It’s time for another round of “Where to Invest in Atlanta.” I somehow completely missed 2019, but in 2018 I had mentioned investing in Summerhill. (Read full article here), which I must say, Summerhill is continuing to see exciting things happen over there. So where is the best place to invest in Atlanta in 2020?
My top pick for 2020 is an area called Grove Park. Grove Park is located less than 4 miles west of downtown. You can drive through the center of Grove Park along Donald Lee Hollowell Pkwy NW. However, investing in this area is not for the faint at heart. Grove Park is pretty rough around the edges and will take some time to build up to something great. But I can see the vision! For those that are into flipping homes, the renovations here are in need of some extreme TLC. There are TONS of homes here that need a total rehab. (Don’t think you can just buy a home and slap a new layer of paint on the walls and switch out some cabinets). You can currently snatch up rehab homes in the $90-$125K range (which for Intown areas in Atlanta, that is getting harder and harder to come by). If the home is renovated with all the swanky features (think white countertops, gold fixtures, fun tile work) then you can expect to get close to $300K or slightly over if the home has decent square footage. If you are just a homebuyer looking to buy a home to live in, you can expect to pay anywhere between $200-$300K depending on the renovations of the home & square footage. Just plan to live in it for awhile while the neighborhood transitions (and I think it will, but that is just my opinion!)
The top 2 homes are examples of homes in Grove Park that are in need of a full rehab. There are tons of these in the area that need rehabbed & many investors are snatching them up. The bottom 2 pictures are examples of Grove Park homes that have been nicely renovated and currently sell anywhere between $200-$300K.
**I had written this entire piece just about a month prior to the announcement in mid-February by Mayor Keisha Lance Bottoms that she is mandating a 6 month moratorium for any new permits for the Westside Park area (including Grove Park). Read more about it here. This is in an effort to slow down the rapidly changing real estate prices in the area so that current residents don’t suffer the same gentrification issues as we have seen in other areas of Atlanta. My thought is that this is only a band-aid to slow the price increases and will not resolve the issue. Once that moratorium is lifted, building permits will pick right back up and the development will just continue on.
Ok, so why Grove Park you ask. Here are the reasons why I think Grove Park is the best place to invest in Atlanta in 2020. (Again, this is solely my opinion).
1. Location to the Westside Park at Bellwood Quarry. By far the #1 reason I think Grove Park is positioned for substantial property gains is its location to the exciting plans happening next door at the Bellwood Quarry Park. (read more about it here). One of the main entrances to the park will be in Grove Park off of Grove Park Place. When completed, this park will be bigger than Piedmont Park and will be an awesome green space for residents to enjoy. Plus, there are already plans & construction underway with a phenomenal retail/green space development at the Quarry Yards (read about it here).
This is an entrance into the future Bellwood Quarry Park.
2. Location to Midtown/Downtown. The drive into the heart of Atlanta from Grove Park is fast! Just about 4 miles from Downtown, this is a perfect location for people wanting a short commute to work or for fun (like sporting games at Mercedes-Benz Stadium).
3. Potential for a cute “downtown” area. If you drive down Donald Lee Hollowell Pkwy NW, you’ll drive into the hub of Grove Park’s downtown area that is currently a bunch of abandoned storefronts. As we have seen with other areas in Atlanta (such as Summerhill), there is potential to turn these eye-sore buildings into a thriving area for residents to meet, eat, shop, etc.
A view of some of the commercial buildings that run along Donald Lee Hallowell Pkwy NW. Some are abandoned altogether while others are not super attractive. These spots could be turned into something great and create a fun downtown Grove Park vibe.
4. Location is close to the Beltline – The beltline isn’t completed yet over in this area, but the plans for the Beltline are for it to run just east of the Grove Park neighborhood (next to the Bankhead Marta station). As we all know, having Beltline accessibility is something everyone is looking for when looking to live Intown.
5. Location to Marta. As residents continue to want that lifestyle of being able to commute on other means than by car, the Bankhead Marta station is next door, making it easy to commute into town.
I’ll be excited to see how this area develops over the upcoming years. If you think about its location to Midtown/Downtown, the park access, and location to Marta, it could truly be a super walk-able neighborhood (which is all the rage right now).
If you want help with your future house hunt in Grove Park, contact me and let’s get started! View ALL homes for sale in Grove Park HERE.