An article in yesterday’s Atlanta Business Chronicle announced yet another apartment complex to be built in Alpharetta’s Milton High School district. This new development would be in addition to the 400+ apartments already being proposed right down the street by MetLife and Lincoln Properties in an effort to urbanize the Northpoint area.
Pollack Shores Real Estate Group is building a 111-unit luxury apartment community with 5,600 square feet of retail space in Alpharetta.
ECHO at North Point Center will be built at 10105 Westside Parkway, Alpharetta, Ga., 30009
Click on the picture above to read the full article with more details.
Below is a statement released yesterday by the City of Alpharetta. It is a call for public input on the zoning application submitted for a new development to replace the rotting parking garage currently sitting at the doorstep of our city on Old Milton Parkway.
I encourage all of you to participate in this process. It will have an enormous impact on our community, our quality of life and our property values for years to come.
We Want To Hear From You
North American Properties, the new owner of the 80-acre site at the northwest corner of GA-400 and Old Milton Parkway that was formerly known as Prospect Park, has submitted to the City ofAlpharetta their proposed plan for developing the site. As envisioned by the owner, the project, now named “Avalon”, would be a development consisting of retail, office, hotel, and residential uses with additional outparcels set aside for future sale or development.
While the formal public hearings for the Avalon Proposal are tentatively scheduled to begin on March 1st when the proposal is presented to the Planning Commission, the City ofAlpharetta is seeking early feedback on the owner’s plans.
Please take a few moments to visit our Open City Hall online discussion about the new Avalon Proposal. There you can view the proposed site plan for Avalon and the table comparing the uses proposed by North American Properties to those that were approved for the formerProspectPark. Then, let us know your initial impressions, thoughts, concerns or suggestions. Your comments may be helpful to North American Properties as its plans are further refined and may also assist the Planning Commission and the City Council as they consider the proposal.
Also, please consider sharing this opportunity with your friends and neighbors. We want to hear from all interested citizens.
Thank you for your participation.
James T. Drinkard
Assistant City Administrator, City of Alpharetta
Rumors have been circling for the past few weeks and now the Atlanta Business Chronicle is reporting that Alpharetta’s defunct Prospect Park project is under contract to Cincinnati based North American Properties, Inc.
Three years after construction stalled on Alpharetta’s $750 million Prospect Park luxury mixed-use project, North American Properties Inc. has the 106-acre site under contract.
North American Properties will scale back plans of the project’s former developer, Stan Thomas, who once hoped for 750,000 square feet of retail, a hotel, 350,000 square feet of offices and 81 residences starting at $1.5 million.
You can read the whole thing here.
North American Properties is the same company that also purchased a central piece of Midtown Atlanta’s struggling Atlantic Station project earlier this year. You can read more about what North American Properties has done wtih Atlantic Station here, here and here.
As a resident of Alpharetta I can only hope that this sale will mean Prospect Park can now become the jewel that was originally promised.
The AJC began a realistic presentation of the Atlanta real estate market in a two part series they call the AJC Home Sales Report. You should read the whole thing here.
Some highlights include:
Our annual analysis tracks the sales of 43,000 houses in metro Atlanta in 2010, and the trend is still going in the same depressing direction.
Analysis from this year’s Atlanta Journal-Constitution Home Sales Report reveals that home values in metro Atlanta remain locked in a four-year slide as the pace of home sales sputtered. Five thousand fewer homes sold in nine metro counties last year than in 2009, accounting for a 9 percent drop. Those that did sell went for less than in 2009: Home prices fell 4.5 percent last year.
Homes in the northern suburbs sold at a faster pace than other areas, though suburban home values continued to slide. Cherokee, Cobb, Forsyth and Gwinnett had increases in the number of existing homes sold. But prices decreased 17 percent to $126,500 in Cobb’s 30067; 11 percent to $135,250 around Woodstock in Cherokee’s 30188; and 15.8 percent to $80,000 around Norcross in Gwinnett’s 30071.
The report, along with interviews with dozens of buyers, sellers, agents and experts, paints an uneven picture of the market. This much, however, is clear: Metro Atlanta’s housing market remains a big gamble.
This is a far cry from seven years ago when home sales began to increase 10 percent a year while median home prices grew about 5 percent a year. That ended in 2007, when home prices in the 20-county region went flat and home sales fell 22.3 percent.
I would love to tell friends and clients that the real estate has hit bottom and everything will be rosy from here on out but that simply isn’t the case. There are still too many foreclosure and short sale properties on the market with more in the pipeline for the market to stabilize.
Is it a good time to buy a home? Yes. If you need or want to buy a home and are in the financial position to do so this is a great time to buy and there are some incredible deals out there. But don’t let anyone tell you that the overall real estate market has hit bottom or is even close to doing so… yet.
The home above is for sale in Alpharetta. It is not far from my house and as a result I have watched it experience the wild fluctuations of Alpharetta’s real estate market for nearly a decade. I do not claim that this home is representative of the overall market in Alpharetta but I do think its history is an excellent example of what has gone on in our local real estate market. I also think the history of this home can help people outside of the real estate profession gain insight into what is going on around them.
The home in the picture is a 5 bedroom brick home on a lot of about a 1/2 acre in a very nice subdivision in Alpharetta. It was built in 1993 and according to the tax records it is about 4300 square feet with a 2200 square foot finished basement. The home has a three car garage. It also has granite countertops and the floors are mostly marble and hardwood. It also has a beautifully landscaped, heated inground pool in the back yard.
According to tax records the home originally sold for $464,500 in 1993. Then according to records the original owners lived in the house for 11 years before selling it in 2004 for a price of $740,000. That is about 60% more than the original owners paid. When the home sold in 2004 I had just recently moved to the area and was glad to see that kind of appreciation close to my new home because it would help increase the value of my home as well. You know the old saying, “The rising tide raises all ships.”
In 2006 the home sold again. This time the sale price was $850,000. At the time I was surprised because even though it was a beautiful home I just didn’t believe the home had appreciated so much in such a short period of time. While there were homes nearby that sold in the price range those other homes were either much larger, nicer or on the lake. The comparables around us just didn’t support the sales price but it was a time of irrational exuberance and given the lax mortgage underwriting standards of the time the loan was made.
Fast forward to 2011. The home was listed on the market for $549,888. After a few weeks on the market the price of the home is now down to $499,888. The home is scheduled to be sold in a foreclosure auction on the steps of the Fulton County Courthouse next week.
So a home that originally sold for $464,500 in 2003 rode the real estate bubble to a price of $850,000 13 years later. And in the 5 years since that time the real estate market has plunged to the point where a bank will be fortunate to get the original sale price of $464,500 for it.
Sadly, just as the home’s rapid rise in price helped increase the values of surrounding properties it is now helping to drive down the values of those same homes. A rising tide does indeed raise all ships but a dropping tide also lowers them.
In looking over the GA Jim traffic yesterday I noticed that someone was directed to this blog after asking a search engine “is alpharetta a good place for black family”. The searcher was directed to my earlier post Racial diversity in Alpharetta? Duh! and I hope they found the answer they were looking for.
And if anyone else ever finds GA Jim looking for an answer to that same question let me give them a clear and unambiguous answer: YES.
Alpharetta has great schools, low crime and a fantastic quality of life. Any family that values those qualities will find Alpharetta is an outstanding place to call home… regardless of race. Welcome to Alpharetta!
The other day Channel 2 in Atlanta had a news report about a vacant car dealership in Alpharetta and mentioned that the city was asking the Atlanta Regional Commission for help in finding a use for the property. You can read the report by clicking the picture below:
Then today I saw this article about kids that had found a use for vacant car dealerships in Alpharetta:
According to Alpharetta police, the five, whose names have not been released, broke into a vacant building in the 1400 block of Alpharetta Highway that was formerly an automobile dealership and set up a skate park.
So a few of Alpharetta’s enterprising youths have already solved the city’s dilemma: The city needs an indoor skateboard facility on the site! The market has spoken.