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.
Atlanta real estate is about to get a little more star-studded. A new club is opening in Atlanta’s Hartsfield-Jackson International Airport, according to reports. The project has been in discussion since 2011 and the finalized project is ready to open up to the public this month. Jay-Z, formally known as Shawn Carter, has teamed up with Juan Perez and the Delaware North Company to create an upscale sports bar that will feature favorites from the NY club of the same name, the 40/40 Club. Menu hits include 40/40 nachos, red velvet cake, empanadas, and sliders. The Atlanta branch will serve breakfast, lunch, and dinner, making it an ideal spot for travelers with layovers or time to spare to head over to Concourse D.
According to airport officials, the club will be opening in phases. The club will first open up a bar area in the concourse, and the full club, which features runway views and is located upstairs, will be open later on this year. Will you be stopping by the 40/40 Club in hopes of seeing someone famous en route to their next destination?
Few things are more frustrating in a big city than dealing with the traffic. Thankfully, if you are open to trying out a new metro, checking out a city with a good Transit Score could save you stress, time, and money – think no car payments, gas, or car insurance! Living close to work in a city that offers ample transportation choices can save money, improve home values and save time and stress by decreasing commute times. So where are the best places in the US for utilizing public transportation?
The overall top five cities (which only ranked cities with over 500,000 residents) are: New York (81.2), San Francisco (80.5), Boston (74.8), Washington D.C. (70.4), and Philadelphia (67).
The top three Northeast cities are all from the top 5 overall, and feature long-established transportation systems: New York, Boston, and Philadelphia. Southern cities with high transit scores are: Washington D.C. (70), Miami (58), and Atlanta (43). Out West, the cities with the three highest scores are: San Francisco (80), Seattle (57), and Oakland, Calif. (54).
Living in Atlanta can be a less-stress experience if you take advantage of the MARTA system. Keep in mind, convenience to public transportation can also result in a higher price for a home. Home prices increase an average of 42 percent for homes located close to a transportation hub, according to national statistics.
There is exciting news in the air for Atlanta new construction, according to reports. More than 100 homes will soon hit the market near Cobb County’s historic Marietta Square. The 108 homes, which will include both single-family and townhomes, will go on sale later this month, and it is in the place of a former government housing site off of Roswell Street. Townhomes will range in price from the $300,000s to the $600,000s, while the single-family homes will range from the $400,000s to the $700,000s. If you are looking to move to Atlanta, or specifically to a great suburb of Atlanta, these Marietta homes are right up your alley.
A swimming pool, entertaining pavilion, gardens and pocket parks will also be built throughout the development. The location is prime within Marietta and the historic area is a desirable place for young professionals, families, and seniors alike.
Recently, the ABA Banking Journal published an article that names Atlanta as a city that is rising from the depths of the housing crisis and rebuilding. Few metro areas experienced as much stress as Atlanta, where many banks failed during the credit crisis, but the market is finally showing signs of light. This cycle of the rejuvenating Atlanta real estate market has earned the description as a phoenix. So what’s the real estate market like exactly?
Real estate prices seem to have bottomed. In some markets, they actually have new construction, ‘spec’ homes being built, but there is a long way to go before the city is at the stability level it was a few years ago. Residential real estate prices in metro Atlanta actually fell for five straight years from 2008 to 2012, according to the Federal Housing Finance Agency. Loaning entities, such as banks, are still trying to regain their footing and allow for new lending applications to be processed and fair. Sales activity has increased for Atlanta, and moving to Atlanta is gaining in momentum as vacancy rates are dropping.
For now, we are all curious to see what the latter half of 2014 will bring to Atlanta.