Archive for November, 2010
Lilburn, GA Market Report, October 2010
Posted By Lane Bailey on November 29th, 2010
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Market stats for Lilburn, October, 2010, indicates that there are 444 properties on the market (as of October 31st). Overall, there is about a 10.7 month supply of properties. Lilburn is actually mid-pack among cities in Gwinnett County. Absorption Rates had been improving since March, until September. In fact, in March there was 15.3 months of inventory.
In the sub-$200k arena, there are 278 listings, with about an 8.2 month supply. This represents most of the sales in the market area, and reflects the same improvement in inventory levels, continuously since March, until October. And, one other thing to keep in mind is that sales were strong compared to October 2009 (32 v 26).
Between $200k and $400k, there are 139 listings for sale, and about 24.5 months of supply. This segment has also been getting stronger each month since March, until last month. There were only 2 sales in September 2010, compared to 11 last year and 6 in October v 18 in 2009.
From $400k to $600k, there are 21 homes on the market. The absorption rate is around 15.8 months. There were no sales in this segment in May, June, July or October this year. There were only 4 sales in August and September(combined). Last summer was much stronger overall. With just a few sales, just one or two can make a huge difference.
Above $600k, there are 6 listings, but too few sales to have any sort of reliable number of months of inventory. There has been one sale in the last three months, but prior, there had only been a few other sales in 2010 (January, March and August). One of the listings is above $800k, and there is no market activity in the last 12 months for that range…
Lilburn is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 11,307 people in Lilburn, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County. It was incorporated in 1910. Lilburn is home to Parkview High School, and also has students that the Brookwood, Berkmar and Meadowcreek clusters. It is also home to Killian Hill Christian School, Providence Chrisian Academy, St. John Neumann Catholic School and Parkview Christian School. Possibly the most famous resident of Lilburn is General Beauregard Lee, a groundhog with a better winter prediction record that Puxatawnee Phil up in PA. Dominique Wilkins, formerly of the Atlanta Hawks also lives in Lilburn.
I have a page dedicated to Lilburn Market Data.
Related articles
- Lilburn, GA Market Report, September 2010 (lanebailey.com)
- Lilburn, GA Market Report, October 2010 (lanebailey.com)
- Lilburn, GA Market Report, August 2010 (lanebailey.com)
- There is a new City Hall coming to Lilburn, GA… (lanebailey.com)
- Big League Dreams another step closer to Lilburn… (lilburndwellings.com)
from LaneBailey.com
Big League Dreams another step closer to Lilburn…
Posted By Lane Bailey on November 5th, 2010
- Image via Wikipedia
Over on my LilburnDwellings blog a few weeks ago I wrote about Big League Dreams possibly coming to Lilburn, GA. At that time, the city was thinking about spending $450,000 (refundable, according to the City) for a feasibility study from Big League Dreams regarding building a facility here in Lilburn.
Last week, the City approved the feasibility study based on a market study conducted by BLD. According to the market study, Gwinnett is ripe for their type of facility. However, there seem to be some problems that I see in the study… running counter to the goals of the facility. The most glaring is that the City of Lilburn wants to bring people here to eat in our restaurants and stay in local hotels, but according to the study, the vast majority of users will be from within Gwinnett County. Another item (that I didn’t see mentioned in the study) is that there aren’t many hotel rooms or a variety of restaurants within the city limits… where it would increase tax revenue.
There is more information here on the Gwinnett Daily Post.
I think that there needs to be a LOT more public input before the city commits to $20,000,000 for one of these facilities. And I think that there need to be some studies done apart from BLD… they have little risk, they would build the facility, but the city would pay for it, then BLD operates it… and charges the city to do it. Even if it falls radically short of expectations, BLD can still profit.
Related articles
- Big League Dreams in Lilburn? (lilburndwellings.com)
from LaneBailey.com
