Entertainment

Atlanta home prices soar as manufacturing boom boosts housing market – The Hollywood Reporter


Over the past decade, Atlanta has earned the nickname Hollywood of the South. The city boasts a population of approximately 500,000 in Atlanta and approximately 6 million in the greater metropolitan area, with a growing number of full- and part-time residents who are entertainment industry professionals. Many people have been attracted to work on products like Black Panther: Wakanda forever, Zombie and the new one Bride’s Fatheror to find more stable work at the 700-acre Trilith Studios or the Tyler Perry Studios in downtown Atlanta.

Long a mecca for hip-hop artists and Black creators, Atlanta is also becoming increasingly popular with public figures from all walks of life. Atlanta’s undisputed media king – Tyler Perry – recently completed an incredible $100 million estate on 2,100 acres in the city of Douglasville, near the 330-acre studio complex His brother. Celebrities who live or have homes in Atlanta include Elton John, Melissa McCarthy, Ludacris, André 3000, Norman Reedus, Cardi B, Shaquille O’Neal, Gucci Mane, Jane Fonda and Diary of a vampire co-creator Julie Plec. Whitney Houston is also a longtime resident; the Alpharetta house where she and Bobby Brown were shot It’s Bobby Brown marketed for $1.9 million.

This rise in status and footprint helped lead to a booming real estate market. Along with plenty of work opportunities and Southern hospitality, Atlanta offers luxury real estate at a fraction of the price of Los Angeles or New York. According to Rocket Homes, in November 2022, the median price of homes sold was $395,322, up 10.8% from 2021. The median price of homes with 5 bedrooms or more was $1. ,2 million dollars.

Mariah Carey's 9 bedroom home in Buckhead sits on 4 acres complete with swimming pool, pool house and tennis court.

Mariah Carey’s 9 bedroom home in Buckhead sits on 4 acres complete with swimming pool, pool house and tennis court.

Courtesy of Jon-Michael Sullivan/JON-MICHAEL SULLIVAN AND BARTOLOTTI MEDIA – JOSHUA BARTOLOTTI

According to Shanna Bradley of Ansley Atlanta Real Estate, the luxury market is particularly explosive right now — although overall home prices across the city fell slightly in November from the previous month. In the exclusive neighborhood of Buckhead, lavish properties are on the market for $4 million to $6 million, boasting amenities comparable to a $15 million home in Los Angeles. Angeles. Bradley holds a $5.995 million listing on Mariah Carey’s palatial Buckhead estate, which includes nine bedrooms and a recording studio. Another Buckhead highlight currently on the market is the home of best-selling author Emily Giffin, whose mansion from the 1920s is listed for $8.99 million.

“Compared to other markets, we have relatively affordable rates,” said Christa Huffstickler, CEO of luxury brokerage Engel & Völkers Atlanta.

Bradley agrees. “I think the current market is driven by the fact that a lot of people are still moving here from other places where real estate is a lot more expensive,” she said.

Inside the 1920s Georgian Revival mansion in Atlanta's Buckhead neighborhood, owned by novelist Emily Giffin.

Inside the 1920s Georgian Revival mansion in Atlanta’s Buckhead neighborhood, owned by novelist Emily Giffin.

Courtesy of Emily J. Followill/Glennis Beacham of Beacham & Company

The vast Atlanta metro area offers a wide variety of properties, from charming 1920s cottages to the modern mansions of Robert Green, Frank Lloyd Wright’s apprentice. “There are many types of jobs associated with the film and production industries, from setting design to cinematography to all the different jobs that are part of that industry. And not everyone who does those jobs makes $2 million, $3 million or $5 million a movie,” Huffstickler said. “We have a wide variety of neighborhoods and product categories, and there is something for everyone.”

Arthur Lewis, partner and creative director of UTA Fine Arts/Artist Space, notes that “over the past decade, Atlanta has become a leader in motion picture production and a bastion for startups. technology and a mainstay for major companies such as Coca-Cola, Delta Air Lines and UPS. Additionally, Atlanta has one of the highest per capita LGBTQIA+ populations and the second-largest Black metropolitan area in the United States, making it an incredibly diverse city.” In 2023, UTA will open Artist Space in Atlanta, a second space after the one in Beverly Hills.

Brian McGowan, president of Centennial Yards Company, a mixed-use development that covers 50 acres of an old railroad yard in Atlanta, adds that the amount of film and television production in the area, combined with the city’s hip-hop music scene, making Atlanta “a cultural hub where people want to be if you want to influence the direction of culture. In fiscal year 2022, entertainment products spent $4.4 billion in Georgia, a record high — despite some suggestions that Hollywood would boycott the state because of its six-year ban on abortion. week passed in 2019.

Rendering of a mixed-use building at the Centennial Yards project in Midtown.  Atlanta Hawks owner Tony Ressler, husband of actress Jami Gertz, is one of the main investors in the project.

Rendering of a mixed-use building at the Centennial Yards project in Midtown. Atlanta Hawks owner Tony Ressler, husband of actress Jami Gertz, is one of the main investors in the project.

Courtesy of DBOX FOR CENTENNIAL YARDS

Atlanta’s central location and the beauty of the South attracted 65,000 new residents by 2022, leading to a seller’s market. “We have a few hours to go to the mountain. We are a few hours to the beach. The busiest airport in the world is in our city. So the ability to connect with so many different components as a large metropolitan city is really compelling,” said Huffstickler. “We are green, we have trees and we have parks. We have the best restaurants. I think there’s really something for everyone in Atlanta. And as a result, we have just witnessed the growth of this city at an exponential rate.”

Midtown and downtown Atlanta – long a cultural wasteland of economic decline – are also in a renaissance. New high-rises with locked-and-leave apartments have become popular with young tech workers, older boomers, and those working in the entertainment industry. The Flats, an upscale condominium community offering short-term rentals attached to the vast Ponce City Market, has become particularly popular with actors including Ed Helms, Gabrielle Union and Jon Hamm.

A model home in a new 64-unit apartment tower in Midtown.

A model home in a new 64-unit apartment tower in Midtown.

Courtesy of David Mitchell

One of the most ambitious projects in the Midtown area is the Centennial Yards, slated for completion within the next decade. “The project will be office, residential, mixed-use commercial 8 million square feet, so about 4 million square feet for residential, 4 million square feet for everything else,” said McGowan. “And then its heart will be a center for sports and entertainment. This will be a district with bars, restaurants, live music and venues. You’re going to want to go downtown Atlanta before the games and before the events and stay after them because there’s going to be work to do.”

Other large-scale projects include the planned $150 million transformation of the Five Points Station downtown, the heart of MARTA, Atlanta’s public transit system. Underground Atlanta, downtown’s historic shopping and entertainment district, is also undergoing a large-scale redevelopment under the guidance of architectural firm Skidmore, Owings & Merrill. Two new mixed-use residential towers in South Downtown developed by Newport RE are scheduled to open in 2025.

But as Atlanta grows further as an upscale metropolis, many of its residents believe it’s the city’s laid-back Southern charm that attracts people from stars and music producers. to this area. “Saying ‘Hi guys’ and being able to greet people with a smile is something really refreshing and it’s a distinct part of the South’s culture,” says Huffstickler. “I think what celebrities like about being in Atlanta is that we’ve grown into a big city but still feel like a small town.”

Listed with Sam Bayne of Atlanta Fine Homes Sotheby's International Realty, this 1937 Buckhead mansion sits on over 4 acres.

Listed with Sam Bayne of Atlanta Fine Homes Sotheby’s International Realty, this 1937 Buckhead mansion sits on over 4 acres.

Courtesy of ATLANTA FINE HOMES SOTHEBY’S INTERNATIONAL REALTY

This story first appeared in the January 5 issue of The Hollywood Reporter. Click here to sign up.

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