Flipping homes, buildings brings in huge profit for investors in Augusta
Monday, Sept. 30, 2019
News 12 at 6 O'Clock
AUGUSTA, GA (WRDW/WAGT) -- Flipping homes in Augusta is a big way to make money right now.
The people who've done it said they’ve seen a better return on their money here, than in bigger cities.
The same goes for buildings in Augusta, some of which are selling for millions of dollars.
Michael Thurman said he remembers when there weren’t empty buildings on Broad Street.
"When I was a kid we came into downtown Augusta to shop and it was a lot of fun," Thurman said.
Luckily for Thurman, the days he remembers may not be gone forever.
"There's more selling down here and less inventory because we've sold a lot and a lot of development is on the horizon," said Matt Aitken.
Aitken is a real estate agent for Sherman and Hemstreet Real Estate Company, and has sold several buildings downtown.
"The days of getting a building for $150/200 thousand, those are gone," Aitken said.
He recently sold the old Woolworth building for more than a million dollars, and another downtown property for almost $800,000.
"We've got 8 total units I think, one of them got actually a double space, but we are renovating what we can while we have tenants in them,” said Shawn Moseley. “When tenants vacate we're up-fitting the unit, getting rid of the drop ceilings, putting in new lighting."
Moseley, a partner of Electric Park Holdings, said demand for spaces like that coupled with renovations is driving rent up as well.
"Some of them think we're crazy for the prices we're charging but we've had some people very interested in taking long-term leases," Moseley said.
Aitken says cyber security and Augusta University are two big players in the demand to be downtown.
"There's more selling down here and less inventory because we've sold a lot and a lot of development is on the horizon," Aitken said.
He said we can expect to see more development happening on lower Broad Street as store fronts on upper Broad continue to sell and fill up.