After a tough recession, the city of Atlanta is "rising up" (real estate market, 2014)

[jsvh]

After a tough recession, the city of Atlanta is "rising up" - Atlanta Business Chronicle

The city of Atlanta is evolving into a very special place.

Many great things are happening as a result of a lot of people working together.
As the real estate market moves beyond recovery, new apartment developments line up along and around the Midtown Mile and Old Fourth Ward. Investors, developers and lenders behind those projects have been rewarded with quick lease-up, high occupancy and, in some cases, record-high rental rates.

As the real estate market moves beyond recovery, new apartment developments line up along and around the Midtown Mile and Old Fourth Ward. Investors, developers and lenders behind those projects have been rewarded with quick lease-up, high occupancy and, in some cases, record-high rental rates.

New renters in Atlanta are flocking to up-and-coming areas such as the Old Fourth Ward, and in particular, the Beltline. In early September, more than 10,000 people attended the Beltline’s Lantern Festival, a celebration that embodies the creativeness of intown Atlantans.

More city residents are embracing alternative transportation. Drivers are sharing the road with bicyclists. New bike racks appear almost weekly. Even more dedicated bike lanes are planned. The city was once considered one of the country’s most dangerous for walkers and bikers, but today office building bike racks repeatedly fill up.

...

Metro Atlanta includes hundreds, if not thousands, of wonderful communities. And yet, those who choose to move into the city often do so because they are not seeking just an established community, but one that excites them for what the future holds.

[ATLTJL]

Have you ever noticed that Atlanta tends to be a lagging indicator of general economic conditions?

I remember during the real estate bust while prices around the rest of the country plummeted, our's stayed sky high for a year or so. It's like we refused to believe it, and owners sat on empty property for an extended period before finally relenting and adjusting price.

Similarly, I remember in the dotcom bust of 2001, it took those poor economic conditions quite some time to start affecting Atlanta.

So I'm really not surprised to see that Atlanta is kind of just now starting to catch up to the recovery that has been happening in other large cities.

Why do you suppose that, for better or worse, we always seem to lag a bit behind?

[arjay57]

We're on the move!



Luther Vandross Ain't no stoppin' us now 1995 - YouTube

[afdinatl]

Great article

[MathmanMathman]

More city residents are embracing alternative transportation. Drivers are sharing the road with bicyclists. New bike racks appear almost weekly. Even more dedicated bike lanes are planned. The city was once considered one of the country’s most dangerous for walkers and bikers, but today office building bike racks repeatedly fill up.

Sounds pretty anecdotal. Not convincing.

[AnsleyPark]

That's a really good question. I tend to think that in the latest recession it was not your home building industry that kept building even though they probably shouldn't have and were then scared to build until after the current boom was well underway. The dot com era? I'm not sure.

[animatedmartian]

Originally Posted by ATLTJL

Have you ever noticed that Atlanta tends to be a lagging indicator of general economic conditions?

I remember during the real estate bust while prices around the rest of the country plummeted, our's stayed sky high for a year or so. It's like we refused to believe it, and owners sat on empty property for an extended period before finally relenting and adjusting price.

Similarly, I remember in the dotcom bust of 2001, it took those poor economic conditions quite some time to start affecting Atlanta.

So I'm really not surprised to see that Atlanta is kind of just now starting to catch up to the recovery that has been happening in other large cities.

Why do you suppose that, for better or worse, we always seem to lag a bit behind?

In terms of real estate prices, Atlanta followed more typical markets. That is to say, Atlanta didn't have a severe bubble and so prices simply took longer to come down since there was not a whole lot of build up.

Meanwhile, in cities like Las Vegas, Phoenix, San Francisco, etc. prices skyrocketed, flatted out than fell almost just as fast as they jumped. The rising part of the bubble started early on right after the 2001 recession plus the economies of those cities benefited from the rising in construction. So while it seemed like the economies of those cities were doing better while Atlanta wasn't, they really weren't. At least not after the bubble. With the exception of SF, check out the economies of those cities now and ask whether you still think Atlanta was lagging behind.

[Atlwarrior]

I like the fact that Atlanta growth is happening organically. No hype, people are moving to the city because they want too. I'm just amaze at the rent prices, and the jobs that people have to support them. Also I thought GSU enrollment was second to UGA, but the article states third.

[jsvh]

Originally Posted by Atlwarrior

Also I thought GSU enrollment was second to UGA, but the article states third.

Just googled it (So take it with a grain of salt) but it looks like "Georgia Perimeter College" is number 1 above UGA. But I bet a lot of those are "distance learning" students. Largest Colleges in Georgia - CollegeStats.org

[animatedmartian]

Originally Posted by Atlwarrior

I'm just amaze at the rent prices, and the jobs that people have to support them.

That's because banks aren't giving people mortgages. People that otherwise would be buying condos are instead forced/have decided to rent which have driven up prices. This isn't necessarily unique to Atlanta.

But nonetheless, it does show a great demand for urban living.