Historically, Atlanta has excelled at tearing itself down, and that practice is sweeping the residential real estate market as homebuilders are confronted with rising land prices. In historic intown neighborhoods, buying and flipping a dilapidated (but charming) bungalow makes less financial sense now than probably ever before, when a larger, pricier home could supplant it and help recoup land costs. (That's not to say quality rehabs and expansions aren't still common). After the jump, we've spotlighted a few potential tear-downs to gauge what's going on, proving that brokers aren't being hyperbolic when they say you can't buy Decatur dirt for $300,000 anymore.
Doomed Near Decatur?
Last priced at $325,000, this three-bedroom box from 1970 is under contract in Oakhurst, around the corner from the business district. The listing agent's summary leaves at least some chance for the house's survival — calling it a "probable tear-down (and) great opportunity for builder or investor" — though sparing this one might not benefit anybody.
Pink Edgewood Sh*thole:
After nearly a year on the market, a $12,000 price-chop this summer appears to have done the trick for this three-bedroom Edgewood relic from 1915 that's seen better days. Described as an "Excellent investment opportunity for renovators or builders to rehab or tear down," the home is under contract, most recently priced at $97,990.
Ansley Park Tear-Down?
Believe it or not, the listing agent suggests that this $884,900 Ansley Park home's back yard makes it ideal for an extensive home addition or a wiped-clean slate by way of tear-down city. The four-bedroom, 1930 Tudor is cozy, with swell curb appeal, though for that kind of jack, getting the interior fully up to speed might be more of a chore than it's worth. It wouldn't be Ansley Park's only tear-down tragedy of late.
Ormewood Park Stinker:
Despite its proximity to Glenwood Park retail, this all-brick dud from 1950 hasn't found a bulldozer suitor yet — or an ambitious handyman. It's priced at $159,000, and the agent's summary couldn't be much more succinct: "Fix it up or tear it down."
Hunk of Oakhurst Land:
Buy here and skip the pesky demolition of historic homes! About a block from downtown Oakhurst, this 183-foot-deep piece of land is under contract. Its flatness is a huge selling point, per the listing agent, who calls the $319,000 price tag "a great bargain in today's market."