Appreciation Post - Peoplestown
Neighborhoods appreciate at different rates! Today we’re going to look at the Intown Atlanta neighborhood, Peoplestown, and assess what’s happened and why. Not everything can be explained with 3% interest rates!
Ok, it can but there are LAYERS!
Peoplestown is the neighborhood to the left of Grant Park and south of Summerhill. It’s only a few streets - I’ll draw a map for you. Follow Hill St south until you hit the beltline trail (north of Englewood Ave). Go left until you hit the highway. Go north until you hit Ormond St. Follow Ormond to Hill St. There’s a LOT going on in the surrounding areas but I’m going to do my best to stay focused on just Peoplestown.
5 years ago: October 2018
The Beacon had just opened. The beltline path was announced but not paved. The median price of a home was $374,950 and price per square foot was $195.
In the 12 streets that make up Peoplestown, The Beacon was a big deal. The area didn’t have much commercial space and this was going to be able to service Peoplestown, Grant Park and Summerhill residents. It was developed right on the beltline so I’m sure the goal was to have Krog St Market vibes. It’s a collection of both interior and exterior shops and restaurants in a collection of 3-4 buildings.
The Beacon had a thriving new Mexican restaurant, Patria Cocina, and a new Brazilian coffee shop Buteco. They were working on filling more leases and trying to grow!
Current day: September 2023
The median price of a home is $526,450 and price per square foot is $331.
The Beltline is projected to be finished within the next year. The Beacon has added new popular businesses like Elsewhere Brewing, Atlanta Ink, The Grant Park Farmers Market (I know, Grant Park, don’t think too much about that one) and Hotto Hotto Ramen & Teppanyaki. Now the parking lot is packed every weekend and it’s bringing a lot of attention to the area! It’s been so successful there are more developments coming to Peoplestown.
A new project, Terminal South, is bringing a food hall and more retail space. The food hall, Switchman yards, will have 18 food stalls! So far the list of restaurants includes; Tiger K Cup Bob, Sabu K Ramen, the Cream, and an unnamed hibachi and chicken food stall, the Original Hot Dog Factory, Caribbean spot Perfect Seasoning, Southern Grace, vegan restaurant stall Life Bistro, Smooth n Groove, DM Sliders, and Flat-Out Flatbreads. This is set to open summer of 2024, just a few months away!
When looking at where to purchase, I always recommend looking at the neighborhoods that border yours. Which means… I can’t do it!! I’m going to talk about a few other neighborhoods!! Peoplestown is surrounded by 3 main neighborhoods: Summerhill, Grant Park and Chosewood Park. Then there’s the highway on the other side and once we hit a highway, we’re in a totally new neighborhood.
The Sparknotes you need to know:
Summerhill - A HUGE transformation in the last 5-7 years! Georgia Ave feels like downtown Athens with breweries, restaurants, and shops lining the street. There are Summerhill Sundays and different pop-ups throughout the year. A new Publix just opened and there are more mixed use buildings yet to be leased.
Grant Park - Established neighborhood with old Victorian homes dating as far back as the late 1800s. The actual park is sandwiched between the two streets Cherokee Ave and Boulevard. Grant Park is one of the more active parks in Atlanta! It encourages outdoor activity from all ages with the basketball and tennis courts to the soccer/football/baseball fields. No cars are allowed on the path throughout the park so you’ll find people walking their dogs or with their family sun up to sun down. Recently, they even installed bike lanes on Cherokee Ave! They also have yearly events like the music festival Summer Shade and the December Grant Park Candlelight Tour of Homes.
Chosewood Park - A little less going on than the two neighborhoods above but some really exciting news about this one! A plan to develop 40 acres along Englewood has been approved for 350+ new apartments as well as more retail space. There’s already a park with a big field, basketball courts and tennis court. Although it might be time to call it what it is, a pickleball court. For now only the real locals know so it’s usually available when the Grant Park and Summerhill courts are full!
SO, tying that back in Peoplestown, look at all the activity around the neighborhood! As these surrounding neighborhoods appreciate, so will Peoplestown. As other neighborhoods get more and more expensive, people will consider new nearby neighborhoods so they can enjoy the same shops, parks, restaurants and still afford their mortgage.
Of course none of this is a guarantee. We can’t predict the market any more than we can predict the weather. But, running with that idea, we do have weather apps because we can kind of can predict the weather. Just like we can kind of can see what will probably happen in neighborhoods by following the construction. A one off job doesn’t count. A major construction project in every surrounding neighborhood as well as multiple successful projects already completed? I think that should count!
When you’re buying a home you need to look at more than the general neighborhood. The house itself is so important and can make or break an investment. The condition, the lot, the location in the neighborhood etc. There are so many factors and that’s why you have an agent at Emily Hanley Homes to help :)
Whether you’re selling or buying in Peoplestown or another neighborhood, we want to help you! Reach out and we can get the ball rolling to get one step closer to achieving your home goals. Your timeline is our timeline and we always want what’s best for you.
Talk soon!!
Emily
(not ai)
