Gwinnett County Real Estate Market Report Mid July 2008

July 19, 2008

Currently on the market in Gwinnett County we have 9952 homes. The lowest priced home is $40,000and the most expensive is $7,950,000. The average list price is currently $307,832. All data comes from First MLS.

In 2008, 3429 Gwinnett County Homes have sold for an average of $231,140. The lowest price has been $42500 and the highest price has been $2,080,816.

Taking a look around the county, home prices are being lowered with rampant regularity. If you are looking for a home and have a little flexibility, bargains abound. Here are a few of the recent price moves.

6227 Woodlake Drive NE in Buford is a 3337 square foot home on a 2000 squre foot finished basement on Lake Lanier. The lot is just over a third of an acre and the basement appears to be nicely finished. The price was recently lowered from $1,599,000 to $1,100,000.

4577 Ridgegate Drive in the Riverview subdivision in Duluth was reduced from $850,000 to $699,000. Built in 1973, this 3313 squre foot home on an 1847 sq ft basement features 5 bedrooms and 3.5 baths and over an acre of land.

This new construction short sale is located at 412 Nesbitt Street in Norcross. The price on this beautiful historic Norcross home has been dropped from $579,500 to $500,000.

2990 Ivy Brook Lane in Buford is a 2003 former model home located in the Estates at Ivy Creek. Featuring 5 bedrooms and 4.5 baths, this is a short sale property with a full finished 2478 square foot basement and 3788 sq ft above grade. At $425,000, the price is $100,000 less than it was three weeks ago.

3565 Lake Seminole Dr NE in Buford’s Morgan Crossing was reduced from $369,000 to $299,900. Nearly 4000 square feet on a 1270 sq ft basement and an acre of land, this 1995 construction is a 6 bedroom, 3.5 bath brick front 2 story.

One of the nicest subdivisions in Lawrenceville is Lakes of Old Peachtree. 1891 Dorminey Court was built in 2000 and features 4 bedrooms and 3.5 baths. Recently reduced from $319,900 to $265,000, this 3104 square foot home is a real bargain.

As new homes sit unsold, the carrying costs begin to strangle builders. New home prices are falling along with the rest of the market. In Stewart Ridge, 6268 Stewart Ridge, Buford has been reduced from $255,000 to $195,000. This is a brand new 4 bedroom 2.5 bath brick front home in the North Gwinnett cluster.

Saddlebrook Farms in Dacula is a subdivision experiencing some distress, but it is a great swim-tennis community and it will be a long term good bet. 3432 Colt Branch Way is a 4 bedroom 2.5 bath home on a 1312 square foot basement. The above grade space is 2914 square feet. This appears to be a short sale and is a nice price in the Dacula school system.

3708 Burel Mill Drive in Buford, located in the Ivy Mill Plantation subdivision was built in 2001. It’s 2191 square feet on a 913 squre foot basement and has 3 bedrooms and 2.5 baths. A recent $50,000 price reduction has resulted in a current price of $175,000.

5642 Hammond Drive in Norcross is a foreclosure that has been reduced from $149,900 to $134,900. The 2784 square foot split level home sold for $150,300 in 2003. The large lot is perfect for the 3 bedroom 2 bath home.

Looking for a rental property? Here is a Buford home for less than $55,000, down from $96,900. This 3 bedroom 1.5 bath home needs work, but you could definitely end up with a great income producer!

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