Atlanta Real Estate: What is going on in your area? (Sandy Springs: for sale, foreclosures) - Georgia (GA) - Page 2 - City-Data Forum

RoslynHolcomb · 06-13-2008, 10:35 AM

We just bought a house in 'nearly Dunwoody' on Happy Hollow Rd. It had been on the market for approximately a year. The buyer dropped the price nearly $60k from her original asking price. We got it for nearly $10k under the appraised value. She hadn't done any updates and hadn't spruced it up at all.

The house next door to us just sold as well. I suspect it was a 'distressed' property, as it had a 'pending contract' sign on it for a long time (at least two months). Nobody kept up the lawn or anything. The new buyer is having it painted and are refinishing the hardwood floors.

The market is really strange right now. We knew that the best feature of our home back in Alabama was the fabulous lot which we'd landscaped to the tee. We worked hard to spruce it and the house up before putting it on the market. Why did our buyer buy it? We had lilac bushes. -lol- Never know what will appeal to people.

spacelord75 · 06-13-2008, 10:44 AM

Here in Dunwoody, everything is definitely down over a year ago. I would say that, compared to when we bought in March 07, there is much more available under $500k. Not many foreclosures, which is good, but homes with "issues"...ie, next to power lines, never remodeled, really bad lots...are all coming down pretty far.

I still monitor where our townhouse was, in Mableton, and it looks like that whole area is being raped right now. Outside of the poor fools buying brand new, everything else is just sitting there. I do not mean to be rude, but I do not understand when people pay a premium for brand new, when they can look in the same development and see resales that are obviously above "market value" and are already 10-20% lower than the new! So many of the townhome owners out there are really getting crushed right now due to foreclosures, as there appear to be many.

spacelord75 · 06-13-2008, 10:48 AM

Quote:

Originally Posted by RoslynHolcomb

We just bought a house in 'nearly Dunwoody' on Happy Hollow Rd. It had been on the market for approximately a year. The buyer dropped the price nearly $60k from her original asking price. We got it for nearly $10k under the appraised value. She hadn't done any updates and hadn't spruced it up at all.

The house next door to us just sold as well. I suspect it was a 'distressed' property, as it had a 'pending contract' sign on it for a long time (at least two months). Nobody kept up the lawn or anything. The new buyer is having it painted and are refinishing the hardwood floors.

The market is really strange right now. We knew that the best feature of our home back in Alabama was the fabulous lot which we'd landscaped to the tee. We worked hard to spruce it and the house up before putting it on the market. Why did our buyer buy it? We had lilac bushes. -lol- Never know what will appeal to people.

This really is a crazy market and I thank God daily that we got out from under our double mortgages (after 9 months worth) this past Spring. I really think we are headed for even darker times and I just hope values don't drop so far that it takes more than 10 years to get back to out of the red for a lot of these homeowners (or "homedebtors", if you will). I plan to hunker down in our house and just make the most of it and not even think of selling unless we move out of state!

bayarea-girl · 06-13-2008, 10:56 AM

What's going to happen with all the new development? Building is going on every where in GA (it seems). Do you think there will be buyers? I eventually want to buy in the Roswell/Alpharetta area. Do you think better deals will come in the next year? Where do people feel the market is going in GA?

BGS99 · 06-13-2008, 10:57 AM

Quote:

Originally Posted by BobKovacs

(other than one house that's been sitting for about a year, and likely will for a while- it's on a really bad lot).

Which lot? We're in the last phase of the enclave.
They're working on a handful of lots that say "available" on our street.
I'm sure they will be sold as soon as they're done.

RoslynHolcomb · 06-13-2008, 11:00 AM

Speaking of new developments, there are two here on Happy Hollow. One, which is closer to the Peeler end is called Adam's Parc. The sign says they're to be 'Five designer homes beginning in the $700s'. They built an absolutely fabulous wall, but nothing seems to have gone on there in quite a while. The weeds have grown up quite high.

On the other end there's another development and work goes on there sporadically, but I suspect none of the lots have sold yet either. What happens in those type situations? Does the developer just wait out the bad times. I don't know what impact it'll have on property values, but I'd love to know who built that wall. It's gorgeous!

BGS99 · 06-13-2008, 11:06 AM

Quote:

Originally Posted by RoslynHolcomb

Speaking of new developments, there are two here on Happy Hollow. One, which is closer to the Peeler end is called Adam's Parc. The sign says they're to be 'Five designer homes beginning in the $700s'. They built an absolutely fabulous wall, but nothing seems to have gone on there in quite a while. The weeds have grown up quite high.

On the other end there's another development and work goes on there sporadically, but I suspect none of the lots have sold yet either. What happens in those type situations? Does the developer just wait out the bad times. I don't know what impact it'll have on property values, but I'd love to know who built that wall. It's gorgeous!

I saw a similar situation in Woodstock. We looked at Haley's Mill 6 months ago. There were maybe 6 homes built with 2 or 3 bueing occupied. I went back a few weeks ago and no additional homes have been built and I don't think anybody else moved in. We just got an email yesterday offering $30k off the purchase of an inventory home.

Iconographer · 06-13-2008, 11:07 AM

I was driving down Fairoaks Rd in Oak Grove (the Rd that I lived off of for years)...three teardowns that were built in the last few months (price range 1.3 - 1.6MM) next to the turnoff to my street are all under contract (actually, one of them is not even out of the ground yet). Right next to them is a beautiful ranch that has a yard to die for...I was chummy with the owner (I used to go to him for gardening tips); he once said that you'd have to carry him out of that house feet first.
Well, the other day, there I see his house...empty and being prepped for destruction.
Money talks, I guess. So shocking in light of the current market, but I guess Oak Grove's proximity to town and Emory and it's elementary school make it something special.

Go Blue 99 · 06-13-2008, 11:10 AM

We are in a new subdivision off Ashford Dunwoody Rd inside the perimeter (2.5 miles south of Perimeter Mall, 6 miles north of Phipps Mall). I can only speak for my community as I don't know much about the real estate market elsewhere. We seem to be doing okay- I counted 17 townhomes that are being constructed right now and all are under contract. Our subdivision also has single-family homes but I don't see any under construction. I think there are only 4 inventory units available. The builder has actually stopped taking orders for pre-construction units...not sure if that's a good or bad sign.

postprime · 06-13-2008, 11:14 AM

Quote:

Originally Posted by LovinDecatur

I was driving down Fairoaks Rd in Oak Grove (the Rd that I lived off of for years)...three teardowns that were built in the last few months (price range 1.3 - 1.6MM) next to the turnoff to my street are all under contract. Right next to them is a beautiful ranch that has a yard to die for...I was chummy with the owner (I used to go to him for gardening tips); he once said that you'd have to carry him out of that house feet first.
Well, the other day, there I see his house...empty and being prepped for destruction.
Money talks, I guess. So shocking in light of the current market, but I guess Oak Grove's proximity to town and Emory and it's elementary school make it something special.

I think the growth of closer-in areas has a lot to do with the growth of Emory. Which makes sense because of the connection between Emory and health care, which was one of the few fields to post job gains. A friend of mine is an Emory pediatrician and loves the Oak Grove area. Watch for Lakeside to become one of the most sought after school districts again (maybe it is now?)