Assemblage – A Whole Subdivision On The Market in Sandy Springs Georgia

The Sunny Brook Meadows subdivision in Sandy Springs, Georgia has put itself up for sale. The modest development of single family ranch homes has been in place before metro Atlanta had expanded to envelope it. Now the homes are in the midst of a vibrant and expensive part of the city. Instead of trying to sell the homes individually, combining them into an assemblage of homes to sell as a package will bring a much greater  financial reward for the homeowners.

The assemblage allows a developer of a multi use or commercial development to maximize the  land and offer a higher  earnings multiple than if the homeowner tried to sell the homes themselves. Of  course, trying to get 50 families to agree to anything this monumental must be very difficult,  but once it is accomplished the rewards are terrific.

The neighborhood, residents in this two-block Sandy Springs subdivision decided to take matters into their own hands.
“You can’t stand in the way of progress,” said Harry Kirk, who has lived in his home for 48 years. “The thing I don’t want to see is all that building around me.”
As an assemblage, the homeowners could net a profit increase ranging anywhere from 50 percent to 100 percent — home values in the area average $250,000 and some of the homes are listed for sale at $565,000.
The neighborhood has already accepted an offer from an undisclosed developer. Now, each homeowner must negotiate with that developer. If all goes well, the entire subdivision could be sold by May.
To make an offer possible, residents selected block captains, tasked with keeping the households informed. They held meetings on the back deck of one of the larger homes in the subdivision and created a committee to interview potential attorneys and real estate brokers. They also kept in touch with the city’s community development department.
“If we were going to do it, we were going to do it right,” said Mary Wolff, a 12-year Sunny Brook Meadows resident who was a part of the organizing committee. “There’s interest in this area.” via ajc.com

On  a personal note, when I first  moved to Georgia from New York I lived in Sandy Springs. This was in 1991 and about 10 years  after the horse farms were built over and the city of Atlanta had expanded into the area. Folks that had lived there for years were telling me stories of how they were  amazed the city had moved out that far.

Now 16 years later, the metro Atlanta region expands about 30 miles north of Sandy Spring and continues to grow. These same folks that lived in horse  country are now considered living in town and people are moving into sandy Springs to be closer in to town.

I love the idea of putting together the  property  as an assemblage. If they can do so, what a great way to create additional value for the  homeowners and  future developers.

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