Atlanta Real Estate Knowledge: Downtown Marietta: An Opportunity for Deep Discount New Construction Homes in Suburban Atlanta

Downtown Marietta is a north Atlanta Suburb that offers a vibrant downtown district and exceptional values on variety of high-quality new construction homes, both foreclosure and non-foreclosure.

The City of Marietta, located in Cobb County, is situated west of Interstate 75 approximately 20 miles north of Atlanta’s city center.

Since 2003, the City of Marietta has been aggressively implementing redevelopment and investment strategies to revitalize the city. Downtown Marietta has been one the City’s major successes, as several formerly underutilized parcels have been redeveloped as new home communities offering a broad range of high quality new construction condo, town, and single-family home options for prospective buyers. The commercial livelihood of Marietta Square has improved as well, with significant historic storefront space renovations increasing the patronage of treasured downtown assets, such as the Strand Theatre, encouraging new businesses to occupy formerly vacant and/ or dilapidated space. Indeed, there are currently more than 25 eating establishments (www.eatonthesquare.com) and 40 retail boutiques (www.shoponthesquare.com) in the Downtown District.

Many of the new residential development projects in Downtown Marietta delivered homes just as the real estate market began to sour. Homes originally expected to be priced at $200,000+ range for studio and one bedroom condos in 2005 – 2007 have been substantially readjusted to start at below $150,000, providing opportunities to prospective buyers seeking to purchase a new home within walking distance to Marietta Square at a significant discount. A sampling of deep discount home purchase opportunities include:

Manget, a new urbanist Hedgewood development, is currently in partial foreclosure. Custom single-family and condo homes are being offered at $50,000+ below the original list price. A four bedroom, 4.5 bath custom single-family originally listed at $475,000 just six months ago is now listed at $424,000. A two bedroom 2.5 bath condo originally priced at $230,000 is now listed at $179,900 just six months later.

Frasier Park, a new single-family home development on small lots is currently offering new homes below $200,000. One distressed listing (a short sale) offers three bedrooms, 2.5 baths, and kitchen with cherry cabinets, stainless appliances, and granite countertops for $144,500.

Hunter Park, a new single-family home community with craftsman-style architecture has a new four bedroom, 3.5 bedroom listing that has been reduced $150,000 from the original listing price to a current list price of $350,000. A separate four bedroom, 2.5 bath listing has been reduced $85,000 to current list price of $300,000.