Tag Archives: Aerotropolis

Porsche Closes on Aerotropolis Property

29 Jun

The Atlanta Business Chronicle reported in today’s edition, 6/29/2012, that Porsche North America Inc. has closed on its purchase of  56.2 acres at Jacoby Development’s Aerotrop0lis in Hapeville for its new $100 million North American Headquarters.

Porsche will use 26 acres for its headquarters and exhibition track while the other 30 acres is presumed to be for Volkswagen’s 200,000 square feet of offices.

The new headquarters, a showcase for the Porsche brand, will anchor the Aerotropolis, a nearly 130 acre mixed-use redevelopment of the former Ford Motor Co.‘s assembly plant in Hapeville, conveniently located 10 minutes from downtown.  The German luxury automaker will move to a facility that will include a 150,000-square-foot office tower.  Porsche will move about 300 employees from Sandy Springs and add at least another 100 jobs as it consolidates finance and insurance operations from suburban Chicago.  Renderings of the planned headquarters can be seen at  http://chesbuilt.com/2011/11/18/porsche-releases-pics-of-new-atlanta-headquarters/.

Additional development is expected to include a 400 key four to five star, full service hotel, as well as an associated 200 key limited service companion hotel.  It is reported from other sources that the hotels are anxious to get started to capitalize on the recently opened International Terminal at Hartsfiled-Jackson.

Retail and restaurant space will complete the development, adding 10,000 jobs to the complex by the time it’s completed.  Real estate values are certainly expected to rise rapidly in spite of the doldrums of the overall economy.

Tags: , , , , ,

Sales Are Up, Late Payments Down; Signs of Recovery

28 Jun

By msnbc.com news services

WASHINGTON — Here’s yet another sign that the housing market may be coming back.  

Contracts to purchase previously owned U.S. homes matched a two-year high in May, fueling optimism the housing market is poised for a recovery.

Before March, the last time pending home sales were as high was April 2010 when buyers were rushing to beat the deadline for a home-buyer tax credit, which was about to expire, the NAR said.

“The housing market is clearly superior this year compared with the past four years,” Lawrence Yun, NAR chief economist said in a statement.  “We’re on track to see a 9 to 10 percent improvement in total sales for 2012.”

Meanwhile, U.S. banks held fewer troubled mortgages in the first quarter of 2012, according to a report issued on Wednesday by the Office of the Comptroller of the Currency, as loans serviced by national banks performed better in the first three months of the year.

The number of foreclosures in process decreased from a year ago, edging down 1.8 percent from the previous quarter and by 8.1 percent from a year earlier.

…………………………………………………………………………………………………………………………………………………………………………………..

In another report on Wednesday, June 27 by , Senior Online Editor- Atlanta Business Chronicle, First mortgage delinquency balances are way down from the height of the recession, according to Equifax’s June National Consumer Credit Trends Report.

First mortgage delinquency balances are way down from the height of the recession, according to Equifax’s June National Consumer Credit Trends Report.

Notably, the biggest drop was seen among severely delinquent non-agency first mortgage loans (90-plus days past due or in foreclosure), which plunged 45 percent to $320 billion in May 2012 from its peak of $580 billion in January 2010.

“That severe mortgage delinquencies are trending downward is not surprising given generally improving economic conditions,” said Equifax Chief Economist Amy Crews Cutts.  “What is surprising is that even with the foreclosure moratoriums and the slow resolution of foreclosure backlogs, the downward trend has been a steady, consistent drumbeat of recovery.  If this pace continues, we expect the volume of severely delinquent mortgage balances to return to mid-2007 levels by the end of 2014.”

Tags: , , , , , , ,

Sales Of New Homes In U.S. Increased To Two-Year High In May

25 Jun

Bloomberg,  By Lorraine Woellert - Jun 25, 2012

Demand for new U.S. homes rose more than forecast in May as mortgage rates dropped, bolstering the residential real-estate market while other parts of the world’s largest economy cool.

Purchases climbed to a 369,000 annual rate, up 7.6 percent from the prior month and the most since April 2010, the Commerce Department reported today in Washington.  The median estimate in a Bloomberg News survey of 67 economists was 347,000.  The months’ supply dropped to the lowest in more than six years.

Falling borrowing costs and more affordable properties may keep luring buyers, even as a cooling job market and limited access to credit restrain the recovery.  In a bid to reduce unemployment, sustain housing and prevent a global slowdown from stalling the expansion, theFederal Reserve last week extended a program to keep long-term interest rates low.

“Things are definitely improved,” Jed Kolko, chief economist at San Francisco-based Trulia Inc., which tracks home sales, said before the report. “There’s some good news on prices, and rising prices are a strong cue for developers.”

The supply of new houses on the market at the current sales pace dropped to 4.7 months’, the lowest since October 2005, from 5 months in April.

In response to improving demand, builders broke ground on 516,000 single-family houses last month at an annual pace, up 3.2 percent from April and the most this year, the Commerce Department reported last week.

Tags: , , , , , ,

Are You the Alligator or the Fish?

24 Jun

Some days you’re the alligator, other days the fish.  

But as a home builder, I’ve felt like the fish for the past five years! 

Tags: , , , , , , ,

Shrinking ‘Shadow Inventory’ Eases Threat To U.S. Housing

19 Jun

Bloomberg

By Prashant Gopal - Jun 14, 2012

The overhang of pending foreclosures that threatened to flood the U.S. housing market and depress prices is

An eviction team removes belongings during a home foreclosure in Miliken, Colorado.

dissipating as banks sell off distressed properties and let borrowers sell homes for less than they owe.

The so-called shadow inventory of homes that are seriously delinquent, in the foreclosure process or owned by banks and not listed for sale tumbled in April to the lowest level in more than three years, CoreLogic Inc. (CLGX) said today. Home seizures plunged 18 percent from a year earlier even as initial notices of foreclosure increased, a sign that banks are turning to repossession alternatives, RealtyTrac Inc. said today.

A surge in foreclosed properties, which typically sell at a discount, may have driven down home prices, hurting a market that’s showing signs of bottoming.  Transactions involving homes in the pre-foreclosure process rose 25 percent from a year earlier in the first quarter to a three-year high, Irvine, California-based RealtyTrac said on May 31.

“In some ways, the shadow inventory was aptly named because shadows can sometimes appear larger than the actual problem,” Daren Blomquist, a RealtyTrac vice president, said in an interview. “The uncertainty of how much distressed inventory would end up on the market was more of a problem than what the actual numbers are turning out to be.”

The shadow inventory fell 15 percent from a year earlier to about 1.5 million homes and is at the lowest since October 2008, the Santa Ana, California-based real estate information company CoreLogic said in a statement today.  That represents a supply of about four months, down from six months in April 2011.

‘Positive Development’

“The decline in the shadow inventory is a positive development because it removes some of the downward pressure on house prices,” Mark Fleming, chief economist for CoreLogic, said in a statement today.  “This is one of the reasons why some markets that were formerly identified as deeply distressed, like Arizona, California and Nevada, are now experiencing price increases.”

Serious mortgage delinquencies also are down, with the share of payments 90 days late dropping to a three-year low of 6.86 percent in April, according to data compiled by Bloomberg.  Arizona had a 37 percent decline in serious delinquencies, more than any other state, followed by California, Nevada, Michigan and Minnesota, CoreLogic said today.

Foreclosure starts rose in May from a year earlier for the first time in more than two years after the largest U.S. loan servicers settled with states over faulty documentation.  An increasing share of those distressed homes are being disposed of through short sales, in which owners sell their properties for less than they owe to avoid repossession, Blomquist said.

Distressed houses that come up for sale are likely to be quickly absorbed as demand rises in some cities where property inventory is low.  Rising buyer interest is spurring banks to approve more short sales, said Doug Duncan, chief economist for Washington-based mortgage financier Fannie Mae (FNMA).

“The sense is now is the time to move and clear inventory,” Duncan said today in a telephone interview. “If you see house prices continue to stabilize, you’re not selling into a falling price market.”

Tags: , , , , , , ,

Porsche to Exercise Option to Purchase Bringing Volkswagen to Aerotropolis

18 Jun

Porsche is scheduled to close on its purchase of 58 acres within the next few weeks, the closing papers are being prepared presently.  Porsche will use 26 acres for its North American Headquarters and  a 1.6 mile test drive track.  The new complex, representing an investment of up to $100 million, will be located in the “Aerotropolis Atlanta” development site in Hapeville, adjacent to the new International Terminal.

It will be comprised of modern office facilities for a workforce that will eventually number 400 to 600 employees, including Porsche’s Technical Service and Training Center, as well a leading-edge Customer Experience Center that will feature a test track facility to highlight the capabilities of Porsche’s industry-leading sports cars.  Groundbreaking is planned for fall of this year, with the move-in date scheduled for the second half of 2013.

The other 32 acres were under option for Volkswagen as the two companies planned to merge  before the economic crisis put those plans on hold.  However, Martin Winterkorn,  CEO of Volkswagen and of holding company Porsche Automobil Holding, told reporters at the sidelines of the North American International Auto Show that “We want to work together as soon as possible.”

The Atlanta Business Chronicle reported early last month that Volkswagen’s plans include up to 200,000 square feet of offices and the relocation of executives from Germany.  The exercise of this option makes this appear to be a certainty.  

In a document filed last September between the city of Atlanta and Jacoby Development, Porsche Cars North America indicated there could be no automotive manufacturer, importer or distributor other than Porsche, Volkswagen Group of America Inc., or their subsidiaries and affiliates, within Aerotropolis, according to Databank Inc., an Atlanta real estate research firm.

Tags: , , , , , , ,

Arbor Day Foundation Names Hapeville Tree City

13 Jun

The City of  Hapeville received notification in May from the Arbor Day Foundation that the City had met the four standards to be designated a Tree City USA.  This is the 11th year Hapeville has earned this national honor.  “We all benefit when communities like Hapeville place a high priority on planting and caring for trees, one of our nation’s most beautiful resources,” said John Rosenow, Chief Executive and Founder of the Arbor Day Foundation.

Communities that earn Tree City USA recognition not only have taken the time to meet the standards, they know that trees:

o Promote healthier communities by filtering the air we breathe.

o Moderate climate, conserve water and provide vital habitat for wildlife.

o Reduce the heat island affect in urban areas caused by pavement and buildings.

o Reduce energy use and increase property values.

For more information about Tree
City USA,  please visit:
http://www.arborday.org

Tags: , , , , , ,

Thousands of Jobs Coming to Atlanta’s Southside

1 Jun

Paul Crawley of WXIAreports of thousands of jobs coming to this Southside City.  For the past six years, Fred Bryant, executive

Fort Gillem

director of the Forest Park/Fort Gillem Local Redevelopment Authority, and the city of Forest Park have been working to lure companies into the now mostly vacant Fort Gillem Army base.

On Thursday, Bryant confirmed to 11Alive News that three major companies are about to sign letters of intent to move into several of the 94 mostly vacant buildings on the 1,400 acre property.  ”It’s going to be incredible because these will be skilled jobs; these will not be just minimum wage jobs,” he said.

While he can’t name them just yet, Bryant said those companies are promising as many as 500 to 1,000 jobs each — maybe more.

……………………………………………………………………………………………………………………………………………………………………………………

Add this to the Aerotropolis, a mixed use development anchored by Porsche‘s new North American Headquarters and probably Volkswagen, as well, and the new International Terminal at Hartsfield-Jackson, and the picture of a renaissance for the south side becomes very apparent.  Additionally, Fort Gillem’s 1400 acres offer far more company relocation opportunities and Fort McPherson‘s redevelopment of its 488 acres into a live/work mixed use community offers an opportunity to vitalize a dormant portion of Atlanta.

Tags: , , , , , , ,

Metro Atlanta Adds 200 People a Day to its Population

29 May

Atlanta the Seventh-Fastest Growing Metro Area

Atlanta Business Chronicle by Jacques Couret, Senior Online Editor

Tuesday, May 29, 2012

Metro Atlanta adds 200 people a day to its population, or about one person every seven minutes, making it the seventh-fastest growing metro in America.

According to On Numbers analysis of newly released population estimates from the U.S. Census Bureau, metro Atlanta added 72,909 residents between July 2010 and July 2011 for a total population of 5,359,205.

Click here to see the full analysis.

………………………………………………………………………………………………………………………………………………………………………………………

A member of Custom Builders Atlanta

  Growth of over 70,000 people per year demands more than the 7,000 new housing permits issued last year.  Our annualized new home starts for Q1 of this year was less than 6,000 but our closings was greater than 7,000.

According to Metro Study and FMLS, Atlanta has a current housing inventory of 5.3 months.  A six month inventory is considered the equilibrium point and less than that, it becomes a seller’s market.

It’s not hard to realize that if you want a new home in Atlanta, you better hurry, we’re running out!

Tags: , , , , , ,

Housing Market; Signs of Healing

22 May

Excerpted from Bill Briggs, Economy Watch

A spring growth spurt continues to bloom in the housing market.

Existing-home sales rose 3.4 percent from March to April with tight supplies in markets like Miami helping to seed the rejuvenation, according to National Association of Realtors data released today.

Year over year, home sales were 10 percent higher in April while median home prices touched $177,400, a 10.1 percent spike from April 2011, the NAR said.

In Atlanta, buyers are equally frustrated by an airtight inventory of nicer homes in better neighborhoods, especially in that city’s northern suburbs, said Kent Gipson, a Realtor with Keller Williams Realty First Atlanta.

“We have these same properties that people have been trying to sell for two to three years — the usual suspects,” Gipson said, referring to less-desirable homes with no backyards, nearby highways or stucco walls.

“There’s a lack of good inventory here and after four years of low interest rates, many homeowners have leveraged themselves so they can’t sell at market value,” Gipson said. “People either can’t afford to sell or they aren’t willing to sell because they keep hearing the market is taking a beating.”

One of Gipson’s buyers has been hunting for his next Atlanta home for three years. He recently fell in love with a dwelling north of Atlanta’s downtown that was listed at $370,000.

The home grabbed 46 offers in two days. Gipson’s buyer bid $500,000 and didn’t make the cut.

“It was,” Gipson said, “a riot scene out at that place.”

Tags: , , , , , ,

← Older Entries
Newer Entries →

Follow

Get every new post delivered to your Inbox.