With all economic forecasts predicting an extremely sluggish and possibly far-off recovery for the real estate market even in best-case scenarios, real estate agents and local neighborhoods are taking property values into their own hands. In metro Atlanta, this means not only are they working together to hold neighborhood cleanups, but the neighborhoods are even getting in on the action when it comes to promoting local open houses for homes on the market[1]. In some cases, local developers are also involved, with one Dunwoody condo community working with the developer to bulldoze unfinished foundations in the area and turning that deserted space into a park. Residents explain that previously the “unfinished” look of their neighborhood hurt property values and that the park is a far better asset than half-finished deserted construction. They believe it has “stabilized the value in the community”[2].
In some cases, homeowners are even allowing agents to bring potential buyers through their own, finished homes in order to help the buyers visualize what is possible with neighborhood fixer-uppers. One such homeowner believes that this is the only way to revitalize his neighborhood market: “This is the only way we will see the growth in families and stabilizing our community,” he explained.
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[1] http://realtormag.realtor.org/daily-news/2011/08/01/neighbors-agents-team-up-boost-home-values
[2] http://www.ajc.com/news/atlanta/hands-on-efforts-to-1054198.html?
