The Atlanta Beltline’s primary beneficiary: The Old 4th Ward District
Happy Monday to all! I spent the weekend enjoying the final rays of summer. The pool at Astoria, dinner at Rathbun Steak, and walking around the both Old Forth Ward and Inman Park. All I have to say is WOW! Old 4th Ward is clearly becoming the hottest neighborhood in town. The pricing action on homes situated East of Boulevard is remarkable.
This weekend, while working with a young couple moving down from NJ, I saw and researched first hand the action going on in this area. Homes are climbing in price at the fastest rate I have seen intown. Many of you I have spoken with over the past few months have heard me talk about my Ponce Springs Loft unit in this area. I own a unit in this building. My purchase, like many of condo units I own, was the lowest on record for the building. A foreclosure of smaller size just came on the market for over four times what I had paid less than 3 years ago. Wow!
As I look at The 4th Ward now it very different then a few years ago. Given that is still houses the most dense proportion of section 8 housing in the city I was always quite weary of it. That said, it seems now that The Beltline is going smack right through it, that the area is being properly redeveloped. Another thing I noticed is that Inman Park is now meshing into The Old 4th Ward. I often refer to Inman as the premier Intown yuppie, hip neighborhood. Its relative isolation given the bridges and train tracks that surround most of it have helped make it a very secure, upscale and unique neighborhood to live in. With The Beltline coming through, it is to some degree merging The 4th Ward in with Inman Park.
With Ponce Central Market (slowly but surely coming along) to the North, and Krog Street Market (opens later this year) to the South these area are quickly merging with the better half of Old 4th Ward which is East of Boulevard. West of Boulevard along Ralph McGill, Finch Trail, and the Renaissance streets still remain devoid of meaningful retail, dining, nightlife and park options. That coupled with all of the Section 8 housing and crime in the area makes this area a different animal than what is going on East of Boulevard. Sure this area is up along with the rest of the Atlanta market, but going forward its gains will be capped when compared to what is going on East of Boulevard.
As I look at the current stock with The Old 4th Ward, remodeled homes are currently listing in the mid $300k range up to the mid $400k range. There are also new large townhome style duplexes, The East Avenue Cottages. These are a little above 2000 square feet with attached two car garages and are starting in the high $300k range.
http://minerva-usa.com/project/east-avenue-cottages/
One of my other clients who is looking for larger condos/lofts was considering placing an offer on a top floor White Provisions property. The West Midtown area is another exciting area of intown Real Estate. With its many dining options, coupled with the design district, it really is the only other area in town giving Old 4th Ward/Poncey Highlands a run for its money. That said, I prefer and preach the advantages of The Old 4th Ward given its central location and relative ease of moving to and from many different Atlanta neighborhoods. The West Side is just too ostracized from the rest of Atlanta. That coupled with the many extremely rough neighborhoods on two sides of it makes it a tougher play.
Back to The 4th Ward. There is one company that controls a vast assortment of dilapidated Section 8 housing stock in the area. Given the rapid, up-market advancement in the area, I would not be surprised if the city and developers being working through mixed use affordable, better housing options with this increasingly valuable real estate.
I am currently working with an assortment of clients in The Old 4th Ward, Inman Park area. Contact me today to discuss your interests and needs.
