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PERIMETER BUSINESS
Q & A on Perimeter single-family homes: Definitely recovered
Todd Emerson has been work
ing with residential real estate in
the metro Atlanta area since 1998. In
2005, he joined Harry Norman Real
tors' office in Buckhead and then, in
2008, was named Senior Vice Pres
ident and Managing Broker of the
Harry Norman office for the Perim
eter Center area. In 2009, he also be
came managing broker of the com
pany's Blue Ridge office. This year,
he was named president-elect of the
Atlanta Board of Realtors.
Q How do single-family home
sales in the Perimeter area
compare with sales in other mar
kets in metro Atlanta? What drives
home sales in the Perimeter?
/\ The Perimeter area continues
'* to outperform what I define as
the "six core counties" (Cobb, Cher
okee, DeKalb, Forsyth, Fulton and
Gwinnett) that make up a signifi
cant part of metro Atlanta.
Year over year, home sales in the
Perimeter area are up 19 percent
compared to sales for the same time
period in 2012. Conversely, home
sales in the six core county area ac
tually are down 9.3 percent com
pared to the same time period in
2012. However, a significant rea
son for the year-over-year decline
for the six core county area can be
directly attributed to a significant
reduction in the overall number of
distressed properties (REO/bank-
owned properties and short sales)
that are currently available versus
what was available for sale in 2012.
Regarding what drives home
sales in the Perimeter area, there are
a number of factors: access to good
schools (both public and private);
the Perimeter Mall area and sur
rounding shopping venues in gen
eral that offer a multitude of choic
es; the high concentration of office
and commercial space that attracts
hundreds of companies to the area
and thousands of jobs; and conve
nient access to a number of major
surface streets and highways allow
ing quick access to other areas of At
lanta.
In addition, the Perimeter area
has historically been a highly desir
able destination for not only those
living locally in nearby areas, but
also for those relocating to Atlanta.
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—
A
Q How did single
family home
sales in the Perimeter
area fare during the
recent recession?
/V As in all markets
across the greater
Atlanta area, the Pe
rimeter area experi
enced a decline in the
total number of sales
during the recent re
cession, however these
declines were not as
significant or severe as
what a majority of the
greater metro area ex
perienced.
The primary reason
the Perimeter area was
not as severely impacted as Atlan
ta as a whole can be directly tied to
a very low percentage of distressed
property sales. Throughout the re
cession years, distressed sales only
represented 5 to 7 percent of the to
tal sales in the Perimeter area, com
pared to more than 30 percent for
Atlanta in general.
Usually, distressed properties are
sold at a significant discount (typi
cally 20-30 percent less) compared
to non-distressed properties. As the
market was absorbing these dis
tressed properties, it had a negative
impact on prices and future apprais
als. However, now that we have liq
uidated a significant amount of this
type of property and demand has
remained high, we are beginning
to see prices appreciate across most
market areas.
Todd Emerson has been involved in
Atlanta real estate since 1998. He was
with Harry Norman in Buckhead before
being named senior vice president and
managing broker of the company's Perimeter
Center office in 2008. He is also managing
broker of the Harry Norman Blue Ridge
office. He was named president-elect of
the Atlanta Board of Realtors this year.
Q
Has the market for sales of
single-family homes recov
ered in the Perimeter area? How
close do you think it is to a full,
pre-recession recovery? What do
you expect to see in the near term
in single-family home sales in the
Perimeter market? In the long
term?
/\ Sales of single-family homes
' * definitely have recovered in
the Perimeter area. We aren't quite
back to pre-recession (summer 2007)
levels; however, we are making very
positive strides in that direction.
The simple economic fundamen
tals of supply and demand indicate
we will continue to see positive im
provement for home sales in the Pe
rimeter market area. Demand re
mains high and additional "buyer
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10 | MAY 31—JUNE 13, 2013 | www.ReporterNewspapers.net
