Save the date! The Pool Hall in Buckhead is celebrating it’s 61st Anniversary Saturday, July 14th by throwing a block party and we’re all invited. Show up at 3:00pm for live music, food, and a great time. Free admission before 5:00pm, $10 cover after 5:00pm. See you there!

On Irby Ave. behind the Roxy Theatre

Are you ready for an area in Brookhavan where everything is at your fingertips? Brookhaven Village (which includes restaurants, shops and retail, offices, and living areas) is expected to be completed in the next couple of years and will dramatically renovate the Brookhaven area. Get ready for a change! Tenants already include Atkins Park Tavern, J. Christopher’s, Cork and Fork, and the gorgeous Park at Village Place. Please visit their website for more information:

www.villageplacebrookhaven.com

If your seller is not a Georgia resident and is not selling their principal residence, they may be subject to Georgia withholding tax. Georgia withholding tax equals 3% of either the seller’s net proceeds or the sales price of the property. Closing attorneys are required to collect this tax at closing if the net proceeds/sales price is greater than $20,000.00. In order to avoid having to withhold tax based on the full sales price, all sellers who may be subject to Georgia withholding tax are asked to fill out an affidavit stating their net proceeds from the sale. Net proceeds are calculated by subtracting the seller’s cost basis (amount seller paid) and “costs of sale” from the sales price.

Net Proceeds = sales price - cost basis (amount seller paid) – costs of sale

A tax advisor can best help your seller determine what constitutes their “costs of sale” and we are always happy to provide your seller with the affidavit in advance of closing so that they may accurate determine their net proceeds. Please be aware - if the seller does not complete this affidavit, tax will be withheld on the full sales price of the property. Bottom line: make sure that your out of state sellers are aware of this requirement in advance so that may better prepare for the tax consequences at closing!

Renee Dillon
Neel & Robinson Attorneys at Law, LLC

As the Brookhaven area grows with new construction homes, so do the water and sewer lines. The city of Atlanta will be reconstructing these lines over the next few weeks. This construction has already caused awful traffic along North Druid Hills Road, near Ashford Park, Drew Valley, and Georgian Hills subdivisions. Try to use alternate routes: Roxboro Road is a good route to connect Peachtree and North Druid.

Atlanta’s famously high levels of in-migration are propping up the regional housing market, even as other metro areas experience declines - or collapses - of their residential sectors.

“Metro Atlanta’s relatively dynamic housing market makes the city a mecca for home builders, even in the midst of a worrisome national slump in home sales. New first-time home buyers arrive in the city every day, generating a lucrative pool of potential new home sales. This and factors such as inexpensive land and affordable homes make Atlanta’s housing market something of a national anomaly.”

Even though Metro Atlanta has been suffering higher foreclosure rates, longer sales times and slighly dropping home prices, Atlanta’s growing economy makes it a consistently popular destination for new residents.

“Prices in places such as San Diego have put homes beyond the reach of ordinary home buyers, while Atlanta is still viewed as affordable…Atlanta’s hip, youthful image among young professionals is also helping to drive its growth with potential homeowners.”

Source: Atlanta Journal-Constitution, Apr 01, 2007