14 | Newcomer Magazine | www.newcomeratlanta.com

BUYING MORE HOME FOR THE MONEY

Navigating Atlanta’s Residential

Resale Market

h o m e s a n d c o m m u n i t i e s

By Michelle Bourg

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Advantages of Resale HomesA big reason to consider a resale home is that there are simply more of them available. Atlan-ta’s housing market is currently extremely tight, and existing homes make up the vast majority of inventory. Vic Miller, managing broker with Coldwell Banker, reports that the city’s new home starts are “currently far below normal lev-els,” and Bill Rawlings, managing broker of At-lanta Fine Homes Sotheby’s International Realty, agrees: “In most areas, there will be more resale

homes on the market than new construction.” This availability factors into another at-

tractive benefit of an existing home: cost. Re-sale homes average about 20 percent less than comparable new construction, balanced against repairs. Prices are usually more negotiable, de-posits are lower, and it’s easier to lock into a rate, making for a quicker closing and a move-in time of just a few weeks as opposed to six months or more. You also frequently get more for your dollar, such as a larger lot size and

many amenities included in the price, such as trims and window coverings, that are consid-ered line-item extras in newly built homes.

For Pricing, Think LocationAtlanta has been called a city of many neigh-borhoods, and it seems almost as if the adage “location, location, location” was coined with the city in mind. “Real estate in Atlanta is a hyper-local business,” says Miller. “Even neigh-borhood to neighborhood can be different.” u

Atlanta’s distinctive neighborhoods include Virginia-Highlands (top right) and Druid Hills (bottom).

Do you envision purchasing a “vintage” home with unique character, set in an

established neighborhood with mature landscaping, attractions such as shopping

and nightlife nearby, and a community made up of a diverse mix of neighbors? If

so, you have moved to the right place. There are many reasons why an existing

home is an appealing and practical choice, and the Atlanta metro area has

beautiful, quality resale homes in all areas at a range of price points.

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In-Town Options to ConsiderAtlanta’s premier luxury address is the Buck-head district, situated at the city’s northern end and home to some of the most exclusive shop-ping and nightlife in the country. High-rise con-dos along Peachtree that offer a sweeping view sell for $500,000 to upward of $5 million. Sur-rounding the glitz and glamour are 45 wooded neighborhoods, each with a unique character. In Tuxedo Park, imposing European-style es-tates set on two acres of rolling lawn range from $1.5 to $12 million, while Peachtree Hills to the south offers a mix of styles including Georgian

and Tudor along with Craftsman bungalows from about $430,000 to $1 million. With such an expansive area, there’s much to choose from.

Located six miles to the south on Peachtree is Midtown. Like Buckhead, its glamorous steel-and-glass business district is lined with shopping, dining and high-rise condos with prices ranging from the high $300s to over $2.5 mil-lion. Just a few blocks to the east is historic Piedmont Park, bordered on its southern end by massive

single-family homes dating to the 1920s. The surrounding areas feature a mix of traditional, Tudor, European-style and French Provincial homes at prices from $700,000 to $1.7 million. Adjacent communities with similar price points include Ansley Park, with its winding, tree-lined streets, and Virginia-Highland, a walk-able, family-friendly community filled with charming boutiques and restaurants.

To feel outside the city but stay (just) in-side the Perimeter, try Vinings, an unincorpo-rated community nestled between I-75 and I-285 in Cobb County and easily accessible to

Lane McCormack, president of the Atlanta Board of Realtors, agrees: “As a rule, the prices are less the further one goes from Atlan-ta. That being said, there are multi-million-dollar properties through-out the area.”

Jamie Walzer, team leader with Nest Atlanta Real Estate, of-fers some examples: “For $500k to $700k, your money will go the fur-thest in Milton. There you could get a traditional home of 2800 square feet or more with four bedrooms and a two-car garage on a decent-sized lot. In Decatur, you’d average three or four bedrooms, approximately 1600-2800 square feet on a small lot; it may or may not have a garage. In Buckhead, it would be a ranch or traditional averaging 2000 square feet, in need of some up-dates on a small lot, garage optional.”

But price is just one thing to consider when choosing a home: factors like commute times, school districts and recreational opportunities all play a part as well. A quick survey of Atlanta communities can help you get started in identi-fying which areas might meet your needs.

Resale homes offer more curb appeal for less money.

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attractions like the Cobb Center for the Performing Arts, the Silver Com-et Trail, and SunTrust Park, the new home of the Atlanta Braves. Residents come home to quiet neighborhoods of predominately traditional, Georgian or Colonial-style homes priced from about $300,000 to $1.6 million, with an average price of around $600,000. Townhomes and condos at a wide range of prices can also be found.

Choices Outside the PerimeterGoing outside the Perimeter opens up entirely different possibilities, and the area north of the city has been on a consistent growth trend for several years. Part of the appeal, says Vic Mill-er, is that “Outlying areas offer larger homes and land for golf, equestrian and lake or river activities.”

Located about 30 miles north of Atlanta, the cities of Alpharetta and Milton are home to more than 600 technology companies and nu-merous corporate headquarters. There’s plenty of recreation available too, including several world-class championship golf courses. Homes here are newer, so you’ll find contemporary

features such as open floor plans, main floor master bedrooms and multi-car garages. Brad Weiner, managing broker for ReMax on Main, says, “The market here has been very posi-tive, with a lot of movement in the $300,000-$700,000 range.” Homes in this price range offer three to four bedrooms, but properties

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run the gamut, from one-bedroom condos for $200,000 to palatial gated estates on 20 acres for $7 million.

Just seven miles east of Atlanta, the historic City of Decatur combines small-town charm with accessibility to the city. Jamie Walzer says: “Decatur is as hot as can be right now. It offers the perfect blend of strong public schools, great walkability to restaurants and shops, and diverse community-based neighborhoods.” Craftsman, tradition-al, bungalows and Modern Prairie are the dominant home styles and are avail-able at prices averaging from $700,000 to $1.3 million, with some mid-rise condos in the $500,000-$700,000 range located near the square.

Fascinating Search AheadAnyone new to the Atlanta area owes it

to themselves to research the home resale mar-ket. Finding the perfect house in Atlanta does take some planning, flexibility and patience, especially in the current market. But the search will be fascinating, and once you’ve found your dream home, it’s time to put your stamp on it and make it truly your own.