Cherokee Business

Banks hold their own amid foreclosures
By Tom Brooks
tombrooks@ledgernews.com

The increased level of foreclosure filings in Cherokee County is looming over several local bank offices’ loan portfolios.

While the May foreclosure notices list in Cherokee showed several million-dollar-plus loans in default, banking and real estate industry officials say observers shouldn’t expect losses for the banks at the dollar figure levels shown in the notices once the properties are sold, either at the auctions or by the lenders in the future.

“In the end,” Steve Bridges, president and CEO of the Community Bankers Association of Georgia, said of losses for the banks on properties listed at $1 million or more, “it’s not likely to be anywhere close to the million dollars.”

(Right: The list for the May 6 foreclosure auction in Canton included properties in Meridian at Ridgewalk, a Woodstock community developed by Oakwood Homes. The foreclosure list showed loans to the Woodstock-based company that filed bankruptcy had $1-million-plus loans on the foreclosure list from banks. TOM BROOKS | LEDGER-NEWS)

Among the filings that were slated for the May 6 monthly foreclosure auction on the courthouse steps in Canton were $1 million-plus residential construction and land development loans gone bad.

Roger Tutterow, a Mercer University economic professor, said the exposure for losses for local banks in Cherokee County isn’t as severe as the general public might think.

“Most community banks don’t carry mortgages on their books,” Tutterow said, citing mortgage-backed securities as a way that community banks roll loans into groups to reduce the banks’ exposure to the default risk.

While Tutterow is somewhat concerned that the foreclosed properties could compete with the new homes market, low interest rates “lower the carry costs for builders or developers” holding onto properties during the housing slowdown, he said.

Eugene James, director of the Atlanta region office of Metro Study, a company that tracks the housing market across the United States, said bankers he has spoken with recently don’t seem inclined to sell off properties cheaply.

On the low end, the lenders have sold off properties at about 70 cents on the $1 of the loan amounts, and on the upper end James has been told of 94 cents, he said.

As of last week, nearly 300 properties had been advertised for auction in the May sale, with some likely to have been removed from the list, as some borrowers caught up on delinquent loan payments and some lenders kept properties that didn’t draw high enough bids during the Tuesday auction at the Justice Center steps in downtown Canton.

Most on the May 6 list appear to be loans of individuals and couples whose notes are delinquent, with a single house on the list counting as one just as a large residential or commercial property counts as one.

According to Equity Depot, a company that tracks foreclosures in the Atlanta region, there were 284 foreclosure notes slated for the May 6 auction, an almost three-fold increase over the 110 that were scheduled for the same month last year. The Alpharetta-based company reported a record 7,336 properties were listed across the 13-county metro Atlanta area for the May 6 auctions.

The next auction is scheduled for June 3.

Bridges, a western Cherokee resident, said the impact of the subprime lending woes hitting much of the nation has generally skipped Cherokee as few of the loans were issued here. Still, he added, the tight credit market may have led some borrowers to get creative loans they eventually had trouble paying off.

Cherokee appears to be among the best in the region for facing the housing downturn, James said.

As of the end of the first quarter of 2008, Cherokee County had a housing inventory of 9.4 months and metro Atlanta’s inventory average was 11.2 months, James said.

“The housing correction process is well under way in Cherokee County,” James said.

 

Canton shop restores antique cars
By Carolyn Mathews
carolynmathews@ledgernews.com

To Doug Hyde and Richard Brandeis at Riverstone Motors, there is no sound so beautiful as a purring engine built for speed.

They are specialists at making an engine sing, whether it is in a race car, on a motorcycle or in their clients’ cars. Their years of experience under the hood, along with their precise knowledge of mechanics, also make them specialists at restoring antique cars owned for investment and competition.

“We are mechanics, not technicians,” Brandeis said. “We don’t change out components – we fix stuff.”

(Right: Doug Hyde, left, and Richard Brandeis inspect the engine of a 1941 Cadillac they are restoring at their business, Riverstone Motors. The shop is located on Ballground Highway in Canton. Carolyn Mathews | Ledger-News)

Brandeis, a former attorney with the Georgia State Patrol, said he always wanted to be in the car business, and that’s why he joined veteran mechanic Hyde in 1987.

“I always joked that I couldn’t afford my mechanic, so I became one,” Brandeis said.

Hyde began his career in 1963, when he graduated from Volvo school and began working at Tom Mitchell Triumph Volvo in Buckhead. He went on to become a used car and race car mechanic at Baker Motor Company in Buckhead for five years, and then used his expertise as a foreign-car specialist to work on Citroens, Renaults and Lotuses.

Hyde has always been a mechanic for those who keep fine cars.

“I used to service all of C&S Bank President Mills B. Lane’s automobiles,” Hyde said. “He had a stable of thoroughbreds.”

He also did mechanical work on Atlanta Symphony Director Robert Shaw’s cars.

When Brandeis joined Hyde, the men opened Doug Hyde’s Volvo Shop in Woodstock.

They sold that business in 2005, opening Riverstone Motors on Ballground Highway, where they service engines, buy and sell used cars, and restore vintage automobiles. Their diesel specialist is Hyde’s son, Brannon Hyde.

The men currently are restoring several collectible show-cars, also called “trailer queens,” reproducing the wiring, electrical and mechanical systems of the car with accuracy.

In progress right now are a 1986 Ferrari, a 1980 Porsche, and a 1941 Cadillac.

Hyde said the Caddy is probably worth around $150,000 and that everything has to be perfect within the engine and crafted with either original or made-to-order parts that duplicate the original.

(Left: The men use another, as yet unrestored, ’41 Cadillac as a template, in an effort to authentically reproduce the wiring, electrical, and mechanical systems. Carolyn Mathews | Ledger-News)

As a guide, the mechanics are using another 1941 Cadillac, as yet unrestored. Brandeis said the cars probably are the oldest he’s ever worked on.

Hyde and Brandeis also love motorcycles. They repair them in their shop, and Hyde and his teenage son race them. In addition, the two mechanics have taken seven motorcycle trips to Europe, where they tour the countries on bikes. They are planning to go again.

Brandeis says it’s a “guy” thing. “Some people bring their wives, but mine doesn’t enjoy it. We went to Paris and stayed three hours and visited engine shops.”

Hyde said the people are nicest in Ireland, but the biking is best in Bavaria.

“It’s like North Georgia with no cops,” they joked.

Because of rising gas prices, Hyde said he’s riding his motorcycle more often, even at home.

“I get 40 miles to the gallon in my big BMW,” he said.

But the real attraction to both mechanics, it seems, is the performance.

“A fast car is a slow motorcycle,” Brandeis said.
New store offers items for peaceful outdoors
By Erika Neldner
erikaneldner@ledgernews.com

A man who grew up in the Lebanon community has returned to his roots to open his business that spruces up outdoor living areas.

Vance Dover renovated the family home, located on Old Ga. 5 just north of Toonigh Road, and turned it into an eye-catching retail store geared toward the outdoors.

Georgia Outdoor Living opened in March and held its grand opening in April. The business specializes in creating outdoor water features, imported pottery and even swimming pools.

(Right: Vance Dover renovated an old family home on Old Ga. 5 and opened his retail store, Georgia Outdoor Living. The store sells outdoor décor, including fountains, garden art and pottery. They’ll also do customized water features, landscapes, hardscapes, paths and driveways. Erika Neldner | Ledger-News)

“If you can imagine it in your backyard, we can pretty much do it,” Dover said. “Georgia Outdoor is a retail outlet for what we do.”

Dover has been building swimming pools for almost 15 years. The pool business is Georgia Classic Pool & Landscape.

He also does ponds, waterfalls, fireplaces, paver walkways and paver driveways.

For those looking for a simple added touch to their outdoor areas, Georgia Outdoor Living has birdbaths, chimneas, pottery décor and pottery planters.

Dover personally travels to Guadalajara, Mexico, to pick out the pottery sold in his retail store, he said.

The fountains are ordered from several fine lines of outdoor fountains, including Al’s Garden Art and Henry Studios, Dover said.

He said about 50 percent of his business comes from the store’s Web site, and anything on the site can be ordered and picked up at the store.

“What we have here is just a small sampling of what we can get,” Dover said of the retail store.

Homeowners who want a total outdoor oasis can find all they need at Georgia Outdoor, from ornate products to design know-how.

There is no fee for consultations, and Dover said price quotes are done at the consultation meeting.

There are no upfront fees. They also handle the permitting process for all work.

Georgia Outdoor Living can customize hardscapes and water features to suit the homeowner’s needs. They install hardscapes, landscapes and outdoor lighting.

They’ll even tear up a concrete driveway and install a picturesque paver driveway.

(Left: This fountain by Al’s Garden Art is one offered at Georgia Outdoor Living. Erika Neldner | Ledger-News)

Dover said he’s always known that outdoor work was for him. When Interstate 575 was being built, Dover and his brother would collect boulders after workers finished blasting rock. They hauled them back to their home and built their first pond and waterfall.

Dover said he learned his skills by trade, and he continues to broaden the spectrum with each job.

“We consider ourselves (a) custom (company),” he said.

The building that is now home to Georgia Outdoor Living was built in 1925.

The Dover family gutted the building but was able to save the centerpiece of the home—an old fireplace.

“Underneath the stone is all the original brick,” he said.

After watching the home deteriorate for several years, he bought the structure from a family member and started the renovation process.

“It’s been in our family for a long time,” Dover said. “My great aunt built it in the 1920s and different people in my family have owned it since then. I bought it about a year-and-a-half ago, and I’ve spent the last year renovating it.”

He lends his local upbringing and knowledge to serving his customers best.

“This place has a lot of sentimental value,” he said. “People will come in and say ‘where are you from,’ and I’ll say, ‘I’m from here, literally, right here.’”

Georgia Outdoor Living is located at 5075 Old Ga. 5, Woodstock.

It is open from 10 a.m. to 6 p.m. Mondays through Saturdays and 1 p.m. to 6 p.m. on Sundays.

For more information, call (770) 591-8968 or go to www.georgiaoutdoorliving.com.

For more information about custom pools, go to www.georgia-classicpool.com. Links are available on both Web sites.
Business briefs

Cherokee Chamber adds job postings to Web site

The Cherokee County Chamber of Commerce has added employment ads to its Web site at www.cherokeechamber.com.
Chamber members post job openings they have, and the ads are accessible to the general public. The ads feature full- and part-time positions.
For chamber members interested in posting a job ad, the cost is $25 per ad, with every fifth posting free.

Woodstock O’Charley’s finishes renovation

The O’Charley’s restaurant in Woodstock recently completed a month-long renovation project under the company’s Project RevO’lution rebranding program. A ribbon-“carving” ceremony was held April 30 at the location at the intersection of Ga. 5 and Ga. 92.
Construction crews worked for several weeks at night during the renovation, while the restaurant remained opened for business during the day. The Woodstock O’Charley’s Restaurant is among 20 Atlanta-area O’Charley’s to complete the program.

Bells Ferry veterinarian gets national accreditation

Bells Ferry Veterinary Hospital of Acworth again has received accreditation following a comprehensive evaluation by the American Animal Hospital Association. The evaluation includes a quality assessment review of the hospital’s facility, medical equipment, practice methods and pet health care management.
Only 15 percent of all small animal veterinary practices in the U.S. have achieved accreditation by the association, which has 40,000 members. In order to maintain accredited status, Bells Ferry Veterinary Hospital, located at 6410 Ga. 92, must continue to be evaluated regularly by the association’s consultants.

Canton tanning salon helps fight breast cancer
Oceanside Tanning in Canton will participate in a national breast cancer awareness campaign during May. As part of the “D-feat Breast Cancer” campaign, Oceanside customers can make donations toward finding a cure. Oceanside Tanning is located at 130 Prominence Point Parkway.
For more information, call (678) 591-0331.

Stroller Strides franchise to open in Cherokee County

The grand opening of a local franchise of Stroller Strides, a fitness program for moms and their babies that includes power walking and intervals of body toning using exercise tubing and the stroller, will be held May 10 at Harmony on the Lakes.
The business is being started by Laura Thigpen and Kim Yonker.

Agencies send thank you gifts for appreciation week

The Cherokee County Chamber of Commerce, Development Authority of Cherokee County (DACC) and Georgia Power Company recently co-sponsored Operation Thank You, which included the delivery of animal cookies to local employees of industries in recognition of Manufacturing Appreciation Week in late April for their contributions to the county. DACC officials prepared for a round of deliveries of cookies on April 28. Pictured, from left, are Project Manager Stephanie Bagwell, Executive Director Misti Martin, Authority Member Skip Spears, Authority Chairman Marshall Day, Authority Member Larry Lusk and Rebecca Hayes, administrative assistant. Chamber President and CEO Pam Carnes said about 4,800 people received the Operation Thank You treats.

Madison Pointe retailers now open in Towne Lake

Retailers have begun filling the spaces at Madison Pointe at Towne Lake in Woodstock.
Already open at the 20-acre, master-planned, mixed-use development are Walgreens, Five Guys Burgers, Roly Poly Sandwich Shop, Beverly Hills Wellness, Jim Bob’s Chicken Fingers, and Peak-A-Belly. BB&T Bank, Kayson's Grille, Zucca Bar & Pizzeria and Lee Nail Spa are all scheduled to open at a later date.
Madison Pointe at Towne Lake includes 43,000 square feet of retail and office space, including three outparcels and 17 townhomes situated over the retail outlets.

Macedonia UPS Store helps fight illiteracy

The Canton/Macedonia UPS Store located in the Woodmont Village Shopping Center, at Ga. 20 and East Cherokee Drive, is part of a national drive teaming up with the U.S. Marine Toys for Tots Foundation for the Toys for Tots Literacy Program.
Throughout May, Kim and Ken Mitchell, owners of The UPS Store in Macedonia, will host a book drive to collect new, age-appropriate books for local children in need. They also will be collecting donations year-round, and for every dollar donated, a book will be placed into the hands of a child in the area.
For more information, call (770) 720-1353.

RE/MAX of Georgia opens Woodstock location

RE/MAX of Georgia has opened a RE/MAX Town & Country location at 14205 Ga. 92 and West Wiley Bridge Road in Woodstock.
Broker/owner, Molly McGrory has been a part of the RE/MAX network for eight years and owns three additional offices in Cherokee County.
This new office will service the Cherokee, Cobb and Fulton county markets, specializing in commercial, residential, relocation, land and luxury home sales.

Landmark Realty ribbon cutting dubbed a success

About 85 people attended the ribbon cutting ceremony for Landmark Commercial Realty in downtown Woodstock last month (Right). Owner Tony Eyl said the event was a success. Eyl, a real estate broker, specializes in commercial real estate and has been a member of the Million Dollar Club for the last three years, and he was the number one land/commercial broker with the Cherokee Association of Realtors for the last two years. Landmark Commercial Realty opened in 2006, but Eyl relocated to a historic building in Woodstock that he renovated.

Ball Ground business wins distinguished award

North Georgia Preparatory in Ball Ground has been named a Home of Distinction by Bright from the Start: Georgia Department of Early Care and Learning (Bright from the Start). The Home of Distinction is awarded to Family Day Care and Group Day Care providers who provide a rich, interactive learning environment for the children in their care.
North Georgia Preparatory is the first provider in Ball Ground, as well as Cherokee County, to win this award.
Bright from the Start operates the voluntary Homes of Quality Program to support higher quality child care and early education in Georgia’s family and group day care homes. Providers participating in the Homes of Quality Program work toward becoming a Home of Distinction.
For more information about the Homes of Quality Program, call (404) 656-5957 or visit
www.decal.state.ga.us and click the “Quality Initiatives” button.

Woodstock’s Casdia joins new company

Woodstock resident Chris Casdia (Right) recently joined Homrich & Berg, a fee-only wealth management firm, as the Compliance and Operations Manager.
Casdia has more than 12 years of experience in Compliance Management positions.  
Casdia represents Ward 2 on the Woodstock City Council.

A penny saved, let’s hope
By: Tom Brooks

A major lesson of the economic downturn is that small change, after all, can make a difference.

Even a penny still counts. I mean, it just has to, right?

At least, that’s the hope behind so much of the penny-, dime-, quarter-pinching anxiety so many of us are putting ourselves through as we face and try to get over reports of rising costs for a host of goods and services.

Overnight price increases of fuel for our vehicles and food for our well-being, and to bring things to a local level, many people in Cherokee County and in neighboring areas are facing a pending Georgia Power rate increase, tuition increase at Kennesaw State University, possible increases in auto insurance premiums, increased costs for several prescription drugs covered by insurance, coffee closing in on $10 a container…. OK, alright. I’ll stop.

With consumer confidence shaky, I’ve been considering a key question continuously at the center of business and economics: how our minds make choices when it comes to buying things and services, from miniscule to huge.

Especially small change. Coins, at least for me, are back.

And I think I’ve got a lot of company in the suddenly-thrifty masses.

Even for the sake of a penny a pop, or rather per postage stamp, we’re discovering the value of saving every one we can. Maybe not so reasonably, granted, with all the time it takes to save the money, but many of us are lining up for the last-minute savings on the Forever Stamp.

Recent news reports have told of the brisk sales of the Forever Stamp ahead of the 1-cent increase for First Class postage stamps, which are to go up from 41 cents to 42 cents on May 12.

According to the U.S. Postal Service, more than 6 billion Forever Stamps, which are supposed to be valid even if postal rates skyrocket years and years from now, have been sold since they were first available for purchase 13 months ago.

“We knew the Forever Stamp would be a big hit with our customers, and we continue to replenish our stock to meet demand,” Postal Service Consumer Advocate Delores Killette said in a prepared statement that highlighted the 30 million per day sales for the stamps that hold value for one-ounce letters sent First Class even against inflation.

The window for buying the Forever Stamp, which features the Liberty Bell, at 41 cents each is closing fast.

Come midnight May 12, it’ll be 42 cents, shutting out the chance for a quick bargain….until the next postal increase.

So, head out to the nearest post office and snap them up.

There are other options, of course, instead of facing the rush for Forever Stamps.

As the helpful Postal Service announcement says, stamp buyers can purchase the Forever Stamps “online at usps.com, by phone at 1-800-STAMP-24 (782-6724), and from Automated Postal Centers and ATMs. They are sold in booklets of 20 and sheetlets of 18.”

The clock is ticking…and the bells are ringing.
      
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