New Downtown Lawrenceville affect home values? (sales, real estate, foreclosures) - City-Data Forum

anothermom · 02-22-2009, 07:19 PM

I'm curious to know what any realtors out there might think about the value of homes in Lawrenceville, given the way the downtown area has been, and continues to be, refurbished, and growing. Recently, new condo/store-front combinations have been built in downtown Lawrenceville, and from what I'm hearing, are being rented out to the legal community here in Lawrenceville (lawyers and judges.)

So do any of you think that the "new" downtown area, as quaint as it is, will affect the nearby homes? I'm in one of those homes, and would like to think it would.

sj73 · 02-23-2009, 09:39 AM

I'm not a real estate agent, but I think that with time, it will have a positive affect on your home value. Most people aren't patient enough to wait and see though. I remember moving into Lawrenceville 7 years ago when the downtown area wasn't looking so great...now, I'm so glad I got in when I did. I'm about three miles away, but I think my proximity to the downtown square will eventually have an impact on my property value. The "entry" routes into downtown needs more attention (Hwy.20; 120 and 29), but I am seeing improvements there. Have you noticed the updates to the retail establishments on 120 inside the city limits (that refurbished Taco Bell, KFC, Holiday Inn)? I think the revitalization efforts are starting to spread.

anothermom · 02-24-2009, 07:00 AM

Quote:

Have you noticed the updates to the retail establishments on 120 inside the city limits (that refurbished Taco Bell, KFC, Holiday Inn)? I think the revitalization efforts are starting to spread.

No, I hadn't noticed improvements in that area, but I have seen the revitalization spreading on highway 29 in both directions. That old house across from the post office that used to be an antique shop (which I had loved to browse in) was falling in disrepair, and it's been completely restored and now rented out to attorneys. Also, there are those new, cute little shops nearby that house, and I noticed that they are laying down brick sidewalks out PAST that house -- going toward Rhodes Jordan park.

On the other end of 29 the revitalization seems to be spreading outward to the Methodist church on Langley. I believe that in a short amount of time, that will become part of downtown. It seems that that area is becoming a magnet for our legal community here. (From what I'm hearing the new condos are being sold to attorneys and judges. Apparently the economy has not hurt the sales at all.) I live 1 mile from the church, so I can't help but wonder how all of this will affect our home value.

My family and I frequent downtown often. We love being able to take our kdis down there on Friday nights now and then. I think that it's a unique area too, with unique shops.

I still miss The Retro Cafe though! That was one of our favorites!

sj73 · 02-25-2009, 06:04 AM

The Master Plan for Lawrenceville is to link Rhodes Jordan Park to the Gwinnett Justice and Administration building. All of those locations you just mentioned are in between those two points. They are planning to add walking trails and an amphitheatre also. There will also be several town parks between those two points. Expect to see many other major changes...it's just going to take some time (maybe a little longer than originally planned with the economy), but it's coming! There was also some talk about adding more condos to Rhodes Jordan Park (across from the baseball field).

I've been following progress for my subdivision (I'm the editor of our newsletter).

anothermom · 02-25-2009, 02:52 PM

Wow, that master plan sounds awesome! I love the idea of walking trails! Thanks for the tip. The ampitheatre sounds pretty cool also!

Keep me updated, please!

sj73 · 02-26-2009, 05:35 AM

You can view the entire master plan at this link. Just click on View Ordinances and Master Plan. You'll see a link for the master plan:
City of Lawrenceville, Georgia > Home

ramblinwreck17 · 02-26-2009, 07:36 AM

I think the key term these days is stability in your market. Good schools, a good downtown area etc etc all of those things lend itself towards home value stability.

anothermom · 02-26-2009, 10:48 AM

Ramblin, that makes sense. Thanks for the reply.

SJ, thank you for the link! I'm going to go check it out right now!

mrdkb · 02-26-2009, 02:52 PM

I agree with the premise of this post regarding home values but before looking to far ahead I believe the current housing problem should be dealt with. For all the empty homes built in Lawrenceille(and all of metro atlanta) I suggest that we use stimulus $$$ to bulldoze them and replace them with eco-freindly trees. That's a triple whammy. 1st it provides immediate jobs (construction Jobs); 2nd provides an environmental boost; 3rd decreases the number of homes listed as foreclosures since builder lots, and empty new unfinished houses are counted in the foreclosure #'s.

anothermom · 02-26-2009, 03:03 PM

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Quote:

QUOTE=mrdkb;7643789] For all the empty homes built in Lawrenceille(and all of metro atlanta) I suggest that we use stimulus $$$ to bulldoze them and replace them with eco-freindly trees. That's a triple whammy. 1st it provides immediate jobs (construction Jobs); 2nd provides an environmental boost; 3rd decreases the number of homes listed as foreclosures since builder lots, and empty new unfinished houses are counted in the foreclosure #'s.

[/quote]

That sounds good to me! I really think that the school board needs to remain competitive with neighboring districts too. I think that quality schools draw quality residents (meaning residents who are productive and give to their community rather than take from it.)