Virtual Tour of Inman Park: A true-urbanism mix of new homes (condos, townhomes, and single-family homes) mixed with existing homes and bevy of of restaurant and cafe choices

New and historic homes blend seamlessly and create an overwhelming character of digestible urbanity for the neighborhood.

[caption id="attachment_378" align="aligncenter" width="450" caption="Historic Homes in Inman Park"]   Street Signs Convey Inman Park Branding Efforts

 

 

 

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[caption id="attachment_377" align="aligncenter" width="450" caption="Superior Renovation of Historic Craftsman Style Home in Inman Park"][/caption]

[caption id="attachment_371" align="aligncenter" width="450" caption="Craftsman Bungalow in Inman Park"][/caption]

[caption id="attachment_372" align="aligncenter" width="450" caption="Craftsman Bungalow in Inman Park"][/caption]

[caption id="attachment_373" align="aligncenter" width="450" caption="Newer Construction Craftsman Style Homes in Inman Park"][/caption]

[caption id="attachment_374" align="aligncenter" width="450" caption="Newer Construction Craftsman Style Home in Inman Park"][/caption]

 Many personal services, restaurants, and cafes suitable to the discriminating professional residents (trying not to take themselves to seriously) populate Inman Park's commercial districts.

[caption id="attachment_375" align="aligncenter" width="450" caption="Retail & Services in Inman Park"][/caption]

[caption id="attachment_381" align="aligncenter" width="450" caption="Restaurants in Inman Park (Pure Taqueria)"][/caption]

[caption id="attachment_380" align="aligncenter" width="450" caption="Restaurant in Inman Park (Fritti)"][/caption]

[caption id="attachment_382" align="aligncenter" width="449" caption="View of the Area's Development & Downtown Skyline Heading West on Highland Avenue "][/caption]

 Inman Park is so close to Downtown Atlanta the skyline is visible from most points.

[caption id="attachment_379" align="aligncenter" width="450" caption="Inman Park, Dedicated Site of the Annual Inman Park Festival"][/caption]

Cabbagetown: A small intown neighborhood that started transitioning before the boom and now offers an affordable historic home market with unique artsy homes, renovated homes with Victorian features, and value-priced fixer-uppers

[caption id="attachment_358" align="aligncenter" width="450" caption="Row of Historic Homes in Cabbagetown"][/caption]

[caption id="attachment_354" align="aligncenter" width="450" caption="Renovated Historic Home with Victorian Detailing in Cabbagetown"][/caption]

[caption id="attachment_360" align="aligncenter" width="449" caption="Artsy Historic Home in Cabbagetown"][/caption]

 

Cabbagetown is located just east of Downtown Atlanta, approximately 1 mile from the city's Central Business District.  The neighborhood is relatively small and bound on the north by Dekalb Avenue/ Decatur Street, the south by Memorial Drive, the West by Boulevard, and the East by Pearl Street.

Cabbagetown is predominately historic, with most of the homes populating the neighborhood built in the early 1900's.  Cabbagetown was one of the hot intown neighborhoods receiving both public and private investment and rehabilitation as the Atlanta real estate market was booming from 2004-2008.  Investors and enterprising first-time home buyers were purchasing and renovating run down shot-gun style homes, small bungalows, and larger Victorian-style homes.  In the meantime, the neighborhood was the benefactor of public revitalization funds and efforts, including the significant improvements completed at Cabbagetown Park which resulted in an asset that is now widely used by its residents.

Evidence of the boom and (lesser) bust in Cabbagetown real estate is provided by the Zillow.com home value change over the past decade for the neighborhood.  According to Zillow.com, the estimated Cabbagetown median home value  in 2001 was $123,500.  Just six years later, the estimated median home value in Cabbagetown peaked at $222,500 representing a total appreciation of 80% and an average annual growth rate of 10% from 2001 to 2007. 

As with most transitional intown markets, prices have since reset.  The estimated median home value from Zillow.com for first quarter 2010 is almost exactly mid-mark of 2001 and 2007 at $178,700.

The current listing price of homes for sale in Cabbagetown varies widely as the housing stock, although similarly aged for the most part, varies dramatically in size and quality. 

For instance, a superiorly renovated 5 bedroom, 4 bathroom home with Victorian features is priced at $600,000.  This would represent, however, the top of the Cabbagetown market.  A similar quality 3 bedroom home would list for between $250,000 and $350,000. 

Some advantageous value plays ripe for the opportunistic buyer can be found in Cabbagetown amidst the current real estate downturn. 

Examples of such deals actually closed are:

• Historic home with 3 bedrooms  and 2 baths sold for $37,000 in October 2009.  The last prior sell of the home was for $178,000 in August 2000 and the county tax assessor appraised the value of the home at $209,000 in 2009. 


• Historic shot-gun style home with 2 bedrooms and 2 baths sold for $82,000 in 2009, the same year it was appraised by the county tax assessor to be worth $130,800.

Examples of current foreclosure properties that present a great return on investment opportunity are:

• Foreclosure property with 2 bedrooms and one bath listed at $89,000.  This property was last appraised by the Fulton County tax assessor for $221,000 (2009 value).


• Foreclosure property with 2 bedrooms and 2 baths listed at $174,000.  This property last sold for $291,000 in 2006 and was appraised at $273,000 in 2009 by the Fulton County tax assessors office.

For a virtual tour of the Cabbagetown neighborhood, please see:

http://atlanta.homespace.com/2010/02/12/cabbagetownvirtualtour

M West: Special home purchase pricing on funky new construction loft townhomes in industrial-chic West Midtown Atlanta

M West (www.mwesthomes.com) offers one of the few truly unique concepts in Atlanta development, the loft townhome, with a community and unit design that is as funky, industrial chic as the West Midtown neighborhood where it is located. 

Another victim of unfortunate market timing, M West is currently offering discount pricing of $36,000 (or 10% - 15% off of list price) on their townhomes to encourage the sale of new construction inventory.  All one-bedroom townhomes have been sold, but two-bedroom units are still available from $225,000 and three-bedroom units are offered from $341,000.  An investigation into the foreclosure count at this project rendered only one unit(1/27/2010); however, more may come.  The price on the one foreclosure is quite advantageous - $207,000 for a three bedroom unit, 40% below the new three bedroom unit list price.

An explanation of the loft townhome concept

The loft townhome, as executed by M West, is a townhome that truly functions as a loft-style space and features characteristics that are widely recognized as loft attributes: 

• Double height ceilings are in excess of 15';


• Industrial-feel metal stair cases that lead to multiple living levels (most floor plans are three stories);


• Living/ working spaces (dens) are open and lofted with railing that provides a view down to the level below;


• Stained and sealed concrete floors on the lowest living level;


• Unique and non-conventional space configuration with undefined roooms in open flowing floor plans; and


• Floor-to-ceiling windows.

Uniqueness Aside, Modern and Luxury Appointments Abound

When development of M West commenced, it was competing with a glut of new projects luxury projects targeting young professional buyers.  As such, the homes feature the luxury appointments that young professional buyers were demanding in the gilded era of 2004 to 2008: 

• Stainless steel appliances;


• Designer wood cabinets;


• Granite counter tops with designer fixtures in kitchen and bathroom;


• Over-sized tubs;


• Hardwood floors stained on-site;


• 2-car garages (one floor plan offers only a one-car garage); and


• Outdoor living space in the form of patio, balcony or roof-top terrace.

Community amenities include a swimming pool with a barbecue pit, fitness center, community clubhouse, 10-acre permanent nature preserve with trails, and a "bark park" dog park with a leash-free run.

Community Overview and Development History

Development of the new townhome community M West in West Midtown began in 2004 by Winter Construction, a well-known Atlanta developer that specializes in infill and redevelopment projects. 

M West is located just a few miles west of the heart of Midtown at Ellisworth and Marietta.  It is situated on a 22-acre site that was a former lumberyard.  The new townhome project is in the good company of many redevelopment efforts in the West Midtown Area that could be considered bound by Atlantic Station on the northeast, 10th street and Marietta on the southeast and Howell Mill on the western edge. 

For more information about West Midtown communities, see my other blogs about Atlantic Station and Huff Road.

Little Five Points ("L5P") Neighborhood: A virtual tour of the urban amenities that could be within a short walk of your front door if you purchase a home here

Little Five Points ("L5P") is an intown neighborhood that is centered on Moreland Avenue, bound on the north by the Poncey-Highland neighborhood and Freedom Parkway and on the south by Reynoldstown and Dekalb Avenue.  Little Five Points has an edgy, artsy vibe with a character defined by a wide variety of locally-owned restaurants and bars, live music venues, unique vintage and new clothing and merchandise boutiques, and more. 

 

If you are searching for a home in Little Five Points, it is officially considered Inman Park (west side of Moreland) and Candler Park (east side of Moreland).  Home values in Candler Park are down approximately 6% from 2008 to an average of $300,500 (according to zillow.com). Home values in Inman Park are down 9.5% from 2008 to an average value of $287,500.

 

[caption id="attachment_273" align="aligncenter" width="450" caption="Infamous Junkman's Daughter Merchandise Store in Little Five Points"][/caption]

[caption id="attachment_272" align="aligncenter" width="450" caption="Front Page News in Little Five Points"][/caption]

[caption id="attachment_271" align="aligncenter" width="450" caption="Assortment of Boutiques Selling Vintage and New Merchandise at the Corner of Euclid and Moreland in Little Five Points"][/caption]

[caption id="attachment_269" align="aligncenter" width="449" caption="Tijuana Garage in Little Five"][/caption]

[caption id="attachment_268" align="aligncenter" width="450" caption="Brewhouse Cafe in Little Five Points"][/caption]

[caption id="attachment_267" align="aligncenter" width="450" caption="Little Five Points Starbucks"][/caption]

[caption id="attachment_276" align="aligncenter" width="450" caption="Variety of Boutiques in Little Five Points"][/caption]

[caption id="attachment_275" align="aligncenter" width="450" caption="Star Bar in Little Five Points"][/caption]

 

[caption id="" align="aligncenter" width="400" caption="Psycho Sisters Boutique in Little Five Points"][/caption]