MILTON INSIDER VOL. 3, ISSUE 1
A N OT E FRO M J E N N Y
Market Stats | 30004 Average Sales Price 3 0 0 0 4 : R E S I D E N T I A L D E TAC H E D
$1.25M
$1,118,354 $985,862
$1M
$841,428
$750K
$650,268
$671,392
$589,576
As we enter 2024, everyone in our industry and the world around me seems to sense that this is the year things return to positive vibes. Abundance is a word thrown around, and 2023 is looked back upon by so many as a year of growth. I saw this both personally and in my network and genuinely feel that all things in life happen for our good, even if we cannot understand. This early spring will be great for sellers as inventory is low, and Milton is still in extremely high demand. While Buckhead and Brookhaven families are still coming, we see more relocation, with many coming from California or Texas. There continues to be a higher number of high-profile buyers and CEOs looking in the area, which has helped the $3M-$10M market. Some families from 30004 or Intown Atlanta are heading closer to Canton for better values, taxes and more land – areas that still maintain the Milton charm and feel. New- or newer-construction homes are in high demand. The good news is that the prices for materials have recently come down. This cost decrease is fantastic and will help encourage builders to build spec homes and buyers to get back into the custom-home game vs waiting on a resale. Rates slipping into the five-percent range just recently is also a big plus! Large land tracts continue to sit if priced high, with many landowners hoping a developer will come in and pay above top dollar. The city is doing all that it can to try to keep the green spaces and keep Milton with that Milton feel that we all fell in love with. The city is working on a 3+ acre tax initiative for builders and a possible new five-acre tax break program. We look ahead brightly to this new year and see positive and amazing things on the horizon. We hope you do as well!
$500K
$0
2018
2019
2020
2021
2022
2023
Number of Homes Sold 3 0 0 0 4 : R E S I D E N T I A L D E TAC H E D
1250 1085
1057 1000 934
954 813
750 543 500
250
$0
2018
2019
2020
2021
2022
2023
Median Days on Market 3 0 0 0 4 : R E S I D E N T I A L D E TAC H E D
35 30
33 28
25 20
20 15
11
10 5
6
6
2021
2022
0 2018
2019
2020
Sincerely, Source: FMLS, 9 JAN 2024.
For a more comprehensive market perspective of Milton, please scan here.
2023
Mortgage Update Finally! Good news from the mortgage guy! Over the last two years,
21%
the national mortgage rate for a 30-year fixed was at its highest in November of 2023, peaking at 7.76%. In the previous five weeks we have seen a significant decline in the national average rate due to trending bond markets as well as economic tools starting to stifle inflation. Due to this economic shift, we now see the national mortgage rate for a 30-year fixed rate of 6.47%. This downward shift in mortgage rates has drastically increased mortgage applications and activity. We have seen
percentage increase in mortgage applications in the last three months
a 21% rise in mortgage applications over the last three months since the interest rate high of 7.76%. Economic forecasters also predict that the positive movement in mortgage rates will continue throughout 2024 and possibly in 2025. There has also been speculation that the Federal Reserve will have at least four rate cuts in 2024. This would also lend itself to a sign of economic strength, making more financial products such as home
1.29% percentage decrease from peak mortgage rate
equity lines, credit cards and student loans more competitive.
6.47%
This information will increase buyers purchasing power and consumer confidence in the housing market. If this trend continues, there should be reason for optimism about where mortgage rates will be in the foreseeable future. - Brant E. Gilmore
current national average mortgage rate
Vice President, Truist Bank, NMLSR #756279
National Association of REALTORS® 2024 OUTLOOK •
NAR Chief Economist Lawrence Yun forecasts 4.71 million existing-home sales in 2024, up 13.5% from 4.1 million.
•
Home sales will begin to rise next year – by 13.5% compared to 2023 – a 0.9% increase from last year.
•
Metro markets in southern states will likely outperform others due to faster job increases.
•
Rental prices will calm down further in 2024.
•
Foreclosure rates will stay historically low in 2024, comprising less than 1% of all mortgages.
•
Housing inventory is expected to rise by around 30% as more sellers begin to list after delaying selling over the past two years.
•
NAR foresees 1.48 million housing starts in 2024, including 1.04 million single-family and 440,000 multifamily.
•
The U.S. GDP will grow by 1.5%, avoiding a recession, with net new job additions slowing to 1.7 million in 2024.
•
Yun expects the 30-year fixed mortgage rate to average 6.3% and that the Fed will cut rates four times – calming inflationary conditions – in response to slower economic activity.
SUPPORTING LOCAL BUSINESSES
New Business Spotlight Cafe at Scottsdale Farms 15 63 9 BIR MINGHA M H I G H WAY MILTON, GEORGIA 30 0 0 4
In March, the Cafe at Scottsdale Farms is set to open and will be headed by Executive Chef Tyler Williams, formerly of Woodfire Grill, Bacchanalia and Husk in Savannah. Located on Scottsdale Farms, a 200-acre Milton farm, the 40-seat cafe will offer tea service, grazing boards and a healthy coffee bar fare. Williams partnered with Joshua Reed to bring an elevated, healthful approach to the eatery. Seasonal produce from the surrounding farm, as well as local vendors, will serve as inspiration for Williams’ menu, which will include items like chia seed parfaits, overnight oats, fresh juices, gourmet toasts, housemade Stroopwafels and nutrient-rich breakfast cookies. Typical lunch items will consist of soups, vegetable bowls, salads and Bento box-style meals for children. Are you in need of an afternoon pick-me-up? Thursday through Sunday, English and Japanese tea service will be available, including refreshing beverages, tea towers and individual grazing boards. Williams hopes families will venture beyond the cafe and enjoy the playground, garden and animals. A large pavilion on the property will be used for yoga, themed dinners, supper clubs and more. The barn will offer a retail area where coffee beans, pottery and other local artisan fares will be available.
Source: Carly Cooper, “Former Woodfire Gril Exec Chef Tyler Williams to Relaunch the Cafe at Scottsdale Farms.” Atlanta Magazine, 5 Jan 2024.atlantamagazine.com Photos: Courtesy of Tyler and Friends
Step into a world where chef-inspired classic sports fare meets gourmet excellence, creating a menu designed for true enthusiasts of great food and thrilling games. We take pride in being more than just a sports bar; we are a local gathering spot where families come together to enjoy delicious meals and create lasting memories—opening February 2024.
Hyde Brewing + Ceviche Taqueria 3 000 H E R ITAGE WALK , BU I LD I N G 4, SU I TE 13 0 MILTON , G EORG I A 30 0 0 4
Located in the Crabapple Market district, Hyde Brewing + Ceviche Taqueria is set to open in early 2024. This 6,000+/- square foot space brews its beers in-house and has a full bar, great food from Ceviche
Suite 200 | Club Level Sports Grille 3000 HERITAGE WALK, BUILDING 2, SUITE 200 MI LTO N, G EO RG I A 3 0 0 0 4
Taqueria and live music!
S U I T E 2 0 0 G R I L L E .C O M
Resto L’Antoinette is a French-American restaurant where casual elegance meets culinary excellence. The dining experience celebrates the inspiring women who have shaped our journey, weaving a rich tapestry of flavors and ambiance that reflects the heart and soul of our stories.
COMING SOON La Mer, a seafood restaurant, in Crabapple Market. For more details, visit crabapplemarketga.com
Resto L’Antoinette 1935 H E R I TAG E WALK MILTON , G EORG I A 30 0 0 4 R E STO L A N TO I N E T T E .C O M
1801 Birmingham Road M I LTO N , G EO R G I A 3 0 0 0 4
The Milton estate of Gary Rossington, Lynyrd Skynyrd’s legendary guitarist, is officially on the market, listed at $12M. Encompassing a main and a guest house, two barns and a private lake complete with two boat docks, this park-like estate boasts road frontage to both Freemanville Road and Birmingham Road, scenic views and access to nature and wildlife, with plenty of privacy and recreational space. Nestled on a total of 80+/- acres (including the lake), it promises an unrivaled living experience. Listed by Cynthia Chandlee North Atlanta Office 5 B R • 5. 5 BA • 80 ± AC R ES
Offered for $12,000,000
DESIGN TRENDS RICH, WARM COLORS Think earth jewel tones! Warm brown, such as sienna and deep blush tones, as well as punchy emeralds and deep cobalt, are coming back to liven up the very neutral pallets we have come used to seeing. If you aren’t familiar with Backdrop, check them out online for their amazing selection of colors! Backdrophome.com
ENGLISH ARTS & CRAFTS Steep roof lines, oversized corbels and a carefully crafted mix of materials create this look. Not only is this style aesthetically pleasing, but this type of architecture is timeless and blends well with many interior styles. Arches, stones and copper galore, yes, please! Content: Tony Frazier Home Design Photos by @mb_productions_nc
PLAYFUL POWDER ROOMS Vibrant powder rooms may not be a new trend, but it’s certainly a trend that isn’t going anywhere. From wallpaper to fixtures to unique vanities, this room in your home can be out of the norm. It’s also a small space, so a half bathroom can be easy to tackle. It makes for a memorable moment in your home anytime your guests use it! Photo: Hart & Lock Design
TABLE SETTINGS & CASUAL DINNER PARTIES
HOME WELLNESS SANCTUARY
Blue Pheasant is a wonderful resource for high-quality and fun barware, table settings and serveware. With all of the investing that people have done within their homes over the last few years, don’t be surprised if you don’t start seeing the dinner party invites spice up this spring.
We’re not talking about home gyms and dusty treadmills; we are talking about the cold plunge, saunas and stillness bath trend. Imagine a space where all the components could live nicely in your home to entice you to care for your body. Kohler recently introduced bathrooms with functions that transform your home into a luxurious spa.
shopbluepheasant.com
Content Provided by Katie Fox of Hart & Lock @hartandlockdesign • hartandlock.com
studiokohler.com
USE OUR SPACE
TO MAKE THE WORLD A BETTER PLACE The Barn, our office in Downtown Milton, is available to you free of charge for hosting events that aim to make the world a better place, including but not limited to charity events, business launches, health and wellness classes, spiritual/religious studies and art exhibitions. Feel free to reach out and let us know how we can help you make the world better and brighter together!
F R I E N DS O F M I LTO N C H OA
DOWN & DERBY
M AY T H E H O R S E B E W I T H YO U
W H E N 6 p.m. - 10 p.m., Saturday, May 4, 2023 VIP Early Access at 5 p.m. W H E R E Chukkar Farms WHO Hosted by The Milton Friends of CHOA H O W choa.org/downandderby H O W M U C H $150 per ticket, 500 tickets available W H Y Benefiting CHOA’s Summer Camp program and in-hospital art and music programs
Scan to purchase tickets
The Milton Friends of Children’s Healthcare of Atlanta will host a “Georgiafied” Kentucky Derby event at Chukkar Farm on May 4, 2024 – May the Horse Be With You. All money raised by Friends organizations in 2024 will benefit the camps programs, as in 2023, in addition to two specific donor-funded programs: Artist-in-Residence and Music Therapy programs. “From painting and sculpture to photography and jewelry making, our Artist-in-Residence team has something for every patient, allowing them a much-needed distraction and escape. Music therapy uses musical activity—such as creating, singing, playing or listening to music—to strengthen the physical, emotional, cognitive and social abilities of patients as part of the healing process. Like most of our other Child Life programs, our Artist-inResidence and Music Therapy programs are 100% donor funded.” Guests at the event can expect dinner by local restaurants, dancing, topshelf bars, a live and silent auction and an exciting array of activities!
MILTON’S New Construction Good news on build costs coming down along with interest rates. New builds are starting to pop up and we are seeing our land listings selling quickly. HEATHERTON SUBDIVISION A new neighborhood, Heatherton contains 21 single-family lots on 33.99+/- total acres off of Mayfield Road. MANOR ESTATES Manor Estates is a large lot subdivision featuring six residential lots. These lots range from 3.05+/- acres to 3.70+/- acres in size and are located off Longstreet Road in northeast Milton. CRESCENT RIDGE A gated subdivision along Hopewell Road consisting of 11 single-family lots on 9.045+/- acres. THOMPSON ESTATES A residential development of seven single-family homesites on 23.119+/- acres THE RIDGE AT SWEETAPPLE A new residential subdivision located in southwest Milton off the west side of Ebenezer Road. The development will hold 19 single-family homes on 25.3+/undeveloped acres. THOMPSON OAKS A new residential development along Thompson Road, adjacent to the new Fire Station 42. This proposed development will contain 16 single-family residential lots on 20.52+/- acres. ECHO AT CRABAPPLE A new residential development on 4.88+/- acres along Crabapple Road. Echo development will feature 23 single-family homes. The development proposed two civic spaces, one common area, and inter-parcel connectivity o the Crabapple Crossroads neighborhood. OAKS AT FRANCIS Formerly known as Old Field, this parcel will be a new residential development along Francis Road. The development sits on 10.2+/- acres and will contain seven new residential lots, all larger than 1+/- acre. The homes will be two-story and ranch homes with four-, five- and six-bedroom plans ranging from 2,600 to 3,700 square feet.
Scan the QR code to explore a map of the developments happening in the City of Milton.
EVENTS
A ROU N D M I LTO N
February
April Continued
1
Date Night at Avalon 5 p.m. - 11 p.m., Monday through Thursday in February
6
Alpharetta Farmers Market 8:30 a.m. - 12:30 p.m., Saturdays thru November Town Green, Alpharetta
8
Galentine’s Day at Avalon 5 p.m. - 9 p.m.
13
All in at Avalon 6 p.m.- 9 p.m., Saturday
13
Mardi Gras at Avalon 5 p.m. - 9 p.m.
14
Alpharetta Wine Festival 6 p.m.- 9 p.m., Saturday Downtown Alpharetta
March 3
Alpharetta Restaurant Week 11 a.m. - 9 p.m. through March 9
15
Luck of Avalon (St. Patrick’s Day Celebration) 5 p.m. - 9 p.m., Friday
16-17
Olde Blind Dog St. Paddy’s Day Party Saturday & Sunday, Crabapple Market
21-30
Easter Bunny at Avalon *21-24 March & 28-30 March
21
Cornhole ATL - Spring Season Starts 6:30 p.m. - 8:30 p.m. The Green at Crabapple Market
23
ShamROCKIN’ for a Cure 6 p.m. - 11 p.m., Saturday Help raise money for the Cystic Fibrosis Foundation Union Hill Park, Alpharetta
30
Hop-a-long Egg Hunt, Avalon 8:30 a.m., ages 0-3 9:30 a.m., ages 4-7
April 1
Punchline Comedy, Avalon First Monday of each month through October
2
Little Acorns Kids Club, Avalon 10 a.m. - 12 p.m., Tuesdays, Recurring bi-weekly
3
AvalOM Fitness Class Enjoy yoga, barre or Pilates classes every Wednesday through October
5
Avalon Nights Live 6 p.m. - 8 p.m., Friday
Alec’s Pizza Party 12 p.m.- 4 p.m., Saturday Crabapple Market
27
Home by Dark at Brooke Street Park 7:30 p.m. - 10:30 p.m., Saturday
May 3-5 4
Celebrate Freedom Rodeo Willis Park, Alpharetta Crabapple Derby Dash 5K The Green at Cabapple Market Kentucky Derby Party at Avalon 4 p.m. - 8 p.m. Down & Derby 6 p.m. - 10 p.m., Chukkar Farm, Alpharetta
7-11 9
Paint the Town: Alpharetta Plein Air
16
Cornhole ATL- Summer Season Starts 6:30 p.m. - 8:30 p.m. The Green at Crabapple Market
25-26 27
Taste of Alpharetta 5 p.m. - 10 p.m.
Alpharetta Arts Streetfest City of Milton Memorial Day Event The Green at Crabapple Market
For more information regarding Crabapple’s Interactive Movies, Comedy Night, Shop Sip and Stroll, Grace on the Green, Picnic on the Green and LiveLoud Concerts. Please scan here the QR code.
1125 Sanctuary Parkway, Suite 400, Alpharetta, Georgia 30009
©2024 Sotheby’s International Realty. All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. All offerings are subject to errors, omissions, changes including price or withdrawal without notice. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Equal Housing Opportunity. *Represented buyer. **Represented buyer and seller.
FO R SA L E
SOLD
FO R SA L E
U N D E R C O N T R AC T 1 0 ± AC R E S
FO R SA L E
3140 Manor Bridge Drive • Milton
14500 Wood Road* • Milton
4675 Palmetto Lane • Lake Lanier
525 Blue Heron Way • Milton
12875 Arnold Mill Road • Milton
OFFERED FOR $5,500,000
OFFERED FOR $3,495,000
OFFERED FOR $2,500,000
OFFERED FOR $2,400,000
OFFERED FOR $1,750,000
U N D E R C O N T R AC T OFF MARKET
U N D E R C O N T R AC T 9. 8 ± AC R E S
FO R SA L E 9.7 5 ± AC R E S
FO R SA L E 4 . 5 ± AC R E S
SOLD
13484 Hipworth Road • Milton
13040 Arnold Mill Road • Milton
219 Dorris Road • Milton
13405 Providence Lake Drive • Milton
1588 Johnson Farm Road • Canton
OFFERED FOR $1,500,000
OFFERED FOR $1,350,000
OFFERED FOR $1,350,000
OFFERED FOR $900,000
OFFERED FOR $500,000
View more current active and off-market listings at thejennydoylegroup.com
Visit The Jenny Doyle Group in Downtown Milton at: 945 Mid Broadwell Road Milton, Georgia 30004
$700M+ Lifetime Sales, $93M Sold, 2023 No. 1 Large Team, Volume + Units Sold, North Atlanta Office Voted No. 1 Real Estate Team in North Atlanta, Appen Media Highest-Recorded Sale in Georgia Since 2019* Highest-Priced Sale-to-Date in Milton, Georgia Stagers REALTOR® of the Year (USA/Canada), Real Estate Stagers Association Top 10 Luxury Real Estate Agent, THE ATLANTAN Magazine Top Agent in Atlanta, Atlanta Magazine Certified Luxury Home Marketing Specialist, CLHMS
THE JENNY DOYLE GROUP c. 404.840.7354 o. 770.442.7300 jennydoyle@atlantafinehomes.com thejennydoylegroup.com | sir.com