Glenwood Park is a pretty setting and quite convenient to so much intown. Since you are in Ormewood Park, I think you know all of the upsides. The downsides can't be any different than living in Ormewood Park - except that Glenwood Ave is most likely more of a thoroughfare than where you live if you are tucked in your neighborhood. I see evidence that Residential Real Estate is on the upswing, whereas Commercial Real Estate trends lag behind...so it will take longer for the retail spaces to fill. The foreclosures are most likely from a) people buying there before they sold, so they may have let the Glenwood Pk home get foreclosed due to lack of equity and gone to their unsold home b) relocating for a job and unable to sell c) general job loss or downsizing.
I do not think you can park regularly in the neighborhood lots. I think you can park a third car in your driveway, but I would double check with the community association.
Note that Ormewood Park/Glenwood Park (yes the whole are not just a street or two as you portend) have a very low foreclosure risk. And yes they stopped going up in value but overall they went down little to not at all.. Check the data. You should have it at your fingertips. Your beloved Buckhead has a higher foreclosure risk than this area. If appraisers would have done their job right in the first place a lot of this mess would not have happened.
Parking is never an issue b/c you either park in your garage or on the street.
The best way to determine if a neighborhood is right for you, is to talk with the neighbors themselves. I guarantee that Glenwood Park has something for every demographic. We previously lived in Buckhead and Inman Park and the small town feel in the big city is more evident in Glenwood Park than others.
I reached Hank's conclusion on my own three months ago and am now very happily enconced in my 85 year old home in Morningside.
PS - You can't get the two 100+-year old oak trees in my backyard in Glenwood Park...then again their floors are actually level.
I've been appraising and selling in Metro Atlanta since '94 and have completed (and continue to complete) thousands of appraisals in and around all parts of the city. Currently Fannie Mae has appraisers indundated with foreclosure work from all the wonderful projects and ideas that are going to transform every area into the "new urbanism" prototype. How did that Olympic push make out? Atlanta was to become the next great international city.....That area was touted with the Zoo, the stadium, golf course.....the next urban utopia. Tell me, how is the area considered by mortgage lenders? Might they have data to consider that might counter your Emerald City descriptions?
Sorry for the reality check, the "new urbanism" isn't doing anything but adding to the debt. Anytime you want to ride around and see the 0-7 year old destroyed and abandoned homes that "this time" are going to spark a rally...let me know. When you have to go street by street and house by house to find "value" only a nit wit would endorse an area. I love your ignorance (or lack of acknowledgement) of the data, no....foreclosures aren't an issue there. The commerical spaces will soon be filled....ignore the faltering commercial RE market as well and other headline grabbing activities. Ignore countless auctions, bank owned homes, flips and fraud and developers auctioning off buildings full of empty units.
Best of luck Clincher, I hope you get better but if not at least you appear placated in your fantasy world. Stick to the corner preaching though, unless you want to actually consider the data.
In my opinion if you have to gauge an area street by street or part of street by part of street....what's the point? That's not a neighborhood for me or my clients. And I understand if that riles the agents working this area, but save the "city" atmosphere talk - I grew up in Brooklyn and Long Island and lived just outside DC, I'm quite familiar with what a real city has to offer.
Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
The empty retail is due more to location than to the current housing/economic recession. These spots will fill over time but it is probably a seven to ten year timeline(2012). The retail started in 05' with the coffee shop. As far as parking goes you need to park your cars in the garage or in your driveway.
Be mindful of the streetscape wherever you buy.
We have recently sold a number of foreclosed properties in these areas to investors who are fixing them up.
Typically, you can park in your driveway and perhaps on the curb in front of your home, but I would not suggest you park in someone else' property...