McGinnis Reserve Surviving Housing Woes in Suwanee

Residential real estate in Suwanee is not immune to the struggles that have hit elsewhere in Gwinnett County and metro Atlanta, which is one of America's hardest-hit markets. However, one subdivision seems to be weathering the storm better than others -- McGinnis Reserve.

The latest figures from the City Of Suwanee planning department show that McGinnis Reserve, located on McGinnis Ferry Road between Peachtree Industrial Boulevard and Satellite Boulevard, is faring better than other leading developments.

However, foreclosures remain a "major problem" in Georgia, said Matt Dickison of the city planning office. Indeed, a recent Standard & Poor/Case-Schiller home price index showed that Atlanta's drop of 10.5 percent was by far the worst of 20 major U.S. markets. In Suwanee, the average price was $205,000 in 2010, down from $210,000 in 2009.

Overall, Suwanee had 66 foreclosures in 4Q 2011, with Highland Station the hardest hit subdivision, with 12.

McGinnis Reserve is headed in the other direction. The subdivision has 47 unoccupied lots out of 170 total (27 percent), one of the lowest percentages in the city.

The reason seems to be that this subdivision is a "new suburban style" that Suwanee does not have a lot of, according to Planning Director Josh Campbell. Also, the subdivision is very close to the popular Suwanee Creek Greenway walking trail, adding to its appeal.

Internet research shows that current listings in McGinnis Reserve start at $313,000 (five bedrooms, four baths.)

Overall for Suwanee, 4Q of 2012 had a "more positive tone," noted Dickison.

Some more city data:

• The city's unemployment rate stands at 3.5 percent.
• Gwinnett County overall had 5,828 foreclosure filings in 4Q. The Suwanee total represents about 1 percent of that.
• Retail (20 percent), office (36 percent) and industrial (9 percent) vacancy rates remained largely unchanged in Suwanee in 4Q. The retail and office figures are higher than those for metro Atlanta as a whole. The Terraces at Suwanee Gateway (five stories, 125,000 square feet) near I-85 accounts for 40 percent of the overall Suwanee rate.
• It would take seven years to absorb current vacant or undeveloped residential lots and/or approved lots. This is based on the current rate of 4.9 housing starts per month.