[/caption]The North Druid Hills submarket of Atlanta is located east of Interstate 85 off of exit 89, north of Virginia-Higlands neighborhood. Emory University and the Center for Disease Control are located directly adjacent to the North Druid Hills area. Surface streets deliver commuters to Midtown and Downtown Atlanta in just fifteen to twenty minutes during rush hour traffic. Expected conveniences abound in North Druid Hills – numerous grocers, drug stores, Starbucks – as well as some nice to have assets like a Target, Whole Foods, and the full-range of dining options.
The neighborhood is safe, well-educated, and offers high-quality schools. Crime is relatively low with an index score of 4 of 10 for the zip code 30329 (Sperling’s Best Places, 2007), which is skewed upward because of the more seedy areas that lie north Interstate 285 outside of the North Druid Hills neighborhood, versus Atlanta’s index score of 9. 36% of the population in 30329 is college-educated compared to 25% of the general Atlanta population. Additionally, schools in the North Druid Hills area are high performing, with most schools reporting that at least 50% of students exceed defined comprehension test expectations (http://schools.ajchomefinder.com/, type in 30329 and select schools to compare).
With a median home value of $254,000 (www.zillow.com), home prices in the North Druid Hills neighborhood are affordable compared to the surrounding neighborhoods like Virginia-Highland ($394,000) and Morningside ($456,000). Zillow.com, which relies on Realtor listings and sales for data, indicates that home values have fallen slightly during 2009, but this is likely more of a symptom of the economic woes rather than a permanent dent in residential values in North Druid Hills. In fact, the 30329 zip code posted one of the highest home price appreciation rates in DeKalb and Fulton counties for calendar year 2008, with a 31% increase in the median home sale price over 2007 (“2008 Home Sales Report,” The Atlanta Journal Constitution).
The current lull in prices in North Druid Hills signals a limited opportunity window to get a home at a more discounted price than a year ago. A couple of examples homes recently sold at a bargain are:
- 4-bedroom, 2 bathroom home on Houston Mill Road recently sold for $202,000. The same home previously sold for $288,000 in 2006 and was appraised (by the DeKalb County Tax Assessor’s Office) at $279,000 in 2009.
- 3-bedroom, 2 bathroom home on Timothy Avenue recently sold for $174,000. Although there are no sales transactions for the property over the past ten years, the DeKalb County Tax Assessor appraised the property at $291,000 for the 2009 year.
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