Here at homesinatlanta we’ve been telling you about increasing urbanization (or more simply people are moving to the city). Now a new study from North Carolina State has a prediction of what the South will look like by 2060 due to this trend. Here in the South we’ve tended to be spread out because our cities are younger and mostly developed during the hey day of the automobile and cheap energy prices. One of the interesting things from the study will be the rise of ‘Charlanta’. As you can see from this map there will be a stretch of urbanization from Birmingham through Atlanta to Charlotte and Raleigh. Urbanization during this time in the South will increase 100 to almost 200% depending on the model. People are continuing to move to the sunbelt and those people are choosing cities or the close in suburbs. Our leaders need to be planning infrastructure, resource planning etc. Let’s hope they will.
CityLab has a great write up about this here.
According to a new report from Bloomberg apartments across the U.S. are shrinking. In fact newer construction apartments are being built at their smallest size since 2002. In Atlanta, average apartment size has shrunk 7%. Why is that? Three factors, really. One is that rents have been increasing so smaller apartments are more affordable. Another is increasing urbanization, People are wanting to live closer in to urban centers and those apartments will necessarily be smaller since there is limited space in the city. Last is changing tastes and attitudes. More people today (not just renters) are happy with a lifestyle that means smaller individual space as long as available amenities nearby are good. This includes parks, bars and restaurants and public transportation. We don’t usually cover apartments here at homesinatlanta but this is part of a trend we’re seeing in houses also. For the full report from Bloomberg click here.
Here’s a great new post from Diana Olick at CNBC. It’s about how taller buildings are now being built between smaller buildings due to a lack of available real estate. It looks pretty ugly to us (to each his own, though) and it got us thinking about Atlanta. Atlanta has it’s own issues when it comes to development, particularly since our city grew after the use of automobiles were common. But the last two decades growth in the city has been measured and mostly sane. We haven’t seen some of the craziness associated with values in places like New York or San Francisco. We’ve had some problems for sure. Remember the early 2,000’s when people were tearing down those little ranches in Brookhaven and building giant McMansions which almost blocked out the sun for the remaining ranches? It looks like our biggest problem in Atlanta right now may be overbuilding in apartments. But check out the article by Ms Olick. Fortunately we’re not seeing this kind of growth (at least right now!).
We’ve talked in the past about how important it is for cities to re-engineer for more and better walkable neighborhoods. This is a trend that’s emerged from retirees and millennials demands. Now there’s a new study out once again reinforcing that the young generation really values a lifestyle that is less dependent on the car. And a great accompanying article from Atlantic Cities. From the article:
“They found that 54 percent of Millennials surveyed would consider moving to another city if it had more or better options for getting around, and 66 percent said access to high quality transportation is one of the top three criteria they would weigh when deciding where to live. Nearly half of those who owned a car said they would consider giving it up if they could count on public transportation options. Up to 86 percent said it was important for their city to offer opportunities to live and work without relying on a car.
We’re keeping a close eye on this trend and particularly how Atlanta is preparing for this and which of our neighborhoods will benefit from this.
A new study from Georgia Tech and the Atlanta Regional Commission shows that Atlantans (and transplants) are continuing to choose to live in more walkable and denser neighborhoods. An article about the study is here at the always great Atlantic Cities site.
From the study; “Since 2009, 60 percent of new office, retail and rental properties in Atlanta have been built in what Christopher Leinberger calls “walkable urban places” – those neighborhoods already blessed by high Walk Scores or on their way there. That new construction has taken place on less than 1 percent of the metropolitan Atlanta region’s land mass, suggesting a shift in real estate patterns from expansion at the city’s edges to denser development within its existing borders.”
We’ve been talking awhile about home buyer’s desires to live in more walkable neighborhoods. This shows again that intown Atlanta real estate is a great buy and a great place to invest. And if you’re thinking of buying or selling in Atlanta you need a good agent to guide you. Give us a call and we’ll be ready to help.
We have tall buildings! We have lots and lots of interstates! These two videos from the 80’s give us a little different perspective as to what was important to city planners and recruiters 30 years ago. Enjoy! (and how about that cool soundtrack)
We’ve been seeing a trend for awhile now as Baby Boomers become empty nesters. They’re looking to sell their current larger homes and down size. In the past this often meant a move to sunny Florida or perhaps Arizona. But today more and more baby boomers are looking to move to the city. Part of this trend is just that older people are healthier and more active than previous generations. So 20 years ago at 65 a person might want to lie in the Barcalounger and hit the 4:30 early bird special for dinner, today’s seniors are walking more and socializing more. Urban living gives them plenty to do and more opportunities to get around without driving. Diana Olick with CNBC has a great article discussing this in greater detail. If you’re a Baby Boomer considering a move into Atlanta give us a call or shoot us an email today.
With the last week of 2012 upon us, here at HomesInAtlanta we’re going to be taking a look at what’s going to happen in 2013. Here’s our first look. It comes from the Urban Land Institute’s Emerging Trends Real Estate Report for 2013. It’s focused more on commercial real estate but it covers a lot of ground so it’s worthwhile reading. You can find it here. Here’s a report on the Atlanta market that’s worth highlighting (also in case you don’t want to read the whole thing. It says what you’ve been reading here. Slow but steady improvement in Atlanta due to job and population growth but nothing is exploding yet as we’re still crawling from the wreckage of 2007/2008. From ULI…..
‘Atlanta (35). Similar to the case for the other three major
markets that failed to make the top 20, Atlanta’s loss of employment
and the housing collapse affect interest in commercial real
estate. Median home prices in the metro area have sunk below
$100,000 and are projected to decline another 60 basis points
next year. Even with these difficulties, job growth is showing
improvement and is projected to increase 2.6 percent. GMP
looks strong as well and is projected to rise 2.9 percent in 2013,
far exceeding the city’s ten-year average. Concludes one investor,
“We will see more activity in Atlanta in 2013 as job growth
With signs of improvement, investment, development, and
homebuilding all make positive moves in overall rank. “Atlanta’s
size is something you have to look at for investments.” As in
many markets, apartments are one of the sectors suggested
for purchases in Atlanta. The industrial sector registered a buy
as well because increases in manufacturing, warehousing, and
shipping are expected in the near future. Hold is the recommendation,
however, for offices, hotels, and retail space.’