In the past few years Fayette County has seen some important movement as far as real estate goes.
In Fayette County there has been many transitions as a number of schools have closed due to projections that were not on target. A new elementary school (now a part of Pinewood Studios) was built and it basically closed before any students were able to attend in Tyrone—in addition to Historic Tyrone Elementary closing.
In Fayetteville and Brooks a number of schools also closed, however in Peachtree City there were no school closings but the number of students attending various schools declined in the city.
However, Peachtree City has planned development for the Wilksmoor Village area on Peachtree City's Northwest side and also plans to connect existing and new subdivisions to Highway 74 near Kedron Drive to ease some of the concerns of residents in that area.
Three subdivisions have been approved for construction in Wilksmoor Village—the newest village in Peachtree City:
1) Crestwood (Builder Kolter Homes with 650 age restricted units for persons 55 and up)
2) Everton (Builder Weiland Homes with 204 age targeted units that have no age restriction)
3) Legacy (Builder Weiland Homes with 425 units)
In addition potential plans call for a tunnel under the parkway (golf cart and other pedestrian use) a short distance from the existing North Side of MacDuff Parkway. There is also an area in the village that is zoned for industrial use.
The area is located in a traffic bottleneck area and a number of subdivisions in the area only have one entry point—MacDuff Parkway located off of Georgia Highway 54 West which is approximately one mile long now—and would reach approximately three miles or so after the extension to Highway 74.
Developers plan on extending MacDuff Parkway across the railroad tracks (with CSX approval) with a new bridge that will lead to Highway 74 at the Kedron Drive area.
All that being said, Fayette County (Peachtree City, Fayetteville and Tyrone are the major cities in Fayette County) is still seeing a reduction in the number of grade school students and an increase in projections for an aging population of 450% by 2040 according to the Atlanta Regional Council or ARC as they are known by.
In addition, out of 1,800 U.S. Counties studied (according to RealtyTrac from 2007 to 2013)—Fayette County has the highest rate of Millennials leaving at 31%!
According to RealtyTrac—Millennials (those 28 and younger) and those 65 and older—each make up about 15% of the population in Fayette County—with the key being that Millennials are decreasing in numbers in the County—while those 65 and over are increasing in the County.
In essence Fayette County is having a hard time retaining the younger generation once they graduate from college or obtain trade school skills.
Unless that trend is reversed some—the potential for a negative pull on the housing market could exist in the future as Millennials buy houses for growing families—and those 65 and older look to downsize.
It is not uncommon for Millennials to be attracted to markets with good job prospects and low unemployment while boomers are moving to lower populated areas where home appreciation is slower.
With Fayette County being a great location to live for both Millennials and Boomers—it is important that local leaders come up with a strategy to attract more Millennials and also provide a nurturing and adequate environment for the Baby Boom generation.
On the pricing side of homes in Fayette County the prices have been trending upward on resales—however, there is not a large supply of quality resales (Summer 2014). Multiple offers on quality resale homes in good condition are not uncommon.
Builder activity in Fayette County is increasing as a number of new and existing subdivisions have houses under construction—which is good news for those who desire quality communities on the South Side of Atlanta.
About This Article:
The above article was written by Thomas (TJ) Underwood. Thomas (TJ) Underwood is an active real estate broker in the state of Georgia and is the writer behind The Wealth Increaser, Home Buyer 411, Home Seller 411, The 3 Step Structured Approach to Managing Your Finances, Managing & Improving Your Credit & Finances for this MILLENNIUM and CREDIT & FINANCE IMPROVEMENT MADE EASY—FREE GUIDE.
He is the creator of TheWealthIncreaser.com where he regularly blogs about helping consumers improve their credit, finance and real estate pursuits in an intelligent, consistent and proactive manner. He’s always looking for ways to make intelligent finance improvement happen for those who “sincerely desire” success in their future.
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