Poncey Highland is perhaps the most overlooked of the intown Atlanta neighborhoods. Despite being under appreciated it’s poised to make waves. The makings are there: real estate values to the North (Virginia Highland) and the South (Inman Park) are traditionally higher, a burgeoning retail/restaurant scene that’s home to not one but two Top Chef alums, and it’s zoned for the popular Springdale Park Elementary School. Of course, it also has its share of challenges: neighboring Ponce de Leon Avenue (not exactly a negative, but definitely a set back) and a reputation for being a haven for rental properties. But two current projects might change everything.
If the redevelopment of City Hall East- known henceforth as Ponce City Market- go according to plans, the neighborhood has a game changer on its hands. It’s not often that a two million square foot redevelopment project is announced, and Poncey Highland’s adjacency to the project makes this neighborhood one to watch. The developer is dropping $180 million on redeveloping the project, which will bring upscale office space, a Pikes Place type market and other high-end amenities to the neighborhood.
Project #2 is the completion of the Northeast Trail of the Atlanta BeltLine. This 3.5 mile stretch cuts through Poncey Highland, connecting residents with more than just a quaint little jogging path. One of the knocks on the neighborhood has always been basic geography: it’s isolated by two major roads (the aforementioned Ponce de Leon, and Freedom Parkway). With the completion of the Northeast Trail, residents will no longer be as dependent on their cars, with an opportunity to walk to destinations including Piedmont Park, Midtown Arts Cinema, Old Fourth Ward Park, Dad’s Garage Theatre and more restaurants and shops than I could possibly begin to list. Another huge score for the neighborhood.
With the future of Poncey Highland in mind, let’s take a quick peak at Q1 and Q2 sales in the neighborhood over the last five years:
YEAR # of Sales Avg. Sales Price Avg. Days On Mkt Avg. SP/LP
2007 7 $453,986 35 91%
2008 2 $423,500 48 94%
2009 5 $394,260 58 91%
2010 3 $454,667 40 90%
2011 7 $413,857 41 94%
Not a huge sample size to work with- this impact results from disproportionately fewer transactions in recent years, as well as years where one particular house outsells the market significantly (a house in 2010 sold for $730,000, which really skews the numbers). Interesting factors to note:
1. 2011 is the best year since 2007 for total transactions.
2. Average sales price fluctuates pretty wildly, but we’ve seen about 10% depreciation since the first half of 2007.
3. Days On Market also varies, but it appears that inventory isn’t sitting for as long as it did during the gloomy days of 2008 and 2009.
4. Average Sales Price to List Price is improving… although one year of data is certainly not a trend.
Keep an eye on Poncey Highland as the aforementioned projects begin to take hold. As the intown Atlanta Real Estate market begins to make its ascent from the bottom, it might very well be the next big thing.
The Relevant Linkage
*Source FMLS. SP= Sales Price, LP= Original List Price
*Image Credit: Flickr/ReadyMade Magazine