Saturday, July 30, 2016

Avalon Of Alpharetta Has A New Owner

Alpharetta’s Avalon Has A New Owner

The recession is definitely behind us, and the real estate market in Alpharetta is doing pretty well. One of the success stories here is that of Avalon, a mixed-use property developed by North American Properties. Avalon has grown into a modern-style community since it was opened two years ago.

With a mix of restaurants, stores, offices and luxury apartments, you can see why investors would be happy to get their hands on this $600 million goldmine.

Avalon Alpharetta sold 2016

North American set out to create a community, more than a retail center, that was immune from the effects of e-commerce by offering “experiential retail” and a unique living experience…

The first phase of the $600 million Avalon development includes 250 luxury apartments, 390,000 square feet of high-end retail and 105,000 square feet of office space. PGIM Real Estate also acquired a 3.3-acre tract slated for a future office tower.

A Whole Foods Market, Crate & Barrel, Anthropolgie, Antico Pizza, Coletta, Regal Cinemas and Tesla are among Avalon tenants. Via My AJC…

PGIM Real Estate, an arm of Prudential Financial, is the new owner of Avalon. PGIM acquired the first phase of the Alpharetta project and is set to acquire the second phase once it’s complete. Avalon was an immediate hit following its opening in the fall of 2014. All the retail and office spaces are fully leased, while the apartments are 98 percent leased.

In fact, the retail spaces of the second phase are already 80 percent pre-leased despite the fact that it’s still under construction. You can bet that PGIM is happy with their new acquisition.

fireworks over the Avalon Alpharetta

“Avalon is one of the premier mixed-use development projects in the United States,” said Kevin R. Smith, head of Americas at PGIM Real Estate. “The acquisition provides our investors with a rare opportunity to acquire a trophy-quality mixed-use property in a strong demographic area, and is consistent with PGIM Real Estate’s strategy to acquire experiential retail centers in markets that are poised to continue to benefit from an increase in consumer discretionary spending.” Via…

The second phase, much like the first, will include 276 apartments, retail and office spaces as well as a hotel and conference center. Currently under construction, it is expected to open in 2017, with the retail and residences opening in April while the hotel opening later in January 2018.

So why is it a success story? Well, it was initially meant to be a development project that would include high-rises and high-end retail. Unfortunately, the Great Recession came, the project collapsed and the Old Milton Parkway site sat abandoned for a few years before NAP came in and saved the day.

Avalon, which was developed by North American Properties, was the second act for a site that was previously envisioned as Prospect Park by another development group. That development was scuttled by the recession before North American and investment partners acquired the site and set about crafting a new vision of a walkable mini-city just east of Alpharetta’s downtown. Via AJC…

The acquisition presents minimal if any interruptions to existing businesses, their customers and tenants in Avalon. North American Properties will remain the retail center’s manager. The apartment operator won’t change either.

Start your Alpharetta home search in here.

All image via Avalon’s Facebook page


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Monday, June 27, 2016

8 Home Sale Secrets Only Real Estate Agents Know

Learn some special knowledge agents have that they might not always be able (or willing) to share with their sellers.
What do the formula for Coca-Cola, the subject of Carly Simon’s classic song “You’re So Vain,” and selling a home have in common? They all involve secrets. Although we don’t have the inside scoop on the first two, we did manage to find some real estate agents who are happy to share some trade-secret real estate tips. So read on — but shh, don’t tell!

1. Staging changes from season to season
The concept of staging was once a secret. That cat’s been out of the bag for a while now, but the practice of staging homes continues to evolve — and it can be much more complicated and elaborate than simply creating a cozy conversation area in a living room. For instance, did you know that it’s better to use shorter furniture during summer months? “It makes the room feel bigger, longer, and in the potential buyer’s mind, a better fit,” says Brian Pickler, president of Nadeau – Furniture with a Soul. Another staging secret is to play soft background music during showings to make a home seem cozier.

2. People love a healthy lawn
Who can resist the smell of freshly cut grass? Apparently, buyers can’t. Bryan Clayton, CEO of GreenPal, knows one Nashville, TN, real estate agent’s secret: “She uses our platform to order last-minute lawn mowing before every showing. I’ve seen her get one home’s lawn mowed three times in one week.”

3. Pricing-strategy bands are important
Setting the right price so your home will sell is not a secret, but have you ever heard of pricing within “bands?” Don Tepper, a Virginia real estate agent, explains: “Buyers who want to spend $340,000 on a property may look between $325,000 and $350,000. If that’s the seller’s target market, then pricing a home at $351,000 will result in a lot of potential buyers missing the listing altogether.” So what’s the secret solution? Tepper says to price the home at $349,000. If you price it at $351,000, you’ll get people looking at the band between $350,000 and $375,000. “Those buyers probably want something fancier or nicer than a $351,000 house,” he says.

4. You can negotiate your agent’s commission … but should you?
It’s still a secret to many sellers that they can negotiate their agent’s commission. But it might be a mistake to do so just because you can. “Often it’s the bad [agents] who offer to discount their commissions. They are doing this to try and win the business,” says Thomas Miller, a Washington, DC, real estate agent. In other words, as with many things in life, you get what you pay for. “A truly excellent [agent] who executes the transaction quickly and flawlessly and sells the house at a good price is worth every penny,” says Miller.

5. Black holes exist in real estate listings
People can’t see black holes; no light gets out, making them invisible. If your listing falls into a real estate black hole, no one will see it either. “Most cities have listing black holes — times when listings get lost to weekends of sun, family vacations, and nonbusiness topics,” says Matt Parker, a Seattle, WA, real estate agent. If you list right before people go out of town, such as before Memorial Day or the Fourth of July, your listing may get buried before potential buyers see it.

6. Exaggerations in listings only disappoint
People on dating sites often fudge their age or post a photo that makes them look more athletic than they really are. This works in the short term to capture attention, but when the face-to-face meeting happens, those exaggerated online claims often lead to disappointment. The same happens with real estate listings. “If your home is located near a tiny pond, don’t describe it as if it’s this huge, luxurious waterfront lake desirable to all,” says Chantay Bridges, a Los Angeles, CA, real estate agent. “Take what you do have and describe the best features of it. Otherwise, buyers may be turned off and disappointed.”

7. A listing can’t sit too long
In a hot market, “too long” for a house to sit unsold is three to four weeks, max. “That’s a sure sign [the house] is overpriced,” says Miller. If you don’t want to appear desperate by dropping the value, price the home realistically from the start. “It’s much better to be in a position where the seller has multiple offers than to get greedy trying to obtain an unrealistic price — only to reduce it later,” Miller adds.

8. There is a home-buying month
Many real estate agents mark February’s Presidents Day weekend as the unofficial start of the housing season, which runs through September. There is then a steady decline in activity until the next year. But there’s one month during housing season that consistently performs better in sales than all the others. Can you guess this secret month? If you answered June, you would be correct. Housing sales in June are typically 29% above average.

This post was originally published here: 8 Home Sale Secrets Only Real Estate Agents Know