Midtown Alliance Schedules Blueprint 3.0 Open Houses

Midtown Blueprint 3.0 MyMidtownMojo.com april 16, 2015It’s been awhile since the original Blueprint Midtown was conceived. What you see today in Midtown Atlanta, from new condominium buildings built over the last 10 years, streetscape improvements and such, are a result of that plan.

Midtown Alliance Schedules Blueprint 3.0 Open Houses

But as we know, all good plans need a review and an update to keep up with the changing times we ALL are experiencing. And so, the Midtown Alliance has announced a series of Open Houses to seek the input of Midtown residents, workers, employers and community stakeholders about what they want to see in the future of Midtown Atlanta.

As I know it, there will be some suggestion boards with ideas already on them, and you will be given an opportunity to “voice” your opinion about these potential projects. This is a great way to really gauge the public’s  thoughts about projects and the future.

Here are the upcoming Open House dates:

  • Blueprint 3.0: Input Session at Food Truck Thursdays 
  • Thursday, April 23 at 11:30 a.m. | Food Truck Park at 12th Street & Peachtree Street
  • Blueprint 3.0: Input Session & Happy Hour 
    Wednesday, April 29 at 5:00 p.m. | Saltwood- Loews Atlanta Hotel Midtown / 1065 Peachtree Street
  • Blueprint 3.0 Input Session & Coffee 
    Wednesday, May 6 at 8:00 a.m. | 800 Peachtree St., Suite D

You can RSVP (not required, but they would like to have an idea of the number coming!) HERE

 

Thom Abbott

I'm a real estate broker living and selling the Midtown Atlanta lifestyle. From high rise condominiums to historic homes, I enjoy everything Midtown Atlanta has to offer. I'll help you find the right home in Midtown Atlanta or any of the other exciting Intown Atlanta communities that border the Midtown Area!

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Boeing Considers Midtown Atlanta for Research Center

AirplaneSources are reporting that aerospace big guy Boeing is scouting Midtown Atlanta locations for a research center. If the center happens, it would join other top companies such as AT&T, Home Depot, NCR and Worldpay US in developing corporate research centers near one of the world’s top engineering schools.

The increase and of new research and development centers and corporate campuses in Midtown Atlanta clearly show the desire of companies to be convenient to the talent pool called Georgia Tech! Of course, for Tech, the establishment of these centers is a perfect pipeline of jobs for graduates as well as the all mighty private sector research dollars for the university at a time when federal research money is harder to find.

No idea as to where the center could be located, but certainly MyMidtownMojo and Thomas Ramon Realty are here to help any Boeing employees that may relocate to the area, and certainly any new hires that are looking to call Midtown Atlanta home.

Thom Abbott

I'm a real estate broker living and selling the Midtown Atlanta lifestyle. From high rise condominiums to historic homes, I enjoy everything Midtown Atlanta has to offer. I'll help you find the right home in Midtown Atlanta or any of the other exciting Intown Atlanta communities that border the Midtown Area!

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Whole Foods Considers 14th Street Location in Midtown Atlanta

Whole Foods 14th West Peachtree Midtown AtlantaIt looks like a much needed grocery store could appear in Midtown Atlanta…mind you not until 2018!!!!

Whole Foods Market, based in Austin, TX is in talks with The Related Group for a 60,000 sq. ft “urban store” on the site of their proposed 400-unit apartment building at 14th and West Peachtree Streets. The store would anchor Related’s planned project which might include two towers built in phases. The “urban store” format indicates that the store would be on several levels, versus all one level as is common with grocery stores. If you want a cool idea of what this could be like, just venture to Columbus Circle in New York City!

Whole Foods has one store in Midtown, although it’s on the fringe at Midtown Place across from the Ponce City Market on Ponce De Leon Avenue. This location would be somewhat more walkable for people in such Midtown Atlanta condo buildings as 1010Midtown, Peachtree Walk and even a Publix alternative to those in Plaza Midtown, where there is currently a Publix market. Get much further away and you’ll probably see Midtown peeps in their autos…so look for a parking garage! (Will they figure out how to mask it by the time they build this one? Who knows?)

Novare 14th Street Apartment BuildingBack in May, 2014, the Atlanta Business Chronicle (ABC) reported that the Related Group had the 2.2 acre site under contract. There are currently two surface parking lots there. At that same time, the ABC article made comment about the ever growing pipeline of apartments on tap for Midtown Atlanta. Of concern is too many of the units hitting the market at once, according to analysts such as Haddow & Co. To many at one time That’s could begin to soften intown rents, which today are well above $2 a square foot at the newest projects.

Keep in mind, this site is just across the street from the new Novare building, at 13th and West Peachtree. So keep your eyes open for yet another apartment crane on the Midtown Atlanta horizon.

 

Thom Abbott

I'm a real estate broker living and selling the Midtown Atlanta lifestyle. From high rise condominiums to historic homes, I enjoy everything Midtown Atlanta has to offer. I'll help you find the right home in Midtown Atlanta or any of the other exciting Intown Atlanta communities that border the Midtown Area!

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Atlanta Real Estate to outperform rest of United States

Atlanta Real Estate to outperform rest of the United States

Atlanta Real EstateThe Atlanta real estate market is brisk and most metrics indicate positive growth. The seller’s market continues and Atlanta will likely out-perform the rest of the country in both value growth and unit volume.

The intown market has experienced the greatest appreciation, with many communities seeing more than a 20 percent increase in value since early 2013. Empty-nesters and millennials alike continue to migrate to the intown market to take advantage of the lifestyle benefits that urban density offers … including restaurants, shopping, public transportation, entertainment … and of course the Beltline. The Beltline phenomenon may be the single biggest driver for intown growth outside of the rebound of key intown employment sectors. Professionals are seeking communities that offer a walkable live-work lifestyle and are abandoning expensive commutes. The announcement that NCR will move 3,500 employees into the city only reinforces this trend.

With prices having accelerated to 2007 levels in many intown and Buckhead sub-markets, I think we can expect only moderate value increases in 2015. Inventory has stabilized into the four-month range (six is considered normal) as seller pent-up demand levels off. Clearly, there appears to be a normalizing in the market. Sellers can sell at prices that motivate them and buyers, anxious to lock in — in advance of rising prices — and at low rates, continue to step up.

311 Harp Road Fayetteville GA 30215The suburban market was subject to some of the market’s worst foreclosure rates and value declines in the recession. The evaporation of foreclosure notices has helped property values rebound. Suburban values are edging close to 2004 levels, according to Case-Shiller. Also, the tide of foreign purchasers continues to be a positive factor for suburban — and to a lesser extent — intown sellers. Anecdotal reports suggest that as many as 20 percent of all suburban purchases are driven by international buyers. This is true at all price points. The Atlanta market continues to be a magnet for inbound international migration as well as foreign investment.

Exurban markets continue to lag, but are showing unit and price growth as well. Only the second home market remains for value hunters. Prices in the North Georgia and North Carolina mountains — as well as the Georgia coast — have not yet approached a full rebound, though anecdotal reports from our brokers are that signs of vibrancy are returning. That said, absorption is still slow in those markets.

New home construction is at a seven-year high. Intown infill building has led the way with players scouting the market for tear-downs. With builder margins in the 20 percent range and so much buyer pent-up demand for new construction product, it’s clear that home-building will be a leader in the 2015 market. Of course, leading corporate homebuilders are selling new homes as fast as they can build them in the suburbs.

MyMidtownMojo Sells Viewpoint Midtown AtlantaThe vibrancy of the intown and Buckhead condo markets continues to surprise. Inventory is at a record low (one to two months) and prices are rising at the rate of 1 percent per month and have been doing so for 24 months. Buckhead uber-luxury projects such as Sovereign and The Ritz-Carlton Residences, which had been sluggish, are now long sold out. The Mandarin Oriental – with unit prices in the $2 million range – only has some 18 homes remaining. The Midtown market’s key recession-plagued projects — 1010, Luxe, Viewpoint, and lower Buckhead’s The Brookwood — are also long recovered with recession buyers in those projects being rewarded richly in this seller’s market. With few or no new condo projects over 100 units on the horizon, lack of inventory will continue to drive price gains. In Midtown, only The Atlantic (some 250 units remain) and The Lowes project (60 units, give or take) are scheduled to release new inventory in 2015. Alta, a Wood Partners proposed 250-unit project on Piedmont Park, has yet to confirm whether its units will be built for sale or lease.

Interest rates continue to remain at historical record lows and lending requirements appear to be softening. Good or bad, Fannie Mae and Freddie Mac have just unveiled new mortgage programs that will allow qualified homebuyers to put down as little as three percent and President Obama has announced reductions in private mortgage insurance (PMI) rates. This should aid first-time buyers, buttressing the foundation of the marketplace, and allow trade-up buyers to migrate through the cycle.

In short, 2015 looks to be a fine year to be in the residential real estate business whether you’re a broker, a builder, a lender, a closing agent … or a buyer or seller.

Kevin L. Palmer is the CEO and founder of PalmerHouse Properties, a residential and commercial real estate agency. Prior to founding PalmerHouse Properties in 2006, Palmer spent 25 years in the financial services industry within Atlanta

Thomas Ramon Realty is affiliated with Palmer House Properties. MyMidtownMojo.com is owned by Thom Abbott. 

Thom Abbott

I'm a real estate broker living and selling the Midtown Atlanta lifestyle. From high rise condominiums to historic homes, I enjoy everything Midtown Atlanta has to offer. I'll help you find the right home in Midtown Atlanta or any of the other exciting Intown Atlanta communities that border the Midtown Area!

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Mercedes Benz Selects Sandy Springs Site for 12-Acre Campus

Mercedes Benz Selects Sandy Springs Site for 12-Acre Campus

Mercedes Benz Relocates to AtlantaMercedes Benz, the well-known German luxury auto maker has selected a site in Sandy Springs off of Abernathy Road and GA400 as the site for their new Atlanta headquarters.

The land is part of two larger tracts that straddle Abernathy road and Glenridge Road. According to the Atlanta Business Chronicle, both tracts are being purchased by Ashton Woods Homes, and they will in turn sell back the 12 acre parcel to Mercedes. It’s a headquarters district for sure….Mercedes Benz neighbors include United Parcel Service and Newell Rubbermaid. Mercedes will locate on the southern side of Abernathy Road.

Mercedes Benz Atlanta Headquarters Sandy Springs

If they were looking for a location close to MARTA for that “techy, urban” kind of employee, they have a stretch with this site. Abernathy Road is a busy, busy automobile street, and there are no sidewalks on the South side of Abernathy leading to the MARTA station at Mt. Vernon Highway and Perimeter Center Parkway. Not to mention that walk goes along side a stretch of undeveloped land (nothing exciting to engage the pedestrian there….) and then crossing Peachtree Dunwoody Road to get to the station Entrance.  Here is a map indicating the location of the campus and the MARTA station.

Mercedes Benz and MARTA

Driving? Abernathy road/GA400 is another ‘ground zero” for traffic bottle necks, and with the pending construction/re-design of the GA400 and I-285 Interchange just to the south of here….well, maybe they can grab an extra coffee and if they have a company Mercedes…just sit back..and wait.

But, for those Mercedes Benz employees that are inclined to want that urban life style, we can help them find a great location in Midtown Atlanta for condominium living, and near the Buckhead MARTA station Skyhouse Buckhead and Cyan are luxury apartment options. Nearby 10 Terminus and Realm Condominiums are options here as well.

We look forward to helping Mercedes Benz employees feel right at home in Midtown Atlanta and beyond.

 

Thom Abbott

I'm a real estate broker living and selling the Midtown Atlanta lifestyle. From high rise condominiums to historic homes, I enjoy everything Midtown Atlanta has to offer. I'll help you find the right home in Midtown Atlanta or any of the other exciting Intown Atlanta communities that border the Midtown Area!

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