Friday, October 10, 2008

Springfield has its First $1 Million Home

The bottom may be dropping out of the stock market, but the price of homes in Springfield has gone through the roof! At least the price of one home in particular. The tear down and first rebuild in Springfield is now on the market. The home at 1539 Summerford Ct. was listed on Friday. The price tag: a cool $1.15 million! While that is the list price, I believe the builder is going to have a very difficult time finding a buyer. He has three major obstacles working against him:
  • The current economy
  • The current real estate market
  • Resale value
While this particular home may, indeed, be worth $1.15 million in the Spalding area of Sandy Springs, it will be a long time before it is worth that price in Springfield. With that said, Springfield has maintained its value better than many Dunwoody neighborhoods. For more on this home, click on the link: Buyer Brief Page

For all of your real estate needs you can contact me at bobfiscella@kw.com or 404.644.5220.

2 comments:

Thaddeus Osbourne Dabell said...

I'd like to request a series of blog entries related to real estate in this area:

How would you define the various Dunwoody neighborhoods? Redfield, Winterhall & Co. are pretty obvious, but what about Dunwoody Knoll, Verdun, Harris Circle?

What are the practical economic impacts of infill (re)building? If the house next door is a pricey teardown/rebuild, is that really a 'comp' from either a real estate or a tax perspective? How does this progress over time? Is my improvement value expected to drop while my land value increases?

What are the pro's and con's of teardown/rebuild from a developer's, buyer's and neighbor's point of view. Should we embrace this, either because it is inevitable or in our best interests or should we encourage developers to seek other alternatives? What alternatives are viable?

Can you explain some of the close proximity disparities in price, say between Dunwoody Knoll and St. Andrews Cir? Both have traditional Dunwoody 4-4+door homes for sale, reasonably comparable, but one is 20% (asking) higher than the other. They are within easy walking distance of one another, each has some advantages over the other, but the price spread seems out of proportion.

In the previous comparision, the lower priced home is on septic, the higher on sewer. What's up with that? If that is a significant factor, it sounds like the buyer on sewer will pay more so they can continue to pay more. A lot more.

If I were to contest an assessment, is the value of the land non-negotiable? Will we only be arguing over the 'improvements?'

I've picked on my neck of the woods, but I'm sure this happens all over Dunwoody.

Thanks,
TOD

Bob Fiscella said...

TOD,

Send an email to me at bobfiscella@comcast.net and I'll be happy to send you comps and go over the information you requested.