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Suppose you are out in the country and need some plastic goods for your home or you want some baby back ribs. Are you going to have to drive all the way to town to get them? How efficient is that?
Haven't you ever been to Europe, Arjay? Most people won't live way out in the country. Those that do usually have the means to pay for the extra petrol to drive into town.
Most people will live next to or near food and supply centers. In fact they can walk to them, creating smaller walkable villages that are connected to the greater urban fabric through the transportation network. Density and urbanity can exist in cozy villages as well as in cities. Trips by car are reduced or eliminated unless something needed is far away.
What is inefficient is the need to build extra and unnecessary roads and power/water utilities (wires/pipes, etc.) to every individual resident in a subdivision. Needless utilities that wear down or break after a decade or two are unsustainable and expensive. Think of how much infrastructure is WASTED in Atlanta on just a few homes because things are so far apart. Traffic is not the only side-effect of endless sprawl. This issue of unsustainability contributes to America's greater global footprint and pollution.
The era of the post-World War II American suburb is at its end. Those suburbs that retrofit their communities to the nu-urbanism model will prosper. Suburbs close to heavy rail, subways and commuter rail in other cities have already shown a nice increase in market value.
Why else do you think Atlanta's housing market has plummeted the worst in the nation? One thing that could have prevented the freefall compared to other cities was an adequate public transportation network. I firmly believe Atlanta's decline is closely tied in to this unwillingness to adapt.
You will find more people meeting these standards in Buckhead, VA Highlands, Candler Park, Druid Hills, Dunwoody, Sandy Springs, Morningside Lenox, Cascade area(in SW Atlanta), Ansley Park, Vinnings, Etc.
Vs.
Alpharetta, JC, Duluth, PTC, Forsyth, Milton, Suwanee, etc.
Haven't you ever been to Europe, Arjay? Most people won't live way out in the country. Those that do usually have the means to pay for the extra petrol to drive into town.
Most people will live next to or near food and supply centers. In fact they can walk to them, creating smaller walkable villages that are connected to the greater urban fabric through the transportation network. Density and urbanity can exist in cozy villages as well as in cities. Trips by car are reduced or eliminated unless something needed is far away.
What is inefficient is the need to build extra and unnecessary roads and power/water utilities (wires/pipes, etc.) to every individual resident in a subdivision. Needless utilities that wear down or break after a decade or two are unsustainable and expensive. Think of how much infrastructure is WASTED in Atlanta on just a few homes because things are so far apart. Traffic is not the only side-effect of endless sprawl. This issue of unsustainability contributes to America's greater global footprint and pollution.
The era of the post-World War II American suburb is at its end. Those suburbs that retrofit their communities to the nu-urbanism model will prosper. Suburbs close to heavy rail, subways and commuter rail in other cities have already shown a nice increase in market value.
Why else do you think Atlanta's housing market has plummeted the worst in the nation? One thing that could have prevented the freefall compared to other cities was an adequate public transportation network. I firmly believe Atlanta's decline is closely tied in to this unwillingness to adapt.
Agree!
How do you feel about far out exurbs like Forsyth County? I wish I could give you more rep. Points!!!
What do you think about the subdivisions of Hunters Close / Morton Chase area near Taylor Road Middle School / Chattahoochee High? We are looking at homes in the sub-200k range but under 2000-square feet. Is it possible to find well-maintained homes there in the sub-150k range?
How does the rental market look in that area? Thanks for responding.
You're making excuses for Atlanta's ****-poor planning. Royal Tunbridge Wells is NOT considered part of greater London. British cities are just too dense and well-defined. They are separated from each other by well-kept greenspace and preserved land, not endless miles of Walmarts, Applebees and McDonalds.
All British job centers are linked by both roads and rail and have almost nothing to do with annexation of this city or that one. It has to do with how people with common sense have settled around major transportation centers, or vice versa. Business leaders work with government to create an effective transportation network where everyone benefits. You don't have right-wing ninny's shouting about "socialism" every time a leader proposes more rail, which is what endlessly delays effective solutions to Atlanta's many, many issues.
Georgia's complete disregard for government intervention (or paranoia of municipalization) is what has contributed to the mess that Atlanta finds itself in today. The annexation issues are not the problem as much as is Atlanta's antiquated view of itself as "a city in a forest", which is a euphemism for sprawl and strip malls surrounded by trees.
Not making excuses--
Just stating the facts and the obvious. You don't have to like it.
First of all, I want to applaud you for looking in this area for investments. Chattahoochee is the lowest entry into the Johns Creek address. The median home price 6 months ago was $220,000 and today it is $233,000. The homes under $150,000 are flying off the shelves and there are currently 37% of the homes are under $200,000 which gives you a good opportunity to invest. I bottom rising very quickly in the past 6 months.
The median rent in Chattahoochee is $1650 which is really good. There are 19 rental listing with 196 rental closed in the past 12 month which is literally 1 month supply. Damn! that is a very tight supply. This cluster is a very very good for the landlord who is renting their investment.
The rentals average between $1150 - $1350 for Morton Chase and $1195 - $1300 for Hunter Close.
The median for Northview is $320,000 and Johns Creek High School is $440,000. The homes in Chattahoochee is a bit older will need updating. This is a reason why you will need a team, especially a good contractor who can rehabb and hold your property in Chattahoochee for 3-6 years. Hunter Close and Morton Chase are all good places to invest. I would say that concentrating here is a better bet than Collins, Peachtree Ridge, N. Gwinnett.
Home Addict, I would not say that you are a novice investor as you are targeting Chattahoochee all the way from the bay area. Have you thought about moving here and investing in the Johns Creek area? I was thinking like you three years ago of purchasing my primary residence in Irvine, California and investing in Johns Creek in terms of SFR rentals, but i just didn't see how it would be feasible to execute that strategy while living in California. Your 20% cash on cash return can quickly turn into a 5% cash on cash return if you factor in all the outside costs of being an out-of-state investor. I would not recommend investing from the other side of the country unless you have a lot of experience managing out-of-state properties.
My personal investment plan is to purchase 1 SFR in the Johns Creek area per year with a minimum of 10% below asking prices and holding them for 8-10 years and Chattahoochee cluster is one of my farm areas where I look for investment deals.
Quote:
Originally Posted by Home Addict
Back to Johns Creek homes:
What do you think about the subdivisions of Hunters Close / Morton Chase area near Taylor Road Middle School / Chattahoochee High? We are looking at homes in the sub-200k range but under 2000-square feet. Is it possible to find well-maintained homes there in the sub-150k range?
How does the rental market look in that area? Thanks for responding.
What do you think about the subdivisions of Hunters Close / Morton Chase area near Taylor Road Middle School / Chattahoochee High? We are looking at homes in the sub-200k range but under 2000-square feet. Is it possible to find well-maintained homes there in the sub-150k range?
How does the rental market look in that area? Thanks for responding.
I personally would not have rentals long distance (being in another state) unless you are able to lose money. You will have to hire people to do things for your property on site as you cannot easily travel there yourself.
If you are in a position to lose money, then maybe consider a rental property out-of-state. In my opinion, if you are somewhat seasoned at rentals, maybe take a gamble but it is a gamble, even if it looks like the properties in JC will appreciate several years down the road.
I would talk to investors who rent out houses already to get an idea of what they go through (all good, all bad). For example: worst case scenario, if you renters don't pay you and trash your property, could you absorb the loss? Just something to think about as it could happen any time and being very far away won't help at all.
The potential housing rentals in Johns Creek/Alpharetta are generally in older subdivisions that are over 15-20 years old with few exceptions. If you want to buy a house that is newer (built after 1990), most HOAs will not allow you to rent them out. For the most part, somewhat "newer" housing stock in most of metro (suburban) Atlanta primarily has HOAs that don't allow rentals.
Mr Panda's post above about rental ranges and prices is accurate and those are for older homes built in the 1980s and with that in mind, occasional repairs will be need to be made due to age. Just to note: it is very good to see thorough posts like that, pretty cool
Last edited by berkeleylake; 05-15-2012 at 03:27 PM..
Here is an asset allocation profile of multi-millionaires with a net worth of $1.4M - $6M. You can see that 29% of their average portfolio is in real estate. According to the asset allocation below a millionaire with a networth of $1M will have anywhere from $110,000 - $130,000 invested in his equity of primary residence.
Location: Mableton, GA USA (NW Atlanta suburb, 4 miles OTP)
11,334 posts, read 26,100,956 times
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Quote:
Originally Posted by aries4118
Atlanta
the city in a forest
Coming from a fairly green metro, I love the green here. Though I could not believe how beautifully green the drive to Pigeon Forge, TN was a few weeks ago. Purty...
1. The annexation component is important because I think increased municipalization will help Metro Atlanta in the long-run. However, the increased municipalization should not happen without Atlanta city proper and other current municipalities having a chance to annex/expand in order to increase their tax base and strengthen their base in general. I don't think we should create a locked-in, too-small city proper.
2. Because Dunwoody/SS is a major job center--especially the Perimeter Center area. In other metro areas, the Perimeter Center area would be within the city proper limits. Atlanta is multi-polar...so a lot people in South Forysth are probably commuting to Dunwoody/SS or other similar distances. They are officially suburbs, but commuting to them is really like commuting to the "city." I personally think Dunwoody and SS should be within the Atlanta city limits.
It is not fair to judge Atlanta as uni-polar when it is not--and we have to remember the annexation issues created by antiquated Georgia laws.
1. Agree
2. Atlanta should definitely expand, just mostly inside the perimeter.
Other Points:
A. You we mentiong 30-40 miles is not that much of a commute. I honestly do not want to come off as rude, but are you for real . That is 60-80 miles a day. How is that sustainable? How is that healthy?
B. Tunbridge Wells is in the middle of nowhere. Just countryside (albeit beautiful). It is at least 15 miles from the closest highway. Just because one can commute from an area to a city does not mean that it should be part of the Metro area. When high speed 2 is completed from London to Birmingham the journey time will be cut to 49 minutes. That is quicker than the time it takes your friend from Tunbridge. So, should Birmingham be considered part of Greater London?
C. I will give S. Forysth credit as a suburb, albeit a very far one because of its density. That being said the MSA needs to be cut. The core 5 counties all have density over 1,000 people/sq mile. How are the classed in the same area as Paulding (262/sq mile); Carroll (171/sq mile); Dawson (76/sq mile); & Jasper (31/sq mile)?
D. Lastly, about the city of trees. Look at a satellite map of Atlanta. I agree with on the City of Atlanta, SS, Parts of Dunwoody/Roswell/E.Cobb/Peachtree Corners/Vinings. The places listed all have decent trees. Just look at the map. North of that I do not agree with you. It is mostly subdivisions with bushes and a handful of trees. Nothing wrong with that. A brilliant example is the Blackstone (or as my friends call it brownstone) in J.C. Barely a tree in sight, all clear cut. I was flying back to town today and had a window seat & the new subdivisions in South Dekalb are just the same.
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. That is 60-80 miles a day. How is that sustainable? How is that healthy?
