After a long, grueling search, including several overheated bidding wars, Jim and Claire found the home of their dreams. They were ecstatic when their offer was accepted and the transaction
Why Is Inman Park So Expensive
Everyone and their dog loves the little neighborhood of Inman Park. The popularity for this area comes with high prices to live here. What makes Inman Park so great that people will pay high prices for homes in this area? I’ll try to list out some reasons to answer the question: Why is Inman Park is so expensive?
Why is Inman Park So Expensive?
I remember doing my own personal house hunt about 4 1/2 years ago. I briefly scanned the housing market in Inman Park and threw that idea out the window. At that time, there was too much graffiti for my comfort and not very much development to spark my interest. Boy, I wish I would have re-considered!! I had friends that bought a townhome along the beltline (before the Beltline was built) and purchased it for a modest $450K. Just a year ago they sold it for almost $800K! Main reason? Location, location, location.
What is so great about the location of Inman Park?
The Beltline – Inman Park residents have very close access to hop onto the Beltline and connect into other neighboring neighborhoods.
Krog Street Market – The Krog Street Market is a popular stopping point for a bite to eat. Choose from several options such as BBQ, Mediterranean, or Chinese.
Fabulous Restaurants – There are tons of restaurants within Inman Park. Some popular choices are Bar Taco, Barcelona, Folk Art, Sotto Sotto, and Parish.
Close to all other Intown neighborhoods – Inman Park is within a short drive (or walk) to other great neighborhoods such as Candler Park, Virginia Highland, Old Fourth Ward, etc.
Relaxed Atmosphere – The area is casual (no super yuppy people encountered here). You’ll find younger and older clientele mixed in the area who all have a love for being out and about socializing amongst neighbors and friends.
Friendly Neighbors – The neighbors are pretty friendly in this area and have a laid-back attitude. Hanging out at a neighbor’s porch in the evening is typical.
Walkability – You can really walk from your home to restaurants, shopping, and the beltline/Krog Street Market when living here.
Inman Park Festival – Held in April of each year, this festival is one not to be missed. It is by far one of my most favorite festivals with a ton of different vendors. I always hit up the bread stand (Our Daily Bread) which has an assortment of fresh bread loafs/donuts that makes your mouth water as you walk past it.
Good School District – Perhaps another selling point of Inman Park is that it is zoned to a highly ranked elementary school – Mary Lin. It’s typical to find that the highly ranked public schools in Atlanta will result in higher home prices.
Home Styles and How Much Do Homes Cost?
Victorian – Perhaps the most jaw-dropping homes in Inman Park are the victorian homes. The old beauty of these homes just make you feel like you are taking a step back in time. The price range for these really depend on the condition and size of the home. For instance, a 3,300 sq ft victorian home with some needed interior work could cost around $650-$750K. A larger victorian home (3,500+ sq ft) could sell around $980-$1 million based on the condition of the home.
Classic Bungalow – There are many classic bungalows aligning the tree-filled streets of Inman Park. They can range from small and larger homes with a minimum price tag of the mid $500’s for the smaller sized homes and can go up to the upper $700’s for a larger (over 2,000 sq ft) home that is more updated in the interior.
Craftsman – If you like the idea of having an older looking home but still like it to be newer, there are a string of homes along Lake Ave built in 2005/2006 but expect to pay around $975K for them.
Townhomes – Both new and old lofts can be found in Inman Park and can really range in price. Even older styles can cost in the $300’s. And for newer built townhomes? Think more around $700-$800K for the larger units.
Lofts – There are some excellent loft spaces in the area. Grinnell Lofts along Highland Ave are my favorite as they are literally on the Beltline. The Brickworks lofts are another great option with a 2 story setup. Another loft option set up more like a condo feel are the Inman Park Village Lofts. They are right in the middle of all the restaurants and shopping and just across the street from the Beltline. Depending on the type of loft and size will really determine the price. For example, the Grinnell or Brickworks Lofts can sell anywhere between $330-$350K for a 2/2 and approximately 1,300 sq ft. However, you can find smaller 1/1 & 700 sq ft lofts at the Inman Park Village Lofts or the Brickworks for $175-$200K.
I think the popularity of Inman Park is here to stay. The continual growth of the Beltline and Krog Street Market development will continue to be attractive for home buyers. Just over the past year (2014-2015), I’ve noticed how especially limited the inventory is in Inman Park. Homes sell real quickly here and the average days on market in the past year for both homes and condos was 21 days. But remember that is the average….ones that are in excellent shape will be under contract within 1-2 days! The basic equation of high demand and low inventory is a key factor of why Inman Park is so expensive.
To see the current homes available in Inman Park, CLICK HERE to start your Inman Park home search.
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