I am thrilled to be able to say Adams Realtors will celebrate its 43rd anniversary in March 2022. The company was incorporated in the State of Georgia in March 1979.Over the years, Adams Realtors has weathered four recessions, five City of Atlanta Mayors, seven U.S. Presidents and countless bank mergers. I’d like to take you on a brief trip back in time to those early days to really illustrate how long 43 years is.
In 1979, the back to the city movement of “urban pioneers” in Atlanta had been progressing slowly for less than 10 years. Local banks were, reluctantly, beginning to loan money to those adventuresome folks who wanted to buy an old house or building in Downtown and Intown Atlanta. Small bands of neighborhood activists had stopped proposed Interstate Highway extensions that would have cut through intown neighborhoods in North, East and Southeast Atlanta.
A look back at Atlanta in 1979:
- The Metropolitan Atlanta Rapid Transit (MARTA) system’s first rail service began on the East Line between the Georgia State Station and the Avondale Station.
- The Atlanta Braves would finish the 1979 season under second-year manager Bobby Cox 23.5 games behind the Cincinnati Reds in the National League West and in last place with a record of W66-L94. A Field Level seat at Atlanta-Fulton County Stadium cost $5.
- In 1979, the stadium’s other tenant, the Atlanta Falcons, were W6-L10 and in third place in the NFC West under third-year coach Leeman Bennett.
- The average sales price for a single-family home in the U.S. was $62,900. Intown Atlanta average sales prices were closer to $50,000. A small retail, office or industrial building could be acquired for well under $100,000.
I launched the Adams Realtors office in the former Grant Park Masonic Temple building in the historic Grant Park neighborhood, just southeast of Downtown Atlanta. I and nine neighbors formed a group to purchase the partially boarded up building in May 1979, and when the company began operations in that building, I was the only agent. It was my intention to practice commercial real estate, however, the market for commercial property in the close-in neighborhoods was not very dynamic in the late 1970s.
Urban pioneers were moving into intown communities and so I decided to add a residential component to our business model. The goal with our residential practice was to help older homeowners maximize the value when selling their homes. We would also work with first time buyers who were purchasing unrenovated houses by helping them navigate the arduous process of financing and renovating their future home.
The rebirth of Atlanta’s intown neighborhoods and its business districts has far exceeded any expectations that I had in 1979. The Average Sales Price of a home in intown Atlanta in 2022 is over $600,000. Underutilized industrial corridors long have given way to fancy multifamily apartment and condominium projects. Where there were once few, if any, retail establishments serving these communities, today the retail options are endless.
Adams Realtors now has 17 residential agents and six commercial agents. Our residential agents have played a positive role in revitalizing these close-in Atlanta communities. Our commercial agents have been involved in transactions that have had a positive impact on the quality of life in the city. As the company enters middle age, I continue to be excited about our future and that of Atlanta.