Why are many Atlanta homes so cheap (Sandy Springs, Roswell: hardwood floors, foreclosed)

[Yankee BBQ Boy]

My wife and I were watching House Hunters last night on TV and we were amazed at the cost of some of the houses. Four and five bedroom house in some of the areas like Woodstock were going for only 200,000 225,000. These houses where we live or in many areas would be going for close to 400,000 to 500,000 dollars. This led us to a question that we have been wondering about for a long time. Why are some of the houses in the Atlanta area so cheap? They did not appear to be houses that were foreclosed and they were incredibly nice shape with beautiful lots and all the amenities. Can someone enlighten us as to why this is? Was there just too much building happening during the boom days which has depressed prices in the area?

[N_A]

My guess is location, location, location. Woodstock is way out there. I'm sure the same house (even smaller) would be much more expensive the closer you get to the city of Atlanta.

[thrudaluknglass]

all the houses in this area are made from leggos...the cheaper alternative to maximizing square footage

[jeoff]

You can get some nice homes within an hour of the city for 200K. Once you get closer in (inside the Perimeter -285 that circles the city) you can easily spend 700K for that same house in an area with ok schools. There is a lot of land that can be developed just outside the city because there are no natural barriers (like an ocean) that pin in development, and population is not nearly as dense as it is up north.

[pit2atl]

Originally Posted by thrudaluknglass

all the houses in this area are made from leggos...the cheaper alternative to maximizing square footage

Houses in the majority of the suburbs around this country are made from "leggos" not just in Atlanta. Things just aren't built the way they used to be, unless the builder puts some extra cash down for a brick/stone home, and not that god-awful wood/siding. To the OP yes, I believe just over built. Plus there are no land restrictions as in northern states, rivers, mountains, and bridges. Land restrictions that inflate prices. There are good and bad areas, but there is no wrong side of the river, or across the bridge. Plus there is a lot of flat land; I know many areas of PA especially around Pittsburgh the land can’t be build on because of coal mines. Then you have to factor in the illegals that are highly skilled in the south, that work for low wages. If you have a team putting in hardwood floors for a low price then you can sell the house for a lower price. Same goes for all of Texas, Arizona, and the majority of the South.

Again yes, overbuilt during the early 2000's they were throwing huge homes up here, because now days everyone feels they deserve a 3500 sq house. Plus when you're giving mortgages to anyone with a pulse... but that’s beside the point haha.

If I were to buy a home in Atlanta, I would try to get an older home in virginia highlands area, or by piedmont park. But.... Since those prices are very steep, ill probably drink the kool-aid that everyone else in America is drinking and buy a mc mansion with a pool for 350k and live happily every after. Im sure it wont hold is value for the next 80 years, but hey by that time i'll be dead and gone.

[sirrob]

Originally Posted by Yankee BBQ Boy

My wife and I were watching House Hunters last night on TV and we were amazed at the cost of some of the houses. Four and five bedroom house in some of the areas like Woodstock were going for only 200,000 225,000. These houses where we live or in many areas would be going for close to 400,000 to 500,000 dollars. This led us to a question that we have been wondering about for a long time. Why are some of the houses in the Atlanta area so cheap? They did not appear to be houses that were foreclosed and they were incredibly nice shape with beautiful lots and all the amenities. Can someone enlighten us as to why this is? Was there just too much building happening during the boom days which has depressed prices in the area?

It's incredible, isn't it? I've scaled back search from about $150K to about half that these days! It's AMAZING to see so many nice houses, that maybe need MINIMAL work, to none at all for around 65-80 thousand 15-30 minutes from downtown Atlanta. Once we buy, all that money we'll be saving will be used to put into savings, beach vacations, etc... We bought a new 4BR, ~3000 sf house 5 years ago here in Indy, and we can NOT wait to move back to ATL, and more importantly, downsize!

Gotta sell the house and line up a job first, though.

[ATLTJL]

It's not just because it was overbuilt in the 2000s.

Metro Atlanta has been known to have some of the least expensive houses in the nation for at least 30 years. Even when living in Sandy Springs was considered "way out there."

Many parts of the city attempted to artificially inflate their values in anticipation of and during the Olympics, but the prices quickly fell back to equilibrium.

[Yankee BBQ Boy]

I was looking at homes in Peachtree City and the average square foot cost that I saw in the $250-400,000 range was $85-110 a square foot. Doubt that builders could even build a quality house at those square fooot prices.

[ecuresident]

Both these places you are looking at- Peachtree city and Woodstock are about 45 mins from atlanta without traffic. Look for the same type of house in Atlanta- Virigina Highlands- or even closer Suburbs such as Roswell, East Cobb, Dunwoody and prices appreciate very quickly.

[tonygeorgia]

Our cost of living is cheaper