Metro Atlanta is growing, and growing quickly. This beautiful southern city is attracting new residents from across the country and the globe. As our great city develops, new construction and developments may seem to be popping up left and right. Us Southerners are often reluctant to embrace change, but when it comes to Atlanta’s growing real estate market, residents should welcome it with open arms.
As the Metro Atlanta area continues to grow, it may seem as if you see new developments popping up everywhere you turn. Atlanta boasts one of the most attractive real estate markets in the country. Recently ranked 3rd in the best places in American for homeowners, it’s no wonder why developers are excited to expand into the Atlanta market. But what does all this development mean for your home’s value?
Keeping an Eye on the Market
As a homeowner, it is important to keep an eye on the local market. After all, you want to ensure that you protect your investment. Any type of development in your neighborhood could potentially affect the value of your home. While change can make us a bit uneasy at times, there are lot worse neighbors to have than a luxury development. Luxury developments are built to attract a high-end resident, with money to spend.
To attract those types of residents, luxury buildings often bring more to the neighborhood than just apartments. Modern luxury developments now regularly boast retail space on their ground level floor. These spaces are often filled with cute coffee shops, trendy exercise studios, high-end boutiques, or hip restaurants. Adding these amenities to the development can help entice potential residents, as well as improve the community for those already living there.
Modern luxury developers strive to make new construction an asset to the neighborhood. It is important for the new development to work well with the existing community to order to attract new residents. The addition of a luxury development to your neighborhood can in fact have a positive impact on your home’s value. Luxury developments are typically built in up and coming neighborhoods. As the area gains popularity, home values can increase. If the development includes the aforementioned retail space, housing attractive businesses, the new development can attract people to the area.
Understanding Atlanta Real Estate
As the Metro Atlanta area moves into the future, expect more luxury developments to go up. But don’t let this new development cause you to stress out over your home’s value. Try and remember, if a developer is counting on attracting high-end tenants, you’re probably already in a desirable area. Retail space could offer more convenient and attractive amenities than your neighborhood had before. A luxury development could take the place of a long-standing neighborhood eyesore or make use of a formerly underutilized space.
If you have questions or concerns about how changes in your neighborhood can affect your home’s value, reach out to me, Charmaine Courville at 678-618-0382. I have years of experience in the Metro Atlanta real estate market, and would love answer any questions you may have about your current or future home.