Are you worried about falling behind on local market trends? If so, you are not alone. For buyers, brokers, and agents, the pandemic has made keeping up with real estate difficult. But don't stress. The team of successful realtors at Tim Stout & Associates has got you covered. Here, we have gathered ten of the latest real estate news stories to help you stay updated on the current state of the Georgia market.
- Latest Georgia Real Estate News
- 100 New Gwinnett County Homes Constructed in $9.5M Deal
- Dwayne Johnson Takes a Loss with Powder Springs Estate
- Lots Available on Sandra Bullock's Tybee Island
- Metro Atlanta's Largest Residential Project in Years Hits the Market
- 263 Homes in Suwanee to Be Constructed by Toll Brothers
- Tucker Office Building Being Redeveloped as Townhomes
- Former Tyler Perry Mansion Sells at a Record Price
- PalmerHouse Properties Bought by HomeSmart
- Florida Developer Enters Atlanta Market with Buckhead Condo
Latest Georgia Real Estate News
10% Increase in Atlanta Residential Real Estate Sales
It is no question that the coronavirus pandemic brought unprecedented disruptions to the market. Nonetheless, residential real estate fared quite well this past quarter. Increases in sales were reported by brokers nearly all over Atlanta during 2020.
In the March 26th issue of the Atlanta Business Chronicle, several residential real estate lists were released, including lists on the largest organizations, companies, and offices in the business. All three lists are ranked by 2020 closed transactions for the twenty-county metro Atlanta area.
Residential sales in Atlanta are up by 10.4% from the largest twenty listings in 2020, with the largest ten organizations reporting $42.4 billion in sales over the year.
100 New Gwinnett County Homes Constructed in $9.5M Deal
Homebuilding giant PulteGroup Inc. bought 106 lots from Atlanta's Drapac Capital Partners. The lots are located in Hoschton on Mineral Springs Road and price at $9.5 million, or about $89,000 each.
The development of the property began in 2006-2007 before the Great Recession. We all witnessed the lasting effects of this economic crisis. Needless to say, there were only fifteen homes constructed in the existing community, Sierra Creek, when the activity stopped due to the housing market crash.
In 2013, Drapac Capital Partners acquired all 230 lots. Before that, the property went back to the lender in 2010.
Dwayne Johnson Takes a Loss with Powder Springs Estate
Dwayne "The Rock" Johnson faces a loss with his Georgia mansion, which recently landed on the market for $7.5 million. In 2019, he bought the estate for just over $9 million. The 15,000-square-foot main house was built in 2003. It includes eight bedrooms and nine bathrooms and features wide-plank, old-growth walnut flooring, stone fireplaces, high ceilings, and natural light.
It is likely that "The Rock" may tank another couple of million dollars, after having decided to sell the equestrian estate for much less than he bought it for. “The Rock”
Lots Available on Sandra Bullock's Tybee Island
Academy Award-winning actress Sandra Bullock has three undeveloped lots, two fronting the water and one the interior, totaling more than an acre. They are listed together for just under $1 million, according to the listing agent.
She recently sold her beachfront home and guest house on Tybee Island to separate buyers for more than $4 million. Nonetheless, that's not all of the nearly three-acre property Bullock held.
Cargo ships entering the mouth of the Savannah River are about a 20-minute drive out from the front porch.
On the barrier island of Tybee off of the Georgia coast, the property lies on the northern end. From the second level of the main house, there is an expansive view of the Atlantic ocean.
Metro Atlanta's Largest Residential Project in Years Hits the Market
The city of Duluth will soon see an increase in population with the arrival of the largest residential project seen in years. The development consists of 465 townhomes and single-family detached homes. These homes will range from 1,500 to 3,000 square feet and greater.
Realtor Ashton Woods says it is set to begin selling homes this summer. The new 146-acre community in the city of Duluth is tentatively named "Encore."
Atlanta REALTORS has called the market for which the homes will go on sale "unprecedented." Average and median sales prices continue to outpace 2020 figures.
The Atlanta area's housing inventory in February was down 50% from February 2020.
263 Homes in Suwanee to Be Constructed by Toll Brothers
Toll Brothers, the number one builder of luxury homes, is a Pennsylvania-based company with plans to foster a presence in Georgia. Development plans are in place for a 263-home project on Settles Bridge Road, just east of the Chattahoochee River.
Homes would range from 2,000 to 4,700 square feet. The builder plans five different lot sizes and four different home sizes. Toll Brothers is planning to alter the geographic dimensions of the land to simplify the development.
Tucker Office Building Being Redeveloped as Townhomes
According to plans filed with the city of Tucker, an Atlanta developer by the name of Steve D. Martin will demolish the 2245 Northlake Parkway office building and build eighty rental townhomes over the 7.3-acre site.
The office park in Peachtree Corners is also a site for reuse and redevelopment plans, according to reports from Atlanta Business Chronicle.
Due to the current zoning of the property, it is likely it will be developed as apartments. The developer planning with Tucker believes a project scaled to a larger extent would be undesirable in the area.
Former Tyler Perry Mansion Sells at a Record Price
A record was set in April 2016 when one of the small screen's favorite faces, Tyler Perry, bought a property for $17.5 million. In that sale, the property was listed at $25 million.
In January of this year, 4110 Paces Ferry Road sold in a $15 million deal reported by residential real estate agents. The property encompasses a 35,000-square-foot mansion on 17-acre land bordering the Chattahoochee River. The estate features seven bedrooms, an infinity pool, spa, lighted tennis court, and gym.
PalmerHouse Properties Bought by HomeSmart
The Arizona-based company HomeSmart has plans to expand nationally, taking on Atlanta by purchasing PalmerHouse Properties, one of the city's largest residential brokerage firms.
Over 2,000 agents and six new markets will be added to Scottsdale, Ariz.-based HomeSmart’s portfolio with this deal. The footprint is expected to grow to more than twenty-two thousand total agents across 37 states.
The company grew to be Atlanta’s seventh-largest brokerage and expanded into Florida, North Carolina, Tennessee, Missouri, and Alaska. PalmerHouse Properties, founded by Kevin Palmer in 2006, boasts a gross residential sales volume of $3.1 billion, selling a total of 9,904 homes in metro Atlanta in 2020.
Florida Developer Enters Atlanta Market with Buckhead Condo
In the first entry of a Florida developer into the Atlanta market, a Buckhead condo tower has been topped out, selling 30% of its units.
Real estate developments are symbolic of the growing economic ties between the bordering states, Florida and Georgia.
A junior penthouse, listed at $7.399 million, is also included in the units being sold at The Graydon Atlanta at 2520 Peachtree Road NW. It had been scheduled to top out in the second quarter of 2021, according to Bonneau Ansley, founder and CEO of Ansley Real Estate. As you can see, Atlanta is becoming a sought-after marketplace for real estate and is only going to expand and grow as California and New York urbanites look for a lifestyle change away from big cities.
Keeping up with trends in real estate is crucial in successfully moving properties. You might want some more guidance from an experienced team of real estate agents in your local Georgian market. Contact us to learn how to grow your real estate business today!
