{ June 2nd, 2011 }
Atlanta’s Real Estate Ring of Death
The Vacant, Developed Lot: The Hallmark of The Ring of Death
Steve Palm of Smart Numbers, one of Atlanta’s premier real estate data
analysts, was on the tube last night telling the public what real estate
insiders have known for quite some time: Atlanta’s core* is surrounded by a
ring of counties that might never see significant real estate development in
our lifetime.
Dubbed by Palm as the “Ring of Death”, the area is comprised of Paulding,
Carroll, Douglas, South Fulton, Clayton, Henry, Newton, Barrow, parts of far
east Gwinnett, Hall and the northernmost parts of Cherokee counties. These
counties all share in the same general circumstances: previous
over-development, a glut of vacant lots and undesirable commutes to Atlanta.
This isn’t to say that real estate isn’t selling in this area, just that new
construction no longer makes financial sense. A few key takeaways from
Palm: “New homes can’t compete with the resales. There’s so many
foreclosures, and they’re discounted so much, we can’t build a home cheap
enough to go up against them.”
Watch the video, and read the complete article over at WSB’s website. It’ll
make you glad that you don’t own a couple hundred developed lots in Clayton
County.
* City of Atlanta, North Fulton, Cobb, Dekalb and Gwinnett
Photo Credit: Macon.com
