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Fan Duel to Open $15M Tech Campus in Midtown Atlanta

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FanDuel Technology Hub MIdtown AtlantaFan Duel to Open $15M Tech Campus in Midtown Atlanta

It’s no secret that Midtown Atlanta is a technology hub. 

Google has leased the majority of 1105 West Peachtree. You have Mail Chimp at Ponce City Market….and then there is Centergy at Tech Square with Georgia Tech. So, no surprise that we have another one coming. 

Bisnow.com reported on May 18th and Governor Brian Kemp announced that FanDuel Group is expected to open a $15 million technology campus in Midtown Atlanta. The campus will eventually employ more than 900 people! FanDuel Group is a division of British Flutter Entertainment PLC and the new campus will focus on product development, tech and IT operations. 

The campus will take up some 68K square feet of space in a yet-to-be-disclosed location. Ponce City Market has been mentioned, but there are certainly some other choice locations in Midtown Atlanta, taking advantage of the talent pool from GATech.

FanDuel to open Midtown Atlanta Tech HubFan Duel to Open $15M Tech Campus in Midtown Atlanta

FanDuel operates a mobile sports betting and fantasy sports betting platform. It is one of the largest daily fantasy sports companies in the world and is the nation’s biggest mobile sportsbook, with online betting sites in 10 states, though Georgia isn’t one of them.Lawmakers in Georgia pushed, but failed, to legalize sports betting in the state this session. FanDuel operates sports betting in 10 U.S. states, including New Jersey, Pennsylvania and Colorado.

FanDuel is one of several companies to announce a major technology hubs in Midtown. Microsoft has acquired some 90 acres on the Westside near Grove Park and the new Westside Park (former Bellwood Quarry) and plans to open additional offices at Atlantic Station.Airbnb announced in February they are putting their East Coast Tech Hub in Atlanta, called the Atlanta Technical Hub. 

FanDuel Chief Product Officer Sarah Butterfass told The Atlanta Journal-Constitution that the company selected Atlanta in part because of its diverse talent pool as well as the proximity to other tech companies and higher education institutions. . The company plans to work with local colleges and universities — including the city’s concentration of Historically Black Colleges and Universities — to create courses to train students for possible careers with FanDuel, according to the release. The firm also plans to offer résumé-building workshops, mentorship programs and mock interviews as part of a community outreach program.

Employees of FanDuel can find some exciting living opportunities in Midtown Atlanta, and depending on the final location of the Tech Hub, could walk to work from many of Midtown’s mid-rise and high-rise condominium communities. 

The Midtown Atlanta location will also offer FanDuel employees access to MARTA for easy access to Hartsfield Jackson International Airport. Midtown Atlanta is also accessible from the Downtown Connector (I-85 and I-75).

Sellers Are Returning to the Housing Market

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Sellers Are Returning to the Housing Market

Sellers Are Returning to the Housing Market | MyKCM

In today’s housing market, it can be a big challenge for buyers to find homes to purchase, as the number of houses for sale is far below the current demand. Now, however, we’re seeing sellers slowly starting to come back into the market, a bright spark for potential buyers. Javier Vivas, Director of Economic Research at realtor.com, explains:

“Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone…After five long months, sellers are back in the housing market; while encouraging, the improvement to new listings is only the first step in the long road to solving low inventory issues keeping many buyers at bay.”

Even with the number of homes coming into the market, the available inventory is well below where it needs to be to satisfy buyer interest. The National Association of Realtors (NAR) reports:

“Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May, but still down 18.2% from one year ago (1.92 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from both 4.8 months in May and from the 4.3-month figure recorded in June 2019.”

Houses today are selling faster than they’re coming to market. That’s why we only have inventory for 4 months at the current sales pace when in reality we need inventory for 6 months to keep up. But, as mentioned above, sellers are starting to return to the game. Realtor.com explains:

“The ‘housing supply’ component – which tracks growth of new listings – reached 101.7, up 4.9 points over the prior week, finally reaching the January growth baseline. The big milestone in new listings growth comes as seller sentiment continues to build momentum…After constant gradual improvements since mid-April, seller confidence appears to be reaching an important milestone. The temporary boost in new listings comes as the summer season replaces the typical spring homebuying season. More homes are entering the market than typical for this time of the year.”

Why is this good for sellers?

A good time to enter the housing market is when the competition in your area is low, meaning there are fewer sellers than interested buyers. You don’t want to wait for all of the other homeowners to list their houses before you do, providing more options for buyers to choose from. With sellers starting to get back into the market after five months of waiting, if you want to sell your house for the best possible price, now is a great time to do so.

Why is this good for buyers?

It can be challenging to find a home in today’s low-inventory environment. If more sellers are starting to put their houses up for sale, there will be more homes for you to choose from, providing a better opportunity to find the home of your dreams while taking advantage of the affordability that comes with historically low mortgage rates.

Bottom Line

While we still have a long way to go to catch up with the current demand, inventory is slowly starting to return to the market. If you’re thinking of moving this year, let’s connect today so you’re ready to make your move when the home of your dreams comes up for sale.

Rents Are Rising Should I Buy?

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Renting vs buying a homeAll over the country, but certainly in Atlanta, renters should be thinking….Rents Are Rising Should I buy?

But first you have to look at why you may be renting a home or condo in the first place. 

There can be any number of reasons a person chooses to rent vs. own their own home:

  • Freedom to transfer to another city quickly for job opportunities
  • Someone else takes care of all the maintenance
  • Someone else pays the real estate taxes (and gets the deduction)
  • Credit issues or debt issues
  • Living in brand new apartment ( not always the case) 
  • Lack of saved money for down payment  — and mis-information about how much that is

That is just some of the reasons you might want to rent. But every year, you “roll the dice” as to how much your rent may go up. Maybe that increase keeps you from saving for that down payment? Or keeps you from doing other things as you feed more money to your monthly housing costs. 

Rents Are Rising Should I Buy?

But when you purchase and OWN your home, you get lots of benefits as well. 

When you own the home, everytime you write that mortgage payment you are working towards paying off your mortgage and building home equity. Not to mention, you get the tax deductions of the cost of purchasing the home (your first year) as well as the property taxes you pay. (All of these things are subject to regulatory changes, so you always want to know what’s new or changed in tax laws) …..and a conversation with your financial advisor and accountant would be in order. But let’s look at the list above and apply them to home ownership:

Rents are Rising Should I buyFreedom to transfer to another city quickly for Job Opportunities

Ok, there is truth to that, but also in the current (2019) market with limited inventory, you may be able to sell your home quicker than you might think. There may be the possibility of renting your home (a condo will have much more restrictive leasing abilities) in case you think you may move back, or if it does not sell in a time frame you have established. 

Someone Else takes care of all the Maintenance

Well, you do become responsible for the maintenance of your home when you are the owner. But this can be looked at in a different way. First, if you purchase a condominium, your HOA fee covers the maintenance of things like the roof, exterior of the building, and any amenities the building has. (Pool, gym, club room, lobby, concierge, etc) You end up primarily responsible for your appliances, and HVAC within your condo. And the expense of repairing or replacing them can be reduced with a home warranty. Also, if you look for a condo that has had the HVAC recently updated, along with the water heater, your expenses, short term, are going to be reduced. 

Now, if you purchase a single family home, then the roof, lawn maintenance and the exterior of your home ARE your responsibility. But with that comes the “freedom” to have your own yard, space, and the ability to personalize your home. (Even in a single family neighborhood, you may have an HOA that will have guidelines about fencing your yard, paint colors or major landscape projects.)

Someone Else Pays the Real Estate Taxes (and gets the benefit!)

Yes, when you own a home or condo, there are property taxes. But you can usually deduct those when you file your income taxes. (Again, we are not accountants or lawyers so ask THAT professional about the impact of these on you personally…every situation is different) 

Also, the interest you pay on your mortgage is tax-deductible! 

Rents are Rising Should I buyCredit or Debt Issues

This can be a bit more tricky. But it’s not to say you can’t buy a home. Credit can be restored (over time) if you’ve had some tough times in the past. And when you get to a certain point, you can purchase, there just may be added costs like a higher interest rate. Debt issues can sometimes be easily fixed by just paying down, or off one credit account. But this is when, and why, we have you meet with a lender to determine your personal situation. We might learn that now isn’t the time for you to buy, but the lender can help you establish a plan to reduce debt and get you to the point you will qualify for a mortgage! 

Living in a Brand New Apartment

Depending on where you live, this might be a real option. In recent years, and in the current market, there are new apartment communities being built in almost every corner of Metro Atlanta. Now, what that monthly rent is…that’s the other story. So you may be living in an older apartment that has not had any recent renovations. But when you purchase a home or condo, you may find one that has recently had a major renovation or at least have things like all new appliances. Much of this will depend on where you are looking to live, what you can afford, and what is on the market!

Lack of saved Money for a Down Payment

One of the biggest misconceptions for home buyers, be you a first time buyer, or buying  your second or third home is the amount of money needed for a down payment. It is not 20% as many people think!!! Again, your situation will vary based on your credit and your debt to income ratio….but there are loan programs with as little as 3% down payment. So, on a $300,000 home or condo, that is $60,000 at 20% and $9,000 at 3%!!! A huge difference! Again, here is why getting that pre-approval with a lender is so important. By going through the application process, they can see what loan programs are available to you! 

Let’s get you started on the path to home ownership and building personal wealth through real estate! 

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StreetLights Residential Proposes 26-story Tower at Juniper and 5th

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Another corner of Midtown seems to be headed to the winds of change…..StreetLights Residential Proposes 26-story Tower at Juniper and 5th!!

New apartment tower at St. MarksFirst, to give you your bearings as to where we are talking about, take a look at the map to the right….

There may be one house in the blue square (at the bottom) that may not be part of the site. 

This building will rise up some 299 “market-rate” residential units (would this mean a potential change to For Sale inventory would be possible?) over a seven-level parking deck to house some 568 parking spaces. It’s worthy to note that 150 spaces will be assigned to the adjacent St. Mark Church. There will also be a very modest 4,000 sq. ft of retail space.

The project went through the Midtown Alliance’s Midtown Development Review Committee this week. The DRC has some recommendations…

  • Moving the retail space to the corner of Juniper and 5th to take advantage of the pedestrian traffic along 5th Street
  • “strengthening the exterior design features” and work with the Atlanta City Design Studio due to the size of the building and the location next to the church. 

Here is the initial drawing of the building….(dwarfs the church for sure!)

 

Streetlights Midtown Apartment Proposal

 

 

 

 

 

 

 

 

 

 

 

 

 

Currently on the site you will find….

Juniper and 5th Apartment Building

The DRC report indicates the applicant will be back for another review after the above items have been addressed. 

Stay tuned! 

You can read the Midtown DRC report HERE! 

NEW! Fulton County Homestead Exemption

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NEW! Fulton County Homestead Exemption NEW!

Homestead ExemptionThere is a NEW Senior Homestead Tax Exemption available for homeowners who are 65 or older, regardless of income, if your primary residence is in Fulton County.

This new age-based exemption was passed in November 2018 and is in addition to base homestead exemption but it requires an application (by April 1) to take effect in most cases to increase the amount of your homestead exemption and effectively lower total property taxes. The deadline to file for this new Senior Homestead Tax Exemption (or for any homestead exemption) is Monday April 1, 2019, to qualify for property tax relief in the current year.

Standard Rule: If primary residence then owner may qualify to exempt up to $30,000 of their home’s assessed value.

NEW IN FULTON – Homeowners over the age of 65 are now eligible for a new senior homestead exemption. It increases the base homestead exemption from $30,000 to $50,000. All homeowners over the age of 65 qualify, regardless of income.

ACTION NEEDED: If Owner already has another 65 and older homestead exemption, this will automatically apply. If not, they must apply online, in person, or by the April 1 deadline.

The following steps will help you file your homestead exemption online:

1. Go to: https://fultonassessor.org

2. Click on “Property Search”

3. Click on “Address Search”

4. Key in the property address, but leave off the suffix (ex: for 123 Main Street, you would enter 123 Main)

5. Click “Search” 6. When results are returned, click on the property owner’s name to be directed to the property profile.

7. On the Profile page, in the lower right-hand corner, the page will provide the Fulton County exemption code (FUL Exep Code).

8. If the FUL Exep Code ends in “S”, the property owner does not need to file (ex: HF01S), but if it does not end in “S,” the property owner will need to file by April 1.

9. To file, visit the following: https://fultonassessor.org/wp-content/uploads/sites/16/2019/01/2019-HomesteadApplication-Revised.pdf to print out the form to take to the Assessor’s Office.

10. To file online, visit: https://iassmartfile.fultoncountyga.gov/

11. Either “Create an Account” or “Login”

12. Click “Homestead Exemption”

To file, the property owner will need the following information:

a. Georgia Driver’s License or valid Georgia identification (Owner and Spouse)

b. Social Security Number (Owner and Spouse)

c. Registration for all vehicles owned (vehicles must be registered to Fulton County)

d. Recorded Deed (for new owners only)

e. Trust Document and Affidavit (if the property is held in trust).

 

For further assistance, call (404) 612-6440 x 4 or visit:

Peachtree Center North Tower (Main Office) 235 Peachtree Street NE, Suite 1400 Atlanta, GA 30303

Fulton County Government Center 141 Pryor Street, Suite 1018 Atlanta, GA 30303-3487

Alpharetta Service Center 11575 Maxwell Road Alpharetta, GA 30009

North Service Center 7741 Roswell Road NE, Suite 210 Atlanta, GA 30350

South Service Center 5600 Stonewall Tell Road, Suite 224 College Park, GA 30349

Historic West Midtown Goat Farm Arts Center to be Redeveloped

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A significant redevelopment is scheduled for the Goat Farm Arts Center, an artist community tucked away in West Midtown that’s very well known for its creative tenants and 19th century warehouses.

The $55 million project would add apartments and artist studios to the roughly 10-acre complex, according to plans put forward to the Development Authority of Fulton County.

The proposal refers to for a four-story apartment building with 240 units, including up to 36 affordable units. The building would be a mix of studio, one-bedroom and two-bedroom units. The project would also include about 50 commercial artist studios and a surface car park lot with 300 spaces.

The investment would come to an area where several of the buildings were originally constructed in the late 1800s, have slipped into a state of disrepair and are losing their functionality and ability to operate safely, says a fact sheet on the project.

The developer is Goat Farm Development LLC, an affiliate of TriBridge Residential, according to the Georgia Secretary of State’s office.

The proposal is scheduled to go before Fulton County’s development authority on March 26. The county will deal with whether to approve almost $2.8 million in property tax abatements over the next 10 years.

Atlanta Business Chronicle first learned of plans earlier this year when tenants said they were told to vacate the Goat Farm by the end of the year.

Sources told ABC that the Goat Farm will have to temporarily close during the redevelopment.

Anthony Harper of Hollister Property Development, which owns the Goat Farm, in February said he could not comment. Harper could not be immediately reached on March 21.

Ben Hautt, co-managing partner of Stream Realty, which has developed adaptive reuse projects including the Ellsworth in the Upper Westside, shared his confidence in a project at the Goat Farm.

” Anthony and the Goat Farm were pioneers and will continue to be,” Hautt told Atlanta Business Chronicle in an email. “Goat Farm was mixing the arts, loft space, and community strategy way ahead of everyone else. No doubt this new development will be prosperous, too.”

A redevelopment at the Goat Farm comes as property values in West Midtown continue to soar.

There’s more than a billion dollars worth of new projects in the pipeline for the area, said Jim Meyer, CEO of Atlantic Capital Properties, which is part of the development team for a $150 million project called 8West that’s bringing 175,000 square feet of office space.

“West Midtown is the place people want to be,” Meyer said.

Other big developments include Star Metals at Howell Mill, Brady Avenue and 11th, where coworking company Spaces signed a lease, and The Interlock, which landed WeWork.

Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

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