Smyrna avg listing and sales price about to break $300k and rising fast (Atlanta: apartments)

[netdragon]

Considering that Smyrna has so much older housing stock, and a North end that has historically been higher-poverty, it's a pretty impressive achievement that the average listing price is about to break $300k. Houses in Smyrna are currently selling on avg within 98% of selling price. So the average sales price is approaching $300k as well.

The shortage in homes hit Smyrna early last year, and condos just this year. It's a shortage to a degree we've never seen in Smyrna. There's as much volume as 2007, yet the least number of listings ever. The shortage is really starting to have an effect on prices

The typical spring increase in number of listings has been cleared out already and number of listings has started dropping again, as of this week. Summer hasn't even started. Prices are probably only going to keep going up.

It looks like median sales price is still in the mid 200ks. What median sales being lower than average sales is that there is a very wide range of home prices in Smyrna, with a bit more volume at the bottom end still than the top end. That could mean a lot of things: Like more older homes selling, less new developments, more townhomes selling, more North end homes selling, the improved condo market leading to more condo listings, etc. Probably all of the above.

The top median sales price was 2008 at $264k. We're still a bit off from that but definitely heading in that direction. We're also getting closer to the record price per square foot of $135. We're at about $111 now. An increase of $6/sq foot since 3 months ago.

I'm obviously not excited about Smyrna becoming unaffordable for decent sized homes, in and of itself. I'm not a snob. I'm excited due to the type of development this will bring. What it could mean for the long-stalled Jonquil Village, etc. Maybe Branch properties can include some condos this time in their proposal, and still get loans. Furthermore, Smyrna is diverse, so it's a perfect example of how a diverse city can do well.

Source, Trulia:

Average Listing Price

$299,218
for week ending Jun 18

+$2,573
+0.9%
w-o-w

Median Sales Price

$227,000
Mar '14 - Jun '14

+$14,243
+6.7%
y-o-y

[DawgPark]

Originally Posted by netdragon

I'm excited due to the type of development this will bring. What it could mean for the long-stalled Jonquil Village, etc. Maybe Branch properties can include some condos this time in their proposal, and still get loans.

Great info, Net.

And my eyes must deceive me, but I thought I saw new grading work being done at the Belmont site. They actually took down some of that nasty green fence . . . a long-overdue sight and hopefully a sign of hope for that development.

[netdragon]

Originally Posted by DawgPark

Great info, Net.

And my eyes must deceive me, but I thought I saw new grading work being done at the Belmont site. They actually took down some of that nasty green fence . . . a long-overdue sight and hopefully a sign of hope for that development.

Yeah, they are building David Weekley rowhouses on 1/5 of the Belmont Hills site bordering Smyrna Elementary. 3-4br.

156 homes on 10 acres, at 15.6 homes per acre, or about 25k people per square mile! Dense for homes, but not as dense as 3-4 stories of condos would be over shops (we'd be looking at about 500 units then). Still, I think this is much better for the site than condos would be, because the pedestrian traffic originating from this site will likely have higher incomes compared to condos in Cobb. That'll help the retail portion, market village, and jonquil village if it's ever built. I'd still love to see either apartment, condos or high-end somewhere else on the Belmont site.

Most will be 3br in the low to mid $300ks. Some in the center near the park will be around $400k and be 4br with slightly bigger lots. Some of the smallest will be in the high $200ks. The park will be private (boo!) as will the dog park (double boo!). It will be gated (triple boo!). I don't blame them for gating it, otherwise people would cut through the roads through the development, and considering the 15.6 homes/acre density already there, that'd be pure chaos.

As part of this, they are finishing Belmont Rd to Atlanta Rd from the roundabout at Smyrna Elementary, including what looks like some parallel parking.

David Weekley has already recently built about 20 similar small-lot homes in that general area as tear-downs, in the high $300ks range, so they appear to have already concluded their market tests and are going big-time now.

There's already been a good deal of new dense development off Fleming and Hill and of course those townhomes going in on Hawthorne, as well as the ones already built, so this corner of Windy Hill and Atlanta Rd is doing well for bringing pedestrian traffic.

There's still 4 undeveloped pods left in Belmont Hills, one slated for senior condos, one for apartments, one for retail, and one is undecided. The David Weekley homes took up one pod that may have been mixed-use including retail, condos, and office, according to the 2006 plans. I'd really like to see some true mixed-use in at least one of the remaining pods, instead of one pod being completely retail like their current plan.

Edit:
Renderings: https://smyrnacity.legistar.com/View...8-4CF4D806DECC
Renderings: https://smyrnacity.legistar.com/View...8-4CF4D806DECC
Site plans: https://smyrnacity.legistar.com/View...1-0B7C3C13E707 https://smyrnacity.legistar.com/View...1-0B7C3C13E707
Council meeting video: http://smyrnacity.granicus.com/Media...=2&clip_id=234
Agenda: https://smyrnacity.legistar.com/View...1-762FEBD5F3F0 (see item D)
Vicinity map: https://smyrnacity.legistar.com/View...A-2B1E038EED09
House plans: https://smyrnacity.legistar.com/View...D-9DEFD0E8EBB2

Example homes:
Front

Back


Site plan:

[DawgPark]

Originally Posted by netdragon

Yeah, they are building David Weekley rowhouses on 1/5 of the Belmont Hills site bordering Smyrna Elementary. 3-4br.

156 homes on 10 acres, at 15.6 homes per acre! Dense for homes, but not as dense as 3-4 stories of condos would be over shops (we'd be looking at about 500 units then). Still, I think this is much better for the site than condos would be, because the pedestrian traffic originating from this site will likely have higher incomes compared to condos in Cobb. That'll help the retail portion, market village, and jonquil village if it's ever built. I'd still love to see either apartment, condos or high-end somewhere else on the Belmont site. There's still 4 undeveloped pods left.

Most will be 3br in the low to mid $300ks. Some in the center near the park will be around $400k and be 4br with slightly bigger lots. Some of the smallest will be in the high $200ks. The park will be private (boo!) as will the dog park (double boo!). It will be gated (triple boo!).

Wow, that's a really interesting read. Thanks for organizing and posting that info.

Lots of action in Smyrna right now. Mayor Max's "State of the City" address in a couple of weeks should be entertaining.

[netdragon]

Originally Posted by DawgPark

Lots of action in Smyrna right now.

Now, if only something can happen at Jonquil Village.

It looks like the case Branch brought against the city stalled because part of the land was Smyrna's. Docket Information for Civil Case 13110678

We're over half way to the 1 year restriction on when Branch can file a new zoning request. Hopefully, Smyrna has some increased leverage going into the next proposal for Jonquil Village since it revoked land use rights. Branch's previous plan was getting there, but not quite.

Now, there's a hot condo market, and the Braves. I think it's time for round 3. Hopefully Branch will come back to the table with something a little better. Maybe more retail, maybe some condos and not just apartments, maybe some office, maybe without gates so far forward. I'd like to see it be a little denser than last year's proposal and actually use the parking garage.

Nothing is more key than what happens at Jonquil village. It is the first thing people see when they get to the city center from Cumberland or the new Braves stadium. I hope we get some resolution there.

[skiime]

You know Halpern bought Jonquil Village, right? Right now they're tearing down the old columns from the original design, but I believe he's going to focus on Belmont Hills first before anything happens at Jonquil. I hope I'm wrong, but I doubt we'll see any activity for another two years.

[arjay57]

Smyrna is happening.

[atl1221]

Take a look at Spring Hill Pkwy near Home Depot HQ....the entire street is basically clear-cut now for new development. Seems like the area is on fire.

[netdragon]

Originally Posted by skiime

You know Halpern bought Jonquil Village, right?

Really? Thank god! :-)

Edit: I'm checking property records, and don't see anything about this. It's still owned by Maxwell and T&C Land. Did Halpern buy development rights from Branch, but the same land owners still own the underlying property?

Or are the property records just behind? I even checked Cobb Assessor.