The Brookhaven Fields Civic Association is sponsoring their 13th Annual Neighborhood Yard Sale on Saturday, September 8th from 8am to 3pm. Last years sale had well over 40 homes participating! Year after year, this event has proven to be a tremendous success for sellers and purchasers alike. Maps will be provided at each of the participating houses to help guide you through the neighborhood with ease.
Look for the pink signs! Brookhaven Fields is located behind the Brookhaven MARTA station between Dresdon and North Druid Hills. If you live in the Brookhaven Fields neighborhood and are interested in being included in the yard sale or becoming a BFCA member, please contact Meredith O’Connor at 404-816-3352 or email Meredith@rroconnor.com for more details.

From: Brookhaven Buzz

Q. Who is a good candidate for investing in foreclosures?

A. It’s right for someone with a secure job, solid cash flow and lots of cash on hand — someone who wants to make some money on the side. If you’re married, your spouse needs to be on board, too. I like for people to use their own money. But if you don’t have enough cash but you’re willing to do the work, find a partner. My first “bank” was my grandmother. I didn’t pay her interest, but every time I made a deal, I took her out to lunch. If you really want to do it, you can always find sources of investment capital.

Q. And who’s not a good candidate?

A. Anyone who thinks this is easy money. It’s a myth, perpetuated by all these late-night TV gurus, that you can get rich quick doing this. If you’re in financial trouble, this is not going to bail you out.

Q. Why would someone want to look into this now?

A. There’s never been quite so many opportunities for individual investors to buy foreclosures. There are just so many of them. Before, the market was chiefly controlled by good old boy networks, through the banks’ brokers.

Q. How does it work in declining markets, which are the ones that are most likely to have lots of foreclosures?

A. You account for this in the price you pay for the property. You make your profit when you buy, after all; you realize it when you sell. There’s a formula in the book that helps you adjust for a soft or flat market. My wife once pointed out to me that no matter what the economy looks like, people are still going to buy and sell houses. They’re still going to get married and start families. Even if 10 percent of workers are laid off, the other 90 percent are still working. They will still need housing.

Q. Describe the perfect property for the foreclosure investor.

A. It should be in a good neighborhood. And you should be able to see clearly what you need to do to fix it up and sell it.

Q. What kind of work is usually involved?

A. All kinds of things, inside and out. Look at the doors, windows, roof, concrete — everything. Properties that are in foreclosure aren’t always in great condition. After all, the owners couldn’t afford the mortgage payments. They probably couldn’t pay for maintenance either. It’s important to have a thorough, professional home inspection before buying. But if that’s not possible, then you should at least inspect the outside of the property yourself — all four sides.

You’ll also need staging (making the property look pretty) to move the property if the market is slow. Once you start working, multitask to fix things up as quickly as possible. Timing is everything. Every day you keep a house off the market, you’re losing money.

Q. What types of properties should investors avoid?

A. Don’t buy if there are a lot of distressed properties on a block.

Don’t invest in foreclosures long distance. You need to be able to see what you’re buying. And don’t touch pre-construction projects.

Also, avoid any deal in which somebody promises you cash back at closing. This is never legal. Stay away from that.

Q. What are some other things that potential investors should keep in mind?

A. Always have a Plan B. Not every house on the market sells right away. You may need to rent the place out for a year or two after you fix it up. This isn’t necessarily a bad thing. It can lower the tax rate on your capital gains .

And be prepared to lose money sometimes. Even I don’t hit home runs every time.

Q. What about guilt? Do you ever feel bad that by profiting from foreclosures, you’re making money off other people’s hardship? How should people handle those feelings?

A. Of course you can feel guilty. So don’t take advantage of people. You’ve got to try to make it a win-win. Sometimes the best thing to do is help the person keep their house. I’ve run into situations like this, including one in which the woman who co-owned the house just got behind after one bad event. She didn’t want to ask for help from her family. But instead of buying the house after foreclosure, we made some phone calls that helped her keep it. You’ll get more opportunities that way than being a vulture. And you’ll sleep better at night.

From: “Foreclosure Investing For Dummies” by Ralph Roberts

Only $50 gets you into Casino Night International at the Chamblee Civic Center. This charity event for Special Olympics Georgia will be held Saturday, August 25, from 6:00pm till 10:00pm. Enjoy a buffet of cuisines from around the world and a viewing of silent auction items.
Before trying your luck at the game tables, bid on great items such as sports memorabilia, art, and much more! At 7:00 pm, play poker, blackjack, craps, roulette, and slots. Cash in your “winnings” at the end of the night for chances to win the Grand Prize raffle.
Buy your tickets early; they are availbale at the Parks and Recreation Office located at 3540 Broad St. You can also reserve your tickets by phone, providing your credit card information to Jennifer or Steve at 770-986-5016.
If you are unable to attend, but have products, services, or gift certificates you would like to donate for the silent auction, please call Sgt. Paul Klerlein at 770-986-5005 or email him at pklerlein@chambleepd.com. Blacktie is optional.

The event showcases 27 Downtown Atlanta restaurants with special dining promotions of three-course dinners for $25.00 per person, plus tip and tax. There are a number of new restaurants that have recently opened and this is a perfect opportunity to sample their menus. For further information, visit www.atlantadowntown.com

From: The Brookhaven Buzz

Jimmy Carter Boulevard has seen its reputation change as southwest Gwinnett County has matured. The road slices through much of the Gwinnett Village Community Improvement District (CID). A CID typically consists of a group of area business property owners that agree to raise their property taxes in order to plant seed money for area improvements.
Gwinnett Village has high hopes for Jimmy Carter Boulevard. In particular, the area of the road between Singleton Road and Buford Highway, which is now a series of industrial and commercial areas, is being targeted for more mixed use development. Traffic improvements in this corridor are also on the agenda. For example, the barrier barring Oakbrook Parkway traffic from entering Jimmy Carter Boulevard will eventually be removed.
Further north, landscape improvements have drastically improved the appearance of the Interstate 85 and Indian Trail-Lilburn Road Interchange. The Gwinnett Village CID seeks to improve older infrastructure, reduce crime and increase property values. For further information, visit www.gwinnettvillage.com.
- Bob Rosentreter

The Lofts on Antique Row may be brand new, but are designed to look authentically vintage. The mixed-use development offers 166 loft residences and approximatley 50,000 square feet of retail space for sale.
The two and three bedroom luxury lofts will feature gourmet kitchens and luxurious master suites. Lofts will range from 850 to 3,200 square feet in size, with prices ranging from $375,000 to $1,100,000. The community will have underground paroking, a fitness center, a community room, lap pool, and much more.
The sales office is located at 3519 Broad St., along Chamblee’s famous Antique Row.

From: The Brookhaven Buzz

Check out this great website we found for comparing school districts:

http://www.greatschools.net/modperl/go/GA

It includes private and public schools, academic ratings, teachers, and students. See where your kids are ranking!

If you don’t have an estate plan in place, don’t worry…the IRS has one for you. But you may not like it, so it’s always a good idea to get your finances in order and avoid incurring tax penalties and hefty estate taxes. Knowing the value of your estate and becoming familiar with several exemptions and tax benefits can help you hand your assets over to your loved ones…without handing a portion of your hard earned assets over to Uncle Sam.
Some good news—the new Federal estate tax exclusion increased in 2006 to $2 million per person. In the past ten years, that amount has increased over 230 percent, as the figure is up from $600,000 in 1996. Count on this tax exclusion figure to remain in effect until 2009, then the amount is scheduled to increase one more time to $3,500,000 per person. After 2010, it will supposedly be repealed altogether.
So what does all this estate tax stuff mean and how do you know if it applies to you?
Estate tax differs from income tax in that income tax is owed every year on any revenue. Estate tax is owed on the net value of your estate at the time of your death if you leave your assets to any beneficiary other than your spouse. To break this down, let’s say you pass away and leave your entire estate to your children. Your estate is made up of everything you own and includes such items as residential property, life insurance proceeds, IRAs, automobiles, jewelry, cash accounts, etc. If you total the amount of all assets and subtract any debts that you may owe against property or automobiles, the remaining value is known as your “net estate value” and that is the “net value” that could be subject to estate tax.
Determining whether or not your estate would be subject to an estate tax is fairly simple.
Take your net estate value—and don’t forget to include life insurance policies and the value of your home…it can add up fast—and subtract the estate tax exemption amount of $2,000,000. If the remaining figure is a positive amount, your beneficiaries would be subject to estate tax on the remaining amount. If the remaining amount is zero, or a negative number, your beneficiaries would not be subject to an estate tax. For example, if your net estate value is $3,500,000 and you subtract the $2,000,000 estate tax exemption, the remaining figure of $1,500,000 would be subject to estate taxes. Being that your intention would be to pass along all of your assets to your children, a significant amount of your estate could be handed over to Uncle Sam.
There are, however, a few alternatives that you can implement now to avoid this situation.
First consider gifting money each and every year to lower your net estate value. Many baby boomers are taking advantage of gifting funds to their children and grandchildren and these funds are helping baby boomers’ children (also known as echo-boomers) purchase homes and build their own financial portfolios. But gifting is not limited to children and grandchildren, gifts can be given to anyone, including friends, charities, a political organization, or even your spouse. Gifting is typically done at the end of the year, but can be done any time during the year. As of January 2006, you can gift up to $12,000 per individual each year tax free. This amount increased from $11,000 in 2005.
Another great way to lower your estate tax is to pay college tuition. You can give a gift of up to five times the standard gift amount, (standard gift being $12,000) to a Qualified Tuition Program (QTP) also known as a 529 Plan in the same year and deduct the entire amount. Here is how it works. If you have a sizeable estate, a large portion of which you want to offload, you can gift to a QTP or 529 plan a maximum of $60,000 per individual. However, it is important to note, if you gift the maximum allowable amount in one year, you cannot take advantage of the college tuition gift deduction in 2006 and 2007 without tax consequences. If you take the maximum deduction, this gift can only be given once every five years.
Or consider setting up an “A-B Trust” while both partners are alive…it can double the amount of money you can leave to your beneficiaries free of estate tax. The A-B Trust was specifically devised to reduce estate tax liability, and presently can shelter up to $4,000,000 for both partners. Here’s how it works. Let’s say an estate is worth $4,000,000 and the assets are divided equally between both partners, the “A” portion of the trust would be worth $2,000,000 and the “B” portion of the trust would be worth $2,000,000. If person “A” passes away, the assets transfer to the surviving spouse and the assets are handled no differently than if the assets were not in a trust. Then when surviving spouse “B” passes away, the entire estate can be transferred to the beneficiaries, using the tax exempt credit from both “A” and “B”…resulting in zero estate tax.
But if a trust is not specifically created as an A-B Trust, the estate tax could be costly. If a husband and wife set up a revocable trust and the husband passes, all assets will most likely transfer to the wife and become part of her estate. Even though the husband’s assets transferred to the wife tax free, the beneficiaries will be subject to estate tax on the total amount of the estate when the wife passes.
Estate tax can be a very costly expense, so planning in advance is very important to protect your assets. Even if your estate falls short of the Federal estate tax exclusion amount, take the time to discuss your estate with a professional. If the law changes and the amount for the estate tax exclusion decreases, the tax consequences could far exceed the cost of establishing a good plan for your estate.
It is highly recommended that you discuss your estate with a qualified professional…so feel free to give me a call if you should you need a referral.

Southern Creek Development recently completed its Buckhead development, The Enclave at Lenox Valley. Finished at the beginning of this month and located in the upscale Pine Hills neighborhood, it is a cozy community with only ten homesites. Homes have all the amenities and start at $1.2 million.
With The Enclave at Lenox Valley, in-town homebuyers will get the benefit of living in the exceptionally planned Southern Creek Development community with easy access to Lenox Mall, Phipps Plaza, Virginia Highlands, Buckhead, and Midtown.
For more information, call 877-597-5263 or visit www.southerncreekdevelopment.com

The Buford Highway is home to International Village at Chamblee, a 30 acre/500,000 square foot, mixed-use development. Designed to be a place where residents can work and play, shop and dine, all within a short walking distance, it features a variety of restaurants, cafés, shops and specialty boutiques. There is even an amphitheatre for musical, theatrical, and cultural events.
Don’t look for it in one neat location, however; the village stretches from Clairmont to Chamblee-Dunwoody Road. Among its many unique offerings is an Asian Square, purported to be the first shopping mall of its kind in Georgia; an 111,000 square foot public market and arcade, housing primarily eateries and pubs from a variety of cultures; an outdoor amphitheatre; a 120-room hotel; an international trade center; and a Mediterranean Village for Italian and Greek cuisines.
William G. Holt, III, a PhD Candidate in the Department of Sociology at Yale University, has researched the impact of such international investments in the Atlanta area. “People from places such as Mexico, China, Vietnam, Nigeria, and Bosnia are now calling the Atlanta metropolitan area home,” Holt said. “These new immigrants range from venture capitalists to small business owners to service workers, all looking for opportunities in Atlanta’s booming economy. Local officials believe that the International Village location represents the ideal of what may be achieved through global trade and immigration.”
While many cities would love to copy Atlanta’s model, Holt says ” it remains to be seen whether the success of the DeKalb County suburbs can be repeated elsewhere.” However, he maintains his optimism that Atlanta’s successes in international marketing and development demonstrate that increased international attention can bring investment, revenue and revitalization to an entire region.
- Beth Rice