built at the Town Center, likely will be taken by people looking for a lifestyle change who can afford a lateral financial move, such as empty-nesters. They can afford to pay the higher prices, which are driven up by the mixed-use location,” he said. “They can sell their $500,000 home and can afford to pay that for their next home.” Single-family homes make up the majority of Peachtree Corners and are highly sought after, according to Hayes Reich, but she has also seen a lot of interest in townhomes. “There’s an influx of empty nesters who are looking for low maintenance living, such as townhomes. The areas surrounding The Forum shopping center and Peachtree Corners Town Center are very attractive to buyers.” Kaplan noted that senior housing options are especially sparse. “There’s not enough senior hous-
ing available for purchase to serve the seniors and empty-nesters who are thinking ahead,” Kaplan said. “The main things they look for is a master on the main floor and an elevator, or the option for an elevator, and very few homes have that. In the current housing stock, there are some ranch style homes, but not enough to meet the demand.” Kaplan said that when developers first planned to build townhomes in Town Center, he surveyed people who were interested in living at the Town Center and learned that an overwhelming 72 percent of them wanted a master on main or an option for an elevator. “That shows just how high the demand is.” The city did end up requiring the developer to build a certain percentage of the Town Center townhomes with an elevator option, Kaplan reported. Licata shared the latest First Multiple Listing Service (FMLS) absorption analysis for Peachtree Corners. “There is zero months of inventory of homes priced under $350,000, four months for homes $350,000 to $400,000, one month for homes $400,000 to $500,000 and eight months of inventory for homes priced $500,000 to $600,000,” she said. The Terri Hayes Team also commented about the problem of low inventory. “The demand for homes in Peachtree Corners is much higher than what is available for sale,” Hayes said. “We have a wait list of buyers who are wanting to live in the Peachtree Corners area.” Martell reported that recent sales data indicates the highest buyer demand is in the core Peachtree Corners neighborhoods, in the areas around The Forum. “Simpson Elementary School has long been a top ranked school and is a prime reason that area remains popular among buyers,” he explained. “Most of these neighborhoods have swim/tennis clubs and many residents of these neighborhoods can walk to parks, shopping, restaurants and the new Town Center development.” Many neighborhoods in the Berkeley Lake Elementary School district have the same proximity to these
amenities and remain popular as well, he said. “For homes in Peachtree Corners priced up to $600,000, it’s still a seller’s market, meaning there is less than six months inventory of homes for sale,” Martell said. “In some price ranges, there is only one to three months inventory of homes available.” He shared several developments that are in the works to help meet the demand: ■ Lennar has broken ground on Stonington, a gated community of 30 two-story townhomes on Medlock Bridge Road near Spalding Drive. ■ 5200 Town Center, another Lennar project, will be a community of 70 three-story townhomes adjacent to the new Peachtree Corners Town Center. ■ Peachtree Residential Properties is now selling homes in Oglethorpe, a neighborhood of 19 single-family homes on Spalding Terrace across the street from Norcross High School, starting in the $500,000s. ■ Duke Reserve, another Peachtree Residential project, is a gated community of 25 two-story townhomes, now selling on Spalding Drive, just west of Peachtree Parkway; they start in the mid $500,000s. Something that’s missing in Peachtree Corners is condominiums, Kaplan said. “There was a time when they’d fallen out of favor, but now condos are a good option for the lifestyle and affordability that they offer,” he continued. “Condos would give homebuyers another housing option.” And it’s a choice that would be especially fitting for millennials and empty nesters and single people. “We’re blessed to be in a city that’s continuing to get better and better,” Kaplan said. “But the flip side of that is that housing affordability becomes an issue. It’s especially a challenge for first time homebuyers, and it’s a challenge we have to face as a community.” ■
April/June 2019 ■ Peachtree Corners Magazine
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