Thursday, January 28, 2010

Suwanee Town Center: A virtual tour of a North Atlanta community town center and homes

Situated in north Gwinnett County approximately 30 miles northeast from the hustle and bustle of Atlanta Central Business District (CBD), Suwanee is a true bedroom community of Atlanta.  Over the past five years, the community has been a magnet for professional families because of its excellent school system, eco-friendly tendencies, and overall family-oriented feel of the development.  The tagline for Suwanee  communicates the community's focus on resident happieness and well-being:  "Play Hard, Live Well, Smile More."

The town center, a 63-acre mixed-use development, anchors the City of Suwanee.  The town center includes a 10-acre park and amphitheater, City Hall, and a number of restaurants, boutiques, professional and medical services, and residences.  The vision and development of town center commenced in 2002, and today it is a vibrant and widely used amenity by families - residents and visitors alike.  Events such as the summer concert series have attracted more than 15,000 visitors.

(Source:  www.suwanee.com)

Shadowbrook at Suwanee Town Center:  40 acres of condos, townhomes, and single-family residences tat are within the Suwanee Town Center.

Current townhome resale listings are priced from $199,000 and single-family listings are priced from $260,000.

 











 

Suwanee's City Hall (located in the Town Center): the second public building in Gwinnett County to gain LEED certification.

 

Boutiques, Restaurants, and Professional Services populate the Town Center











 



Town Center's Amphitheater and Town Green:  The location of most events for residents and visitors hosted by the City of Suwanee including the farmer's market and summer concert series.

Tuesday, January 26, 2010

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.

Friday, January 22, 2010

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"]Psycho Sisters Boutique in Little Five Points[/caption]

Thursday, January 21, 2010

Atlanta Home Buyers: There is still time to take advantage of the $14,000 incentive for foreclosure home purchases through the Georgia Dream Homeownership Program



 

The Georgia Department of Community Affairs is currently offering a $14,000  incentive for purchasing a foreclosure home through the Georgia Dream Homeownership Program.  The program is targeted at reducing the inventory of foreclosure homes in counties were foreclosure levels have been severely elevated.  The foreclosure property must be located in counties that have been selected for the program - Counties of Need - because of the large volume of foreclosure properties.    The $14,000 may be used either for necessary repairs to the property or may be applied towards the mortgage down payment. This is not a first-time buyer program, previous homeowners also qualify.

All Atlanta area counties are included in the program, so any homebuyer in the Atlanta market could potentially qualify for this program.  The program commenced in April 2009, but prospective buyers still have six months to take advantage of the program until it ends in July 2010.   Buyers must qualify against a number of criteria.  However, the most significant criteria is the income limits by county because it is a HUD-funded program administered by the Georgia Department of Community Affairs.

Program specifics

  • The property purchased must be a foreclosure property located within the designated counties of need (all Atlanta metro counties qualify);

  • Short-sales or homes in pre-foreclosure do not qualify;

  • Home buyers must have an annual income within the defined income limits (for a table of income limits: http://www.dca.state.ga.us/housing/Homeownership/programs/downloads/NSPIncomeLimits.pdf); generally an annual income of less than $69,000 for a two-person household and less than $86,000 for a four-person household in the Atlanta area;

  • Home buyers must attend at least eight live (in-person) hours of homebuyer counseling and education from a list of approved providers;

  • A home buyer may also qualify for the US First-Time Homebuyer Tax Credit; however, they may not receive other forms of down payment assistance nor may they use the tax credit towards a down payment;

  • The mortgage will be originated and held by a private lending institution;

  • Currently 13 mortgage companies or lenders participate in underwriting mortgages for this program;

  • A buyer must stay within the home purchased under this program for at more than five years, because a lien placed on the home for this program is not released until sixty-six months after the closing date.


 

For more information, see:

http://www.dca.state.ga.us/housing/Homeownership/programs/gadreamnspdownpayment.asp

Poncey-Highland (30306): A virtual tour of an Atlanta neighborhood you should consider if you would like to purchase a home in a walkable location











 

  

A wide variety of home types are available in Poncy-Highland:  New and old, townhomes, condos, historic bungalows

 

 


[caption id="attachment_248" align="aligncenter" width="450" caption="Condos in Poncey-Highland Located on Moreland Avenue, Backing up to Freedom Park"][/caption]

     

Condos on Ponce de Leon Avenue in Poncey-Highland
    



Townhomes on Freedom Park in Poncey-Highland
     

Estate in Poncey-Highland
    
 

 

 

 

A true mix of restaurant types and Atlanta institutions characterize the Poncey-Highlands neighborhood 

    

Highland Inn, a Bed & Breakfast, and Other Restaurants on Highland Avenue



Restaurants on Highland Avenue, between Ponce de Leon and North Avenues
    

La Fonda Restaurant in Poncey-Highland
    

J Christopher and Java Jive, two Institutions of Atlanta Breakfast, in Poncey-Highland
    

Freedom Park - An expansive greenbelt park that runs through Poncey-Highlan, extending to Old Fourth Ward         

 


 

 



        

[caption id="attachment_250" align="aligncenter" width="450" caption="Freedom Park in Poncey-Highland"][/caption]

     

[caption id="attachment_251" align="aligncenter" width="450" caption=" "][/caption]

     

 

 

 

 

 

 

 

 

 








Poncey-Highland (30306): If you have a strong desire to live in a walkable neighborhood, you should search in this location for your next home purchase

An Atlanta Landmark:  The Majestic Diner on Ponce de Leon, right at Highland Avenue An Atlanta Landmark: The Majestic Diner on Ponce de Leon, right at Highland Avenue

Many home buyers have a strong appreciation for being able to walk to the park, a cup of coffee, a quick bite to eat, or night on the town within short distance from their front door.  Those currently in or relocating to Atlanta are no different.  According to rankings by Walk Score, Poncey-Highlands happens to be one of the most walkable Atlanta intown neighborhoods and is designated a "Walker's Paradise" with a score of 93 points out of a possible 100. 

The Walk Score is a web based interface (www.walkscore.com) that allows you to plug in an address and receive an instant evaluation of how “walkable” the neighborhood is, or how easy it is for residents and visitors to conduct their daily business without cranking up a car (high score = very walkable). 

The Walk Score judges walkability by assessing whether (a) the neighborhood has workplaces, restaurants, shopping, civic and public spaces, parks, and public transit stations within walking distance as well as (b) a variety of characteristics that make the walk safe and easy.  For more detail on Walk Score criteria, see http://atlanta.homespace.com/2010/01/18/WalkScore.

Although Atlanta does not rank that high relative to many of the largest cities in the US (#22 of the 40 largest cities), there are still some very walkable neighborhoods in Atlanta.  And, if you agree with Walk Score's assessment, Poncey-Highland ranks among the top ten percentile in terms of walkability.

Where exactly is Poncey-Highland?  It is a neighborhood slightly northeast of Downtown Atlanta and just south of popular Virginia-Highlands.  Poncey-Highland is bound on the north by Ponce de Leon Avenue, south by Ralph McGill Avenue,  east by Moreland Avenue, and extends just west of Freedom Parkway.

Why does Poncey-Highland rate so high with Walk Score?

  • Regular and frequent public transportation available via MARTA bus;

  • Five different grocery stores within a one-mile walk of most residences in the neighborhood:  Trader Joe's Midtown, Whole Foods Midtown, Kroger on Ponce, Publix on Ponce, and Sevenanda, a co-op farmer's market in Little Five Points;

  • A bevy of restaurants and bars, coffee shops, bookstores, retail boutiques, and services located well within 0.5 miles walking distance - either within the neighborhood boundaries or located in the adjacent Little Five Points neighborhood;

  • Cultural and civic assets abound with an Atlanta Public Library branch, Jimmy Carter Presidential Library, the Plaza Theater (an independent theater), Freedom Park and other smaller parks located within the neighborhood and and many small music and performance venues in adjacent Little Five Points;

  • Four Atlanta City Public schools within one-mile walking distance of the neighborhood, as is the well-known private school Paideia;

  • Sidewalks and pedestrian walk signs at traffic signals throughout the neighborhood. 

Wednesday, January 20, 2010

The Walk Score is an innovative and useful tool, but one of many that should be used when conducting due diligence for your home purchase in Atlanta



Walk Score (www.walkscore.com) recently released their walkability assessment rankings for the forty largest US cities and rankings for individual neighborhoods within them.  The Walk Score is a web based interface that allows you to plug in an address and receive an instant evaluation of how “walkable” the neighborhood is, or how conducive a neighborhood is to reducing or eliminating the need for a car (high score = very walkable). 

 

Many home buyers in Atlanta area interested in finding a home that puts them within walking distance of parks, shopping, dining, public transit, and work. One way to scout out such neighborhood is to use the Walk Score rankings of Atlanta neighborhoods.  But, while the scoring and ranking provided by Walk Score is helpful, it is also somewhat limited and can be slightly misleading if solely relied upon.

 

For an illustrative example, consider the highest ranking Atlanta neighborhood, Five Points (different than Little Five Points) with a walk score equal to 95 of 100. 

 

The Walk Score scoring system does not do a perfect job of accurately assessing the items it evaluates

While most points awarded to Five Points are legitimate, deeper investigation of points ferret out those points that should not have been awarded.  The neighborhood does and should achieve high points for having within one mile of the neighborhood center: five MARTA transit stations, multiple restaurants, cultural resources and parks and Georgia State University close by.  However, the neighborhood also receives high points for numerous grocers, but all of the nearby of grocers – with the exception of Sweet Auburn Curb Market, a true farmer’s market – are down-trodden convenience stores with little to no selection and very limited fresh food choices.  The Walk Score scoring system picks up a large number of retailers within a one-mile area of Five Points, but it has no way to factor in an assessment for quality/ desirability of retailers or the streetscape created by store fronts.

 

The Walk Score does not include all important ‘walkability’ factors

Walk Score does not include into its calculation important measures that affect the comfort and safety of choosing foot over car like crime, perception, and blight.  The Five Points area has always had a somewhat challenged perception in Atlanta.  Among existing negative perceptions are high crime and dilapidated real estate.

 Crime

High crime in the Five Points area is both perception and fact.  Using crime statistics (http://www.crimereports.com)  for the past thirty days (mid-December 2009 through mid-January 2010), the Five Points zip code (30303) accounted for approximately 17% of all crime in the City of Atlanta.  In comparison, the Five Points zip code accounts for less than 1% of the population of the City of Atlanta (US Census).  Therefore, this area is capturing more than 17 times it fair share of crime.  Certainly such a disproportionately higher than average crime rate significantly and adversely impacts the area’s conduciveness to a car-free or car-reduced lifestyle.

 

Conclusion:  Walk Score is a helpful tool, but just one of many

Five Points should not necessarily be struck from a potential location list, but it just will likely not be for all prospective buyers the slam dunk, A+ location that the “Walker’s Paradise” designation and highest walk score in Atlanta infer.  The Walk Score is a useful tool, but one of many that should be used when conducting due diligence for your home purchase.  Scores should not be taken on face value, and a little clicking around will help inform whether the score is flawed or correct.  Using a crime statistics website to will help round out online research.  Finally, an invaluable resource is a knowledgeable realtor that has great experience in the local market and has taken the time to understand personal decision criteria.