The star of ‘Proudly owning Manhattan’ on Netflix now has places of work in Savannah and Atlanta.
Georgia is a scorching actual property market proper now for homebuyers.
SERHANT CEO and star of the Netflix sequence, ‘Owning Manhattan,’ Ryan Serhant advised FOX Enterprise in an interview that his actual property brokerage has “lot of clients that are in Georgia” which can be “either moving to Georgia or their companies are moving to Georgia or they want a secondary home in Atlanta or Savannah” – and that was a serious motive SERHANT entered the Peach State’s actual property market final yr.
His New York-headquartered actual property firm introduced the launch of SERHANT Georgia in February of final yr beginning with Savannah. Extra not too long ago, in November, SERHANT arrange store in Atlanta.
Georgia is seeing a growth in its tech and leisure business because the blue state exodus drive customers and house owners to business-friendly cities like Atlanta. (iStock / iStock)
The state’s vibrant economic system was an element too, with Serhant saying many Fortune 500 firms have “some kind of operations” within the capital metropolis.
“In Savannah, you have significant amounts of jobs being created right now,” he additionally advised FOX Enterprise, highlighting Hyundai’s previous multi-billion-dollar funding to develop its Hyundai Motor Group Metaplant America close to Savannah. That plant is meant to carry its “grand opening” celebration later this week.
On Monday, the automaker unveiled plans to enhance Kia Autoland Georgia and different American manufacturing amenities as a part of a brand new large funding within the U.S.
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In 2024, Georgia’s economic system posted 3.1% progress, in response to the College of Georgia Selig Middle for Financial Development. The variety of jobs within the state rose by 60,400 through the yr, the Georgia Division of Labor mentioned in January.
Over the course of final yr, Georgia notched over 121,500 closed gross sales of properties and practically 121,900 pending gross sales, figures that represented 0.3% and 0.5% will increase from the prior yr, per the Georgia Affiliation of Realtors.
The median gross sales value of properties within the Peach State posted a 2.9% enhance year-over-year.
There’s demand within the Georgia actual property market in city and suburban areas, in response to Serhant.
WATCH WHAT HAPPENS LIVE WITH ANDY COHEN Episode 18102 Pictured: Ryan Serhant (Picture by: Charles Sykes/Bravo/NBCU Picture Financial institution by way of Getty Photographs) (Charles Sykes/Bravo/NBCU Picture Financial institution by way of Getty Photographs / Getty Photographs)
“It’s a little bit of both, which is interesting because typically you have really strong demand for land while the urban market tends to slow down,” he mentioned.
“We’re seeing kind of like a 50-50 split, and I think that’s also in part due to kind of the time of the decade that we’re in right now,” he continued. “It’s 2025, we’re coming off of any type of COVID housing buzz, and so you have people who moved out of the urban areas who are saying, ‘You know what, it’s time to go back. I miss the access, I miss the concrete, I miss the restaurants.’ And then you also have people who’ve had a good living, they’ve now settled down, they’ve gotten married, they’re having kids, and they want more space.”
For Atlanta particularly, the leisure business current in Atlanta has additionally helped drive curiosity within the metropolis’s actual property market on high of the economic system and job market, in response to Serhant.
“Altanta is also Hollywood of the East, with the amount of entertainers you have, the music scene, you have the studio scene, with the amount of work and jobs that people like Tyler Perry have brought to the marketplace,” he mentioned. “There is a kind of really, really growing Hollywood in the state of Georgia, in Atlanta specifically, that is a much better tax state than the state of California, that has incredible safety … and so you see that, which we haven’t seen, you know, 10 years ago.”
Georgia noticed an estimated $2.6 billion in spending from movie and tv producers in 2024, in response to the state’s movie workplace. Together with 2024 and the prior years, some $11 billion from the business has poured in.
Serhant mentioned that it’s “really the job market coupled with [interest] rates,” noting Atlanta “has an incredible jobs market” that “doesn’t look like it’s going to be slowing down anytime soon.”
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The town skilled a 4.9% enhance in pending dwelling gross sales throughout 2024. For closed gross sales, it had a soar of three.4% for the yr, Georgia Affiliation of Realtors confirmed.
Savannah, Georgia, made the close to high of the record for essentially the most reasonably priced golf cities in America, in response to Realtor.com. (iStock / iStock)
Whereas in lots of markets individuals have been holding again to see whether or not rates of interest will drop, Serhant mentioned “we’re not necessarily seeing that” in Atlanta.
“We’re seeing still a really, really healthy opportunity,” he mentioned.
Whereas Serhant additionally mentioned he was “not a market prognosticator” himself, he advised FOX Enterprise he thinks a “roughly tenfold” enhance within the Georgia actual property market “over our closest competitors” could possibly be in retailer over the subsequent 5 years.
“It’s hard to really guess and see where we’re going to be from 2030 to 2035, but if the job growth holds, and if that’s coupled with a lowering of rates … that the real estate market will explode kind of upon the scene throughout the state of Georgia,” he mentioned.
NEW YORK, NY – SEPTEMBER 18: (EXCLUSIVE COVERAGE) TV character from Bravo sequence “Million Dollar Listing New York,” Ryan Serhant visits the SiriusXM studios on September 18, 2018 in New York Metropolis. (Picture by Astrid Stawiarz/Getty Photographs) ( Astrid Stawiarz/Getty Photographs / Getty Photographs)
Final week, the Federal Open Market Committee forecasted two 25-basis-point rate of interest cuts this yr, adopted by two cuts of that dimension in 2026 and one in 2027.
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In February, the most-recent month with out there information, Georgia noticed practically 8,200 closed properties gross sales and over 9,300 pending, in response to the Georgia Affiliation of Realtors. Gross sales costs averaged $430,171 final month.
The Selig Middle for Financial Development predicted Georgia’s inhabitants will “grow at an annual pace that is double the national average” in 2025. Its inflation-adjusted gross home product will rise by 2.4% this yr, it additionally forecasted.
By 2050, the Atlanta area is poised to see its inhabitants go up by 1.8 million, the Atlanta Regional Fee individually estimated.
