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Grant Park Single Family Market Analysis

I completed a Sales Analysis this week for Single Family Properties in Grant Park. Less than 32% of all so-called “Grant Park” listings sold last year. That is a percentage that holds up for most Intown Atlanta and Decatur neighborhoods right now, but when I realized that there is also a significant downward trend in prices, I decided that I needed to keep an eye on things in 2008.

I love Grant Park. Some of the coolest houses in Atlanta are in Grant Park. The park itself is just gorgeous, and the Summer in the Shade Festival in August is among the best of Atlanta’s festivals. Add a Zoo, a swimming pool and a Cyclorama, and you have a uniquely wonderful neighborhood. Add The Cooperative Preschool and the Charter School and the value really goes up. Add Six Feet Under, and a few other terrific restaurants, and the neighborhood provides a huge value, dollar for dollar, over Intown Atlanta neighborhoods to the north.

The Intown Insider is NOT Six Feet Under

The data below is compiled in the following manner: Date range of recorded sales, total number of units SOLD, average type of house sold (always a 3 bedroom, 2 and a half bath) average Original List Price (OLP), average altered List price (LP) and average number of Days on Market (DOM). All dollar amounts are in the thousands. Here’s the data.

12/31/2004-12/31/2005, 193 sales, average 3/2/1 OLP $302, SP $275, DOM 68

Grant Park SOLD 12312004-12312005

1/1/2006-12/31/2006, 186 sales, average 3/2/1 OLP $286, SP $269, DOM 74

Grant Park SOLD 01012006-12312006

1/1/2007-12/31/2007, 167 sales, average 3/2/1 OLP $288, SP $272, DOM 75

Grant Park SOLD 01012007-12312007

End of year SOLD between 9/30/2007 and today … 29 total sales, average 3/2/1 OLP $268, LP $257, SP $249, DOM 69

Grant Park SOLD End of Year 2007 since 9302007

Here’s the tough one – Pending Sales Right now – 21 Pending to close, average 3/2/1 OLP $206, List Price $200

Grant Park Pending Sales as of January 27th, 2008

What do all of those numbers mean to you? Well, you probably have an amazing grasp of the obvious, but let me point out that the average sales price for Grant Park has been pretty stable for 3 years in a row, but the lack of activity at the end of 2007, and the average drop in price at the end of 2007 by 10% makes a Grant Park buy quite favorable. If the pending sales right now are a leading indicator, then activity in Grant Park in the lower price range is pretty good and the average SOLD price in the first quarter of 2008 will be about 30% less than the 3 year average. Wow!

Since the total Expired or Withdrawn in Grant Park since 12/31/2006 is 364 listings, the overall health of the Buyer’s Market in Grant Park looks superb for 2008. All together, this means that less than 32% of all so-called “Grant Park” listings sold last year.

There are currently 158 Active “GRANT PARK” listings ranging in price from a near perfect 1903 restoration on Rosalia for $799,900 to a 1/1 dump for $44,900 that’s 3 blocks from Turner Field. The lowest priced listing that truly resides in Grant Park is a 3/1 in need of work that is on Glenwood, in full sight of I-20, for $139,900.00.

Which brings me to another subject, which is the evil bastardization of the name Grant Park. Almost half of the 158 Active listings in FMLS are not actually in Grant Park! Which means that all of this research is based on the flimsy data created by real estate agents in FMLS. Let the Buyer beware…

Grant Park is the second most bastardized and misappropriated neighborhood nomenclature in metropolitan Atlanta. I believe that no neighborhood can even touch the bastardization of the name Vinings. As a quick side note, I’ll end this diatribe with the following – stop calling Vinings “The Vinings” and stop calling Virginia Highland “Virginia Highlands.” Here’s some of the bastardizations of the great neighborhood of Grant Park all of which come from current, Active FMLS listing data.

GRANT PARK PEOPLESTOWN (if it’s west of Hill Street, and South of Atlanta Ave then it’s Peoplestown, not Grant Park) GRANT PARK TURNER FIELD (near Turner Field? Peoplestown, unless it’s North of Georgia Avenue – that’s Summerhill. Turner Field is a baseball stadium.) GRANT PARK ORMEWOOD (one, or the other and no such thing as simply Ormewood, it’s Ormewood Park) GRANT PARK CHOSEWOOD PARK or my favorite, Grant Park Chosewood Pa (Chosewood is south of the proposed Beltline and north of the prison and definitely not Grant Park) GRANT PARK BOULEVARD HEIGHTS (Boulevard Heights is a cluster of streets south of the proposed Beltline and west of the State of Georgia Confederate Avenue Complex, but not Grant Park)… GRANT PARKCABBAGETOWN (no such thing Cabbagetown is North of Memorial, and West of Pearl – a listing on Narrow Street is actually in Grant Park, it’s simply in the northern section of Grant Park, North of I-20 and South of Memorial Drive, which is most definitely not Cabbagetown) GRANT PARK SUMMERHILL (Summerhill is North of Georgia Ave. and West of Hill Ave. with highways on the other sides). Here’s a boundaries map to help…

Grant Park's Boundaries

I always point out that there are about 36,000 licensed real estate agents in metro Atlanta and when a licensed agent can’t get the name of the neighborhood that houses their listing correct, then the seller should fire them and hire someone who gets it. Since less than 32% of all so-called “Grant Park” listings sold last year, don’t you think that knowing the neighborhood might have something to do with success versus failure?

For the record, all of The Rootdown Group’s recent Grant Park listings sold, and we are seeking to help others.

Lee and Emmit Strollin' in GP

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