I work with some investors looking for high-end homes in Buckhead. There are some really good deals on premium, builder spec homes in Buckhead. There are also come great foreclosure deals. Frankly it’s because in the current market, few investors can secure financing on upper-level homes, so buying competition has been reduced. Every once in a while I’ll see a home come on the market that I just know will go under contract quickly. I sent emails stating that both of the following properties were great deals early last week. This week they both went under contract. In fairness to my investors, the properties didn’t match their needs.
It shows that the market can still sense a good investment, and if you want a good deal, be prepared to act quickly.
This home is in Buckhead on East Pine Valley, the majority of the homes on this street are in the multi-million dollar range. It has a guest home and swimming pool. The home went into foreclosure a few months ago. We tried to contact the bank, without success, about buying it for our own residence. If we hadn’t already bought a foreclosure in Buckhead, I would have been first in the line making an offer on this home.
The second home is a foreclosed builder spec home in the Chastain Park section of Atlanta. I toured it last winter when it was priced at $950,000. It’s a beautiful home, but somebody let the pipes freeze and burst. So there were a lot of holes in the drywall. The home was also missing a kitchen. Due to the missing kitchen, it would not have been possible to get a traditional mortgage. I knew lack of financing options would tighten the number of available buyers and open the home up for a lowball offer. I encouraged a few clients I have been working with to make a lowball offer on this home, as once the repairs were made and a kitchen installed, the home would be worth more than $1 million. A couple of weeks ago, when the list price dropped to $725,000, I sent out another email to my interested buyers; I knew it was a steal. The home went under contract a week after I sent the email.
Let me know if you are interested in one of these homes, as the contract could fall apart, or some other property deals in Atlanta.
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