What happened to East Point?
Posted in East Point, Market Analysis, Southside on October 9th, 2008Well, you could argue that what happened to East Point residential sales prices is what happened to the rest of the close in metropolitan Atlanta neighborhoods - sales prices peaked in June 2006 and have been in decline almost ever since – 25 out of the past 26 months through August 2008. But, that would not tell the whole story…
East Point is loaded with cute brick houses in good condition that are available for competitive prices.
For years, East Point didn’t have the bars, restaurants and community nightlife that made the neighborhood as special as East Atlanta Village or Decatur or Kirkwood, but in the past 7-8 years that has all changed.
Thumbs Up Diner arrived … 
The Corner Tavern has been holding it down for almost 4 years … 
The edges of East Point now have easy access to lots of retail, a movie theatre and tons of restaurants. All this and you are only 10 minutes from downtown Atlanta. All this and some of the best maintained 20th century houses in the entire city. Good streets and good neighbors. East Pointers are value buyers who love sturdy houses, BIG lots and cool neighbors.
When I moved to Atlanta in 1988, fresh out of Furman University, this “good old boy” East Point native who happened to be in the mortgage business told me - “buy a house in East Point now!” He stated that East Point is close to Atlanta and the airport, and that lots of young hipsters were buying sturdy old houses down there for way less than $100,000.00. That was the late eighties. I knew he was on to something, but I never bought a house in East Point.
I’m writing this article because I helped a really cool client buy a sturdy 1924 built brick house on Linwood in East Point back in 2005, and now she wants to sell it. The house has preserved period architecture, a decorative fireplace, a roomy eat-in kitchen with a butler’s pantry and oak floors, an added family room, a master bedroom with private bath, 2 other sizeable bedrooms and another full bathroom with a marble floor, a sweet rocking chair front porch, crown moulding, glass door knobs and one of the most beautiful and plush gardens across the deep backyard - featuring 3 ponds, gorgeous plants and statuaries. She bought the house in 2005 for $197,500.00.
Now she wants to sell it in the declining market of fourth quarter 2008, and based on what I just reviewed - prices are down 15% FROM LAST YEAR on average in her particular submarket of east Point - 3/2 brick houses built before 1970.
So, I commissioned Greg, The Pricemaster to work up a “clustering analysis” for our client - his ability to look at broader trends and to digest tedious real estate data is exceptional, and here is what he found… Read the rest of this entry »
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