In spite of declining home sales in Sandy Springs, prices of single-family homes have continued to rise. However, we are seeing prices flatten during the first half of 2023 for the condo and townhome market in our community.
While the number of single-family homes sold in Sandy Springs the first 6 months of 2023 dropped 27%, prices rose almost 12% from the first half of 2022. Tight inventory is preventing the price decreases we expected to see from the mortgage rate hikes.
The condo and townhome market here, shows a slightly larger drop in number of homes sold at 32%, but an almost flat average sales price at less than 1% increase from the same period last year.
So, what does this mean for sellers? Right now is the perfect time to sell! While homes that are new or renovated are typically the first to sell in this market, some sellers are now able to get away with doing slightly less work in more dated properties as inventory is low and buyers in lower price ranges are more forgiving than in recent history.Scroll down past our market stats for the first half of 2023 to see the Top 10 Sales in Sandy Springs for Q2!
| Year | Jan – June 2022 | Jan – June 2023 | Difference YOY | |
| Single-Family Homes | Total Sold | 397 | 302 | 23.9% Decrease |
| Average Sales Price | $1,126,550 | $1,255,596 | 11.5% Increase | |
| Condos/Townhomes | Total Sold | 474 | 329 | 30.6% Decrease |
| Average Sales Price | $355,373 | $357,774 | 0.68% Increase |
It’s been nearly two months since the City of Sandy Springs chose two major real estate developers as its Preferred Development Partner for Phase II of the City Springs development. The city council chose Regent Partners and Morris and Fellows to work with the city to develop three separate but adjacent parcels at Hildebrand and Mt. Vernon Roads, flanking its flagship City Springs development.
Still, John Bell, principal of Regent Partners, acknowledged “it’s not a done deal.” In fact, Sandy Springs withholds the right to engage with other developers if necessary.
According to City Manage Eden Freeman, “We are excited to announce the selection of our preferred development partner for Phase II of the City Springs development project. While the City still retains the right to re-negotiate with other developers if required, we firmly believe in Regent Partners and Morris and Fellows’ ability to bring our shared vision for the City Springs community to life. This marks a significant milestone in the evolution of Sandy Springs and we eagerly look forward to the next steps of the project, including receiving input from the community.”
Bell called the development a “work in progress. We’re still making the sausage. Being chosen was the goal.”
According to the City, construction is currently expected to begin late next year with an estimated completion in the fall of 2026. Bell said it is “too early to say” when work will begin on the project, which is expected to be built in phases. But he said his company is “fully staffed” and ready with a “comprehensive team”.
Morris & Fellows is the retail partner for the project. The retail will include restaurants, shops and fine arts. “Choosing the tenants will be a collaborative effort with Sandy Springs,” said Bell.
Regent Partners has a rich history of multi-use developments throughout the Southeast, Bell pointed out. “We’ve done all the food groups in office and hospitality.”
In fact, in its three and a half decades, Regent Partners has developed more than 10 million square feet in the Southeast, valued at more than $2.6 billion, according to its website. Its portfolio includes office, hotel, retail and mixed-use developments. Bell noted that it has experience with private/public partnerships.
Most notable is the Eastern Wharf development in Savannah. The 54-acre project includes community parks, luxury hotel rooms, office space, riverfront residences and many shops and restaurants. Bell said that Regent coordinated with the city. “We are done with phase one,” he said.
The name of the project is based in history. In the early 1800s, the area was known as the Eastern Wharves District. It was home to businesses such as A.N. Millers Foundry, Hydraulic Cotton Press Co. and the Bullock and Winton Steam Saw Mill.
“We’ve done a lot throughout the Southeast. In fact, the company is known for its development of East End Market in Raleigh, N.C. and the Reservoir in Nashville, Tenn., among others.
At the City Council meeting in which the developers were chosen, Mayor Rusty Paul noted, “We wanted to work with a proposer who shared our vision.”
The discussion and vote followed a meeting last December in which the mayor and city council adopted the City Springs Master Plan which was an update to its original 2012 City Center Master Plan. The City then issued a request for qualifications as the first phase of a two-phase process to solicit and select a master developer. The first phase of the solicitation phase one was issued on Nov. 16 with responses due Dec. 13 last year.
Paul also stated, “If we cannot find a deal that works in the best interest of everybody in this community and have the kind of downtown environment we aspire to have, then we will find another partner. This is a first step, but it is monumental.”
Sandy Springs is a vibrant and growing city just north of Atlanta, Georgia. It’s where beautiful residential neighborhoods meet world-class amenities, and all within a short drive from downtown. If you’re looking for high-end shopping, you’re a foodie looking for your next culinary treat, or even an outdoor adventurer looking for a great place to get away in the woods, Sandy Springs has got you covered!
Sandy Springs offers plenty of community activities to go along with its quiet neighborhoods and beautiful homes. The Performing Arts Center and live music on the City Green at City Springs are just the beginning. There is a lot going on for residents and visitors alike.
