The I-575 Corridor is growing, but where are the people coming from?
Posted: Friday, May 26th, 2006, 11:40 am EST
Category: Real Estate News
I think we have established that Atlanta is growing and subsequently so is the I-575 Corrdior. We are growing so fast (273 new people per day metro-wide) that we will add the number of people equal to the entire population of metro Denver (2.3 Million) by 2030. We also established that of the 273 people per day 164 of them move here (the other 109 are from reproduction of exisiting population).
The next logical question is….where are these people coming from? The Atlanta Regional Commission (ARC) released a Regional Snapshot this month analyzing the domestic migration of people into the 10 counties that make up the ARC (only Cobb and Cherokee are included as counties located in the I-575 Corridor).
The snapshot reveals that a little less than half of the people move from other counties within the ARC. Of those counties, Gwinnett ranked highest for in-migration outpacing out-migration with +36,000, Henry (+27,343) was second, followed by Cherokee (+18,991) and Cobb (+17,071). Dekalb (-40,851) and Fulton (-28,802) are the only counties where out-migration exceeded in-migration.
“While 37% of those moving into the Atlanta region came from a different state, only 30% of those moving out of the region went to a different state. This shows that the Atlanta region is a net attractor of people nationwide, especially from the northeast.”
Of the 37% of people who move to the Atlanta region from different states, New York is the top “origin” state with over 200,000 more people moving here than moving there. Ohio and New Jersey are also key origin states (and I see more Michigan tags than any other state, but maybe there just passing through to or from Florida?).
For those of you who enjoy jokes around the North vs South debate… my grandfather taught me years ago that the difference between a “Yankee” and a “Damn Yankee” was the fact that “Yankees” come and visit the south and “Damn Yankees” never go back home. It appears the “Damn Yankees” are here to stay and they’re bringing their friends and family with them.
The complete Regional Snapshot can be found on the ARC website by clicking here.
Metro Atlanta Economic Facts
Posted: Saturday, May 20th, 2006, 1:25 pm EST
Category: Real Estate News
On Thursday I attended the 2006 Real Estate Conference presented by the Georgia Society of CPAs. I learned some interesting facts about the Atlanta MSA and thought I’d share some with all of you…
- Georgia has been the 4th fastest-growing state in the country in the last 10 years - growing twice as fast as the national average.
- At the same time, metro Atlanta has been the 4th fastest-growing metropolitan area in the country- growing at over 2.5 times the national average rate.
- Metro Atlanta adds 100,000 people per year (over 273 people per day) - 60% of whom move here (164 people move to metro Atlanta every day).
- In 2005 Atlanta saw more than 70,000 new housing starts.
- Last year Atlanta gained more than 69,000 new jobs.
- Personal income growth continues to be higher than the national average.
- Of the nearly 4,000 companies that located in Atlanta in 2005, roughly two-thirds were small and mid-size businesses.
These facts make it hard to read the “Letters to the Editor” segment of local newspapers, because every week there is someone new complaining about High Density Growth. I have stated my opinions on density growth several times in the past few months and just to remind everyone again… studies show density to be more desirable than sprawl. I think we can all agree that the people are coming, at a rate of 164 per day, we should be prepared to make better decisions on where to put them.
I encourage everyone to read this study published by the Urban Land Institute that was conducted by the National Multi Housing Council, the American Institute of Architects and the Sierra Club (America’s oldest, largest, and most influential grass-roots environmental organization). If you are a community leader or a concerned citizen, you should download the power point presentations posted here and share them with your community.
City of Woodstock Development Updates
Posted: Friday, May 19th, 2006, 11:03 am EST
Category: Real Estate News
-TAD Planning for Olde Towne Woodstock began with it’s first meeting May 1st. According to their newsletter,
“the main focus will be to secure funding for traffic congestion relief projects, public parking projects, and funds to help spruce up the facades and buildings along the Main Street Corridor of the Olde Towne.”
They have also began design on a new website: www.oldetownwoodstock.com . The DDA (Downtown Development Authority) will host meetings the first Friday at 11am and the third Thursday at 6pm every month.
-The Woodstock Planning and Zoning Commission voted for approval of Cousins Properties’ application to annex and rezone almost 8 acres of the Ridgewalk property, which is a small part of the larger tract already under contract by Cousins Properties. This means they are one step closer to beginning their Avenue project at Ridgewalk. Erika Neldner of the Cherokee Ledger-News asked Matt Gove, spokesman for Cousins Properties, about the timing of the project and he answered…”We currently plan to start construction in mid 2007 and will be completed in the fall of 2008.” “We plan to open The Avenue project the same time the new interchange opens.”
-The City of Woodstock also approved a Land Disturbance Permit for The Mill at Weatherstone office park, located along the north side of Hwy 92 just past S. Cherokee Lane. The project will break ground next week and will add another 40,000+/- Square Feet of office space. The park will feature historic warehouse/mill style architecture and be a combination of one and two-story buildings.
2005 vs 2006 Residential Market Comparisons
Posted: Thursday, May 11th, 2006, 8:23 am EST
Category: Real Estate News
Before I give the actual statistics from a local multiple listing service, it is worth restating that this blog covers the I-575 Corridor of Northwest Atlanta which consists of Cobb, Cherokee, Pickens and Gilmer counties. (Yes, I realize that I-575 becomes Hwy 515 in Pickens & Gilmer, but the road is the same and just changes names as most roads in Georgia do, this could be another topic in and of itself.) These numbers include data from four counties, while not a complete set of data as some property does not appear in the mls system, the sample size is large enough to have value.
Comparing January 1st thru May 10th of 2005 vs 2006 of residential resales, I found the following results:
- 438 Fewer Sales to date in 2006, a 9.13% Decrease (4796 in ‘05 vs 4358 in ‘06)
- 5.36% Average Sales Price Increase ($240,714 in ‘05 vs $253,608 in ‘06)
- 2 Fewer Days on Market for Listings (78 in ‘05 vs 76 in ‘06)
These numbers do not consider new home sales completed before making it into the mls, nor do they count FSBOs.
The decrease in absorption rate can be attributed to the over-supply of homes on the market in 2005 that created a Buyer’s market. We now see sales prices rising and listings spending less time on the market, indicating that the Seller’s are gaining some ground as the market is beginning to shift.
The rise of interest rates has slowed some of the Buyer demand. However, with rates appearing to be on track for more increases in the future and the 5.36% average sales price increase from year to year, now may be a better time to buy than a year or two from now. If you are debating a move for the near future, I suggest you act sooner than later.
I-575 Corridor Real Estate Review
Posted: Friday, May 5th, 2006, 8:30 pm EST
Category: Real Estate News
My commercial activity has remained strong this past week, as I continue to receive large amounts of phone calls and email inquiries about my listings. Weatherstone Office Park is now sold out and The Mill Office Park has 3 pre-sales prior to devleopment. River Park North office condos have seen more activity than recent past and sales should follow shortly. I am also consulting on an office lease in Oakside Office Park near Northside-Cherokee Hospital in Canton. Plus, I listed 2,056 SF For Lease on Hwy 92 at $17.00/SF NNN.
My Sassafras Mountain project had a contract offer last weekend on Lot 6, only to have it fall through when the buyer failed to finalize the contract on their other property in Florida this week. However, activity remains strong and I am confident this project is destined for a succesful summer of sales! Be sure to see our new ad in the latest Cobb Living magazine. Also, I have an acreage closing next Tuesday on 56 Acres in Talking Rock. The property will be held for investment and possibly future development of estate homes.
I will be listing 2 residential resales next week (East Cobb and Woodstock) as these Sellers are looking to capitalize on the pending Spring/Summer rush.
In summary, it’s been a great week in the local real estate market along the I-575 Corridor of Northwest Atlanta and I look forward to a continued strong 2006.
