It has been a long and winding road for the real estate market throughout the US, and Atlanta is no exception. According to Zillow and their real estate data for the second quarter of 2014, metro Atlanta prices are strengthening on a slow and steady climb from the pits of the recession of 2008. While experts predict the recession will not truly be out of Atlanta’s hair until 2016, it is definitely progressing and showing change in the right direction.
But what about on a national scale? The climb is still very real for many markets, and home values are currently about 11.3 percent below their 2007 peak. U.S. home values climbed 6.3 percent year-over-year in the second quarter to of $174,200 — the slowest annual pace of appreciation recorded so far this year and a sign that the market is returning to more normal levels.
As we have seen steady price growth throughout 2014 thus far, it is likely only the prices will continue to rise, but at a slow rate. Each month we are seeing about a 2 percent rise in price, and the market is slowly inching back to a normalcy that it saw before the recession. Thinking of moving to Atlanta and buying a home? The time to act is now, as prices will continue to climb as the months pass us by.
According to a new study by CBRE Inc., Atlanta ranks number 5 on a new list that tracks green efforts by cities throughout the country. The list has 30 cities on it total, all of which are ranked by buildings in the cities that incorporate sustainable and energy saving designs. Atlanta earned its spot with 54 percent of commercial space in the city certified as sustainable. Minneapolis ranked as the “greenest” city in the nation, with 77 percent of its commercial real estate certified as green. Other cities in the top 5 included San Francisco, Chicago, and Houston.
Atlanta has built up its inventory of sustainable buildings, and it’s been a top 10 city ranked by its number of LEED-registered and certified projects, according to the U.S Green Building Council. The switch to more efficient construction became crucial for the area when the city was becoming increasingly criticized for urban sprawl and for contributing to high car usage and gasoline emissions.
Thinking of moving to Atlanta and building your dream home? Keep energy efficient home designs at the front of your radar when selecting a development company or architect. Sustainable projects emphasize energy and water conservation, but they are also more widely associated with the desire to improve quality of life.
Thinking of moving to Westside Atlanta? Atlanta is getting more commercial growth in the coming months, thanks to the addition of trendy shops and dining hot spots to the area of town known collectively as Westside Atlanta. So far, confirmed tenants to move to the area as it undergoes redevelopment include a luxury apartment complex (called Elan Westside), which will be located at 14th Street and Howell Mill Road. But that is only the beginning! A new restaurant from the Castellucci Hospitality Group will be opening in the building’s retail area, with a menu focused on Basque inspired dining. The restaurant will be named Cooks & Soldiers and it will be an expansive 4,600 square feet.
Additionally, a Buckhead-based boutique called The Bilt-House will open a new location in the area. The store is a lifestyle boutique targeted at a high end demographic. Another ladies boutique is moving in to the building’s retail space called Kane.
More vacant space that is available for new retail tenants is tentatively projected to include a salon. As of now, there is not much information in terms of dates for development.
Buckhead has been a long term project and has seen various delays since its inception and implementation in 2006. Now, after years of battling the ups and downs of the economy and housing market, Buckhead is back on track to becoming the luxury Atlanta neighborhood that was initially intended. A shopping project within Buckhead, aptly called the Streets of Buckhead, was a $1 billion mixed-use project that is finally coming into fruition.
The stores expected to open with the shopping complex this fall will be a healthy mix of restaurants and retailers, such as Shake Shack and high end names like Helmut Lang, Jimmy Coo, Hermes, and more. The projected development is anticipated to be 300,000 square feet of shopping and dining.
If you are thinking of moving to Buckhead, there are going to be even more residential options as Buckhead becomes a destination for living, dining, and shopping. Start looking now to find the dream condo or home you are searching for! Buckhead has something to offer families, individuals, young professionals, retirees, and more. Come find what you are looking for in Buckhead.
As the Atlanta housing market attempts to regain stability after a long winding road, one chief concern for insiders of the local real estate market is pricing. Specifically, pricing in Midtown. While the target demographic of the Midtown Atlanta area is millennials, the price point for renting in the neighborhood is not in line with millennial salaries. In fact, even the top paying salaries for recent graduates is still a stretch for comfortable living.
Atlanta is the last of nine markets the company is involved in to see the condo product reemerge. In a recent progress report, Atlanta Intown Paper counts no fewer than 37 projects in development from Emory to downtown to the Westside, but how much of this new housing will be affordable for millennial budgets? Rental rates remain unclear, though the need for affordable multi-family housing is not news to anyone’s ears. The question now is if something will be made that fits the bill. Moving to Atlanta is gaining in popularity among the graduate set, it’s just a matter of where in the city they can live.
Foreclosures are slowly becoming a painful distant memory for the metro Atlanta real estate market. There were a mere 2,054 foreclosures in 13 counties stretching from Hall in the north to Rockdale in the south, and from Douglas in the west to Gwinnett County in the east. During June 2010, at the height of the housing crisis, there were 11,016 listed in the same counties, according to numbers from Kennesaw’s Equity Depot. Despite the drop in foreclosures, the Atlanta market isn’t exactly healed from the housing crisis of 2008. Current problems lie in the lack of available housing for prospective buyers. A normal market has a six- to seven-month supply of homes. At the end of April, there were 4.1 months’ worth of homes available.
Atlanta real estate is definitely tight, and people aren’t too willing to sell in the region. At the same time, this tight market is resulting in a spike in home prices, and hopefully as the price tags become more enticing for homeowners, there will be more existing homes available to buy. While Atlanta foreclosures are becoming a thing of the past, there is still plenty of work to do to make Atlanta a healthy housing market.
In the Atlanta metro are continuing to climb, at a rate that is so high, Atlanta’s growth is outpacing the rest of the nation. Atlanta home values have risen 15.7 percent in the first quarter of 2014, where the growth overall for the country is at 10.3 percent, according to the data compiled by the S&P Case-Shiller Home Price Index released this month. While still relatively high, the percentage increases have been moderating since last spring. Atlanta prices, overall, ticked up just one percent between February and March of this year.
If you are interested in moving to Atlanta, acting soon would be ideal as the prices continue to rise and availability for desired homes will decrease. With relatively few existing homes for sale, new construction is increasingly important, and building has picked up to meet expected demand. One-third of the new townhomes are being built in the north half of Fulton County, and inventories now are inching back toward the trend line of supply before the massive over-building of the boom.
If you’re looking for a Mediterranean-style mansion in Sandy Springs, you are in luck. Kenny Rogers has recently listed his almost 12,000 square foot home on the market for $4.8 million. The home consists of six bedrooms, eight bathrooms, ten fireplaces, an elevator, a home theater, a large solarium and a Roman spa. The pool has a swim-up bar and cabana and there is also a basketball court in the backyard. The Atlanta estate is located in the North Buckhead area of town and is outfitted with the latest upgrades, while the initial home structure dates back to 1990.
The home is decorated in classic décor with opulent touches like chandeliers in almost all of the 22 rooms, and there are even chandeliers in the closets. Gorgeous winding staircases and black marble floors add to the luxe feel of the home. The house was originally purchased by Rogers in 2012 for $1.5 million. This is a gorgeous piece of Atlanta real estate, and it likely won’t stick around on the market for long.
While some parts of Atlanta are quickly regaining strength in price, some areas still have real estate bargains available for the deal-hungry buyer. Don’t believe it? Real estate data firm RealtyTrac data on year-over-year home sales activity paints a picture that indicates that metro Atlanta is still a soft market with lots of price discounting going on. In fact, many of the small suburban cities that comprise the Atlanta metro area have seen double-digit sale declines. As a breakdown:
Decatur: 38.3% decline
Riverdale: 50% decline
Thinking of moving to Atlanta? Picking one of these areas might make your dollar go further when it comes to buying a home of your own. Sales activity has grown in some areas, such as Norcross, Jonesboro, and Fairburn. Even though Fairburn can boast a 24.6% increase in sales activity, home prices are still down almost 1% since 2013, so demand is not exactly equating to higher prices.
Depending on your specific needs, and what type of lifestyle you and your family lead, you’ll want to do a little research into the vast Atlanta metro and see what areas are a good fit for you. Best of luck on your upcoming move!
When it comes to choosing where to move, the decision becomes instantly harder when children are factored into the equation. Concerns like safety, amenities, and school systems become important requisites for finding the right place to call home. Recently, Forbes compiled a list of the 10 metros with the highest populations under the age of 14, mapping out the areas where families with young children are choosing to call home.
The city with the highest under 14 population. Salt Lake City. SLC is followed by Houston, Dallas, San Bernardino. San Antonio, Raleigh, Indianapolis, Atlanta, Memphis, and Phoenix. As you can see, the cities are spread pretty wide throughout the country, with a large chunk of the locations all within Texas.
Northside – Jackson and Smith school districts, Garden Hills, Collier Hills and Chastain Park are great places
Eastside and Midtown – some of the best family neighborhoods in any metro city in the country – Ansley Park, Midtown North of Ponce De Leon, Virginia Highland, Inman Park … of course, Morningside and their desirable elementary school
Decatur – good school districts and great amenities thanks to Emory University
If you are moving to Atlanta with kids, check out these areas and see if any homes are a good fit for you and your family.