Danno, Home Buyer in Ormewood Park, Atlanta...

I'm looking at buying a house in Glenwood Park right off I-20. What are some of the downsides to living?

Asked by Danno, Ormewood Park, Atlanta, GA Thu Jun 18, 2009

there? I see the empty retail spaces and foreclosed lots/homes already.

Also, what is the parking situation? If I have three cars but a two car garage am I allowed to park in my driveway or neighborhood lots?

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10
Danno

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.
1 vote Thank Flag Link Mon Jun 22, 2009
Wow Hank I guess you're another one of those appraisers milling out appraisals for next to nothing using old fmls pics instead of taking the time to drive by because the bank doesn't pay you enough to do the job right? Yes it is Atlanta and it is street by street. That being said:

http://www.atlantaga.gov/client_resources/nspdatamap_abandon…

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.
0 votes Thank Flag Link Tue Sep 21, 2010
In response to Hank, I agree with Clincher. Hank, if you haven't read the statistics, then I recommend you do. More and more people are moving to the cities. Young, urban professionals are giving up their suburbian homes in exchange for something with less of a commute. Atlanta has not seen the price in homes drop nearly as much as other cities around the Country. In fact, Glenwood Park and Ormewood Park have been some of the least affected, and home values have remained relatively stable. Sure there have been foreclosures, but that is happening everywhere. I don't know any appraiser that gauges an area block by block. I'm surprised you are saying that you would, when no one else is doing that. Another thing to keep in mind is that your post is over 6 months old and the data that is available now shows that your assumptions haven't been accurate. We are not talking about a housing boom like the one before the bubble, but if you are looking for a nice home in a nice neighborhood with fairly stable value in the city, then you can't go wrong with this area.
0 votes Thank Flag Link Tue May 11, 2010
As a homeowner in Glenwood Park, I would have to say it is a great neighborhood to live it. It has a true sense of community. You know all your neighbors. They have supper clubs, a garden club, community pool, parents groups, and several neighborhood events throughout the year. Commuting to downtown Atlanta is a breeze b/c you don't have to get on highways, and if you commute elsewhere it is a quick jump onto I-20. Homes are build well and not one house looks alike...which is important for resale. You can't find a newer built home in other popular areas like Candler Park, Inman Park, or Vi-Hi for the same price.
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.
0 votes Thank Flag Link Mon Sep 14, 2009
I've enjoyed reading the bickering.

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.
0 votes Thank Flag Link Thu Sep 10, 2009
Love that observation Clincher, you have exceptional ability to evaluate peoples' experience from a chat board. After reading your astute observations I can also say that your exceptionally stupid.

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.
0 votes Thank Flag Link Thu Sep 10, 2009
First of all the last respondent (Hank) is an idiot. Notice that he is from Marietta and so he obviously knows nothing about the area so ignore him. I actually live here. The foreclosure situation has not had a negative impact on this area and in fact plays in your favor as a buyer. Glenwood Park is a wonderfully designed "new urbanism" neighborhood. The prices are low so you can get a great deal. Lots of character and interesting retail can be found in the surrounding neighborhoods. Some if the retail is empty in Glenwood Park but that will change as more housing density is added to the neighborhood (e.g. 880 Glenwood development).
0 votes Thank Flag Link Wed Sep 9, 2009
I'd steer well clear of Glenwood right now, as Scott said there is a high concentration of foreclosure activity here. I do a significant amount of appraisal work for Fannie Mae in these areas and it is excetionally difficult to ascertain a "real" value on this deserted homes due to the flipping, fraud and other nonsense. So many areas inside the perimeter are like this.

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
prubroker@comcast.net
678-428-8276
0 votes Thank Flag Link Fri Jun 26, 2009
You cannot go wrong buying a house in Glenwood Park at this time. Home values are back to 04' and 05' prices. In some recent sales buyers actually paid less than builder cost.
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.
0 votes Thank Flag Link Tue Jun 23, 2009
Glenwood Park is similar to many neighborhoods located inside 285 and around I-20. There was a lot of Bank Fraud in the 30316 and surrounding zipcodes, so that has led to a lot of foreclosures.

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...
0 votes Thank Flag Link Thu Jun 18, 2009
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