Gwinnett County Real Estate Market Report for June 2 – June 8

June 10, 2008

Hello sports fans. Currently on the market in Gwinnett County we have 9918 homes. The lowest priced home is $52,900 and the most expensive is $7,950,000. The average list price is currently $308,460. All data comes from First MLS.

In 2008, 2434 Gwinnett County Homes have sold for an average of $229,044. The lowest price has been $42500 and the highest price has been $2,080,816. Note that I previously reported a higher priced sale. I get the data from First MLS, so I assume that they have corrected an error since my last report.

During the week ending June 8, 173 homes sold in Gwinnett. 605 homes were listed and 657 saw their prices change with over 90% of those changes being in a downward direction (that is correct – they got cheaper.)

With so many price reductions, it is tough to pick out just a few homes to show you. The sheer volume of bargain basement real estate on the market is overwhelming. Feel free to call me to do a free search for the exact bargain YOU are looking for at 770-682-7735.

Here are four of the best:

The largest drop of the week was at 4921 Bill Cheek Road in Auburn. Dropping just over 15% may not sound like that much, but we are talking about over $200,000. This home is located on over 7 acres of land and features 5 bedrooms and 5.5 baths. Spread out across 6143 square feet and sitting on a full basement, this just might be the bargain you are looking for.

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As you know, foreclosures are popping up like weeds in Gwinnett and nice homes get foreclosed on, too. This gorgeous River Laurel Subdivision home in Suwanee saw it’s price fall $112,000, more than 20% to it’s new asking price of $447,900. “Please take it off our hands,” the bank is screaming. The home is located at 4350 Laurel Grove Trace. It was built in 1998 and features 6 bedrooms, 5 baths and a full finished basement. Three years ago, this home sold for $590,000! The living area measures 4741 square feet with another 1732 square feet in the basement, according to tax records. Suwanee was recently featured in Money Magazine as one of the 10 best places to live in the US. Here is a picture of the home.

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Think the builders are sitting on their hands? Think again. At “Reserve at Lakeside” subdivision, 1315 Martins Down Drive has been slashed more than 26% ($70,000) to $189,990. This brand new 4 bedroom 2.5 bath home is on a full basement. Come for the price, stay for the new home smell!

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My favorite reduction this week is a doozy. The price on this home has beed reduced 99.175%, from $20,000,000 to only $165,000. So what’s the story? I tried typing $20,000,000 over and over and while I made a few mistakes, I never “accidentally” typed anything like $165,000. What was this realtor thinking of? Attention! She knows that there are people looking at price changes every day and the more attention she gets, the better! Good luck to her and her client. The home is at 4766 Lily Stem Drive in Auburn. It is a 4 bedroom, 2.5 bath home in the Flowery Branch Crossing subdivision, built in 2005. It sold new for $200,300 and is being offered as a short sale. If you don’t know what a short sale is, read this article or call me anytime and I will explain. Here is the home.

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That’s it for this week. Remember that I am here to help! Let’s go get a house.

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