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Capitol View : Real Estate Advice

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Mon May 30, 2011
Househunter answered:
I lived in this neighborhood and had high although temperate hopes. But with the financial crisis/real estate bubble and foreclosures, it is obviously this area artificially escalated in value and has tumbled severely since 2008. Average sales price is about $40K mol. Some newer residents have mortgages !00K plus and now feel trapped. Many have rented out their homes and gone elsewhere.Some have walked away. It seems the area sliding even more and it will take many many years if at all to recover. Part of this is social-political in nature. Most of the houses being picked up in foreclosures are investors and that will create an even more unstable neighborhood with fewer and fewer owner occupied houses. This is a low income black neighborhood and the politicians fear their political power will erode if more neighborhoods like this keep gentrifying. Add to this that southwest Atlanta is the stronghold of black residents. This is an area that they don't want to see whites moving into. I have been involved in this neighborhood and have seen these things first hand. You really never know a neighborhood until you get into the nitty gritty of who, where the power lies. It is sad as this is such a quaint little place. I will that aspect of it but not much else. ... more
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