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Falling Contemporary Prices in Red-Hot O4W: What's It Mean?

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Don't believe the hype... at least not all of it. It seems Old Fourth Ward's housing market might be more red-hot than white-hot right now, at least when it comes to new contemporary houses. These two recently constructed (2008 and 2014) moderns have both dropped their prices this week, suggesting that even Atlanta's most in-demand neighborhood reaches a ceiling at some point. With prime pedestrian-friendly locations near the Beltline, Ponce City Market, Krog Street Market and all things trendy, these contemporary digs seem like they should've been snatched up in a jiffy, not price chopped.

When last Curbed Atlanta wrote about the award-winning, 2,044-square-foot construction at 225 Corley Street, commenters swooned. "This house is going into pending status in 3...2...1..." said one. Phrases like "gorgeous," "love, love, love" and "awesome" were bandied about. Yet here we are, four months later, seeing a $55,000 price drop that brings the ask down to $795,000. The four-level stunner has a three-story atrium, two-story dining room, striking floor-to-ceiling fireplace and façade hand-painted by the late artist John Otte (fascinating details on that process at Houzz). It has been on the market for 128 days, which is exactly 127 days more than many expected.

This four-bedroom, three-story modern at 582 Morgan Street was just built this year, so hasn't been on the market as long as the beauty above. Just 21 days after listing, its asking price has already dropped from $625,000 to $599,900. The new construction by Epic Development features an open floor plan with nine-foot ceilings, a mod custom kitchen, oversized shower and hardwood floors. There's still plastic over some of the floors, so you know it's still got that new-house smell. Are these price chops a sign of things to come or were these houses overpriced?