Video Tour of Providence Neighborhood In Pike Road, AL

Providence is located southeast of the intersection of Vaughn and Pike Roads, and I think construction of this neighborhood originally began around 2007 or so.  The homes and lots were pricey, and the architectural style was going to be “French Country and European” according to the original developer’s sales material.

Then we had a recession and Providence construction came to a screeching halt.

Enter Stone Martin Builders around 2011, and the neighborhood is back on track, but with a new vision, significantly reduced prices, and more limited choices in architectural styles and floor plans.

According to a January 11, 2012 article in the Montgomery Advertiser’s East Montgomery newspaper, there are “at least 104 lots” now available in Providence, and the builders have several floor plans you can choose from.  These are big homes:  designs range from around 2,000 square feet to 4,300 square feet, with prices from the $219’s – $300’s.

Stone Martin has bought other partially built Pike Road developments and is quickly building them out.  Bon Terre and Gray Ridge, also neighborhoods on Pike Road in close proximity to Providence, are quickly filling up with new homes, too.

Why the push to be in Pike Road?   #1, in my opinion these homes are being built at significantly lower prices than anywhere else in town. Look at the square footage and prices above and do the math.   #2 The Pike Road school system.

This past October, Town of Pike Road residents voted to raise property taxes in order to support a brand new Pike Road public school system, separate from the Montgomery Public School System.  The new k-12 school is expected to open the first phase of its K-8 facility in 2015.  All residents of Pike Road will be zoned for this new school.

To recap: new construction, large homes, low prices, new school system = get it while it’s hot.

If you have questions about Providence or any homes in Pike Road, contact us by clicking here, call us  at (334) 22-15862, or email us at threeriversrecon @ coleyre . com.

The Feed Lot has products that will help you take care of it.

In this neck of the woods, Bermuda grass is the ground cover of choice.  It has a fine blade, is invasive, and varieties are used for golf course and football field turf.  Whether you care for it or not, it’s probably in your East Montgomery yard.

Upon moving to Montgomery, we built a house and battled weeds in our Bermuda lawn for 5 years.  When properly treated, it has a slick, highly manicured look, and weeds stick out like a sore thumb.  Our neighbors had effortless, immaculate lawns.  We had no kids and time to kill.   We fertilized,  we fretted.  We constantly had weeds.

The difference?  They had their yards sprayed by a lawn service and we didn’t.  Or, rather, we wouldn’t.  There was principle involved.  We didn’t need to pay someone else to keep our tiny yard tidy.  Where’s the fun in that?

The clover finally did us in.

Wait – isn’t this post supposed to be about The Feed Lot?  Stay with me . . .

So we called in the folks at Southern Lawns and got on their program that involved spraying fertilizer “stuff” on our lawn 3 or so times a year.  It was magical.  The weeds were gone.

Fast forward another 5 or so years: a new house, bigger yard, same problems.  We loved our experience with Southern Lawns and highly recommend them, but once again, we’re on a mission to do it ourselves.

Someone recommended The Feed Lot as a great resource for weed control products that actually work.  It’s the real-deal hardware/country store on Meriwether Road in Pike Road.

So we’ve gotten the “pre-emergent” fertilizer down that’s supposed to kill the crabgrass . . .

We’ll let you now how it goes . . . In the meantime, we’re Realtors, so give us a call if you need help finding your next yard (and home) in the Montgomery area.  We’d love to do the legwork for you!

It’s just not that simple.

The map above (from the Town of Pike Road website, click on it to enlarge) shows the patchwork that is east Montgomery County.  The map below (from the City of Montgomery website) details city trash pickup days, and on the lower right hand side of the map the patchwork of Montgomery City/Montgomery County/Town of Pike Road is evident here, too.

How does this affect the east Montgomery house hunter?

For example, you could research a home on Saw Tooth Loop in the Woodland Creek subdivision.  The neighborhood is across Vaughn Road from Bridle Brook, which is a Town of Pike Road community.  The street address for homes in Woodland Creek say “Pike Road, AL.”  But this home is actually zoned for City of Montgomery amenities: sewer, trash, schools.  Unless current zoning changes, it would not be zoned for a future Pike Road School.  Confusing?  Sure.

In 2008, in the neighborhood of Merry Station, all but one of about 20 homes were incorporated into the Town of Pike Road.  One home was zoned Montgomery County.  How did the homeowners figure this out?  They had to do a little research.  That home has since been incorporated into the Town of Pike Road.

So why does it matter? Different reasons for different buyers.  Some might prefer City of Montgomery services?  Some might want to be zoned for the possibility of a future Pike Road school system? And designations can sometimes be changed . . .

The main point if that if you have a preference, you’ll need to do a little digging.  Looking at the street address alone will not suffice.

The folks at the Town Hall in Pike Road are a big help.  So is having a knowledgeable Realtor working for you.  Give us a call and let us do the digging for you.

1.) Could you give me a short lesson on “short sales”?  Are they fairly standard, or many variations?

Each deal is different, depending on seller, mortgage company, property, etc.

2.) If a mortgage is leveraged on a house or piece of property, and the owner sells “short” is the owner liable/responsible for the deficiency?

Yes. Short sales are when the seller is still the person (not the bank), but they are selling it for less than they owe to the bank. Usually, depending on the amount, the bank goes after the deficiency, either in form of a new personal note, or a suit, or a lien on other assets, whatever.  Sometimes the bank forgives a portion of the mortgage debt.

3.) Does the mortgage holder have to approve the sale?

Yes, or they will not release the mortgage lien on the property. If they didn’t, the buyer would be buying a property in Montgomery with a mortgage (that is higher than the property value) already on it. You do NOT want to buy a property unless all liens are released or at least disclosed.  The buyer’s lawyer / closing attorney should discover and disclose all of this.

4.) How is it different from just walking away from a mortgage and allowing foreclosure?

A short sale is usually attempted before foreclosure. I say “usually.”

Each one of these is very different. In general, the bigger the bank that is owed, the harder it is to pull off the short sale. Like I had a buyer that put in an offer on a short sale on a waterfront home on Lake Martin. After about 75 days, the bank finally responded – NO. No counter offer, no nothing. 75 days (of the bulk of the summer) – wasted. On the other hand, a small local bank is able to pull off short sales and foreclosures rather effectively because there are real people making decisions quickly instead of talking (when you can get them on the phone) to a person in a cubicle in California.

Recently I read a great article in USA today, saying only 23% of short sales go through.  From my experience, I would say that it a pretty accurate number, if you include all offers made to all short sellers (like above).

5.) Are Montgomery short sales usually good deals?

Maybe.  Just because it’s a short sale or foreclosure does not necessarily guarantee that it is a good deal. You still have to go through the same thought process to make sure the value is there as a buyer.

6. What takes so long?  Why do some banks “drag their feet” so much with a short sale?

From talking with my friends in the real estate industry, this is a nationwide thing, not a Montgomery thing.  The short sales process is slow.  In fact, a Realtor I know in Tampa complimented me for getting it done under 120 days.

Again, the large banks are the ones that usually take a while to process a short sale.  In that particular case, it went like this:  on Day 1 the seller sends (fax only) the signed contract to the bank.  It takes 10 or so days for the bank to “process” the receipt.  Then they assign it to a representative.  Then the representative takes 14 days or so to contact you after that.  So really it was day 24 until the seller could talk to a person that told him “OK we’ve received your fax.”  Then he might ask for additional forms, say, another tax return from the seller, or some other such paperwork, that the seller might have even received.

Once the seller faxes those in, you guessed it, it takes about 5 days for the rep to confirm receipt.  Then he might ask for the contract again.  But – we’ve already sent that – right?  Well, I need the XYZ form…  These types of conversations go on and on for 3 or 4 weeks.  Then the rep (if you’re lucky) will call the listing agent to talk it over. Then maybe the bank will make some sort of counter offer or even accept the contract as is.  But any decision, any correspondence takes 3 or 4 days to send in, receive, and confirm receipt. It can be maddening, especially to the buyer.

Therefore my big advice to Montgomery short sale buyers is: Patience is part of the price you pay.

Again, I stress, this pain involved is usually directly related to the size of the bank. Emphasis on usually.

Own in Montgomery, and considering a short sale?

Please contact me at the number or email at the top of this page.  I would be glad to walk you through what will likely happen, and help you consider your options.

Hey you – reader – have any questions about Montgomery real estate?

Please let me know – I love to write blog posts on readers’ specific questions.  If you have one, chances are many people are thinking the same thing.  Help us all out, and ask away, either by commenting below or dropping me a line.  Thanks!

The $8,000 tax credit for first-time homebuyers has been extended to April 30, 2010.

The program has changed a little, though, from the initial incentive that expired November 30.

If you want to know details, this Q & A article from The Wall Street Journal explains the revised incentive program well: “Q & A: The Home Buyer Tax Credit Extension.”

If you’re looking to purchase a home in the next few months and would like the benefit of a Realtor to do the legwork for you, give us a call.  It costs the buyer nothing, and it puts a professional in your corner.

So you have a lot of time, right?  NO.

Please realize that the time between agreeing to a price and terms and then actually closing the sale can be 4 weeks at least.  Most of the time with first time home buyers, it takes more like 6.

Why does it take so long to close?

Let’s say you find a home in Montgomery today and make an offer.  If the sellers counter-offer, it may take a day or two of going back and forth to get a signed contract.

Once you have a signed contract, there’s lots more work until you can close and officially own the home.  You have to finalize your financing and get the lender’s approval of the contract.  The bank will order an appraisal. That will take a week or so.  Depending on your situation, you may be getting a home inspection, survey, or any number of things like this.

Then you have to find a closing agent and book a time to close.  Trust me -  they will be busy from now until November 30.

In summary, the time it takes from “We’ve got a deal!” to “Here are your keys” can be weeks. Start now if you want the $8K to close before November 30, 2009.