The rent is too dang high?

[Atlanta_BD]

Originally Posted by matilda79

You should drive past the luxury condos/homes near plant Atkinson. I don't get it. You get to smell something akin to rotten eggs all day for $650k. Not for me.

That's one of the areas I'm talking about lol. I'm trying to understand what the impetus is to pay those prices for that area.

[brownhornet]

Originally Posted by Atlanta_BD

I noticed before I left how ridiculously high Smyrna had gotten (and also Mableton). I saw new houses being built near the city incinerator (also a lot of those houses in the area are built on a landfill) starting at $650k. And I kept thinking, "But it's Smyra!"

Then I saw a cluster of brand new townhomes a couple miles up the road from there that were apparently empty, unsold and just sitting.

Those ones that were sitting unsold were half complete for nearly two years. Victim of the housing collapse. They actually just finished them a few months ago. There's another set that they just built right on Spring that are directly beside the train tracks that are half empty. They've dropped the price on them a few times just to get people in there. I will say though they are at least building around here again. Now if we can just get something on the corner of Spring and Atlanta Rd where that Publix was supposed to go.

[Gulch]

Originally Posted by matilda79

Atlanta's problem is the "not in my backyard" complex. It always has been. Atlanta has always favored ownership, whether it a house, townhome, or condo.

Renting is viewed as something reserved for derelicts or poor people who can't seem to "pull themselves up by their bootstraps." Not my view, but may be the wider view.

Someone is going to have to evolve here because renting has become the new reality, at least for the time being.

I think that mindset is changing though:

Apartment boom: too much of a good thing? - Atlanta Business Chronicle

Healthy market conditions at this stage in the development cycle are not surprising, since only 4,146 units have been delivered in the intown submarkets since 2010 – a modest amount relative to past trends. Existing developments are reaping the benefits of pent-up demand for urban living, a shift in housing preferences towards renting, and the increasing number of high-wage jobs being created in the city. One surprise is the impressive rents at new developments, especially high-rise apartments.

While it is too soon to sound the alarm, the growing pipeline of apartments under construction and proposed should be closely watched. As of First Quarter 2014, a total of 8,239 units are under construction and 8,374 units are proposed. By comparison, just 4,420 units were under construction during First Quarter 2013 with another 4,702 units proposed. The lion’s share of activity is in the Buckhead/Brookhaven submarket, where the 4,004 units under construction will almost double the inventory of Class A apartments.

[residinghere2007]

In regards to the elderly person being priced out, they can always look to elderly public housing. Many think it is bad, but back in 2009 with the 'Stimulus" money all of the elderly public housing locations in Atlanta were renovated and many look now like 4 start hotels. They also are very affordable and based on income.

Didn't know Smyrna was so expensive now. I lived there in 2004-2005 and we paid $450-$500 a month for a 1bd then a 2bd.