New Construction Projects You NEED To Know About in Metro ATL
If you saw my most recent video about the state of the real estate market here in the Northeast Metro Atlanta area, you would know that many of the current pain points stem from a major lack of inventory. The good news is that there are numerous new communities going up all over the North Metro, with many more planned for the future. Major New Neighborhoods and Developments Some areas in the North Metro are at maximum capacity and don’t have any more room for new construction neighborhoods, while other towns are full of undeveloped land that is expected to see major developments over the next few years. Here are some neighborhoods you should keep your eyes on: 1. Gainesville Township One of the first big neighborhoods to know about is in Gainesville. A huge new master-planned community is currently underway, just 3 miles from the downtown Gainesville square and 5 miles from Lake Lanier. This community will be similar to Sterling on the Lake, a massive master-planned neighborhood with several different styles of homes, builders, and tons of amenities. Gainesville Township will include: The Manor at Gainesville Township: The first section to break ground, with single-family homes starting in the mid $500,000s for slab homes and mid $600,000s for homes with basements. Artisan Builders: Building semi-custom homes where you can choose some of your finishes and selections. Lenar Homes: Another builder involved in the community, with a third builder yet to be announced who will build townhomes. This mixed-use development will span over 1,000 acres, including: 2,400 residential units: 1,400 single-family homes, 300 townhouses, and 640 multi-family units. 75,000 square feet of commercial space. 645 acres of green space. Amenities: clubhouse, swim center, tennis courts, pickleball courts, disc golf course, walking trails, and a dog park. This project is expected to take 10 to 14 years to complete, so buying in early can be more affordable, though you may have to deal with ongoing construction. 2. Braselton Village Another neighborhood to watch is Braselton Village, being built by DR Horton in Braselton. While DR Horton has mixed reviews, they offer more affordable new construction options without having to drive far out. Braselton Village will include: Around 300 homes with four different floor plans. Limited design selections: a few options for exterior elevations and kitchen cabinet colors. Amenities: clubhouse, pool, playground, tennis and pickleball courts, projected to be complete by summer 2025. HOA fees: around $750 per year, even before amenities are finished. Located conveniently near a Publix grocery store shopping center and across the street from Chateau Elan (a resort winery and golf course), Braselton Village is also close to Interstate 85 and the Braselton campus of the Northeast Georgia Medical Center. However, ongoing road construction might cause some headaches in the meantime. Additional Proposed Developments There are many proposed communities in the area: A 302-home development near Winder Highway and Georgia State Route 53. Three more townhome communities within a 10-minute radius, each with over 100 townhouses. Additionally, a major project called Thompson Mill Village is proposed, aiming to create a mixed-use development similar to Avalon in Alpharetta. This project will include: Over 1,500 residential units: condos, townhomes, apartments, and senior living units. A 200-room hotel. Nearly 800,000 square feet of commercial space. Located near the Northeast Georgia Medical Center Braselton campus and Chateau Elan. KeyPoint Clearly, the Northeast Metro Atlanta area is experiencing significant growth, with plenty of room for new developments in Gainesville and Braselton. These projects promise to bring more housing options, amenities, and commercial spaces to the region, making it an exciting time to consider moving to or investing in these areas.
WORST Time to Buy?! 2024 Mid Year Real Estate Market Update
The real estate market in Northeast Metro Atlanta has been unpredictable in 2024, with dramatic shifts from sky-high bidding wars at the start of the year to a noticeable slowdown as summer progresses. Let's dive into what's happening and what you need to know. The Current Market Landscape Interest rates have been a significant factor this year, hovering in the high 6% to low 7% range. This increase has made monthly payments significantly higher than in previous years, affecting buyers' purchasing power. While the year started with high demand and limited inventory, leading to competitive bidding wars, the market has cooled down as buyers become more cautious due to higher interest rates and home prices. High Demand Areas Despite the overall slowdown, some areas like Alpharetta, Suwanee, and Johns Creek remain highly sought after. These areas continue to thrive due to their excellent schools, strong job markets, and ongoing developments. New neighborhoods and amenities in these towns have increased housing options and demand. Slower Markets In contrast, smaller towns and less popular areas have seen a more significant slowdown. Homes in these areas are staying on the market longer, especially those that need work or are not in ideal locations. The disparity between high-demand areas and slower markets creates a mixed picture for the overall real estate market. The Impact of Interest Rates Interest rates play a crucial role in shaping the market. The Federal Reserve's decisions on rate cuts have a significant impact on mortgage rates. If interest rates stabilize or decrease later this year, it could draw more buyers into the market, improving affordability. However, this could also lead to increased competition and higher home prices, creating a catch-22 situation for buyers. Inventory and Market Stability Inventory levels have been tight, contributing to high home prices. While we are seeing a gradual increase in listings, especially now that school is out for the summer, it's not enough to meet the demand. More inventory is needed to stabilize home prices and create a more predictable market. Rental Market Changes As home ownership becomes more challenging, the demand for rental properties has increased, leading to higher rental rates. Investors have significantly impacted the rental market by purchasing a large portion of real estate in the area, often with cash offers, making it harder for first-time homebuyers and increasing rental prices. Looking Ahead The second half of 2024 will be shaped by several factors, with interest rates being a major influence. If rates decrease, it could bring more buyers into the market, but also increase competition and home prices. The regional economy and employment rates will also play a crucial role in maintaining high demand for housing. KeyPoint If you're considering relocating to Georgia, the decision ultimately comes down to your priorities and financial situation. While interest rates are high, home prices in Northeast Metro Atlanta are still relatively lower than in many other states. The key is to evaluate your goals, budget, and available options, and work with a knowledgeable real estate agent and lender to make the best decision for you and your family. Whether you're moving for work, to be closer to family, or to improve your quality of life, now might still be a great time to find your dream home in Georgia. If you need guidance, I'm here to help. Feel free to reach out through the link in my pinned comment below. Happy house hunting!
Lake Lanier Home Buying Mistakes! What You Need to Know
Living on Lake Lanier is an incredible experience, blending natural beauty with modern conveniences just a stone’s throw away. Whether you’re into fishing, boating, or simply soaking in the serene views, lake living has its unique charm. However, before you dive into buying a home here, there are a few things you should know to avoid turning your dream home into a financial headache. Current Market Snapshot As of now, there are 252 houses listed on the local MLS system for Lake Lanier. Not all of these are true lakefront properties—some are nearby, some are just lots, and others might lack dock access. With higher interest rates, demand has dipped, giving buyers more room to negotiate than in previous years. Pricing Insights Expect to pay at least $700,000 for a home with its own dock on Lake Lanier. While there are properties below this price point, they may require significant work or have less ideal dock situations. Many buyers are surprised when they see homes in person—they can be smaller, have complex lots, or need extensive repairs. Hidden Costs: Property Taxes Property taxes on Lake Lanier homes are higher due to the increased home values. In Hall County, taxes are calculated based on the linear feet along the shoreline, which can inflate your tax bill if you have substantial frontage, even if that land is not fully usable. Short-Term Rental Restrictions If you're thinking about using your lake home as an Airbnb or short-term rental, be cautious. In Forsyth County, you can’t get a short-term rental license unless the property is zoned agricultural, which is rare. While you’ll find listings on rental sites, these owners risk hefty fines. Other areas around the lake like Gainesville or Buford might offer more flexibility. Dealing with the Army Corps of Engineers The Army Corps of Engineers controls Lake Lanier, and getting their approval for changes to your property can be slow and frustrating. From dock transfers to tree removals, be prepared for delays. Even for necessary maintenance, like removing a potentially hazardous tree, approval can take time and patience. Water Levels and Location Trade-offs Water levels on Lake Lanier are managed by a dam, so they fluctuate. During droughts, docks in coves might find themselves on dry land. When buying, ask about the depth of water under the dock during low levels, and use tools like Google Maps to check historical water trends. Convenience vs. Views Finding a home that perfectly balances lake views, easy dock access, and proximity to amenities is tough and often expensive. You’ll likely need to compromise. Prioritize what’s most important to you—whether it’s a stunning view, a gentle walk to the dock, or being close to shops and restaurants. Personal Experience: Compromise and Reward Living on the lake is immensely rewarding, even if it means compromising. Personally, I settled for an older house in a great location with a gentle walk to the dock. After extensive renovations, it’s now my dream home. The joy of lake living—like evening boat rides and weekend gatherings with friends—makes all the effort worthwhile. KeyPoint Buying a home on Lake Lanier can be a dream come true, but it comes with its unique set of challenges. From understanding the market and property taxes to navigating short-term rental restrictions and dealing with the Army Corps of Engineers, there’s a lot to consider. Remember, compromise is often part of the process, but the rewards of living on the lake—spectacular views, easy access to water activities, and the serene environment—make it all worthwhile. If you're thinking about making Lake Lanier your home, reach out! With the right guidance and a clear understanding of what to expect, you can find the perfect spot to enjoy all the benefits of lakeside living. Happy house hunting! Considering a Move to Lake Lanier? If Lake Lanier is calling your name, take the plunge! The rewards of lakefront living are numerous, and with the right guidance, you can navigate the quirks and challenges. Ready to start your journey? Reach out to me, and let’s find your perfect lake home together!
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