Engel & Völkers Buckhead Altanta and Altanta North Fulton CEO, Shirley Gary, shares her insight into the Atlanta North Fulton residential market in the Atlanta Business Chronicle. (Full story below).
Celebrating the opening of Engel & Völkers Atlanta North Fulton in Alpharetta marked a thrilling milestone for the North Fulton market. Kelly Stephens, the shop’s managing broker, and I decided to combine our cumulative real estate experience and local market expertise to be a part of, and even help usher in, a new era of residential real estate in this affluent suburban market.
Over the last decade, the North Fulton real estate market has seen an important transition, both physically and mentally. Density is no longer a dirty word, attached multifamily living options are becoming more popular and mixed-use developments like Avalon have created a change in residents’ attitudes toward urban-like environments by providing a walkable locale with retail, restaurants and events. Thanks to Avalon, downtown Alpharetta and visionary local leadership initiatives like the Alpha Loop, the North Fulton market is becoming the new middle ground for suburban-urban living.
Each pocket of the region has a unique personality and attracts a specific buyer, though the demographics have not changed as dramatically as the surrounding metro area. Most of the homebuyers interested in North Fulton are empty nesters, move-down or “right-sizer” buyers relocating to Atlanta who aren’t looking to be in the city but want a high standard of living.
As commercial development booms, residential development follows. There are currently 79 communities under construction within eight miles of Avalon. We’re seeing a relatively younger demographic as well as active adults narrowing in on communities that are walkable to local destinations while still providing the same home luxury appointments they are accustomed to.
There’s been a significant increase in townhome construction around Avalon and the downtown Alpharetta area especially, attracting buyers who want to feel connected to a city center-like environment.
Traton Homes’ Encore Walk is an example of a paradigm-shifting townhome community, within close distance to all of Alpharetta’s main attractions, attracting a diverse mix of buyers including singles, single parents, empty nesters and young families. Having sold 30 of the 38 townhomes in the new community, it’s evident that buyers are willing to sacrifice that personal space for a walkable lifestyle.
As families in Generation X search for communities anchored by superior schools and an intown-like vibe with the comforts of a suburban lifestyle, we are seeing an increased interest in the Milton area, because of its proximity to downtown Alpharetta as well as its golf course communities. It’s a rare combination of land, security and access to local attractions, but developments there come at a higher price point.
In North Fulton, country club living is still coveted. For example, we’ve seen a sustained interest in The Manor Golf and Country Club, one of the market’s last golf course communities with rare lots left to build new homes, offering golf course views and homes priced from $1 million to $4 million. Edward Andrews Homes, the primary lot owner and builder in The Manor, is also equipping its properties with smart home technology.
We are also seeing an increase of empty nesters and “move-down” buyers interested in the same connectivity, space and leisure opportunities in the Johns Creek/Suwanee submarket. We’ve seen continued interest in active adult neighborhoods that cater to buyers interested in community-orientated amenities and location. Many of these buyers are downsizing and are from the nearby country club communities in the same or neighboring area of town.
We're excited to see what’s next for the North Fulton real estate market.