Is Stonecrest coming back (Atlanta, Lawrenceville: middle-class, crime, houses)

[belle14]

Originally Posted by TallDee

When it comes to real estate one needs a little skin in the game. I really doubt someone who paid nothing out of pocket, just walks in and and sign documents vs someone who saved up the 14,000 for closing/ down payment will be the same type of homeowner. Just you wait, the other shoe will drop in about a year once the mortgage company has to up those payments cuz of escrow shortages. They aren’t collecting enough taxes in the first year which in turn makes your payment seems low. That’s the trick to get you to sign on the dotted line. Many don’t know the first year is only LAND taxes.
BOOM wait till they get the escrow shortage letter stating their payment going up 200$. Many people bailout. DHI which is DR Hortons own bank will sell most these mortgages within 2 years cuz they know these folks not gonna last 30 years.

i thought everyone had to have a down payment. this is an interesting assessment. i saw a lot of building out there but wasn't sure if it was coming back. i saw they had their own bank, which i thought seems shaky because the bank normally appraises the homes and i see some of these home sales have increased by $20K or more.

[LynnHarris1]

Mall At Stonecrest Facing Imminent Foreclosure As Deals Fall Apart

https://www.bisnow.com/atlanta/news/...l-apart-102666

[Need4Camaro]

This is awful. I used to go to that mall when I lived in Conyers. It was alive and thriving back then. Retail in general has been shaking uneasily everywhere for awhile now but Stonecrest seems now to be going in the direction of GPM. Im wondering what will happen to everything else out that way such as all the hotels and restaurants and so forth...

[aries4118]

[ATLTJL]

Eventually? Sure.

In our lifetimes? Likely.

In the next 10 years? Nope.

[aries4118]

Originally Posted by ATLTJL

Eventually? Sure.

In our lifetimes? Likely.

In the next 10 years? Nope.

Why are you so hopeful?

[Born 2 Roll]

Originally Posted by Need4Camaro

Retail in general has been shaking uneasily everywhere for awhile now

You're being very generous.

Retail has not just been shaking uneasily for awhile. Retail as a whole has been in a state of full-on apocalypse for at least about 4-5 years now. Using the term "BAD" to describe the state of retail does not even begin to fully describe just how bad things are for the retail industry right now, particularly when it comes to bricks-and-mortar retail, which continues to contract at an astonishing rate.

Originally Posted by Need4Camaro

but Stonecrest seems now to be going in the direction of GPM. Im wondering what will happen to everything else out that way such as all the hotels and restaurants and so forth...

Originally Posted by ATLTJL

Eventually? Sure.

In our lifetimes? Likely.

In the next 10 years? Nope.

Originally Posted by aries4118

Why are you so hopeful?

ATLJTL's hopefulness and optimism can only be an asset in this type of situation.

That's as Need4Camaro asks a really good question about what will happen to the other development surrounding the mall itself if Stonecrest Mall does indeed go the direction of Gwinnett Place Mall, and ATLJTL makes a really good point that a mall development like Stonecrest Mall is likely to eventually succumb to the intense pressures of the continuing "Retail Apocalypse," but can still hang in there for the immediate future.

It is apparent that the financial and market conditions for a mall development like Stonecrest Mall clearly appear to be noticeably trending in an unfavorable direction.

But even with that difficult reality, I think that Stonecrest Mall is likely to hang on for a relatively longer time than an almost-dead mall like Gwinnett Place Mall.

To ATLJTL's point, I think that Stonecrest Mall can hang in there for a decent part of the decade of the 2020's.

Though, an economic downturn (which appears to be likely in the not-too-distant future given that the current economic expansion is now officially already the longest on record in U.S. history and is approaching 11 years in age) likely could inflict even more financial harm on the mall than it is already clearly experiencing.

With retail in general only heading in a negative direction at a scary rate of speed, with suburban shopping malls like Stonecrest continuing to fall out of favor the public, and with average incomes continuing to trend lower both in the area around the mall (including in the City of Stonecrest) and in the I-20 East metro Atlanta corridor as a whole, the only thing that I could really see the area around the Stonecrest Mall being good to support is light industrial development like warehouses, logistical companies (trucking companies, etc.) and some light manufacturing.

I know that probably is definitely not what many people would like to hear. But that unfortunately is the very hard reality of the situation right now when it comes to retail.

I think that the mall may continue to stay open for probably at least a decent part of the 2020's decade, and I think that some of the restaurants on the east side of the mall may likely continue to stay open.

Though unfortunately, I think that the Walmart Supercenter may likely be one of the only major bricks-and-mortar retail survivors (if not the only major bricks-and-mortar retail survivor) in the Stonecrest Mall area when all is said and done.

But on the bright side (as minimal of a bright side as it may seem), I do think that the land that the Stonecrest Mall development sits on (starting with the numerous empty graded lots on the west side of Stonecrest Mall) would make a good site for an industrial park consisting of the types of light industrial development that I described above.

[seussie]

Definitely a blow to the Stonecrest area. In time it might open up more affordable housing for those who cannot buy into other suburbs or the city. I just hope its direction doesn't spiral downwards for decades.

[bu2]

Gwinnet Place Mall is in a really good location. Stonecrest, not so much. Yet Gwinnet Place Mall is struggling. The only thing Stonecrest has for itself is a lack of competition anywhere close. That gives it an advantage over Gwinnet Place or a place like North Dekalb Mall which has competition and a lousy location as far as visibility and highway access.

[bu2]

Originally Posted by Born 2 Roll

You're being very generous.




With retail in general only heading in a negative direction at a scary rate of speed, with suburban shopping malls like Stonecrest continuing to fall out of favor the public, and with average incomes continuing to trend lower both in the area around the mall (including in the City of Stonecrest) and in the I-20 East metro Atlanta corridor as a whole, the only thing that I could really see the area around the Stonecrest Mall being good to support is light industrial development like warehouses, logistical companies (trucking companies, etc.) and some light manufacturing.



But on the bright side (as minimal of a bright side as it may seem), I do think that the land that the Stonecrest Mall development sits on (starting with the numerous empty graded lots on the west side of Stonecrest Mall) would make a good site for an industrial park consisting of the types of light industrial development that I described above.

I think the Stonecrest-Lithonia area is really good for warehouses and light industrial. Dekalb should have been pushing it.