The Housing Projects of Atlanta: RIP(Dedication Thread)

[netdragon]

Drove down Hollywood Rd today from South Cobb and then cut through to Perry Drive (after taking the detour over to JJ Parkway and then back over on Browntown Rd since the bridge on Hollywood Rd is being redone). The beginning of Hollywood Rd near Main Street before the bridge in Riverside looks so different now - shopping and lofts, new craftsmen style townhomes like Riverside across Bolton Rd. Mixed use where there was none (this photo is before One Riverside and office on all street corners). Looks too late in there for entry-level investors. And the rest of Hollywood Rd looks so natural and peaceful now. So much different with a manageable number of poor people walking the street -- A housing project on Hollywood Rd gutted. Then there's occasional new loft developments in there every so often and people out there fixing up their homes. I think that area will get Bolton-ish really fast (5-10 years) since that area up around Perry Homes is probably mostly too hilly for over-developing with lofts.


The NEW Perry Homes


The future of "Bankhead"? Yes, this is near Northwest Drive right by the former projects.


One Riverside

Some young woman walking her dog waved to me. Possibly happy to see a fancy car in the area and probably realized what I was up to. Saw some people in new two story craftsmen style houses playing basketball in the road. Saw some people sitting on their stoop and I was thinking they may not realize how much their house value is going to go up in the next 5-10 years. Of course, that area is anchored by Perry Homes. Much of it looks like country roads in the middle of Atlanta - such as Gun Club Rd. Most of it forest and fields. Nothing like it in the North part of Atlanta.

I actually thought about taking some of the money I'm about to get on sale of stock and immediately buying one of the smaller 2br 1940s-1960s ranch homes in there to rent out as Section 8 housing versus paying off some of my mortgages. Something like $20k on Clarissa Dr or $28k on Gun Club Dr (http://www.realtor.com/realestateandhomes-detail/1200-Gun-Club-Dr_Atlanta_GA_30318_1114036362 - broken link) or $86k on Violet Ave. Just examples. Old lots, probably a lot of land. Great deals considering what's about to happen there. Near Perry Homes with an average Home price near $300k and just north of Rockdale and Knight Park which currently has an average listing price of $206k and up. Then there's Northwest Dr with brand new neighborhoods of 3,000 sq foot homes less than a mile away from former housing projects shown in the videos. Along with townhomes. What the heck? They built this stuff before the neighboring projects were abandoned? It seems like that area is right on the cusp of being up-and-coming and teardowns are already occurring to seed the area. Neighborhoods lead into Hollywood Courts and other projects which are gone - a big help to those neighborhoods. What's left is a very sparsely populated nice looking area.



So when I saw this, my impulse was that these old homes with larger lots in the area are a bargain and things may move fast. Then I reminded myself there is probably absolutely no rush since the national market stinks and investors are just getting in there with so much still available. However, it is starting to look really good in there on the East side of Hollywood Rd and I wonder how much longer I have. Investors and developers obviously don't give away their plans on how quickly they plan to move an area. It could look like a mix of Riverside and Moore's Mill in 5 years, though with a lot of available land in there, it would have to go crazy and I don't know if the current national market supports something like that. However, I'm concerned that when the national market turns, it'll be too late. It looks to me like developers and investors are priming it to take off on the market rebound.

So when is the right time for the area near Gun Club Rd as investment property? Will 3 years be too long to wait to get a mid-size lot with a very old small ranch for < $100k? I'm obviously most interest in a tear-down property with a good amount of land that I can Section 8 out for a while. However, I'll probably not do any better than I would just paying off my existing properties mortgage enough not to have PMI, and obviously that will be an extra $300 a month without any of the hassle of having renters.

Also, I imagine the beltline will have a huge impact on the area. How long do I have to wait before the part near Perry Rd gets completed?

And then with the money I have, I really only have the capital to get one place right now. Where would be the best bang for the buck in this area?

[aries4118]

Originally Posted by netdragon

...area up around Perry Homes is probably mostly too hilly for over-developing with lofts.

...


Of course, that area is anchored by Perry Homes. Much of it looks like country roads in the middle of Atlanta - such as Gun Club Rd. Most of it forest and fields. Nothing like it in the North part of Atlanta.

What's left is a very sparsely populated nice looking area.


...

Yes! Love this area...so beautiful...like being in the country, but you are actually near the epicenter of a major world metropolis.

[BringBackCobain]

I am glad the projects are getting bulldozed. Tear down every last one of them. And frankly the youtube videos and thier glorification of these crime-infested hellholes is annoying. I understand that these were people's homes, but they were just apartments, nothing else. Apartments get torn down everyday.

I do feel bad for the seniors that are being relocated, but the others that were just living off the government in "temporary housing" for decades will be better suited living elsewhere, and the city will be better off without them. Let Clayton County deal with it.

Another great side affect is that we wont have to hear future generations rap about how hood they be cuz theys raised in bowun homes.

[AlGreen]

Originally Posted by BringBackCobain

I am glad the projects are getting bulldozed. Tear down every last one of them. And frankly the youtube videos and thier glorification of these crime-infested hellholes is annoying. I understand that these were people's homes, but they were just apartments, nothing else. Apartments get torn down everyday.

I do feel bad for the seniors that are being relocated, but the others that were just living off the government in "temporary housing" for decades will be better suited living elsewhere, and the city will be better off without them. Let Clayton County deal with it.

Another great side affect is that we wont have to hear future generations rap about how hood they be cuz theys raised in bowun homes.

Seriously? Grow up.

[HoodsofATL]

Originally Posted by BringBackCobain

I am glad the projects are getting bulldozed. Tear down every last one of them. And frankly the youtube videos and thier glorification of these crime-infested hellholes is annoying. I understand that these were people's homes, but they were just apartments, nothing else. Apartments get torn down everyday.

I do feel bad for the seniors that are being relocated, but the others that were just living off the government in "temporary housing" for decades will be better suited living elsewhere, and the city will be better off without them. Let Clayton County deal with it.

Another great side affect is that we wont have to hear future generations rap about how hood they be cuz theys raised in bowun homes.

You must be bitter about something, seriously. But tell me something though would you say any of this to the former residents of the projects to their face?

[aries4118]

Originally Posted by HoodsofATL

You must be bitter about something, seriously. But tell me something though would you say any of this to the former residents of the projects to their face?

Nope...he wouldn't at all.