What neighborhood will be on fire this Spring/Summer of 2017? My prediction is that Ormewood Park will be one Atlanta Intown neighborhood that will be seeing multiple offers and homes being under contract before most buyers can even blink. Why? I’ve listed out 2 reasons Ormewood Park will be a HOT real estate market this Spring/Summer.
Reason #1: Beltline, Beltline, Beltline – The pretty, old red bridge in Ormewood Park marks the spot of the incoming Beltline into Ormewood Park. Although it’s been known for quite sometime that eventually the Beltline will be built through this neighborhood, I think many people felt it was so far out in the future that nobody wanted to buy into it. Now that we are seeing the Eastside Beltline expansion happening just north of Ormewood Park, it may hit home to more buyers that Ormewood Park will be up next to see the Beltline come through it’s neighborhood. But, it might be a little too late for those buyers who “want a good deal.” Those days have sailed, I’m afraid.
Reason #2: “Affordable Homes” – I put this in quotes because the prices in Ormewood Park have steadily been increasing, making it less affordable than a few years ago. Remember when you could buy a cute 3/2 bungalow in decent shape in Ormewood Park for under $300K? Not so much anymore! As more people are shifting to move into town to live near work/play and the anticipation of the Beltline running through the neighborhood, it has pushed the demand for houses and thus, an increase in price. Ormewood Park’s average cost for a home is currently around $353K . This is up roughly 16.5% from the same time a year ago in late 2015/early 2016 when the average home price was around $302K. Relatively speaking however, this price range is still a much better deal than many other neighborhoods. There is a new development of Farmhouses that are being planned to back up right behind the Beltline. The advertised starting price range is in the $600’s. While this price would have been unheard of, say 3 years ago, it is now not such a shocker anymore it seems.
While there are not many attractions in Ormewood Park (such as restaurants, shopping, etc), it’s a great area to live in and be within walking distance (or a short drive) to neighboring areas such as Grant Park, Glenwood Park, and East Atlanta which offer more selection of dining, shopping, etc.