Brian Vanderhoff's North Fulton Real Estate Blog: May 2014

Northfulton.com

New entertainment center along Ga. 400

by Jonathan Copseywrite the author

ALPHARETTA, Ga. – After much hype, the new golfing entertainment venue Topgolf opened May 20 to excited golfers.

Employing about 450 people, the 60,000-square-foot location sits on 12 acres alongside Westside Parkway and boasts 102 golfing bays that allow golfers to hit balls into a large open field filled with multi-colored rings. Each special golf ball has a microchip inside that tracks it and scores the player, turning the game of golf into more of a game and making it open to more casual golfers.

"We introduce more people to the game of golf than any other entity," said Brian Harper, Topgolf's director of sales.

The Alpharetta location is the company's first foray into the Southeast. They have other locations throughout the country.

The company aims to be accessible to the entire family, keeping both lovers of the game entertained as well as those who are more casual players.

"It's going to be an amazing summer at Topgolf," said Topgolf Alpharetta Director of Operations Bob Dodson. "We will be hosting golf tournaments, daytime clinics for kids, Monday evening leagues, themed costume parties and live music every Thursday, Friday and Saturday night on our rooftop terrace. Even if you don't play golf, there will be no shortage of things to do at Topgolf."

Topgolf estimates that it will serve 450,000 visitors in Alpharetta in its first year of operation, with a 10-year economic output in excess of $264 million.

Topgolf Alpharetta is located at 10900 Westside Parkway off Ga. 400 in Alpharetta. For more information, visit www.topgolf.com/alpharetta.

Labels: Alpharetta, Topgolf

Georgia DNR said boating incidents over the holiday weekend were similar to 2013.

Labels: accidents, boating, Drownings, memorial day

The free inspection will be held Thursday, June 12 at Fire Station No. 1 at 2970 Webb Bridge Road.

Labels: Child safety seat inspection

Court rules in favor of bond issuance for construction of new Atlanta Falcons stadium.

Labels: New falcons stadium

Amy Wenk
Staff Writer-
Atlanta Business Chronicle

San Diego developer OliverMcMillan has confirmed 28 retailers and restaurants for its massive Buckhead Atlanta mixed-use project after months of being silent.
The list comes as the project gears up to open its first stores in September (pushed back from July). It includes several first-to-market retailers including French footwear designer Christian Louboutin and Italian fashion house Helmut Lang. Retailers will open through the holiday season and into early 2015, says OliverMcMillan.


“Visitors to Buckhead Atlanta will find themselves in one of the most unique and sophisticated shopping experiences in the Southeast,” Morgan Dene Oliver, CEO of OliverMcMillan, said in an announcement. “These new tenants, combined with Buckhead Atlanta’s meticulously landscaped avenues and cobbled streets, will combine to make a remarkable fashion destination.”
Atlanta Business Chronicle already had uncovered several of the tenants by obtaining plans and permits filed with the city of Atlanta.

Here is the list of retailers and restaurants:

Retailers:

Swiss fashion label Akris will open its fifth U.S. boutique in a 2,164 square foot space at Buckhead Avenue.
Luxury purse consignment store Bella Bag will open its 1,178 square foot boutique at Peachtree Road.
Brunello Cucinelli, a luxury Italian retailer known for fine cashmere fashions, will open its first Atlanta location in 2,491 square feet on Bolling Way;
Canali, a specialist in tailor-made suiting and men’s clothing will open a 2,111 square foot space on Buckhead Avenue.
French footwear designer Christian Louboutin will open its first Atlanta location in a 1,787 square foot space at Bolling Way.
diptyque, a French perfumer, will open its first Atlanta boutique in 496 square feet at Bolling Way.
Luxury Italian fashion label Etro will open a 2,214 square foot store on Buckhead Avenue.
Italian fashion house Helmut Lang will open its first Atlanta location in a 2,116 square foot space on Buckhead Avenue.
Hermès, a French purveyor of leather, accessories, luxury goods and ready-to-wear will open in a 4,100 square foot space on Buckhead Avenue and Bolling Way.
British high fashion house Jimmy Choo will open its footwear boutique in 2,162 square feet of space at the corner of Buckhead Avenue.
L’Occitane, producer of French beauty and skincare products will open a 2,784 square foot space on Buckhead Avenue.
Luxury retailer Moncler plans to open a 1,899 square foot space on Bolling Way to showcase its ski-inspired fashion.
Scoop NYC, retailer of luxury, designer and contemporary ready-to-wear apparel, will open a 2,461 square foot space on Buckhead Avenue.
Shapewear innovator Spanx will open its flagship store in 2,999 square feet on Bolling Way.
Theory, a minimalist fashion label started in New York, will open its first Atlanta location in a 2,580 square foot space at Bolling Way.
Italian shoe and leather goods designer Tod’s will open its first Atlanta location in 2,101 square feet at Buckhead Avenue.

Restaurants:

American Cut, an upscale American steakhouse, will open its first Atlanta location in a 10,000 square foot space on Peachtree Road.
Fine dining restaurant American F+B will open its first Atlanta eatery in a 6,370 square foot space on Buckhead Avenue.
Corso Coffee, an Italian-style coffee bar featuring handcrafted beverages, great food and live music will open its Atlanta outpost in a 1,596 square foot space on Peachtree Road.
Doraku Sushi, a sushi and sake outpost with locations from Miami to Ho Chi Min City, Vietnam opens its first Atlanta location in 2,725 square feet on East Paces Ferry Road.
Georgetown Cupcake, a gourmet cupcake purveyor, will open in 2,700 square feet on East Paces Ferry Road.
Spanish fusion restaurant Gypsy Kitchen will open in a 3,750 square foot space on Peachtree Road.
New York hotspot Le Bilboquet will open in a 3,686 square foot space on Bolling Way for breakfast, lunch and dinner;
Lugo Caffé, an Italian concept specializing in handmade pastas will open in 6,050 square feet on Buckhead Avenue;
An Atlanta outpost of New York-based Shake Shack, plans to open in a 2,500 square foot space on Peachtree Road.
The Southern Gentleman, a gastropub featuring farm-sourced ingredients, will open in a 3,750 square foot space on Peachtree Road.
Purveyor of artisan pizzas Thirteen Pies will open in 4,300 square feet of space on Buckhead Avenue.
Qing Mu, a noodle restaurant from the owners of Doraku Sushi, will be a brand new restaurant concept that will debut at Buckhead Atlanta in 2,725 square feet on East Paces Ferry Road.

Amy Wenk covers hospitality, retail and restaurants.

Labels: buckhead, Oliver McMillan

TripAdvisor.com users have selected Georgia as the No. 1 state in the U.S for barbecue and named three Georgia barbecue restaurants to its Top 10 barbecue restaurants list.
The travel website says, “From sweet and saucy to simple and smoky, these spots serve up low-and-slow cooked meats that are sure to satisfy any travelers' tastes.”
The Top 10 barbecue states are:
Georgia
North Carolina
Texas
Missouri
Tennessee
South Carolina
Florida
Illinois
California
Kansas
The three Georgia restaurants listed are: Wiley’s Championship BBQ (Savannah); Jim’s Smokin’ Que (Blairsville) and Joe’s BBQ(Blue Ridge).

Labels: BBQ, Georgia

by Aldo Nahedwrite the author www.northfulton.com


May 02, 2014
FORSYTH COUNTY, Ga. — Initial plans were submitted for a development in west Forsyth County that hopes to build a housing complex of 572 houses and 124 townhomes on 443 acres.

Lennar Georgia, whose offices are in Roswell, has plans to build The Mountain Crest project, which consists of 572 single-family homes and 124 townhouses west of Cumming on 443 acres along Chamblee Gap Road and Brookfield Circle off Bethelview Road, according to a zoning application filed with Forsyth County Planning and Development.

The proposed $280 million project, to take place over multiple phases through 2022, would include a trail network to the Big Creek Greenway, according to a Development of Regional Impact filing with the state Department of Community Affairs.

The property owners include Pete Amos, a business owner and Forsyth County Board of Commission chairman, along with his wife Catherine Amos, Slate Properties and Cheatam Creek. The attorney representing the development is Josh Scoggins of Lipscomb, Johnson, Sleister, Dailey and Smith.

"It's been in our families for over 60 years, and I can't take care of it anymore," said Pete Amos. "My son doesn't want to be a farmer, so it's time to sell."

The development calls for 1.6 units per acre.

"I think the development has 200 acres of green space," Amos said. "What other development has that much green space? We took the best developer out there and Lennar did a good job with it."

As a first step, anything that has over 300 lots applied with the county must go before the Georgia Mountains Regional Commission, and nothing can be done before the comments are addressed.

This used to be a common practice with the development boom of the county in the early and mid-2000s.

This is the first development to undergo this in a long time, Amos said.

The next step is the variance the applicant is requesting, which includes a reduction in the required commercial and office use of the land developed from 25 percent to zero. The applicant is also requesting a reduction in the stream buffer, or area around a stream, from 50 feet to 25 feet.

For more information on this zoning, visit http://bit.ly/1oartK8.

Labels: Forsyth, Forsyth County, Housing complex, Lennar

Topping out party means NAP passing baton to new tenants

by Hatcher Hurdwrite the author www.northfulton.com

AVALON_CLOCK_HORIZ_w
Avalon, North Fulton's $600 million project, is slated to open its first phase Oct. 30. (click for larger version)
April 28, 2014
ALPHARETTA, Ga. – Avalon had a party last week to celebrate another milestone – the "topping out" of the property. That is the setting of the last beam in the last building of the retail quarter of what will eventually be North American Properties' $600 million mixed-use residential, commercial and office playland of North Fulton.

But North American Properties Managing Partner Mark Toro and his associates had much more to celebrate than the end of principal construction (although finishings will take another six months). Toro has a whopping 93 percent of the property signed to leases with another 4 percent of the property in the last stages of negotiations for leases.

"In effect, we are 100 percent leased with six months to go. That is practically unheard of," Toro said.

In all, there will be 500,000 square feet of retail on 87 acres.

There has been so much interest in the residential components of the property – both single-family and luxury rental units (Avalon doesn't use the word "apartment") – that they won't discuss prices yet.

Michael Davis, service development manager for NAP, said there are 1,400 firm letters of interest for the 101 Monte Hewitt homes on Avalon property. Sotheby's International Realty, the leasing agency, received more than 900 letters of interest in the first three weeks of solicitation.

"We're still six months away from opening. We just don't know yet what sort of numbers these properties are going to generate," Davis said.

Avalon officials did say they expect the250 luxury units above the retail to start around $2 per square foot. One bedroom units will range from around 812 square feet to 1,100 square feet. The two-bedroom, 2.5 bath units range from 1,200 square feet to 1,789 square feet.

Likewise, Monte Hewitt Homes has not yet set home values for the 22 single-family homes and some 75 courtyard attached-homes planned. With around 1,500 letters of interest in hand and construction more than a year away, the company has not been able to establish value yet.

The 108,000 square feet of office loft space above retail is 54 percent pre-leased. Even the architect is moving in. Lamar Wakefield of Wakefield Beasley and Associates will relocate corporate offices from Norcross to a prime spot with 3,200 square feet overlooking the central fountain of Avalon.

Retail Avalon space begins at $32 per square foot and tops at $45 a square foot. Most shells for retailers to finish are around 225 square feet.

It will also be a gigabyte community, which means for $99 a month, anyone can have a gigabyte of data online, some of the fastest speeds commercially available.

Speaking to his guests at the topping out party, Toro said they were surrounded by the first $370 million of investment coming up out of the ground.

It is all for what Toro calls "experiential lifestyle." People won't come to just shop or just eat at one of Avalon's "killer" restaurants. Instead it will all be part of an Avalon experience that in turn pampers, amazes and spoils visitors and residents alike.

And there is more to come. When the market is ready, another $350 million in Class A office space is ready for development. Alpharetta officials also are negotiating a public-private partnership in a five-star hotel and convention center.

"No one has been more supportive than the city of Alpharetta," Toro said. "That didn't mean they made it easy for us though. But they helped make it great."

Alpharetta Mayor David Belle Isle in turn had words of praise for Avalon.

"It is just one more great thing – a marvelous thing – that makes this city a special place," Belle Isle said.

Fulton County Commissioner Liz Hausmann echoed those thoughts calling Avalon "one more piece of the puzzle" that generates tax revenue, creates jobs and attracts more jobs and development to Fulton County.

"Avalon will generate $21 million in sales tax alone. Another $4.5 million in property taxes and $2.1 million for the hotel-motel tax will come from Avalon. When you have to deal with Fulton County's $100 million shortfall and cutting much needed services, you can really appreciate what Avalon has done here," Hausmann said.

Greater North Fulton Chamber of Commerce President Brandon Beach branded Avalon as an "iconic and transformational" development for North Fulton.

"Today, we can see that this is true. It is iconic, and it is transformational. And you just don't see many $600 million developments being built," he said.

MH 04-30-14

Labels: Alpharetta, Avalon, homes for Sale, milton

The latest Case-Shiller Index was published on Tuesday, April 29th 2014. As always, the index reports on data 60 days in arrears. Therefore, the index reports Metro Atlanta home values for February 2013. So what does the latest index show and what does that mean for home values in Metro Atlanta? Home values have significantly improved and are now stabilizing. To properly assess the Case-Shiller Index data, two important considerations must be taken into account. First, the Case-Shiller index of home values is very different from average sale prices or median homes prices. The Case-Shiller Index reports on repeat properties sold, which are generally better indicators of home values. Second, this index reflects average home values for all of Metro Atlanta. Remember, real estate is local and every market is different. Your local BHHS Georgia Properties agent can help you understand the specific metrics in your local market.

Now for the news…. Average home prices for the National 20-City Index remained relatively unchanged compared to last month and increased 12.9% over the same month a year ago. While these numbers remain very positive, we must bear in mind that home prices are still down 17.49% from the peak of July 2007. The February index for Atlanta is 112.60. This is the fifth month in a row that the index has reported a small decrease. This signals that home values are leveling off for many markets. Las Vegas, San Diego, Los Angeles and San Francisco continue to have the highest year-over-year price increases. These were closely followed by Atlanta, Miami, Detroit and Phoenix. New York, Cleveland and Charlotte showed the smallest year-over-year improvements.

The Metro Atlanta real estate market continues to show signs of moving back to a normal market. Listing inventory is up 23.9% from the bottom of February 2013. Inventory is up 6.8% from last month and up 18.9% from the same month last year. Closings were up 17.8% from last month and down 12.4% from the same month last year. Months of inventory are now 4.7 months based upon the latest closed sales trend. Six months supply is considered normal. Buyer activity remains strong led by baby boomers and first-time buyers. At the same time, the pace of pre-foreclosures (notices of default) and foreclosures has slowed dramatically. Resales and new homes are outpacing bank-owned sales. New Homes are making a significant comeback. Right now there is very low new homes inventory due to the high absorption and pre-sales are emerging again. In the next few years, new homes will become a more significant part of the inventory and closed sales. Your local Berkshire Hathaway HomeServices Georgia Properties agent can show you the specific conditions in your market so you can make the best real estate decisions.

What a change from a few years ago! Metro Atlanta Home Values are up 37% from the most recent low point of February 2012 according to the Case-Shiller Index. But remain down 17.49% from the peak of July 2007. View the graph of the monthly Case-Shiller results from 2010, 2011, 2012, 2013 and 2014.





If you look back further at home values (see chart below), you can see that we had a bubble in homes values. As with many cyclical markets, we over-corrected with values that were well below the normal patterns. Now, we appear to be back on the normal trend line!





This chart shows the “months supply” based upon price ranges. As you can see, the supply is very low in the lower price ranges. Investors have been very active in these price ranges but that has slowed considerably. As you get to the luxury market, there is more supply available based on the slower rate of closed sales. Contact your local Berkshire Hathaway HomeServices Georgia Properties agent to see the latest trends in your specific area.



If you look at the average annual Case-Shiller index for each year, here is how homes purchased in recent years would compare to the current index:

Homes Bought in 2000 – Gain 9.08%
Homes Bought in 2001 – Gain of 3.29%
Homes Bought in 2002 – Gain of .54%
Homes Bought in 2003 – Loss of 3.67%
Homes Bought in 2004 – Loss of 6.95%
Homes Bought in 2005 – Loss of 11.42%
Homes Bought in 2006 – Loss of 15.46%
Homes Bought in 2007 – Loss of 16.00%
Homes Bought in 2008 – Loss of 8.19%
Homes Bought in 2009 – Gain of 3.87%
Homes Bought in 2010 – Gain of 6.46%
Homes Bought in 2011 – Gain of 14.48%
Homes Bought in 2012 – Gain of 24.12%

Yes, we are slowly climbing our way out of this unprecedented housing crisis. So where will home values go from here? The key factors that will impact our home values include the following:

Demand from Buyers: The long-term trend for buyer demand is strong as buyers take advantage while prices remain below replacement costs and mortgage financing is historically low. We continue to see significant pent-up demand for new household formation from first time buyers and a very active baby boomer market. The economic indicators remain very positive with the exception of household disposable income remaining flat. We will be watching the buyer trends closely this spring to determine of we have any changes in the leading indicators.

Mortgage Rates/ Credit Availability: Average mortgage rates in the past 50 years were 8%. Rates remain historically low but the long-term trend is higher. Freddie Mac and the Mortgage Bankers Association predict mortgage rates to rise to over 5% in 2014 and 6% in 2015. Barring any major geo-political issues that impact or economy or fuel inflation, we expect to see rates in the 6-8% range again in 3-5 years.

Supply/ Inventory Levels: The inventory has been rising over the past few months as we move toward a more normal level of supply. New homes will become a more significant part of the overall inventory by the spring. Every market is different and we have some local markets where desirable inventory remains very low.

Competition from Short Sales/ Foreclosures: In 2010, RealValuator reports that short sales and foreclosures were over 60% of the transactions sold but have dropped to only a few hundred transactions per month in 2014. Resales and new homes are significantly outpacing short sales and bank-owned properties.

New Homes Make A Comeback: New Home starts are rising and will slowly but surely become a major factor for Metro Atlanta real estate. In 3-5 years, we expect New Homes to return to 40%-45% of the inventory and closed sales. For resale owners, your competition will shift from foreclosures & short sales to new homes. But there is a silver lining since the costs of building is going up. Higher new home prices may also help bring up values for resales.

It is clear that the housing market for the Greater Metro Atlanta area is improving. Right now, we still have prices below replacement costs and incredible mortgage rates. But the trends for mortgage rates are upward. Many buyers and sellers need to act quickly before their buying power is impacted significantly. In 5 or 10 years, many will look back and regret not buying their dream home when they had the chance! The cost of waiting could be quite significant. Check back for our next posts with the latest facts and insight that can make you money!

Labels: 2014, Alpharetta, Atlanta Case-Shiller April 2014, Cumming, home values, milton