VOL. 132 | NO. 121 | Monday, June 19, 2017
Arlington Neighborhood Thriving Despite Investor Activity
WENDY GREENLAW, Chandler Reports/Special to The Daily News
The Village of Summer Meadows subdivision located off Milton Wilson Drive just north of Interstate 40, behind Arlington High School, is a hot spot for local investors and national hedge funds.
5382 Mahogany Ridge Drive
Of the 374 homes assigned to the neighborhood, 62 – or 17 percent – are non-owner-occupied rental properties.
Since 2015, foreclosures and bank-owned property sales have ceased within the subdivision as the housing market has improved and national investors approached homeowners with cash offers on fair market deals.
Asking rental rates in the Village of Summer Meadows average $1,500 per month.
Click here to view real estate trends in the Village of Summer Meadows.
Download a Neighborhood Profile Report for your neighborhood here, or email Wendy Greenlaw for more information.
The latest investor purchase was the sale of 5382 Mahogany Ridge Drive on May 23. The 2,300-square-foot home was bought by an investor from Scottsdale, Arizona, for $195,000.
The construction of The Shops at Arlington Village, which includes a $20 million Kroger Marketplace and additional retail stores at the corner of Milton Wilson Boulevard and Airline Road, is expected to be completed by the end of 2017, providing desirable amenities and jobs for the area.
Despite the high incidence of investor-owned properties, the average home sales price for the subdivision continues to climb and is up 17 percent from 2014.
Home prices in Arlington and Lakeland’s 38002 ZIP code have increased 8 percent since 2014.
Wendy Greenlaw, business development manager for real estate information company Chandler Reports, can be reached at email@example.com.