How Gentrification Really Changes a Neighborhood (Atlanta, Stone Mountain: to rent, crime, homes)

[residinghere2007]

Originally Posted by jero23

This story is all too common here because the heirs of these longtime black homeowners could have just kept property in a rapidly gentrifying area in their family name. Instead the children or heirs do not know or see the value to keeping prime real estate because so many of them think anywhere is better than there mindset.

I agree with this.

I agree from the perspective that too often black residents of these neighborhoods in Atlanta complain about gentrification, when the reason why it occurs as rapidly as it does is because the heirs of these families sell off the homes.

That said, I do not see gentrification as totally negative. I feel it is a natural progress of an area/neighborhood. It has happened time and time again throughout history.

However, it does have personal ramifications. I know the last neighborhood I lived in and its residents are worried about gentrification due to, like green_mariner mentioned, rents going up to far. Most of the time the renters are the ones most greatly affected by gentrification, not necessarily older residents as they qualify for senior homestead exemptions. Non-seniors qualify for the city homestead tax exemption whereas they can pay lower property taxes as well. Renters, on the other hand, are usually forced out as landlords cannot qualify for tax exemptions and therefore pass on those costs to the tenants. Even poverty stricken neighborhoods, like the last one I moved to, have been seeing increases in rents. Whereas there used to be apartments in that neighborhood (1-2bd) for $250-$350 a month now they are at $500-$800 a month in pretty crappy buildings. My own property has a pretty high rent for the area, but it is much lower than the closer neighborhoods of the CoA. I have never had a problem filtering out tenants due to us keeping the rent kind of low (it is still in the $1000 a month range) compared to other neighborhoods with a similar sized property.

[arjay57]

Originally Posted by residinghere2007

I agree with this.

I agree from the perspective that too often black residents of these neighborhoods in Atlanta complain about gentrification, when the reason why it occurs as rapidly as it does is because the heirs of these families sell off the homes.

That said, I do not see gentrification as totally negative. I feel it is a natural progress of an area/neighborhood. It has happened time and time again throughout history.

I have seen this happen twice with friends of mine. In both cases the adult children had long since moved on. They were living in other cities and simply didn't want to fool with renovating the property and/or holding it for an extended period. It's hard to say they made the wrong decision -- the real estate market subsequently tanked and it would have been 8 or 10 years before they realized much appreciation.

I've seen the same thing happen with white folks. The kids are grown up and have their own lives. Unless they are inclined to real estate rehabbing and investing, most prefer to simply sell and move on.

One set of my grandparents lived for decades in a little neighborhood that has now gentrified. After they passed on and the bills were paid, there wasn't really any money left. The house hadn't been renovated in 40 years and it would have been an expensive proposition to bring it up to modern standards. So we sold at what seemed like a decent price at the time. It would now bring 10 times that much, and newer houses on the street go for even more.

But so be it. Life is full of what ifs.

[hautemomma]

[quote=magnetar;43407697]He literally said "I never expected it to rise this fast." I think he moved there to live there.

Um, no. This quote does not support that: "The key is being able to predict these neighborhoods rising and buying low."

[Dkeating]

Originally Posted by hautemomma

So you purchased with an eye on gentrification, not because you merely liked the neighborhood/house?

I would guess that the vast majority of people who bought in Kirkwood in the past 5 years knew that gentrification was imminent and ongoing, no matter what they might say.

[green_mariner]

What I am getting from this is that most of Atlanta won't be affordable soon.

[cqholt]

[quote=hautemomma;43432247]

Originally Posted by magnetar

He literally said "I never expected it to rise this fast." I think he moved there to live there.

Um, no. This quote does not support that: "The key is being able to predict these neighborhoods rising and buying low."

Are homes not an investment, whether it be 5 or 30 years? Everyone wants to buy low and sell high, because they are investment tools, the difference being my family and I are invested in the neighborhood and plan on staying for a long time.
Blinkies 2016 - Recap - Atlanta Bicycle Coalition You see that award for Kirkwood.

[Dkeating]

Originally Posted by green_mariner

What I am getting from this is that most of Atlanta won't be affordable soon.

I think that most of the city of Atlanta, by area, isn't affordable now, but there are still a lot of affordable areas in west and SW Atlanta.

[bu2]

Originally Posted by residinghere2007

I agree with this.

I agree from the perspective that too often black residents of these neighborhoods in Atlanta complain about gentrification, when the reason why it occurs as rapidly as it does is because the heirs of these families sell off the homes.

That said, I do not see gentrification as totally negative. I feel it is a natural progress of an area/neighborhood. It has happened time and time again throughout history.

However, it does have personal ramifications. I know the last neighborhood I lived in and its residents are worried about gentrification due to, like green_mariner mentioned, rents going up to far. Most of the time the renters are the ones most greatly affected by gentrification, not necessarily older residents as they qualify for senior homestead exemptions. Non-seniors qualify for the city homestead tax exemption whereas they can pay lower property taxes as well. Renters, on the other hand, are usually forced out as landlords cannot qualify for tax exemptions and therefore pass on those costs to the tenants. Even poverty stricken neighborhoods, like the last one I moved to, have been seeing increases in rents. Whereas there used to be apartments in that neighborhood (1-2bd) for $250-$350 a month now they are at $500-$800 a month in pretty crappy buildings. My own property has a pretty high rent for the area, but it is much lower than the closer neighborhoods of the CoA. I have never had a problem filtering out tenants due to us keeping the rent kind of low (it is still in the $1000 a month range) compared to other neighborhoods with a similar sized property.

Yes. All these people are belly-aching about the homeowners who make money, who in many cases are elderly and have substantial homestead exemptions. Decatur is trying to eliminate all school taxes for those over 65. The ones with real issues are the renters who get forced out into, most likely, further out neighborhoods, or have to pay more in rent for the same property. Decatur probably lost a lot of middle or lower income renters who had to move into lesser school systems as southern Decatur has changed.

[cqholt]

Originally Posted by Dkeating

I think that most of the city of Atlanta, by area, isn't affordable now, but there are still a lot of affordable areas in west and SW Atlanta.

Yes the more desirable areas are getting un-affordable, but that is basic supply and demand. But other areas that are currently iffy, will become desirable. This same thing happened to many now-hot eastside neighborhoods. They were seen as iffy 5-10 years ago, but now considered un-affordable.

[green_mariner]

Originally Posted by Dkeating

I think that most of the city of Atlanta, by area, isn't affordable now, but there are still a lot of affordable areas in west and SW Atlanta.

I work near SW Atlanta. I find most of it unsafe outside of the subdivisions.