Metro Atlanta Home Values Sink to 2000 Levels | Home & Garden
ATLANTA -- The S&P Case-Shiller Index, released last week, shows home sale prices in Metro Atlanta are where they were 10 years ago.
A trip to one in-town neighborhood highlights the slipping values.
A tidy, freshly painted craftsman style bungalow sits across the street from the Zoo Atlanta with a sweeping view of the park. It's prime real estate for Grant Park, but the value of this house, like many houses across Metro Atlanta, has been steadily falling. Owners bought the home in 2002 for $266,500 but Fulton County tax records appraise it today at just $230,000, an $80,000 drop in value from 2009.
Sliding home values have landed Metro Atlanta back where it was exactly a decade ago. Whatever you paid for your house then is hopefully what you can get for it now.
Gone are the days when houses were cash cows. Experts say the housing market is in the final stages of correcting. What that means is a lot less money for Metro Atlantans, owners who counted on these homes to be profitable nest eggs.
Builder Robert Windom acquired an 1890 home at 512 Park Avenue from a client who could no longer afford it. Now Windom can't afford to keep it either.
"I'm selling in order to simplify my life," he said. "Originally I listed the house for $820,000 which was pretty close to what we had in it at the time."
That was two years ago. Today, the home is listed for $560,000, a quarter million dollars less. It's an award winning Earthcraft house, energy efficient and entirely new on the inside. And for someone, it's a great deal. The upside to these lower prices- Windom's loss is someone else's gain.
"I've lived with it as such a burden for a while that losing money is something that I've come to accept," Windom said.