Is the area around the East Lake Golf Course good for buying a house?

Asked by Druzell, Atlanta, GA Thu Feb 19, 2009

There are several houses for sale SOUTH of I-20, on or around Glenwood with prices ranging from well under 100k to 200k /-. There's a 3 bedroom, 2 bath house, in good shape for sale around 80k, is this a good price? In a normal market, I would assume it'd be a great price, but it's been listed for months.

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6
Nest Atlanta…, Agent, Atlanta, GA
Thu Feb 19, 2009
Druzell,

I'm actually working with another couple who is looking in the East Lake area for under $200K. There are some wonderful deals out there right now, but it is on a case by case, street by street basis. I'm sure you've discovered that many areas in East Lake are only partially revitalized and several streets still need a lot of work.

Are you thinking of this as your primary residence? Or are you interested in renting and/or remodeling the home?

Hopefully you are working with a local real estate agent and if that is the case, ask them to provide you with a 'comparative market analysis' of the home, so you can better understand what homes in the immediate area have been SELLING for over the last 4 to 6 months. Also, if the home needs remodeling, ask a handyman, contractor or home inspector to give you an idea of how much it will cost to do the work. This will help you determine if the home truly is a good price.

If you have questions, call or email anytime!

All the best,
Kerry Lucasse
Intown Atlanta Realtor, Keller Williams
(404) 432.184
kerrylucasse@kw.com
1 vote
AtlantaHomeM…, Agent, Decatur, GA
Thu Feb 19, 2009
Druzell,

Good is "relative" to your investment strategy, are you looking at these properties as your private residence or an investment property? Relatively speaking, there aren’t many areas that were not affected by mortgage fraud and the flipping craze, so don't be dismayed. I currently own a house and have for years in the area whereas I have received offers on it - and it's not even on the market.

Knowing this area quite well, and to be honest most would consider what side of Glenwood and in what proximity to the Golf Course and even the Park to aid in determining if it's a good buy in any market.

Remember that market trends change, move and shift in many directions.

Therefore, consider your sources and continue to do your research - or contact a Real Estate Professional that knows.

Give me a call direct for more insight if needed, I will be glad to assist you.

Roger
678-851-4463
roger@rogerforrealty.com
0 votes
Lee Taylor, Agent, Decatur, GA
Thu Feb 19, 2009
Druzell,

I think you are talking about Terry Mill, Lomita, etc. - down Fayetteville, right?

Are you buying and holding?

Are you seeking a primary residence?

$80K sounds pretty good, depending on every factor of investment imaginable.

A purchase like this is easy to size up, so write an offer - you are only as good as what you write.
0 votes
Chris Yates, Agent, Atlanta, GA
Thu Feb 19, 2009
That part of town has seen some shady practices as of late but there are still great opportunities to be found. A lot of it depends on what your definition of "good" or a "good deal" is. What are your specific needs and wants - basement? 2-car garage? Or is it only about price?
With the amount of foreclosures in that area, there are some lower-priced options out there. And if you qualify for the new first-time home buyer tax credit ($8,000), your choices have certainly increased!

Feel free to contact me if you would like to talk further about the opportunities out there...

Take care!

Chris Yates
Your Intown REP!
404.234.1764
Web Reference:  http://www.intownrep.com
0 votes
Julie Britta…, Agent, Atlanta, GA
Thu Feb 19, 2009
Druzell -

I totally agree with Hank. Lots of the mortgage fraud happened in this area.

However, it's a great area to be in. East Lake Village is awesome and the closer you are to the Village, the better. That's where the value seems to lie - within walking distance to the shops, restraunts , and bars.

So in your searches, try to stick closer to the Village and not the golf course.

Let me know if you'd like for me to pull some homes for you. Have a great day!

Julie Brittain
404-966-3328

http://www.TeamBrittain.com
0 votes
Hank Miller, Agent, Alpharetta, GA
Thu Feb 19, 2009
Druzell -

There are areas in the city that are virtually impossible to get a handle on "value-wise". This is due to the amount of fraud and flipping going on, and I say this from my appraiser point of view and from doing this 20 years. I'm working right now doing Fannie Mae foreclosure work and I am literally wondering just how to come up with a supportable estimate of value with many homes in these areas, the amount of garbage data is crazy.

I can't answer your question without getting more specifics - email me if you'd like that. I would however caution you very strongly about going in with your eyes open.

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
678-428-8276
0 votes
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