Photography: Cedric Smith
Boasting 9,700 feet of contiguous berth space and over 3 million SF of warehouse space available within 30 miles of the port, Savannah’s commercial real estate market is poised for success and continued growth. Savannah, with a population of 886,000 and a workforce of 416,000 within a 60 mile radius, is the largest single container terminal in North America according to Georgia Ports Authority. With a $706 million dredging project underway, the port will only continue to grow our economy and create jobs. In Q1, Savannah and its surrounding areas saw a rise in asking price as well as a significant 1.5% drop in CAP rate.
Vacancy rates have dropped almost 1.4% from Q1 last year and are forecasted to drop to an astonishing 0% within the next 2 years. As investors flock to the area, asking prices per SF are reaching an all-time high as we move into Q2 seeing more than $30 per SF rise over the past five years. The Historic District and Pooler have seen the most significant raise in price and a 6 month drop in time on the market as well.
Georgia’s deepwater ports and inland barge terminals support more than 295,443 jobs in the state per year and generate $15.5 billion in income, $61.8 billion in revenue and $6.1 billion in state and local taxes. Savannah’s unemployment rate, as of February 2016, is the same as the national unemployment rate (5.3%), but lower than that of Georgia (5.6%). Moving forward into Q2 this year, we see nothing but success on the horizon for Savannah and the surrounding areas bolstering a healthy commercial real estate market with a projected 100% absorption assumption of the previous 5-year average.
* Data provided by Georgia Ports Authority, Savannah Area Board of Realtors, and Co-Star
When making the case for dark, bold interiors, I know three things to be steadfast truths: draw inspiration from nature; go with matte- always; and be honest with yourself. Let’s be frank, a dark room or even entire home isn’t for everyone. It’s hard to not romanticize the idea, though, when watching a movie with a darker palette or looking at a magazine ad that’s bold and powerful; however, for those of us who tend to like the darker side of design and can stomach living it day in and day out, there’s nothing better.
1. Draw from Nature.
Nature has an innate way of always getting the color combinations right- don’t fight it. While combatting colors come and go as trend, the best way to avoid redecorating every six months is to stick with monochromatic, complementary color schemes.
2. Go Matte- Always.
Rarely do glossy dark colors play well, regardless of how large of a room we’re talking about. Stick with matte, it absorbs the light better and will create a warmer, more intimate feeling.
3. Be Honest with Yourself.
If you can’t handle a completely dark living room but still want a bold splash in your home- think about where you spend most of your time and where guests spend theirs. Try a dark powder room or guest bedroom to see how you like it before you take the plunge and paint your living room, dining room, and kitchen varying shades of black.
Judge Realty Creative Director
Photography: Dylan Wilson
1 W. Jones St. Unit 2B, Savannah, GA, 31401
2,329 SF / 3 Bedrooms & 3 Bathrooms
Agent: Helen Iocovozzi
This exquisite 3 bedroom, 3 bath parlor level condominium is located on stunning Jones Street, named the most beautiful street in the country by Southern Living Magazine. Updated with the finest finishes, hardwood floors throughout, and the perfect mixture of clean, modern luxury and southern grandeur, this home is a must see showpiece. The fabulous open living room, dining room, and kitchen with custom cabinets and an immaculate fireplace is the perfect place for entertaining, offering large windows with a picturesque view and abundant natural light. The master suite, also filled with natural light, offers a large bedroom and large, modern bathroom with both a clawfoot tub and walk-in shower.
To learn more about this property, or to schedule a viewing, contact Helen Iocovozzi today at 912.272.6074 or stop by 347 Abercorn St. Savannah, GA.
Photography: Cedric Smith
Residential sales in Savannah and surrounding markets have continued strong as we’ve moved out of the winter months and into spring, the selling season. The first quarter, typically the slowest for single-family homes, has seen a 4% increase from Q1 sales in 2015 with an 11% decrease in inventory. With the growth in the commercial market, as the supporting base of the residential, the residential market will maintain and can only improve from Q1 to Q2 this year.
Valuations sprung ahead of Q1 of 2015 by 6.7%, averaging $ 116/SF. In number of sales, Q1 of 2015 saw 1,555 as opposed to 1,629 of 2016. The neighborhoods we’ve seen the most growth in are The Historic Landmark District and The Islands. First time home buyers and investors are flocking to the area as prices become more competitive. We’ve seen a large influx of condo sales north of Anderson St. between Broad St. and MLK Jr. Blvd. as investors are looking for vacation rentals with the new city ordinance allowing the approved area of owner unoccupied rentals to expand past the Landmark Historic District.
We move forward, as always, happy that as our community continues to grow and prosper the real estate market will as well. Election years always prove difficult as the economic climate is more unpredictable; however, the current state of the market is stronger than it has been in the past and looks to be getting better each month with both deal volume and sale valuations. As artists, investors, and families continue to make Savannah home at an ever-increasing pace, we are overjoyed to see the success of our community looking brighter than ever.
*Data provided by the Savannah Area Board of Realtors.