Atlantic Station is the newest big development in Atlanta. It's a brand new little city, 138 acres, built on the spot of an old steel mill. They say that it will house 10,000 people. It's just north of the Georgia Tech campus and it's on the west side of the interstate across from midtown. It is a total community consisting of shopping, entertainment, business and housing.
It was the hottest area of town a few years ago when they were still building it. People were lining up to buy condos and townhomes. Prices shot up quickly. But now it seems like things are changing.
I went on a the shortest listing call of my life this morning, 15 minutes. A young lady wanted me to come over to her condo and talk about possibly listing it. I did my due diligence and found that things were looking pretty bad for her. In 2004, her condo had sold for $304,000. In 2006, she bought it for $390,000.
I was hoping that I could go in there and tell her that we could list it for $400,000. But there is another unit in there exactly like hers that has been on the market for over a year. They just reduced it to $349,000. If she sold it for that, she'd net out $330,000. That's a big loss in just one year.
She actually had just interviewed another agent right before me and apparently that agent told her the same thing. She told me that she would probably hold off and make other arrangements. I wished her luck and I was out of there.
There are no sure things in real estate. Hopefully things in there will get better. If one had to sell quickly, they'd be in some serious trouble.
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