Foreclosure in Glen Abbey $80,000 Below Lowest Sold in Neighborhood - Alpharetta
Posted by Ryan Ward on Wednesday, January 28th, 2009 at 6:57am.
This is one of those foreclosures where the bank finally has priced it right to sell. It's most recent sale was in April of 2007 for $575,000 and it's now on the market for $436,900. It's also about $80,000 below the least expensive home that sold in Glen Abbey in 2008 and over $250,000 below the most expensive sale in 2008. If you have looked at homes in Glen Abbey in the past, you would probably have a good feel for what type of floorplan it has as well as the condition of the interior. Honestly, at this price, I was expecting it to be in far worse condition than it is and I was definitely not expecting to see a basement finished out this well. At this price it's going to be a real bargain and put a new homeowner in a pretty solid equity position rather quickly.
The Glen Abbey Real Estate Market
Up until a couple of years ago, Glen Abbey was really considered one of the very best neighborhoods in Alpharetta and was extremely sought after. With all of the new construction that has been built, interest in the neighborhood leveled off (still at a higher than normal level) because many of the homes were beginning to show there age. You would find them to have Corian counters and honey colored hardwood floors and lots of homes with wallpaper - not exactly what buyers in today's market are looking for. Still, the neighborhood has appeal as one of Alpharetta's more established swim/tennis neighborhoods and a reputation for well built homes and a neighboorhood that is less homgenous than many of the newer comparably priced options. Now with most new homes gone or no longer the value that they were once perceived, neighborhoods like Glen Abbey are returning to more popular positions.
Right now, there are 12 other active homes and one under contract. Prices on those homes range from $575,000 to $700,000 and sold homes in the last three months range from $575,000 to $650,000. You can view all of the Glen Abbey homes for sale here. This also means that the supply of homes in Glen Abbey is lower than the greater surrounding area so there should be less worry about further price declines as far as what we know to be the market right now.
And then there is this home. It was originally listed for $575,000 and now the bank has wised up. At $436,900, it's no longer even really possible to adjust this home up in value with the surrounding neighborhood and have it stay within Fannie Mae and Freddie Mac underwriting guidelines. In other words, it's a bargain. Here is a link to the details page for this home. It's listed with Harper Real Estate Services, Inc.
Here are some addtional pictures:
What Kind of Work Does it Need?
Well, as a home built in 1999, it has the usual dated interior appointments, corian counters, dirty carpet and walls that need painting and wallpaper that need to be removed. All things you should expect when looking at a home like this. Of course, the bathroom still has all of that romantic contractor grade brass that everyone so loves if that's your thing, but, I suspect you'd want to change that out as well. Otherwise, it doesn't immediately scream as a money pit. Jim Cowart built homes don't fall in the category of poorly constructed homes.
Why is This Home a Deal?
It's a deal because you could update this home to today's standards and have a positive equity position. It has a 3 car garage, a finished basement with a second kitchen, smooth (not dropdown) ceilings and it's the full footprint of the house, it's brick and Hardiplank, you can't beat the location, the schools are excellent and it's priced WAY under market.
When Can You See It?
Call me. If I can't get you in it today, one of my partners on my team can. It's a great deal, it's way below market, it's a great neighborhood and it's definitely going to make a new homeowner proud. Plus, where it's priced, you won't need to fool around with a jumbo loan so all time record interest rates will apply! If your looking now or will be this summer, it might be time to jump off the fence. The key to actually getting one of those deals you hear about on the news is to actually buy something when the deal is right in your face.
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Ryan Ward, Principal
Premier Atlanta Real Estate
Phone: 404.630.3187
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Share4 Responses to "Foreclosure in Glen Abbey $80,000 Below Lowest Sold in Neighborhood - Alpharetta"
Ryan, that surprised me a bit. I have been seeing really good deals out there and this one seems like a great one despite some cosmetic repairs as you mention. I think most people can live with corian, but paint and carpet for a place that size I would assume $20,000. That would probably shine the place up nicely. My market was a victim of over-constructing also.
Posted on Thursday, January 29th, 2009 at 7:57 AM.
What a steal this home is. Even if you payed full price and updated the house with hardwood and redid the kitchen. You should be somewhere around $525,000. Still well under the median and a new house to boot!
Posted on Friday, May 1st, 2009 at 7:55 PM.
[...]I wrote a few posts about some excellent foreclosure deals in Roswell and Alpharetta. One is a foreclosure in Glen Abbey, one is a great investment property in Berkshire Manor and another is a large home with a[...]
Posted on Saturday, May 9th, 2009 at 9:31 AM.
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Foreclosure properties with such low prices and best facilities is a nice deal. The best thing of the deal is that the property can be turned into much improved modern look.
Posted on Thursday, January 29th, 2009 at 5:30 AM.