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05-12-2009, 10:45 PM
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Moderator
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Join Date: May 2006
Location: West Cobb County, GA (Atlanta metro)
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Atlanta Home Prices Drop 25% .... (article).
A very interesting article in the AJC today. Good news for home buyers - not so good for others. But we're apparently doing much better than some other places.
ARTICLE |
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05-13-2009, 05:59 AM
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Quote:
Originally Posted by straighttalker75
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Those must be for only the city of Atlanta. I believe the other reports are for the metro area as a whole. |
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05-13-2009, 06:08 AM
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I also wonder if that second report considers foreclosures. Some realtors (and DeKalb County  ) are trying to avoid factoring them into average home price sales.... |
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05-13-2009, 06:42 AM
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Location: Woodstock, GA
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As is typical, the headline is an oversensationalized hook to get you to pick up the paper.
“It is a true stat, but it doesn’t mean as much to the people who are selling their homes that are not foreclosures or short sales.”
"But distressed homes are selling for 20 percent less than traditional homes, according to the association."
"In metro Atlanta, Fischer said sale prices will bounce back when the foreclosures and short sales slow down and home-sellers no longer have to compete with such low prices." |
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05-13-2009, 09:33 AM
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Even within metro Atlanta, location is key. Without going to the AJC Home Finder of recent sales to research, I know from people I know that some newer homes over in Vinings have had small gains recently (my cousin recently reinfanced his 2005-built home) while any home in Clayton county is probably devalued by about 50-60% due to high foreclosure rates and on top of that the school accreditation loss. So even within metro Atlanta, the ranges of losses are quite varied. So I think the 25% loss is probably accurate for a fair number of areas within the entire metro area.
Consider this also, are they counting the exurban areas like Jackson, Spalding or Butts counties? I would guess that sales are down significantly in most of the very far outlying areas.
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05-13-2009, 04:21 PM
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In my neighborhood, homes are selling. The prices may be down 5 or 10%, at most.
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05-13-2009, 04:28 PM
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Location: Decatur and St Simons Island, GA
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Quote:
Originally Posted by mmenomen
Even within metro Atlanta, location is key. Without going to the AJC Home Finder of recent sales to research, I know from people I know that some newer homes over in Vinings have had small gains recently (my cousin recently reinfanced his 2005-built home) while any home in Clayton county is probably devalued by about 50-60% due to high foreclosure rates and on top of that the school accreditation loss. So even within metro Atlanta, the ranges of losses are quite varied. So I think the 25% loss is probably accurate for a fair number of areas within the entire metro area.
Consider this also, are they counting the exurban areas like Jackson, Spalding or Butts counties? I would guess that sales are down significantly in most of the very far outlying areas.
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I agree: citing an aggregate number like that is pretty meaningless and in the context of a newspaper headline, sensational. |
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05-13-2009, 09:25 PM
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Quote:
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In my neighborhood, homes are selling. The prices may be down 5 or 10%, at most.
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I am curious, what general area do you live in? Don't have to be precise about the neighborhood. |
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05-13-2009, 09:59 PM
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Join Date: Oct 2007
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Quote:
Originally Posted by straighttalker75
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Dunno why you would believe any predictions nowadays... everyone has turned out to be wrong thus far. |
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