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Vinings vs. Buckhead Atlanta – Stronger Housing Market?

STOP, SMILE:) Vinings vs. Buckhead – Updated July 10th – Vinings “Concern” Not Founded
I thank a good friend at the Windy Hill Athletic Club for leading me to address their concerns about the Vinings single-family market, as the perception has been negative. STOP. SMILE πŸ™‚ The market has improved, year-over-year. When it comes to units sold, you see a 3.5% increase of 28 to 29. Median sales took a major swing upwards of 25% from $674,000 to $790,000. Admittedly, the pure average sales price dropped by 4%, but an outlier can explain it. In 2018, the highest selling house was $2.7 million compared to $1.92 Million and thus a difference of 40%. Finally, Days on the Market experienced the same mixed percentages as the sales price. Median declined 10% from 41 to 37 days, but the average increased by 37% as one house took 337 days to sell in 2019 while the longest sale was 214 days in 2018. (Don’t ask me about re calibrating the Days on Market stat as some of these houses went on the market the previous year, for both 2018 and 2019.)

Smile πŸ™‚ Turned the Corner – Recent activity in Buckhead Atlanta, as defined by the 30305 zip code appears to have stopped a worrisome trend. The trend through May accounted for a decline in sales, 18% year-over-year. The median declined by 2%, and the the only reason the pure average increased was because a $8 Million house sold while in 2018 the max sale was $3.9 million.

Vinings, by a hair, wins the contest for the stronger housing market, compared to Buckhead Atlanta (30305 zip code). Looking at the sales numbers for May of 2018 and 2019, Vinings performed slightly better. Clearly, Vinings outperformed Buckhead Atlanta in house sales. Both the number of units sold and average sales price increased. Even with just a 7.7% increase (1 unit) in houses sold, the average dramatically climbed 37.9% from $663,654 to $915,393. This sub-market was the only one to see an increase in both sales price and volume.

Buckhead Atlanta More Attractive for Condominium and Town Home Growth
Without question, Buckhead Atlanta surpasses Vinings for this sub-market in the way of activity, and demand. The number of units sold increased a whopping 23.2% (45 to 53 units) while the Days of Market positively fell 12%, 69 to 55 days. In Vinings, the demand for town homes and condominiums dropped 10%, even though the sales price increased by 12%($321,390 to $363,350). For Vinings, this result is not surprising as homebuyers looking in this location prefer a house with land.

Thank You for reading this article. For more questions, please contact me, James Kobal at 678.993.4951 or James.Kobal@BHHSGeorgia.com

I Feel The Need for Speed …Relocate to Atlanta | Atlanta’s Attraction for Relocation Combines CRE + Residential

Business Environment Spurs Growth and Renewal with Government Support

I Feel The Need for Speed…to Relocate to Atlanta. Atlanta 3rd Best Among Large Cities for First Time HomeBuyerrs – Reality is #1
Now if you look at the list about Atlanta has to offer compared to the two cities ranked higher, we are most definitely #1. Look at the great business climate in which to work, and corporate one for relocation. Add to the fact, Atlanta is one of the most popular tourist and convention destinations, we are the best. Last but not least, are the other cities really major ones?

Atlanta So Strong It Cannot Be Ignored by Competitor Cities:
Originally published on June 14th, Atlanta’s attraction for being a top business destination in “which you want to work” attracted attention in the Midwest by a was noted this rely by the renowned Key Tower Ohio. It ranked Atlanta as the #1 city in which to work.

Public-Private Cooperation:
The Atlanta Westide Future Fund  is one of the best present embodiment of cooperation between the city government and private philanthropic support to spur Atlanta’s commercial and residential real estate development while protecting its current residents against real estate tax increases for – the next 20 years. SunTrust Bank, earlier this May donated $5 million to the fund. Ms. Ebony Ford, according to the Atlanta Business Chronicle on May 3rd, benefited from it.

I thank Tim Keane who said the Westside of Atlanta provides the best commercial and residential real estate investment opportunities and highlighted the private-public cooperation, at the Atlanta Design Fesitval’s “Thoughtful Development for a Sustainable Future” on June 4th 2019. He and Nathan Hedges said that Atlanta’s Westside provides the greatest opportunity for commercial real estate re-use. Therefore, we have only tapped the surface of the Westside Atlanta’s growth.

Such cooperation can be traced to a great relationship between Atlanta’s city hall and business sector, especially its Fortune 500 companies.

What does that mean for residential real estate? Midtown Atlanta continues to assert its position as the strongest sub-market, the prime area for Fortune 500 Companies relocation. Berkshire Hathaway HomeServices Georgia Properties is the best Midtown Atlanta real estate has been entrusted to serve the relocation of iconic Atlanta corporations.

Fortune 500 Companies:
Atlanta’s Fortune 500 international business environment continues to grow. In its recent recent history, the Georgia Aquarium grew from the incredible collaboration between Atlanta May Shirley Franklin and one Home Depot Founder Bernie Marcus. Now, you have rejuvenation of the West Side of Atlanta with the other owner, Arthur Blank after he built the world renowned Mercedes-Benz stadium.

The private and government sector are always looking to collaborate to improve the city. Rarely, do hear about a perpetual dispute between the two parties. This cooperation has its origins in the Civil Rights Movement as the “City too busy too hate” and former Mayor Kasim Reed, “Cooperation is better than confrontation.”


Taxes and Cost of Living

Atlanta’s and all of Georgia’s reputation for being a less-expensive place to live is definitely merited, and that is with great quality of life. Rarely, do you find people who have lived in Atlanta since the mid-90’s returning back to high tax states such as New York, Connecticut, New York, Illinios, and California. Moreover, the spending power we enjoy in Atlanta greatly surpasses what residents in other states enjoy. For example, earning $50,000 in Atlanta is the same as $90,685 in New York City. (Note WalletHub and BestPlaces.net provided the information.)

Climate

Forget “Hotlanta.” New York City and Chicago are just as hot in July and August as Atlanta. Our winters are mild, and we do not suffer from the winter drudgery. Forget about statistics. Atlanta’s weather consistently changes, except for the summer.


Diversity of Neighborhoods

In Atlanta, as we continue to unify a city of transplants, we celebrate and visit the greatness of the uniqueness of each neighborhood. Each one has its own special feel that you can immediately experience. Look back to Atlanta’s origins and Buckhead Atlanta’s founder Henry Irby who founded it back in 1840 after moving here from South Carolina.

Buckhead Atlanta Being Redefined – Progressing and Preserving Its Heritage

Note: Updated August 13, 2019
The change to this blog post includes videos about Buckhead Atlanta as The Shops Buckhead Atlanta about what could be and an “existing blueprint” in the West Village as of this afternoon.

CHANGE THE MAIN ENTRANCE – Combine The Best of Buckhead Atlanta!
Preserve the heritage of the neighborhood and simultaneously progress to meet the new needs of the neighborhood. Jamestown with Ponce City Market has already shown the ability to achieve this objective and we know its president Michael Phillips, a native Buckhead resident, will provide the same type of result. Obviously, he cares about the neighborhood, unlike the most recent owner Oliver McMillan who appears not to have done it. To its credit, it rescued the neighborhood as Ben Carter, another Buckhead native, ran into that roadblock of the Great Recession in 2008.

Already, the positive redefinition of Buckhead Atlanta can be seen in neighboring retail and multi-family projects on Peachtree and Pharr Roads. Going in the opposite direction, you have the Camden Paces Apartments on Roswell Road. Finally, as I started this essay, the West Village provides an example of what can be achieved and foundation for the continuity to preserve its heritage while progressing to meet the new and current demands of the neighborhood.

The iconic Henri’s Bakery proves that you can preserve the heritage and progress to a better location. Its new location does not have the same “character” as the old one, but it provides a more enjoyable experience.



Now that Jamestown Properties continues to ask for public input about changing The Shops Buckhead Atlanta, here is my opinion, originally posted on July 21st before the town hall meeting on the 24th, first of a few scheduled one. Change the main entrance to an area that combines the established Buckhead Village with the modern Buckhead Atlanta – E. Paces Ferry Road. Traveling on Peachtree to the current focal point of Buckhead Atlanta looks like a Berlin Wall. This vision came to me on June 5th as I walked E. Paces Ferry and recounted memories of when I ran there on Wednesday nights for marathon training runs with the Leukemia and Lymphoma Society. To the north was the good part of Buckhead Atlanta that was worth keeping and to the south, we looked the other way…Smile…Both the heritage and progressing Buckhead Atlanta are worth keeping. Just blend them.

Buckhead Atlanta on the next phase of a positive transformation.

One big hindrance remains for Buckhead Atlanta’s progress – traffic – especially – the lack of synchronized lights. Mayor Kasim Reed during some campaign adds in the 2010s recognized how much the lights impacted traffic. Then in November 2018, the Buckhead CID said it would be launching a study on the synchronized lights at the Buckhead Council of Neighborhoods and made a public announcement at Phipps Plaza.

As Buckhead Atlanta progresses, local business groups must merge both generations. Let me blunt, the Buckhead Business Association must redefine itself. With an emphasis on millennials and people new to the neighborhood, they are alienating natives and those who have lived here for at least 15 years. What is a compelling reason for these people to make a weekly commitment to the organization, especially when they have established the sources for their services in other organizations or institutions? The BBA needs them. They do not need it. Having leaders like those as Jamestown and and Gen Xers, the new leaders, who moved here in the ’90s will revitalize this once great organization. (What I am saying about the BBA is not unique to organizations. As I can personally attest, the CIA faced a similar situation, starting in the late 1970s.)

For more information about your home in Buckhead Atlanta to see how much it is worth, please click here, and visit www.AtlantaGeorgiaProperties.com for the available properties in this great neighborhood.

No. 2 Opus Place – “120% Happening!”

No. 2 Opus being built? β€œ120% happening!”

Insider information confirms the fact that No. 2 Opus Place will be built. For the past few months, real estate industry insiders have questioned me about the progress of No. 2 Opus Place’s construction, in the heart of Midtown Atlanta. You will see the site transform right before your eyes beginning next month. By 2021 The completed luxury construction will take its place in the Atlanta skyline as the tallest residential tower in the city and the 5th tallest building overall in the city.

Some positive indications that construction is imminent:

  1. Lane closures on 14th Street as heavy equipment is delivered to the site and final detonations readying the bedrock formation under the site for the foundation will occur.
  2. Unfortunately the trees on 14th will need to be removed to provide ingress/egress to site for construction and cement trucks.
  3. The large shoring walls will be constructed to hold back the dirt as the Developer prepares to pour the foundation.

For more sales information about No. 2 Opus Place, please contact me at 678.993.4951 and James.Kobal@BHHSGeorgia.com

Atlanta Residential Real Estate – Why It Is Hot – Our CRE and Business Environment Help

“Atlanta is putting a smile on its face.” A friend told me that when we met at an Urban Land Institute meeting. Just looking at the map, you could see the smile as the BeltLine continues to grow on its southern and western corridors. The eyes could be the neighborhoods of Buckhead in the northwest and and DeKalb neighborhoods along the I-85 corridor. The nose would be Midtown, with the upper lip being downtown and lower one the BeltLine.

I wrote the following message to a Berkshire Hathaway HomeServices Georgia Properties colleague in the New York City office who inquired about the state of the market. It starts at “Atlanta Market -“

Atlanta Market –
Starting Point Stat – City of Atlanta population will soon return to its 1970 level, and is expected to double in the next 10 years. Overall, Companies are either relocating or expanding their corporate office size here. Commercial real estate is active that way, and that means more residential business.

Area around Emory continues to do well, along with its neighbors in downtown Decatur and East Lake.

The BeltLine is another huge driver in the Atlanta market. As the name suggests, this project is connecting the city like it has not been for over 40 years. This desire for walkability has impacted Buckhead Atlanta with the continue growth of Path 400.

West Side of Atlanta is just starting to take off, and will be a key player in the next 5 years. Two new parks are driving the growth. One will immediately accelerate the re-vitalization of the area, next 10-12 months. The other, Bellwood Quarry Park, provides well-founded optimism. This one will be TWICE as big as Piedmont Park. (I have been working this area for the past few years.)

Brave Stadium –
The Atlanta Braves’ relocation has meant the growth of the old Turner Field as Georgia State University moves the focus of its campus to there. Simultaneously, Vinings, where the Braves now play, is seeing unprecedented growth.

Residential and Commercial Real Estate Working Together – in Vinings

Relocation – Not Just What You Think

Relocation, automatically, infers that you are moving from one city to another. For Atlanta, relocation means moving from neighborhood to another, and that change can be almost as large as making a home in another state. For you see one of the beautiful things about Atlanta is its neighborhood diversity, that is accentuated by our “renowned’ traffic. Consequently, people tend to stay where they are for most of their work and play activities. The move to this current lifestyle started approximately 20 years ago when people realized that having a house in the northern suburbs while working inside detracted from their quality of life. Thus, when you move from part of Atlanta to another, you are leaving, presumably, the comforts of one neighborhood for the hope of an “easier” life in a new part of town, while being a virtual stranger as if you moved to another city.

Here it at the Silverman Team at Berkshire Hathaway HomeServices Georgia Properties, we understand the stress of both an in-town and inter-state relocation. Our expertise will enable you to get your home sold for the most amount of money possible in the shortest period of time and purchasing your new one for the lowest possible price. Simultaneously, we will help increase your feeling of “home” in the new neighborhood. Our team’s strength in diversity includes members living in different parts of town while still working face-to-face.

Relocation also includes changing your financial asset allocation, especially for investing in real estate. We know the markets and how to generate the best return on your investment.

For more information, please contact James Kobal, James.Kobal@BHHSGeorgia.com or Gary Silverman, Gary.Silverman@BHHSGeorgia.com.