For proof that Westside real estate expectations are high as ever, look no further than this cottage off Donald Lee Hollowell Parkway in English Avenue.
Occupying about one-eighth of an acre, the unassuming house has stood over Paines Avenue since the 1930s. It counts two bedrooms and about 1,200 square feet, with some charming aspects such as built-ins and an outdoor brick oven on the patio.
But what prompts the listing to suggest that buyers should “invest in Atlanta’s Westside” is a broader view of this side of town. Investing in this case costs $500,000, which is what the home listed for in mid-December, and where the price remains.
Sellers point to the BeltLine’s recent introduction to the neighborhood (the 1.6-mile Westside BeltLine Connector), along with proximity to Georgia Tech, Atlanta University Center, and the “bustling Marietta Street Artery” as proof “this property is surrounded by new development" and stable institutions. It’s around the corner, via Marietta Boulevard, from the under-construction Westside Park at Bellwood Quarry, with Bankhead to the west and Knight Park/Howell Station just to the north.
Sales records indicate no other single-family property in the neighborhood has traded for even $400,000 in recent years. This home last sold in 2005 for $55,000.
The location means the cottage is also a few blocks from the zone where Atlanta Mayor Kiesha Lance Bottoms enacted a six-month moratorium on new building permits and rezoning last March, citing “rapid gentrification” concerns.
That clampdown on development was extended in November for another 120 days, meaning it’ll be in effect until at least mid-March. It applies to neighborhoods such as Grove Park, Knight Park/Howell Station, and Rockdale—but not English Avenue.
On that topic, the Paines Avenue listing notes the property falls under versatile R-5 zoning, which would allow for pint-sized accessory dwelling units on the deep lot or other uses. “The opportunities are practically endless to maximize your ROI,” reads the Berkshire Hathaway HomeServices Georgia Properties pitch.
The cottage overlooks developer Brock Built’s Oliver Street Townhomes project, which has been called the corridor’s first significant residential investment in ages, but also a source of displacement fears in a neighborhood with median household incomes of about $35,000.
Still, those 30 three-bedroom Bankhead townhomes have had no trouble attracting buyers. Per Brock Built’s website, every unit but one has been sold or placed under contract, priced from the mid-$410,000s to just shy of $453,000.
• English Avenue (Urbanize Atlanta)
• 695 Paines Avenuve (Berkshire Hathaway HomeServices Georgia Properties)