If there was any doubt as to the state of the housing market in Atlanta, look no further than Joffe Land Companies in summer 2016.
In June 2016, we placed $35 million in deals under contract to sell with some of the largest homebuilders in Atlanta and even the biggest one in the US. Why? The builders need lots for new home construction, and they continue to turn to Paulding County, an Atlanta suburb virtually abandoned after the housing crash in the mid 2000s.
We pounced on the cheap land in Paulding several years ago. Today, demand has surged back, and we are in prime position to capitalize on the opportunity.
Here’s a snapshot of what we accomplished.
- Contracted 59 unimproved lots in Berkeley Trails to Smith Douglas Homes, one of the largest homebuilders in Atlanta; Smith Douglas has already closed on 17 of the lots.
- Contracted 42 unimproved lots in The Georgian to Mullinax Homes, another prominent Atlanta homebuilder; Mullinax has already closed on first eight lots.
- Contracted 68 developed lots (phase 1) in Ivey Township to Smith Douglas Homes with room for 280 future lots in phase 2. Smith Douglas has already closed on 15 lots up front. It’s also interesting to note the sale occurred only 13 months after Joffe Land Company acquired the property.
- Contracted 79 developed lots (phase 1) in Macland Township to Mullinax Homes, a large Atlanta builder. 153 mostly developed lots in phase 2 are still available; Mullinax has already closed on 15 of the 79 contracted lots.
- Contracted 65 developed lots in Silver Comet Plantation to D.R. Horton, the largest homebuilder in America; D.R. Horton has already closed on 25 of the lots.
- Later in the summer, expect to sell 147 developed lots in Victoria Heights to Century Homes, a premier national builder. 39 developed but not yet platted lots, as well as approximately 250 raw future lots are still available.
As you can see, Paulding County is seeing tremendous growth right now. What’s more, the transactions above represent about 10 percent of our total portfolio. Paulding County and other surrounding communities have more room to grow and so do we.