000 each. This unit sold for $475,000 in July of 2006 which was around the same price the other two sold for. This was sold again this year on 12-1-08 as a short sale for only $347,500 - a steal? Or market reality? Clearly the current buyer probably did not pay much over what it actually cost to build this property for in 2005. This was a very difficult sale for all involved.

Six more properties to talk about next week including  sales all the way to one million dollars.

Until Next Week,

Ron Melander

Cora Bett Thomas Realty

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I swear there is no one smarter than those folks at SCAD. And the students that go there are pretty amazing too! Every fall when they return to Savannah after their summer break back home and/or abroad, Savannah is revitalized by the presence of this young upbeat group of faculty, students, and administration. And once again, the college has blessed us here with another fantastic renovation, now called Arnold Hall, opened for classes this past Monday, 9-15-08. The project was a little long in the making but very welcome indeed. Several years ago when the Chatham County School System decided to shed this huge school facility and SCAD eventually got hold of it, lots of folks got very excited about this part of town known as the Metropolitan area which is a part of The Thomas Square Historic District, very near the Starland neighborhood. Specifically, investors bought up other nearby properties and began making improvements in anticipation of the revolution that was coming (Starland itself is an example). The Sotile family also launched “Brady Street” which is a two block street between Barnard and Bull. In this project, houses that had become dilapidated where bought up and foundations were stabilized, new roofs put on and rot and termite damage repaired with the idea that others would come in and finish the work creating a new historic identity for this targeted area directly across from the entrance to The Richard Arnold School (now Arnold Hall). Lots of individuals also jumped in and all in all this is certainly is a different place than it was a few years ago. 

I took pictures back in late June and as there was only some landscaping to do, when I looked again a few weeks ago, I thought my older pictures were just fine. But when I drove by today and saw all those bicycles, I had to add in a few new pictures of those too. It is GREAT how many seem to be biking to Arnold Hall! What a great example for the rest of us. YOU GO SCAD!

Until next Time,

Ron Melander

Cora Bett Thomas Realty

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After years of being just one more eyesore in downtown Savannah, The CVS Corporation, with cooperation from property owner Freidman Jewelers, have put a new face on the building prominently located at 119 Bull Street on the corner of State and Bull Street. This story actually begins though with Downtown Neighborhood Association past president Bill Stube who more than two years ago cajoled the folks at the CVS Corp (who footed the bill) to get this facade changed which is to the benefit of everyone. Located just off of Broughton Street within sight of the newly renovated City Hall with it’s gold leaved Dome, this is just one more example of a Savannah citizenry willing to do what it takes to make our city more beautiful than before. Thank you Bill! Bill has also been one of the recent driving forces to improve other aspects of the public street scapes particularly those in high visibility areas of downtown. Following up on Mills B Lane’s efforts, Bill and DNA board member Diane Houston also recently replanted some problem tree lawn areas - this time with funds raised with the DNA’s Holiday Tour of Homes.  Thanks go out to all concerned!!

Until Next Time,

Ron Melander

Cora Bett Thomas Realty

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One of Savannah’s finest mansions, The Espy House, with it’s colorful history, is finally going to get the attention it deserves! Wesley Monumental United Methodist Church, the owner of the huge circa 1859 house facing Calhoun Square  since 1959, has launched a capital campaign. With funds already in hand they are moving forward with the first phase of the restoration.

This past Sunday July 13th at Wesley was billed as “Groundbreaking 08″. There were two tours of the house, most recently five apartments (now vacant), and some of the details were awesome. I can now see why Jacqueline Kennedy, when she made her famous visit to see Jim Williams at the Mercer House one square over on Monterey Square, requested to see only one other Savannah House, The Espy House. (This information was realyed to me by local antiques dealer Skeeter McNairy owner of Francis McNairy Antiques).

I took loads of pictures Sunday and what I liked best about the house in addition to the overall size and position in the north west trust lot facing Calhoun Square, was the roof garden and the south facing sunroom looking onto the side garden. That sunroom was interesting with tile flooring and a wall fountain and small fireplace. And in more than one wall there were unusual built in clocks made of marble. I kept thinking that there was something about this house calling back to before the days of organized religion. Water, Fire, Time, Space, engineering, horticulture. Very interesting.

Wesley will use the house to further the wonderful ministry they are doing in Savannah. We are very lucky indeed to have such a great steward of this special property. Another great situation for Savannah and all concerned!!

Until My Next Blog,

Ron Melander

Cora Bett Thomas realty

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There is no doubt that this is a very interesting time to be in real estate. With so much recent negativity in the market place spawned on by hard facts and a relentless media, some sellers are deciding to rent out properties for awhile, others waiting in the wings until the coast is clear before they list their properties for sale, and some sellers even doing the “auction thing”. Real Estate Auctions are not a very good idea if you use the “Absolute Auction” sale a few weeks ago of an 8,000+ square foot beauty facing Forsyth Park known as the Walker Mansion as an example (which is pictured above along side some sold and under contract $1Million new construction townhouses one block north). The Walker Mansion sold for just over a million dollars (including all the fees that had to be paid) when most people feel it is worth much, much more. Of course the other side of this coin is the smart buyer who was doing exactly what one should do in a down market – buying low. 

But after it is all said and done, this is Savannah, Georgia, a very desirable place to be, and for every extreme example that can be sighted highlighting difficult times for some, (and they are a TINY slice of the pie) at the core of real estate is the need to work, live, and play in our society and most buyers and sellers and their agents are just doing business as usual and doing just fine thank you. Of course so much depends on your point of view and there are some rough areas in our marketplace right now and yes, we do have a lot of inventory. But that gives buyers so many more choices - A GREAT TIME TO BUY!! I will admit that it has been harder to bring the two negotiating sides together these past six months. My personal opinion though is that the situation in our local market is at the turning point right now and heading back upwards just as Savannah itself, with all it has going for it, is about to take another good turn for the better. 

So if you have been thinking of making a move but have been waiting for the right moment, I believe that the time is right now. For Buyers, lets decide on what we are looking for and go out and look because there is so much to see right now! And for sellers, let’s compare what we are offering with what the competition is offering, position ourselves accordingly, and get it out there on the market! And if you are looking for a deal, there are still some good ones out there but I'd definitely say the time is right to move soon. 

Until Next Week, 

Ron Melander 

Cora Bett Thomas Realty

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I did some MLS (Multiple Listing Service) research the past couple days on the market trends NOG (North of Gaston Street - our premier historic area – the True Landmark Historic District) and here is what I found in Residential sales:

There were a total of 108 sales going back one year (an additional 160 sales the twelve months prior to that totaling 268) with the highest sale at 1.9 million on 6-20-2007 for a gorgeous, fully renovated manse with over 6,000 square feet facing Pulaski Square (I think the sellers were lucky to get it but they also had an excellent agent) all the way down to a 336 square foot little condo on 6-15-2007 that needed work at $99,000 right behind the SCAD library off of Broughton Street in a building which is being upgraded substantially and is in a fabulous location for a Pied-à-Terre. Looking back the past six months, we can see the downtown market has slowed even further recently with 72 of the sales occurring in the first 1/2 of the year while only 36 sales occurred in the past six months. But so much of data research depends on how you slice things and May is a very busy time – there currently are 25 properties under contract! And how is yours truly doing? Of the 25 properties under contract, I represent two buyers and two sellers! That is over 1/6th of the total pending transactions in this segment of the market. Hurray!

Each sale in our market represents more than just numbers and addresses however. They all have a personal and financial story behind them which is really not so much about property as it is about people. I feel privileged to be part of an industry whereby I come to know some of those stories and I am honored when I am asked to participate and take the job very seriously indeed. Having entered the beginning of my forth year as a licensed agent this past March, I look forward to many more years and many more friends. Please call me if I can help you navigate the exciting waters of the Savannah Real Estate Market!

Until Next Week,

Ron Melander

Cora Bett Thomas Realty

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Click this link to listen to our wonderful birds, here in America’s most beautiful city, Savannah, Georgia, USA!

What a great time of year. The Savannah Music Festival has been a great success, The annual Historic Savannah/Christ Church Tour of Homes has been wonderful, and The Garden Expo too, why there is just too much to do around here!

Until Next Week,

Ron Melander

Cora Bett Thomas Realty

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More than one or two of the people who have heard my “green” move to use a three cylinder two seater (getting 35 to 50 miles per gallon) as my basic mode of transportation have raised their eyebrows suspiciously. I have heard “what happened to the rest of it!” and “boy, I'd hate to see you in a smash up!” But for the few skeptics I offer the following video clip of just how well these things handle themselves in a crash situation. and for those who can't believe how well these operate on the open road and how fast they can go, check out this race with a Ferrari And finally for those of you who say it is not green enough because it still relies on Gasoline you will be glad to know that they have been engineered to take a new a as yet undeveloped power train that will be even greener! 

Everyday though, people constantly look and point and what I like about it the best are the smiles! This car makes people happy and I am so glad to be able to add a little joy to the world. And if you ever really want to become a believer, come take a test drive because that is what sold me. These little guys know how to handle themselves. Call me, I will be glad to let you drive it! If you really love it and have to have one, call my friend Alex Shelver at the Smart Center in Jacksonville, our nearest authorized dealer. 904-253-7300 and tell him I sent you, he may just be able to put you on a parallel list they keep for those buyers who do not take delivery for some reason - mine was supposed to have leather seats so when the buyer passed on it. I had the call on a Wednesday and on Saturday I was doing amazingly well on I95 all the way back to Savannah. One young couple, as I was almost at home in Savannah, pulled up beside me smiling (they we so cute) and snapped pictures! 

Oh, and buying real estate? Don't worry, there is still Jim’s good old 2004 four door Volvo for those group property tours! 

Until Next Week,

Ron Melander

Cora Bett Thomas Realty

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In 1997, I bought my first computer. It really has caused a revolution. I first marveled at the way you could easily write and edit text (I do love to write) found fun publishing software and then I went “on line” and searched and found other distanty related Melanders all over the world including Sweden where being a Melander is something akin to being a Smith in the USA (the TV broadcaster Sven Melander was mentioned to me) and that was real cool too. I actually spoke to a few of these international Melanders, one a student at Uppsala and the other an accomplished artist. Over the years as the Internet has continued to develop, and as I entered the highly computer/cell phone/ more/ more/ oriented world of Real Estate in Spring of 2005, I continue to be engrossed in the digital world, sometimes to the point that I can’t find time for the things that, in the scheme of things, might actually be a little more important like gardening and exercise! The picture above, taken in spring 1995, shows the results of efforts I made at growing orchids before my fascination with the digital world took hold. This photo illustrates the peak moment in that venture (this will happen again one day….) Meanwhile, where would we be without digital photography? I LOVE that!

I want to apologize for my absence as of late in the big world of the blogosphere. I had been doing quite well at my goal of a weekly blog from the beginning in July of 2007, right up until my last post on January 28, 2008. Recently though it fell to the bottom of my priority list what with marketing my listings and working with buyer’s and not to mention all the other things in my life – believe me, I HAVE been busy! So I intend to get back into the swing of things now. For me it is a way of letting you see a little bit about who I am and how I think. I also want to tell you about all the very exciting things happening in Savannah right now like Ellis Square and the projects surrounding that area, the drainage project under way in my neighborhood on Tattnall Street, my purchase last Saturday of a Smart Car and of course real estate news too!

Hey, B-T-W look for my smart fortwo passion cabriolet and I and a famous dignitary in tomorrows Saint Patrick’s Parade!!!!!!!!!!!

Please do me a favor. If you read this and want me to continue blogging for what ever reason, entertainment, learning, etc. Please shoot me an e-mail at RonMelander@Comcast.net and let me know. Sometimes we cyber kiddies appreciate a little reinforcement from the troops!

Until Next Week,

Ron Melander

Cora Bett Thomas Realty

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On 1-20-08, I did a cross property search in Savannah, an area bounded by East Anderson to the south, Bay to the north, MLK to the west and East Broad to the east. The properties include condos, single family, multifamily and a smattering of commercial properties that were listed in our MLS system. This does not include private sales that occurred outside of our system. There were a total of 355 sales in 2005, 275 sales in 2006, and 221 sales in 2007 so we can easily see that there has been a slowdown in this area. The drop off was not as bad in 2007 as it was in 2006 though. The question is, will we bottom out this year (the numbers seem to indicate the decline is slowing), will it get worse (a slowdown in the last ½ of 2007 as compared to the first half has some folks saying the situation is worsening rather than improving), or will we start to see some improvement in 2008 – a real possibility largely depending on the attitude of the buyers.

There is a tremendous amount of pent up need/want to purchase housing right now. Many, many buyers are sitting on the fence waiting to see what happens. With so many affordable rentals on the market and with some buyers themselves needing to sell before they can buy, everyone seems to be holding their collective breaths.  With 526 active properties (for sale) in this search, it would appear that there is a two year supply of “inventory” out there. But it does not take an Einstein to visualize a year like 2005 which would certainly put a dent in that number although we must suspect many would-be sellers are waiting out there too. I like to compare the whole situation to a rubber band that is being stretched and the longer and harder we pull will affect the resulting release when we finally let it go – remember housing is a NEED not a want and Americans have this insatiable desire to control and own their own property – something you cannot do if you are a tenant. There are 21 units under contract (pending sales) in this search, an improvement over last month.

Here is to the power of positive thinking. Let’s make it great in 2008!

Until Next Week,

Ron Melander

Cora Bett Thomas Realty

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