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This article originally appeared on Business Insider.
Booker Washington dreamed of building a community where ordinary people could buy homes
Step into South Park Cottages, a village of 29 tiny homes on the outskirts of Atlanta. It opens in 2023 and is priced from $190,000 to $230,000.
Compare this to the typical home for sale in Atlanta. According to Redfin, his value as of February 2024 was $431,250.
The demand was clear. All 29 one- and two-bedroom homes, ranging from 400 square feet to 650 square feet, were sold out more than a year ago before they were even built and less than two months after they were on the market. It was sold out.
Washington, 41, owner and founder of Techie Homes, a small home construction company, wanted to give locals the option of renting or buying a home. Traditional single-family house.
“Homeownership is an issue in Atlanta,” he says. “Our goal is to provide housing at a price point where the mortgage is the same or less than renting a one-bedroom apartment.”
South Park Cottages in College Park, Georgia, has been so successful that Washington State is building a second community, Union Park Cottages, nearby. Sales for the 26 homes will begin later this month.
South Park Cottages is also the first Black-owned microhome community in the Atlanta area. Look around.
In 2022, Washington crowdsourced $2 million to build the development after being rejected by investors and banks.
First sketch of the South Park Cottage layout. Provided by Techie Homes (via BI)
Washington spread his vision by word of mouth, garnering support from local residents and Bianca Motley-Blum, College Park’s mayor since 2020.
“No one believed in my dream, so we appealed to people to build that community,” Washington said. “I think there’s a pent-up anger in urban areas about capital equality. Even if it’s a marginal return on investment, people want to be a part of something good.” ”
Washington State said supporters who donated at least $1,000 were promised a return on their investment once their homes were sold.
The average return was 12%, he added.
Techie Homes acquired the SouthPark Cottages property in October 2021 for $150,000 and construction was completed 18 months later.
Homes under construction at South Park Cottage. Provided by Techie Homes (via BI)
Homes in this community range from 400 to 650 square feet and are two stories tall.
Some homes have one bedroom, others two. All homes have one bathroom, fully equipped kitchen, living room and laundry.
The 29 units at South Park Cottages went on pre-sale in January 2022 and sold out within 50 days of being on the market. Homes were sold on a first-come, first-served basis rather than a bidding war.
The community homes have three different home layouts.
Digital rendering of the South Park Cottages home. Provided by Techie Homes (via BI)
One of the home’s three layouts features 10-foot ceilings, an open loft, and floor-to-ceiling windows.
Washington said the units feature “high-grade acoustical insulation” within the walls to reduce utility costs.
Washington wanted each home to be luxurious and comfortable.
South Park Cottage Houses.
Provided by Tech Homes
Washington State says each home will be equipped with smart technology such as self-learning and programmable thermostats, Bluetooth surround sound speakers and smart refrigerators.
High ceilings and large windows let in plenty of natural light, creating a spacious feel.
“We can also offer so-called ‘luxury goods’ in other new buildings,” he added.
This community is 2.5 acres in size.
Aerial view of South Park cottages.
Provided by Tech Homes
South Park Cottages has several shared amenities, including a quarter mile of bike and pedestrian trails and a 2,000 square foot fruit and vegetable garden.
Residents gather around the fire pit and have fun.
South Park Cottage fire pit.
Provided by Tech Homes
“We don’t have gyms or clubhouses because the housing is so dense,” Washington said. “But we have a lot of common touchpoints and connection touchpoints within the community.”
A homeowners association (HOA) manages the community.
South Park Cottage promenade.
Provided by Tech Homes
Homeowners associations are made up of residents of various ages and professions.
“Our demographic ranges from 25 to 65 years old, and incomes range from $50,000 to millionaires,” Washington said. “We have entrepreneurs, we have teachers, we have medical professionals. We have people in blue-collar jobs.”
It can give a community a more homely feel than using a property management company, he added.
South Park Cottages residents have the opportunity to build equity.
Another angle of the South Park Cottage houses.
Provided by Tech Homes
While many of America’s tiny house villages are built for renters, the homes at South Park Cottage were available for purchase.
Homeowners can choose their preferred lender, and the typical monthly mortgage payment is about $1,500, according to Washington State.
According to Zillow, the average rent in Atlanta is $2,100 a month.
Washington said South Park Cottage homeowners feel they are getting value for money.
The living room of the South Park Cottages home.
Provided by Tech Homes
Atlanta home prices are steadily rising. According to Redfin, the median home price in Atlanta is $431,250, up 12% from the same period in 2023.
Atlanta’s high home prices are due in part to an influx of new residents drawn to the city’s booming job market and relatively low home prices compared to cities like California and New York. It’s the cause.
Transplants often increase home prices, making some local residents more expensive.
Washington said the community has benefited investors.
Night view of South Park Cottage house.
Provided by Tech Homes
Washington declined to say how much it cost to build each home, but hinted it was low enough to make a profit.
“We achieved 30% to 40% profit margins within the sales price and construction costs,” he said, adding that lower construction prices allow Techie Homes to “do good for businesses and homeowners.” Ta. Keep sale prices affordable.
The community is valued at $6.1 million, according to Washington.
The popularity of South Park Cottages inspired Washington to develop a new community in nearby Union City.
Founder and owner of Techie Homes, Washington.
Provided by Tech Homes
Union City, another Atlanta suburb, is just 15 minutes from South Park.
There will be 26 homes ranging from 625 to 675 square feet, priced from $230,000 to $250,000. All units will have two bedrooms and one bathroom, but some will be one-story ranch-style homes and others will be two-story homes.
Construction on the community, named Union Park Cottages, will begin on March 26th.
Union Park Cottage homes are scheduled for pre-sale on March 28, and there is currently a waiting list of 3,000 people, according to Washington State.
Union Park Cottages residents also have the opportunity to build equity through commercial space within the community.
Construction site in Washington. Provided by Techie Homes (via BI)
The planned mixed-use commercial space at Union Park Cottages will include a coffee shop, lounge and co-working space.
According to Washington, local residents who are part of the homeowners association will own 10% of the retail center’s stock.
“When owners pay their monthly lease payments, 10 percent of the proceeds go to the homeowners association,” Washington said. “The association plans to distribute the proceeds from the retail center to the current homeowners of record.”
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