A zoning decision by the Cobb Board of Commissioners this week should leave little doubt about the very strong health of the East Cobb-area real estate market.
By a 4-0 vote on Tuesday (with chairman Tim Lee absent) the commissioners approved a request by Brooks Chadwick Capital, LLC, to rezone 6.6 acres on Woodlawn Road, just south of Lower Roswell Road, for 21 homes that will cost an average of $1 million.
Each home will contain between 4,000 and 6,000 square feet of space. The development will be located in the heart of the Walton High School district, and a short walk from Dickerson Middle School.
As The Marietta Daily Journal reported when the request was before the Cobb Planning Commission earlier this month, East Cobb's public schools are helping to feed the growing demand for new luxury homes. Brooks Chadwick Capital attorney John Moore told the newspaper:
“What we’ve found is that homes located in Walton, Pope and Lassiter school districts are moving as fast as you can put them up. People realize that there’s no more land left, so we expect these to go very quickly because of the school districts.”
Drake Realty of Greater Atlanta has listed a total of 62 homes valued at $1 million or more that are currently available in East Cobb (ZIP codes 30062, 30066, 30067, 30068 and 30075) with most under $1.5 million.
A report produced earlier this year for Harry Norman, REALTORS indicated that after flat luxury home sales in 2011, the East Cobb market was showing signs of a rebound.
“East Cobb has not been slowed by a lack of interest, but rather a lack of new inventory,” said Harry Norman realtor Donna King, who sells in the East Cobb area, concluded in the report.