The GIG (Greater Chattanooga Association of Realtors Informational Gathering) for the month of August not only brought out Realtors from the Women’s Council of Realtors and the GCAR, but also featured two speakers from law enforcement and breakfast from Jason’s Deli.
After Realtors enjoyed plates of fruit, breakfast sandwiches and sweet buns, the meeting began with Diane Patty, supper sponsor chair for WCR, and Kaye Ivey, president of WCR, announcing super sponsor of the month Jay Bell from Bell Development before presenting him with an award.
John Healy from Sperry Van Ness spoke on commercial real estate in Chattanooga. For each of the four major segments of the market, he gave a grade of how well each area is doing. The industrial market has about six million square feet of space available for lease or sale, and Healy said the good news for this area is there is a limited supply of industrial land in the market. Healy gave the industrial market a “B.” In the land market, there is about 1,000 acres of land available, Healy continued. The average asking price of land is $106,000 per acre. Compare this with the actual selling price at $47,000 per acre. This is why Healy gave land a grade of “D.”
The retail market has about 1.2 million square feet of space available. Healy said it is more difficult to get retail deals done today, but it is picking up. Retail gets a “C-.” The office market has 2.6 million square feet available, and 900,000-square-feet of space available downtown. Healy recommends that those looking for space should check downtown for a deal. Realtors were reminded of the new requirements for turning in seller concessions when they close out deals. The state mandates that GCAR must have this information. Realtors were also asked to note that the voting ballot of candidates for board of directors and president for 2012 is now available. The Dalton MLS will be brought on board toward the end of the year, and the Alabama MLS should be up by end of August or first of September.
Randy Durham gave the audience a preview of the statistics on the second quarter sales report. He said, “There’s going to be a lot of hype about this because inventory shows a pretty significant drop, but remember that last year we were dealing with closing out the first time homebuyer sales.”
The days on market for July was 135 versus last year at 129. It was noted that 30 percent of the sales were foreclosures, and last year this was 23.4 percent. In July 2011, 515 residential units sold from 534 sold in June. This is an increase from last year’s July, where 446 units sold. Sales are now 53.3 percent over last year, and this number has been consistent. Durham predicted a very good August and September. The months supply is shrinking, and some areas of town are actually balanced markets with seven months of inventory, he said.
Hamilton County Sheriff Jim Hammond addressed the group, emphasizing the importance of neighborhood watch programs. Hammond said unless there is a full-time staff member dedicated to working a neighborhood watch, then it’s very hard to keep the program on target. Hammond installed a full-time person when he took office in 2008 that has taken neighborhood watches from under 20 to almost 130 in three years.
“It’s all about helping communities protect themselves, letting them be the eyes and ears of what is going on out there to report to law enforcement,” Hammond said. “We always see good results in not only protecting themselves but helping us solve crimes.”
He said one of the worst things a new community member can do is move into a neighborhood and not know who is there and who should be there. “In the day and age we live, and with the economy the way it is, we see a rise in crime. It used to be that when your home got burglarized it was only key items they were looking for, now they are looking for anything they can turn for a few cents…” Hammond said.
“The biggest area we are seeing an increase in is lawn art and equipment. You can literally get off the lawnmower and go inside for a glass of tea, come out and the mower will be gone.”
For Realtors interested in sharing crime statistics with their clients, Hammond recommends visiting www.hcsheriff.gov. Officer Wayne Jefferson spoke to the group about city law enforcement, and answered questions Realtors had about crime in the area and how it affects property values. Jefferson clarified that gangs are not No. 1 in Highland Park anymore thanks to the neighborhood watch program. Gangs are spread out everywhere, Jefferson said, but the good thing about gangsters in our area is they fight with each other and leave normal citizens alone for the time being.
There were many Realtor questions about Coolidge Park. Jefferson said officers are working overtime in Coolidge Park and have established a bike patrol. Officers are working in steps to make Coolidge Park better from getting more lights put in, to talk of adding emergency phones on the Walnut and Market Street Bridges, and placing surveillance cameras in multiple locations as well as utilizing surveillance cars. He said the best thing residents can do to help law enforcement is to remember that “we are only a few.”
“I think Chattanooga has 140,000 residents, and there are 440 [law enforcement officers,]” Jefferson said. “We stretch from the Georgia and Alabama line to Ooltewah. What we need is when you see stuff, call and tell us.” He said he hopes that with school starting and colder weather coming the groups causing trouble will disperse.
Pam Duffy from GCAR’s grievance committee finished off the meeting with “our dark side,” a YouTube video with information on commercial and residential need to know items. The video covered Article 11, which explains that Realtors should only work in their area of expertise.