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Old 07-23-2008, 11:45 AM
 
4 posts, read 8,074 times
Reputation: 11

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Hello! I am an investor from Washington, D.C. My company specializes in buying houses in gentrifying intown neighborhoods, renovating them, then selling them. Washington is a great market for this, and we have been doing well. We are looking to expand, and have realized that only a select cities are seeing such rampant gentrification as Washington, and according to a Wall Street Journal article, Atlanta is one of them.

I am looking to buy about 5 houses total in different neighborhoods intown. i have down research and eliminated the west side as an option (not far along, and hasn't even started in some parts).

So, what I would like from you all is an opinion on where to buy from these neighborhoods:

More established:
Old fourth ward: seems to be a great location right next to midtown, but still looks blighted. Seems like it has to be next though, what do you all think? Seems to me it will be desireable within 5 years.
Kirkwood
Grant Park:

Apparently has been gentrifying since the 70's, which means it should be at where Inman Park is now, but it isnt. May be too slow. Any thoughts why?
East Lake
Cabbagetown


Less established:
Reynoldstowne
Edgewood
Ormewood Park
East Atlanta Village

My decisions are not based on crime, schools, etc, simply level of gentrification. Please give me an opinion on where I should buy! Price is not a factor, for all these neigborhoods have low priced homes.
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Old 07-23-2008, 11:56 AM
Status: "Just get on with it, Amazon." (set 29 days ago)
 
Location: Atlanta and St Simons Island, GA
17,664 posts, read 29,554,289 times
Reputation: 9630
Your list is a pretty good one as far as ranking the neighborhoods...

Old Fourth Ward is on it's way, I agree...Inman Park and Poncey-Highland are pushing in that direction. Same is true for Sweet Auburn.

East Lake and East Atlanta Village are further along in the process that you seem to be giving them credit for...I find them both quite desirable. East Atlanta's progress in the last 10 years has been remarkable.

Grant Park is south of I-20, which has made for a slower redevelopment than for its' neighbors on the north side.

Reynoldstown would be my choice...here's why:

Access to MARTA (it shares a station with Inman Park).
It's across the street from the Edgewood Town Center, so day-to-day shopping needs are right there.
Proximity to downtown, and all other points intown.
Few thoroughfares, so the neighborhood has a quiet, sheltered feel to it.
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Old 07-23-2008, 01:10 PM
 
Location: Originally from Cali relocated to Inman Park/Old 4th Ward/Westside Atlanta
987 posts, read 3,341,876 times
Reputation: 347
Old 4th Ward would be my choice...

Old 4th Ward is a very large area that has access to three Marta Stations; Civic Center on the N/s line and King Memorial & Inman Park on the E/W line. Also it shares a boundry to the east with Inman Park, to the north is Midtown/Poncey Highland, to the south Railroad Line/Cabbaggetown/Grant Park and to the west is Downtown Atlanta. It has excellent freeway/street access with 75/85/20, Freedom Parkway, Boulevard/Monroe, Edgewood, Auburn Avenue, Irwin Street, Highland Blvd (which runs directly to great n'hoods like Inman Park, VaHI, Morningside). Old 4th Ward also has a excellent restaurants and bars like P'Cheen, Johnny's Pizza, Krog Bar, Rathbuns, Rathbuns Steak, Cafe Circa, Thumbs Up Diner, Corner Tavern and Harlem Bar.

Old 4th Ward has godo recreational oppurtunities with the PATH Trail running directly thru the district which offers excellent biking and walking and jogging through great Atlanta Neighborhoods.

There are excellent loft buildings and single family housing located throughout with even more coming. The most desirable location in O4W is considered the area west of boulevard since that's the area where most of the single family housing is located and the nicer lofts buildings but the area near King Memorial has already begun to re-development with AHA tearing down the Old Grady Homes site and building new single family homes, apartments and condos directly next to the King Memorial Marta Station. Also Old 4th Ward is very historic and houses the MLK Historic Site and Sweet Auburn which was once the richest Negro Street in the world. That area is seeing a turn around with Renaissance Walk Lofts and restaurants coming in soon.
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Old 07-23-2008, 01:33 PM
 
Location: West Cobb County, GA (Atlanta metro)
9,190 posts, read 28,435,605 times
Reputation: 5027
Kirkwood is already somewhat "up there" already - I mean hey, if HGTV's "Designed To Sell" is already taping multiple episodes in that area, chances are you're not going to get past all the other investors who are clammering around Atlanta right now looking for flip-deals.

Right now, house flipping is the "thing" for people to do. There are tons of people doing it in Atlanta now. It's being done by both legit investors who are remodeling homes and reselling them, and it's also being done by out-of-state slum lords who slap on some paint and then rent them out to Section 8 and other subsidized tenants, then forget about them (and the neighborhood they ruin in the process).

Some regional insight though - the trendy word being used right now in Atlanta is "gentrify", but most investors (and some residents) are failing to realize that this is not always what people are looking for. Sure, there are people from New York and L.A. who are moving here who are used to that who seek the same in their new city. But there are a fair number of suburbanites who are moving back into the city to be close to work and/or due to the cost/time of commuting, who are NOT looking for gentrified areas -they want to find a duplicate of their quiet, tree-lined, and yes, white, suburb they left behind. No, they won't find that in Kirkwood or Eastlake, but they scare off easily if they see the word "gentrified" in any advertisement or suggestion.

You said that, "My decisions are not based on crime, schools, etc", but you should note that you'll not get close to what you'd want to ask for these flipped homes if they're in high crime or bad school districts. Unless your only goal is to flip-and-rent.
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Old 07-23-2008, 02:14 PM
 
4 posts, read 8,074 times
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I realize all you have said, and I am not looking to attract suburbanites. Most clientele in Washington are people from places like Chicago, Paris, and the like that want an intown feel and dont care if they have to live in a area that is "gentrifying".

Also, crime seems to be pretty much the same in all those areas, but the stats could be wrong. Anyone care to offer a suggestion as to which neighborhoods to stay away from?
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Old 07-23-2008, 03:07 PM
 
Location: Atlanta/Decatur/Emory area
1,320 posts, read 3,600,837 times
Reputation: 495
Quote:
Originally Posted by UniversityHeights View Post
More established:
Old fourth ward: seems to be a great location right next to midtown, but still looks blighted. Seems like it has to be next though, what do you all think? Seems to me it will be desireable within 5 years.
Kirkwood
Grant Park:

Apparently has been gentrifying since the 70's, which means it should be at where Inman Park is now, but it isnt. May be too slow. Any thoughts why?
East Lake
Cabbagetown


Less established:
Reynoldstowne
Edgewood
Ormewood Park
East Atlanta Village

My decisions are not based on crime, schools, etc, simply level of gentrification. Please give me an opinion on where I should buy! Price is not a factor, for all these neigborhoods have low priced homes.

I think one of the most important factors is the distance to shops & restaurants. Neighborhoods with a retail district will do better than those without and homes that are within a few blocks of shops & restaurants will do better than those where you need to get in the car. The neighborhoods on your list that I consider very close to shopping include:

Old 4th Ward (Inman Park Village to the North, Sweet Auburn to the South)
East Atlanta (East Atlanta Village)
Kirkwood (Kirkwood Station)
Ormewood Park (Glenwood Park)
Edgewood (Candler Park & Edgewood Retail District)

I would also add Oakhurst (Oakhurst Village) in the City of Decatur.
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Old 07-23-2008, 03:11 PM
Status: "Just get on with it, Amazon." (set 29 days ago)
 
Location: Atlanta and St Simons Island, GA
17,664 posts, read 29,554,289 times
Reputation: 9630
Quote:
Originally Posted by UniversityHeights View Post
I realize all you have said, and I am not looking to attract suburbanites. Most clientele in Washington are people from places like Chicago, Paris, and the like that want an intown feel and dont care if they have to live in a area that is "gentrifying".

Also, crime seems to be pretty much the same in all those areas, but the stats could be wrong. Anyone care to offer a suggestion as to which neighborhoods to stay away from?
Honestly, there are no major red flags on your list...you've pegged it pretty well in terms of 'more' or 'less'. Like I said, I would move East Atlanta up your list. I hadn't been down to their commercial district in 4 or 5 years, and I was shocked at the (positive) changes. Also, I'm not as big a fan of Cabbagetown as some in this forum.
I know that you were dismissive of the west side neighborhoods, but I'm surprised that Home Park wasn't on your radar. Here's a neighborhood within the Midtown district that is wedged between GA Tech and the new Atlantic Station complex...there is still huge potential there, great access to amenities, and prices far below the neighborhoods to the east.
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Old 07-23-2008, 03:30 PM
 
Location: Originally from Cali relocated to Inman Park/Old 4th Ward/Westside Atlanta
987 posts, read 3,341,876 times
Reputation: 347
Also think about the areas on your list that are close (walking distance or less than 1/2 a mile) to Marta Train Stations. In that case areas like Old 4th Ward, East Lake (Northern part), Reynoldstown/Edgewood & North Kirkwood would be ideal since you could physically walk to a Marta Station. The walkability factor is huge now more than ever and a Marta Station in these areas is a definate plus and will add significantly to the value of the home and area...IMO.
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Old 07-23-2008, 11:04 PM
 
193 posts, read 594,606 times
Reputation: 64
Quote:
Originally Posted by atlantagreg30127 View Post
But there are a fair number of suburbanites who are moving back into the city to be close to work and/or due to the cost/time of commuting, who are NOT looking for gentrified areas -they want to find a duplicate of their quiet, tree-lined, and yes, white, suburb they left behind. No, they won't find that in Kirkwood or Eastlake, but they scare off easily if they see the word "gentrified" in any advertisement or suggestion.
I'm totally confused by that statement. Isnt that what gentrification is?

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Old 07-24-2008, 12:43 AM
 
Location: West Cobb County, GA (Atlanta metro)
9,190 posts, read 28,435,605 times
Reputation: 5027
Quote:
Originally Posted by martarider View Post
I'm totally confused by that statement. Isnt that what gentrification is?

If you go by the official definition, yes. However I've noticed more and more in the larger city rooms, people use it on a broader scale, to describe people of upper-middle income and also of varying races and nationalities moving into one area as well. Not everyone, but some seem to be adapting the word to mean that instead of what some use it for.
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