Georgia’s film industry is boosting the state’s real estate industry.
When Georiga passed a film tax credit in 2005 and increased the benefits in 2008 with a more competitive 30 percent tax credit, the number of productions skyrocketed in the Peach State. In fact, in 2015 alone there were 248 movies shot in Georgia, with production budgets totaling $1.7 billion.
In addition, Atlanta is listed the number one city to live and work as a filmmaker in 2016. But, outside of the glitz and glamour, Georgia’s film industry is boosting the state’s real estate market.
According to Curbed.com, big budget productions have drawn big movie stars, allowing for Georgia homeowners to rent their homes for double their normal rate. For example, when Tom Cruise was filming his new Mena movie in Atlanta, he rented a Buckhead home for $50,000 a month – The home included a wine cellar and a movie theater. Amy Adams paid $18,000 a month to rent a six-bed, eight bath home in the heart of Atalnta while she filmed Trouble With The Curve.Â
But, movie stars are not the only one spending top dollar to live in the nicest homes across Atlanta, GEorgia. Crew members who often travel to work, are buying townhouses and condos in downtown and Midtown, Atlanta.
According to Curbed.com, the reason why Georgia’s real estate industry has seen a recent boost is directly related to the newly constructed Pinewood Atlanta Studios. The $20 million movie studio plans on building more than 1,300 housing units, hotels and offices by 2023.
However, it would be the Senoia, Georgia filmed The Walking Dead that caused the biggest impact in the real estate market. Senoia’s real estate market has seen a dramatic increase. In fact, according to Zillow.com the value of homes are expected to increase well over 5% by 2017. “The median home value in Senoia is $175,300. Senoia home values have gone up 1.4% over the past year and Zillow predicts they will rise 3.4% within the next year.”
You would assume the large number of zombies would frighten potential homebuyers but, that couldn’t be the furthest thing from the truth. “When there are 200 zombies standing outside your house, and one of them is having a cigarette and the other is eating a granola bar, it does sort of take the scary factor away,” said Tigchelaar, whose family also owns a local film production company.
