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Atlanta movie mogul Tyler Perry continues to expand his local empire in Georgia. This time, the Why Did I Get Married? star has bought more land parcels adjacent to his movie studio in southwest Atlanta.
The acreage, a short drive from East Point and College Park, Georgia, has a lot in store for the public.
What Is Tyler Perry Planning For Southwest Atlanta?
Perry’s recent $8.4 million purchase of 37 additional acres next to his namesake studios come with some bodacious plans, according to news reports.
Perry plans to use the land parcels to transform the area into an entertainment, retail, and restaurant district that would include shops, a movie theater and more.
The businesses would be a welcome addition to rejuvenate what has been a long-forgotten area when it comes to amenities and basic food stores.
How Did Perry Get The Fort McPherson Property?
In 2014, Perry was wrestling with the idea of building a new movie studio and moving it to Douglas County, but then Mayor Kasim Reed was adamant that he stay in the city.
The two worked out a deal in which Perry would buy 330 acres at Fort McPherson for $30 million, which was characterized as a super-bargain at the time.
After securing two-third of the old Army base and redeveloping it, Perry threw a lavish grand opening for Tyler Perry Studios in October 2019, introducing movie stars and the public to the studio’s 12 sound stages.
Also tucked away in the deal was an option to buy the 37 additional acres at the base, which Perry was given a “right of first refusal.”
In June 2021, megachurch leader Bishop T.D. Jakes’ T.D. Jakes Real Estate Ventures struck a deal to purchase 94 acres at Fort Mac as well. Separately, Perry also was approved to buy the additional 37 acres on the site.
‘I’m looking forward to collaborating with my friend T.D. Jakes on his separate but adjacent project,’ Perry said in a news release at the time. “Today is a good day. I’m grateful for the opportunity this gives Tyler Perry Studios to extend our footprint in Atlanta and create more opportunities for the people of Southwest Atlanta with restaurants, entertainment venues, and other business opportunities.”
What Will Be Built At Fort McPherson?
According to a masterplan proposed by the T.D. Jakes Real Estate Ventures group, the Fort Mac site will include the following sections:
- Historic cultural district
- Historic business district
- Tyler Perry Studios entertainment district
- Entertainment district extension
- Residential village and more
Courtesy of T.D. Jakes Real Estate Ventures, LLC” Jakes was enthusiastic about the deal as well, saying, “My cultural fluency results from having grown up in a community like the Atlanta communities surrounding Fort McPherson. In my travels across all of America, I see too many Black and Brown working-class people still falling victim to the continued gentrification of our neighborhoods. I’m extremely excited about the accessible ownership options that will exist for future residents of this multigenerational community. This project will bring solutions to the quality-of-life problems and elevate the lives of the Atlantans that will live, work and play there.”
Final Word
Perry, who joined his friend Oprah Winfrey in achieving billionaire status in recent years, continues to build upon his movie and TV success with lucrative deals with Amazon Studios and Netflix.
He’s also in the middle of completing his mansion in the Atlanta suburbs. The property, which is located in Douglas County, Georgia encompasses more than 800 acres, making it one of the largest pieces of in-tact land available in all of metro Atlanta.
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The Atlanta real estate market is poised for a comeback this year. To make sure your home sells, you’ve got to spruce it up in a creative way.
This article will show you some great ideas on how to spruce up your home’s curb appeal so that it entices potential buyers.
Here Are 6 Awesome Curb Appeal Ideas
Selling a home in Atlanta, or any large city right now, can be chaotic.
Cut Your Grass
This one is obvious, but in the warmer months, your lawn can get out of control rather quickly. Keep a lawnmower on the property so you or a lawn maintenance worker can get to work keeping your grass cut.
It may not seem like much, but having a well-manicured lawn adds points to your home’s overall appearance. Want to save gas? Check out this electric mower.
Trim Your Hedges
Always make sure your hedges, trees and shrubs are trimmed to compliment your home. The last thing a potential buyer wants to see are wayward vines and branches encroaching on the porch or walkway.
Take the time to invest in some shears so that you can cut your shrubs and other things out of the way.
Get Your Home A Paint Job
PermaWhite Exnterior Semi-Gloss
A fresh coat of paint can work wonders to a drab house looking for some life. Look for colors that give the illusion of width and height rather than opting for your personal favorite.
If you can’t afford to get your home painted, think about some new ways to accent your exterior with house plants that add color.
Keep Your Gutters Clean
Another cosmetic thing that detracts from your home’s appearance is a gutter or roof filled with leaves.
Can’t get on a ladder to clean your roof’s gutters? Hire someone that can get the job done.
Remove The Clutter
If you’re one of those homeowners who keep old soda cans, vases or other contraptions on the porch, consider removing them before your potential buyer arrives.
Again, you don’t want clutter to steal attention away from your home’s true character.
Pressure Wash Your Concrete
If you have a concrete walkway or driveway, consider getting it pressure washed to get rid of the stain. Your home can really shine once you give your walkway or the sidewalk in front of your home a once over.
Bottom Line
It could cost you a lot of money if you missed out on the sale of your home just because you didn’t tidy things up around the property. In essence, clean up.
The time and energy you spend into boosting your curb appeal will be more than worth it in the long run.
Atlanta has one of the best real estate markets in the country, with affordable housing in every quadrant of the city. Large backyards, manicured parcels and strong neighborhoods with ample dining amenities make it one of the top places for transplants.
Keep up with what’s going on in Atlanta’s real estate scene here with our Apartment Guide.More Articles From AtlantaFi:
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If you’re shopping for a home in Atlanta, one of the questions you need to think about is how much house you can afford.
The question is one that needs to be weighed seriously because all you have to do is visit the steps of the Fulton, DeKalb or Cobb County courthouse to see foreclosure auctions in action.
Here’s How Much House You Can Afford In Atlanta (Calculator)
People buy more house than they need for several reasons:
- Bad advice from Realtors
- Keeping up with the Joneses
- Resale purposes
Let’s talk about each of these a little bit before we move into what homes cost in Atlanta:
Bad advice from Realtors
Real estate agents play a vital role in the homebuying process, but you have to know when they’re in and out of their lane.
A Realtor has no business telling you how much house you can afford. That’s what a lender is for. A Realtor should only advise you on what type of home you want.
Still, many people listen to Realtors who are out to make a buck. Some of them will tell you that you can afford the home by this strategy and that strategy, but the truth is, it may be a bad deal.
Keeping up the Joneses
This is the worse reason to buy a big house: To keep up with your neighbors, friends or other family members.
If you are vain enough to buy a huge home because of someone else’s situation, then you’re the type that will end up with bad credit because you’re paying too much for your home, car and appliances.
Resale Purposes
Some potential home shoppers want to buy a home because they think that appreciation is going to let them double or triple their money (again, bad advice).
That’s not the reason you should buy a home. You should purchase a home because you like it, the way it looks, feels and speaks to your sensibilities.
The resale market is too unpredictable to base such a big purchase on, especially if you’re not a seasoned investor.
So, how much home can you afford? Here’s how to find out:
Multiply Your Annual Income
To find out how much home you can afford, you would multiply your annual income by two or three.
Let’s say you make: $50,000 a year. That means you could afford a home that costs anywhere from $100,000 to $150,000.
Of course, this will be affected by two things:
- Interest rate: The percentage that is paid by borrowers for the money that they borrow.
- Credit score: A three-digit number that indicates to banks and other lenders how likely you are to repay debt.
Here Are 5 Ways To Determine How Much Home You Can Afford
Answer these questions:
- 1. How much is your annual income?
- 2. How much is your downpayment?
- 3. What ZIP code do you want to live in?
- 4. How much are your monthly expenses (food, clothing, mortgage, etc)?
- 5. What is your credit score?
Here’s a mortgage calculator to help you:
How Can I Calculate How Much Home I Can Afford?
Other Factors That Determine How Much Home You Can Afford
Another factor that will indicate how much house you can afford is your expense-to-income ratio.
Front-End Ratio
This is how much your monthly expenses are vs. how much income you bring in. Banks like this number, commonly called a “front-end ratio,” to be between 28 and 30%.
Your mortgage lender will look for your mortgage payment and PMI (private mortgage insurance) to all be around 28% of your income.
Debt-To-Income Ratio
You’ll also need to have a relatively low debt-to-income ratio to get the home you want. This means that the amount of debt you’ve borrowed and paying back is not gobbling up most of your income.
Banks like your debt-to-income ratio to be around 36% typically.
Are You A Veteran?
If you have served your country, the Department of Veterans Affairs (VA) offers home loans and grants to help you buy, refinance or renovate your home.
For ex-military and their surviving spouses, the VA guarantees part of the loan, meaning they will cover a portion of the loan if you default. Learn more here.
30-Year-Loan Or 15-Year Fixed?
If you have a choice, you may be wondering which is better: A 30-year mortgage or a 15-year mortgage?
The truth is that both have their advantages. A 30-year mortgage would typically mean a lower monthly bill because the payments are spread out over more years.
The bad part is that you’ll pay a lot more in interest over those years.
For a 15-year fixed, the interest rate is lower and you’ll pay off the principal faster.
The bottom line is if you can afford to do a 15-year mortgage, you should!
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Atlanta, Georgia figures to once again loom large when it comes to real estate for the new year.
The metro area is once again one of the top housing markets in the United States, according to new figures from the National Association of Realtors.
Lawrence Yun, NAR chief economist and senior vice president of research, forecasts that Atlanta will be the nation’s top real estate market to watch in 2023 and beyond, an NAR news release says.
- Yun predicts that 4.78 million existing homes will be sold across America in 2023, with prices stabilizing.
- Home sales will drop by 6.8% compared to 2022.
- The median home price will hit $385,800, which constitutes a 0.3% hike compared to 2022.
Top 10 Real Estate Markets to Watch in 2023
Atlanta-Sandy Springs-Marietta, Georgia
Raleigh, North Carolina
Dallas-Fort Worth-Arlington, Texas
Fayetteville-Springdale-Rogers, Arkansas-Missouri
Greenville-Anderson-Mauldin, South Carolina
Charleston-North Charleston, South Carolina
Huntsville, Alabama
Jacksonville, Florida
San Antonio-New Braunfels, Texas
Knoxville, Tennessee
Because of affordability issues, the Atlanta metro area is far down the list for 2023, says a recent Realtor.com report, as midsize markets with adequate housing rise to the top.
As home sales declined in the second half of 2022 with the rising of interest rates, real estate experts are hopeful that the new year brings home shoppers back to the market.
Are Home Sales Going To Rise?
The top markets are expected to see home sales increase 5.2% year-over-year in 2022. Additionally, average home prices in the top 10 markets are expected to jump 7.3% while the rest of the nation will only see a 5% bump.
How To Afford A Home Right Now
With so much economic pressure on Americans, it’s understandable that many would be concerned about affording a home right now. But the key is that you can get in the home you want and need for the most part.
One thing you’ll have to do is get pre-approved by a lender of your choice, who will consider the income you take in annually as well as your debt and credit.
You can gauge how much you can comfortably spend on a new mortgage in a really simple way. See our home affordability calculator.
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More details have come to light about movie mogul Tyler Perry’s construction of his mega mansion outside Atlanta.
The property, which is located in Douglas County, Georgia encompasses more than 800 acres, making it one of the largest pieces of in-tact land available in all of metro Atlanta.
Tyler Perry’s New Mansion: Here’s What We Know
The Madea actor bought the acreage back in 2013 with plans to build on it at some point. I guess the time is now. The massive estate is currently under construction.
According to TMZ, Perry is investing a lot of planning into the property because he wants his young son to appreciate nature as well as animals, which the property will have plenty of.
This is the second Atlanta-area mansion Perry has lived in, if you remember Avec Chateau, which is located on Paces Ferry Road in Buckhead.
As you know by now, Perry is a billionaire. Most of his worth comes from the content he’s created over the years, particularly his movies. With the ascension of Tyler Perry Studios, Perry now reportedly generates a quarter of his worth from that property.
Here Is The Latest Picture Of The Tyler Perry Mansion
As you can see, landscaping is
Where Is Tyler Perry’s Mansion Located?
The palatial estate encompasses hundreds of acres surrounding a mansion located in Douglas County, which is about 20 minutes outside Atlanta.Some of the amenities that have been revealed to be in the mansion so far are:- Lap pool
- Helipad for a helicopter
- Jet runway
- Organic farm with horses
How Big Is Tyler Perry’s New Mansion And What’s It Worth?
According to media reports, Perry’s new mansion encompasses 40,000 square feet of space and is valued at $100 million. According to Douglas County real estate records, Perry was able to purchase the property in liquidation after plans for a subdivision feel through.
Here are some metrics we have learned about the property:
- 40,000 square-foot home
- 2,100 acres
- 8 bedrooms
- 12 bathrooms
Under Construction: Tyler Perry’s New Mansion (Pics)
Final Word
When it is built, Perry’s new mansion will be the most expensive in the Atlanta-area.
Like a good movie, the mansion is taking several years because Perry wants it done right. No doubt when the project is complete, pictures of the finished mansion will circulate on social media.
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Atlanta’s downtown district is once again attracting residents, reversing decades of sprawl that saw families flock to the suburbs. Georgia’s largest city leads the nation in downtown apartment construction, according to a new report.
StorageCafe.com’s report shows that downtowns are back in vogue again, with Atlanta leading the way. The site looked at the downtown areas of the country’s 100 largest cities and ranked them based on the number of multifamily units built over the past decade.
What City Is #1 In America For Downtown Apartment Construction?
The nation is in the middle of a housing crisis, with not enough dwellings being built for American families, but Atlanta is doing its part.
- The city has built more than 21,000 units from 2013 to 2022, according to StorageCafe.
- The next-closest city with that kind of downtown construction is Los Angeles, with $19,342 units built over that period.
- The 21,500 apartments built in Atlanta over the past 10 years represents more than half or its inventory. Downtown Atlanta has another 7,000 new apartments currently being built, according to the site.
Let’s look at how the cities rank in terms of apartment unit construction.
Cities With The Most Apartment Units Being Built
- Atlanta — 21,508
- Los Angeles, CA — 19,342
- Houston, TX — `15,607
- Charlotte, NC — 12,836
- Miami, FL — 12,401
- Nashville, TN — 11,144
- Denver, CO — 10,730
- Jersey City, NJ — 10,236
- Brookyn, NY — 9,623
- Minneapolis, MN — 9,554
- Baltimore, MD — 9,043
- Chicago, IL — 9,031
- San Diego, CA — 8,696
- San Antonio, TX — 8,373
- Raleigh, NC — 8,341
- Philadelphia, PA — 8,019
- Tampa, FL — 7,494
- San Jose, CA — 7,487
- Richmond, VA — 7,329
- Orlando, FL — 7,264
How To Afford An Apartment In Atlanta
You already know that Atlanta apartment market is one of the most expensive in the country. The average rent in Atlanta is more than $1,800 a month. How can you afford rent?
Get A High-Paying Job
You need to have a salary that meets the median income across the Atlanta metro area. If you can switch to a higher-paying job, now is the time to do that.
Work flexibility is at an all-time high as many employers are hiring remote workers right now. Here are some insightful steps on how to find a job in Atlanta.
Get A Roommate
Having a roommate will not only allow you to save more of your money, but it also automatically gives you some company for lonely nights. As long as you get along, it could be great.
The key to finding a good roommate is to screen properly.
Some great places to find a roommate include:
Ask For A Cheaper Unit
Many apartments will only show you their more expensive one-, or two-, or three-bedroom apartments, but if you want to stay there and save money at the same time, you need to ask the leasing agent for their least expensive options.
See if you can haggle them on the price by promising to pay the first six months of the rent or another concession.
Apartments will typically have apartments that need a paint job or other cosmetic fix that they may rent you if they’re in a hurry. It won’t hate to ask.
Final Word
The Atlanta construction boom hasn’t just been relegated to downtown. Places like Smyrna, Doraville and high-priced Buckhead have cranes in the sky. In fact, many of the suburban and exurban areas are seeing structures being built on what seems like a monthly basis.
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If you need help with your rent in DeKalb County, a local government program may possibly be able to help. The program is similar to one for Atlanta residents, but there are some key differences.
If you live in DeKalb and are struggling with rent, you may qualify for assistance. The program pays for rent, rent arrearage, utilities, utility arrearage and other housing costs.
This article is going to show you how to apply for rental assistance if you quality.
How To Apply For Rent Assistance In DeKalb County
For those in need, DeKalb’s government has responded with help. If you’re wondering who can receive it, the program is for qualifying residents who live outside Atlanta.
The DeKalb assistance program gives temporary rental and utility assistance.
The application process re-opened for DeKalb’s COVID-19 Tenant-Landlord Assistance Coalition Program in June 2022. So far, nearly $60 million in funds have been dispensed to eligible households in need of rental and utility assistance.
You’ll need to provide some personal information like your name, address as well as proof of income, if any.
Like other programs, you must meet the eligibility requirements to be approved. Annual family income limits are:
- Family of one: $46,350
- Family of two: $52,950
- Family of three: $59,550
- Family of four: $66,150
How To Apply For Rental Assistance In DeKalb
To apply for rental assistance in DeKalb, sign into the Efile Page.
Once you have registered on the website, follow the steps to input your information.
Last Words
Submitting a TLAC application does not guarantee assistance will be provided. Applications must be reviewed for proper qualification to receive assistance and financial assistance offered by the TLAC program will expire when DeKalb County’s Emergency Rental Assistance grant funds are exhausted.
Atlanta has one of the best real estate markets in the country, with affordable housing in every quadrant of the city. Large backyards, manicured parcels and strong neighborhoods with ample dining amenities make it one of the top places for transplants.
If you’re interested in finding a place to rent in Atlanta, here are some steps to follow.
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According to a recent study, the metropolitan Atlanta area leads the nation in cities where it is cheaper to rent rather than buy a home.
The data, compiled in Realtor.com’s June 22 report, shows that the trend of higher home prices has flipped from what it was just a year ago.
“Eight of the top 50 metros flipped from having monthly buy costs lower than monthly rent costs in 2021 to having monthly rent costs lower than monthly buy costs in 2022, and one metro flipped from favoring renting to favoring buying since last year,” the report says.
Why Is Renting Cheaper Than Buying a Home Right Now?
The report indicates that interest rates, which recently eclipsed the 5% mark, are a major factor in putting homeownership out of the reach of many people.
Due to recent actions of the Federal Reserve, the average 30-year fixed mortgage rate was 5.52% in June 2022. Just five months ago in January, that figure was 3.45%.
Let’s look at the metro areas where it is cheaper to rent than buy a home, according to Realtor.com.
Cheapest Metro Areas For Renting Vs. Buying A Home
Metro Overall Median Rent Overall Rent YY Studio Median Rent Studio Rent YY 1-br Median Rent 1-br Rent YY 2-br Median Rent 2-br Rent YY Atlanta-Sandy Springs-Roswell, GA $1,858 10.8% $1,718 14.6% $1,731 11.4% $2,065 9.4% Austin-Round Rock, TX $1,864 19.6% $1,534 22.8% $1,720 23.5% $2,050 17.0% Baltimore-Columbia-Towson, MD $1,820 9.6% $1,451 2.6% $1,716 9.2% $1,940 10.2% Birmingham-Hoover, AL $1,278 9.8% $982 -3.8% $1,186 8.5% $1,343 11.5% Boston-Cambridge-Newton, MA-NH $2,966 23.6% $2,499 24.3% $2,757 19.9% $3,305 25.6% Buffalo-Cheektowaga-Niagara Falls, NY $1,345 10.0% $1,125 2.7% $1,195 8.7% $1,495 8.9% Charlotte-Concord-Gastonia, NC-SC $1,752 18.4% $1,619 20.9% $1,659 19.4% $1,880 12.1% Chicago-Naperville-Elgin, IL-IN-WI $2,000 14.3% $1,700 25.9% $1,960 15.3% $2,200 12.5% Cincinnati, OH-KY-IN $1,499 9.1% $1,200 10.6% $1,438 9.3% $1,626 5.8% Cleveland-Elyria, OH $1,432 12.1% $948 6.8% $1,317 8.6% $1,593 16.5% How To Rent An Apartment In Atlanta Right Now
Atlanta’s rental market has not been for the faint of heart lately. Prices have shot upward over the past 12 months, but there are signs we could see some relief soon.
If you’re looking for an apartment right now, the first thing you need to do is make sure you have a firm budget for rent.
Don’t get misled by amenities are how large the apartment is, get what you can afford.
For example, if your monthly income is $3,000, your monthly rent should be around $1,000.
Typically, you will also need to have the first and last month’s rent. So if you’re renting a $1,000-a-month apartment, you will need to set aside an entire month of income to get the key.
Here’s how to get an apartment for cheap.
Final Word
If you’re interested in buying a home, don’t think you’ll never achieve your goals. Stick to it. Check out our Real Estate Resource Page.
See The Latest Atlanta Real Estate News At AtlantaFi.com.
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If you want to see a modern display of wealth and style, all you have to do is gaze upon the estate on 4110 Paces Ferry Road in Atlanta. This is the most expensive home in Atlanta as well as Georgia, although that won’t be for long.
The Buckhead home used to be owned by movie mogul Tyler Perry, who unloaded it a few years ago.
Who Owns The Famous Paces Ferry Mansion In Atlanta?
The home, which overlooks the Chattahoochee River, was on the market for $28 million at one point, but it’s listed a few years ago for a real steal: Just $21 million (Hey, that’s a bargain for you millionaires).
After it was all said and done, comedian Steve Harvey and wife Majorie were confirmed to be the buyers of the mansion, which was theirs for $20 million in 2020.
Listen to Harvey tell how he stumbled upon the Atlanta mansion.
Inside Atlanta’s Most Expensive Home (PICS)
So what does the most expensive home in Atlanta have that yours does not? Well, a few things. Let’s take a tour inside this mansion so we can see how the 1% actually lives and where they sleep.
The home has 7 bedrooms, 9.5 bathrooms and comes in at 34,688 square feet and sits on 17 acres. Here are some pictures:
Perry sold the property to millionaire evangelist David Turner in May 2016 for $17 million. It was listed for $25 million.
Among the amenities the home has are:
- A 70,000 gallon infinity-edge swimming pool
- lighted tennis court
- Fully equipped gym
- Spa
- Movie theater
- Indoor resistance pool, catering kitchen, wine cellar, guest house, underground ballroom and more.
Final Word
Atlanta has a lot of inspirational people and AtlantaFi.com is going to introduce you to many of them as well as cool places to go, great restaurants and other ATL happenings.
Atlanta has one of the best real estate markets in the country, with affordable housing in every quadrant of the city. Large backyards, manicured parcels and strong neighborhoods with ample dining amenities make it one of the top places for transplants.
Keep up with what’s going on in Atlanta’s real estate scene here with our Apartment Guide.
See The Latest Atlanta Real Estate News At AtlantaFi.com.
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Got an event or know of something opening in and around Atlanta? Holla: CJ@AtlantaFi.com. See what’s poppin’ in the ATL! Subscribe to our news alerts here, follow us on Twitter and like us on Facebook.
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Rent prices have increased dramatically in Atlanta and across Georgia in general over the past couple of years. If you’re looking to rent an apartment, you’ll almost certainly face sticker shock.
Since COVID-19 first raised its ugly head in February 2020, the average selling price of a 3-bedroom, 2-bathroom house in Georgia has jumped 34%, reflecting a huge demand coupled with a serious supply shortage.
What Is The Average Rent In Atlanta?
The average rent in Atlanta is $2,201 a month, according to 2022 analysis from ApartmentList.com. The city has been one of the most expensive metropolitan areas for people looking for apartments in recent years.
Why Are Rent Prices So High?
Rent prices have skyrocketed of late because of simple supply-and-demand economics that touch on two main issues affecting Georgia and much of the nation:
- Rental Unit Shortage: There are not as many housing units to meet population demand in the Atlanta area. The same is true for much of the United States.
- Housing Shortage: Because people can’t find homes to rent, that has led to a supply issue with rental units as well. Both markets are seeing premium pricing as a result.
Here are the average prices for a studio, one-, two- and three-bedroom apartment in Atlanta. For average apartment sizes, we used analysis from RentCafe.com.
Apartments Average Size Average Monthly Rent Studio 500-600 square feet $1,629 One-Bedroom 786 square feet $1,862 Two-Bedroom 1,125 square feet $2,431 Three-Bedroom 1,200 square feet and up $2,882 Final Word
The average rent price in Atlanta tops more than $2,000, but that figure depends on several factors like unit type, which side of town it’s on and the affordable alternative housing options in the area.
Rent prices will also depend on which kinds of amenities — like nice pools — are offered.
Here’s how to find an apartment to rent.
AtlantaFi Articles:
- Most Expensive Homes in Atlanta Right Now
- All The Wonderful Things To Do In Midtown Atlanta
- How To Rent An Apartment In Atlanta
