More people moving out of Marietta 30067 zip? Wondering why if any has info please. (Atlanta: for sale, 2013)

[orlando2013]

I was searching the Marietta East Cobb 30067 zip code there are allot of townhomes/condos for sale. I don't understand why so many people are leaving this area. Any input would be appreciated. Would it be that Home owners fees HOAs are high? or crime? This code below gives statistics.
Thank You
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[orlando2013]

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[buckeyes33]

Originally Posted by orlando2013

I was searching the Marietta East Cobb 30067 zip code there are allot of townhomes/condos for sale. I don't understand why so many people are leaving this area. Any input would be appreciated. Would it be that Home owners fees HOAs are high? or crime? This code below gives statistics.
Thank You
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I don't live in the area but have been doing extensive research as I plan to move to the area. I believe what your are concerned about is the numbers of vacant housing (the vacancy rate in investing).

As best as I can tell (any locals please correct me if I'm wrong), during the housing boom which occurred in this area, housing was being produced at a ridiculous rate leading to a housing glut. The area at the height of the bubble had a housing supply (the number of months it would take at current rates of home sales to completely deplete the supply of housing) nearly double that of the national average.

All of this excess housing is still on the market and some of the inventory isn't even visible as some investors have decided to rent out their investments while they wait for the market to bounce back, rather than selling at a loss.

It is because of these factors (among others) that the local area will be depressed for a long time and a large number of homes will be on the market.

i.e. people aren't necessarily moving away so much as the overdeveloped area's homes are slow to leave the market, thus leaving an abnormally high vacancy rate and pushing down home prices.

[Born 2 Roll]

Originally Posted by orlando2013

I was searching the Marietta East Cobb 30067 zip code there are allot of townhomes/condos for sale. I don't understand why so many people are leaving this area. Any input would be appreciated. Would it be that Home owners fees HOAs are high? or crime? This code below gives statistics.
Thank You
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...One of the reasons why more people may be moving out of that zip code than moving in is because of the aging residential development (both multi-family and single-family homes) on the westside of the zip code near Powers Ferry Rd, I-75 and US 41 (Cobb Parkway).

The 30067 zip code also includes many aging apartment complexes to the west of I-75 along Franklin Road, an area which has been in the Marietta Daily Journal as of late because of the continuing sharp decline and blight of the area.

There's also lots of aging multi-family residential developments (apartments) along Bentley Road just to the east of I-75 between Delk and Terrell Mill Roads.

It's likely the same phenomenon of leapfrogging development that has affected many places inside of I-285 where there are hotter and trendier newer affordable development that has popped up further out in Cobb, Paulding and Cherokee counties in Northwest Metro Atlanta.

Franklin Road is also being targeted by the City of Marietta for redevelopment with the City of Marietta planning to purchase and demolish all of the declining and blighted apartment developments along Franklin Road so that the properties can be redeveloped into something that is more desirable in a plan that is reflected upon and discussed in this Marietta Daily Journal article:
The Marietta Daily Journal - Marietta redevelopment

[Big L]

I lived in the 30067 from 2004-2010. There are many older apartment complexes in the area and the townhomes/condos are also aging. The apartments on Franklin Road and on Terrell Mill Road are both located in this zip code. The ones of Terrell Mill aren't as bad as the ones on Franklin, but there has been a dramatic change in the residents at those complexes compared to 8-10 years ago.

When I first moved over there in 2004, most of my neighbors were working professionals that typically went to work in the morning and came home in the evening. As time went on, you would see more cars in the parking lot during the daytime and the neighbors started to look a little sketchier. Rents also dropped dramatically over time for new residents, so that attracted a different crowd as well.

As far as the townhomes/condos go, I know a few years back a lot of them were for sale for less than $90K a pop in some cases. Most of the condos and apartments off of Terrell Mill still fall outside of the Marietta city limits, so schools weren't the culprit in the drop in price. The housing market probably hit the condos harder since people were able to buy single family houses for prices that the condos were originally going for. Aside from that , most single people would probably opt to buy a townhouse or condo ITP if they can get it for around the same price as one in Cobb.

30067 is definitely not what it used to be. It is not as bad as some other spots in Metro Atlanta, but since I still work in the area I have seen the changes first-hand.

[aries4118]

OK--

The last two posts only talk about a part of 30067.

Like someone mentioned earlier, there has been a lot of new construction, in the last 8 years, of luxury townhomes and condos in 30067. Take a drive down Powers Ferry between Delk Road and Windy Hill Road. There is a lot of supply.

Moreover, 30067 also includes the exquisite, hyper-affluent, and super-exclusive areas of East Cobb along Paper Mill Road, Lower Roswell Road, Shadowlawn Road, Columns Drive, Lindsey Road, and southern Woodlawn Road--this means Sibley Forest, Somerset, The Atlanta Country Club, Blackland Forest, Historic Sope Creek Park, etc., etc.


http://www.zipmap.net/Georgia/Cobb_County.htm

[orlando2013]

Thank You everyone! This info is very helpful & much appreciated.

[arjay57]

Originally Posted by aries4118

Like someone mentioned earlier, there has been a lot of new construction, in the last 8 years, of luxury townhomes and condos in 30067. Take a drive down Powers Ferry between Delk Road and Windy Hill Road. There is a lot of supply.

Moreover, 30067 also includes the exquisite, hyper-affluent, and super-exclusive areas of East Cobb along Paper Mill Road, Lower Roswell Road, Shadowlawn Road, Columns Drive, Lindsey Road, and southern Woodlawn Road--this means Sibley Forest, Somerset, The Atlanta Country Club, Blackland Forest, Historic Sope Creek Park, etc., etc.

I wonder if those areas will get tired of the declining part of 30067 and ask to get annexed into the city of Atlanta or the city of Sandy Springs? They would be a good fit with either.

[lorilove]

Originally Posted by orlando2013

I was searching the Marietta East Cobb 30067 zip code there are allot of townhomes/condos for sale. I don't understand why so many people are leaving this area. Any input would be appreciated. Would it be that Home owners fees HOAs are high? or crime? This code below gives statistics.
Thank You
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I live in a townhome/condo but not in that zip code. If you find one you like, definitely stop and ask he neighbors why there are so many avaiable - I get that question all the time.

In my neighborhood, any young couples that were in their "starter home" have made the jump to a larger home where they plan to raise their children. They wanted to make the jump while home prices are depressed and mortgage rates are low. They can take a loss on their townhome because they will more than make up he difference on the larger home. Most of these couples were very happy in our neighborhood but the timing was right to make a jump.

We also had a few homes with singles that moved out of state for a job - this was their only option during the bad economy.

We don't have a HOA so in most cases, the vacated homes are being rented since there is no limitation. But where there are restrictions, the owners are have no choice but to take the sale option.

Unfortunately do to foreclosures home prices townhome/condo prices are sill depressed. In the past a young couple or professional single would quickly make the jump out of the rental market into ownership of a townhome/condo - that used to be a no brainer. But it is considered a much riskier option these days and they are opting to stay as renters longer hence reducing the supply of potential buyers of these properties.

[aries4118]

Originally Posted by arjay57

I wonder if those areas will get tired of the declining part of 30067 and ask to get annexed into the city of Atlanta or the city of Sandy Springs? They would be a good fit with either.

No, arjay. You need to think more wisely.

Most of 30067 (along with parts of 30068 and 30062) should incorporate as the city of Sope Creek.


The rest of 30067, that is not already within the city of Marietta, should be annexed by the city of Marietta.