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Old 04-03-2008, 12:28 PM
 
40 posts, read 189,557 times
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Is Atlanta feeling the housing crisis? I heard its not nearly as bad as its gotten in other places. How is it with jobs?

Are less pepole moving in now?
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Old 04-03-2008, 12:53 PM
 
Location: Atlanta/Decatur/Emory area
1,320 posts, read 3,877,520 times
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The sub-prime fallout is definitely affecting the Atlanta real estate market. Whether it's as bad here as in other major cities, I don't know, but it's bad enough here, that's for sure. Lots of short sales, lots of foreclosures, lots of people who would love to sell and move out but can't do so because their homes are not worth what they paid for them.
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Old 04-03-2008, 01:02 PM
 
Location: West Cobb County, GA (Atlanta metro)
9,188 posts, read 30,740,839 times
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They say that 150,000+ people move to the Atlanta area from 2006-2007, I think breaking records even for our large immigration numbers. So many of those folks HAVE to be looking for homes. The problem is the metro area is so huge area wise, and there has just been so much overbuilding in some areas. The suburbs have been hit the hardest but intown there's still a bust going on as well - not nearly as bad as places like Detroit mind you, but it's still not what you'd call a "booming" housing market like in years past.
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Old 04-03-2008, 01:50 PM
 
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The effect of the slowdown varies greatly around the metro, and can't be looked at as a whole- real estate is far too localized to do that. Even within our community, there are builders who are dying on the vine, while others are selling at or above last year's pace.
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Old 04-03-2008, 06:20 PM
 
122 posts, read 312,804 times
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Quote:
Originally Posted by BobKovacs View Post
The effect of the slowdown varies greatly around the metro, and can't be looked at as a whole- real estate is far too localized to do that. Even within our community, there are builders who are dying on the vine, while others are selling at or above last year's pace.
Did you see that HOL was one of the top 3 selling communities last year?
Housing slump? Not at some hot communities - Atlanta Business Chronicle:
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Old 04-03-2008, 08:42 PM
 
81 posts, read 265,058 times
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Intown I would say that single family homes are even with where they were a year ago but well ahead of two years ago and definitely NOT in decline, yet. I am most familiar with the NW of Atlanta city, proper.

I think the combination of Atlanta's strong, diversified economy, inexpensive housing (relative to similar-sized or even slightly smaller metros), and gas prices are what's keeping prices stable inside I-285, north of I-20, east of I-75. This would suggest that people are still flocking intown but maybe just not at the "white-hot" rate of 1-3 years ago.
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Old 04-04-2008, 04:22 AM
 
9,124 posts, read 33,295,188 times
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Quote:
Originally Posted by BGS99 View Post
Did you see that HOL was one of the top 3 selling communities last year?
Housing slump? Not at some hot communities - Atlanta Business Chronicle:
Oh yeah- they've got that article plastered on the wall in the sales office....lol. I found it strange that they moved the community from Holly Springs to Woodstock (according to the article) and didn't tell anyone
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Old 04-04-2008, 04:27 AM
 
3,972 posts, read 11,275,277 times
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Actually, I think the economy in ATL has slowed. In my volunteer work, I encounter lots of young (mostly women), many single moms, who move here because ATL is suppose to be so great, cheaper than where they came from, lots of opportunities, etc and are really struggling to get a job that pays decently or have found (no surprise to many on this board) that the lower cost of living here comes with lower wages.

Very often, they see that they can get a great apartment for $____ or buy a house for $____ and that is so much cheaper than home. So they move, often without a job, and discover that their fairly well paying job, pays less here than at home. Opps.
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Old 04-04-2008, 05:36 AM
 
Location: Atlanta, GA
1,123 posts, read 5,908,124 times
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Thank God we have so many people moving here, because that is one of the things that is keeping the area from tanking. If you read the horror story articles posted on sites like The Housing Bubble Blog, you will see that Atlanta is WAY better off than places like Florida, Arizona, Cali, Las Vegas, etc. Of course, I had a townhome in Mableton sit on the market for 12 months (9 of which were double mortgage months) as I had to sit behind foreclosures and wait for them to be picked up at way lower prices before selling mine! I ended up with a $5k loss, but it sure beats indefinite months of double payments!
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