Atlanta Working Class housing down 70%

[patb]

http://www.nytimes.com/2007/07/09/business/09auctions.html?pagewanted=2

Mark Rollins bought a house southwest of downtown Atlanta for $78,000 at one of the Williams & Williams auctions. The property sold for $255,000 in summer 2004. Mr. Rollins, who is a Realtor, said he planned to live in the house for a couple of years, fix it up and resell it for $150,000 when the market recover

Why did the house sell for so much more in 2004? Mr. Rollins has a simple theory: “The market was hot, the interest rates were low, and they were giving all kinds of deals to people.”

[jeeman]

We make decent money, yet we are still working. Doesn’t that make us working class?

Anyways, we just sold our house in Atlanta after owning it for 2 years. It appreciated about 4%, so we took a bit of a loss after commissions and repairs. But we also lived in a very nice neighborhood in Cobb Country.

Jeeman

[jeeman]

We make decent money, yet we are still working. Doesn’t that make us working class?

Anyways, we just sold our house in Atlanta after owning it for 2 years. It appreciated about 4%, so we took a bit of a loss after commissions and repairs. But we also lived in a very nice neighborhood in Cobb Country.

Jeeman

[Bugs]

That’s a catastrophic loss considering the amounts involved. There must have been more to it than a simple market correction.

Geez, how would it be to buy at $78k? A mortgage payment at $490/month, not counting property taxes.

[Bugs]

That’s a catastrophic loss considering the amounts involved. There must have been more to it than a simple market correction.

Geez, how would it be to buy at $78k? A mortgage payment at $490/month, not counting property taxes.

[ibjames]

Ha, I bought a 3bed 2 bath condo w/garage in Delavan, WI for 65k. 1400sq. ft. I used to complain about it because I thought I was a fool for buying a condo vs. a house.

Now, I would love to have a place like that 🙁

[ibjames]

Ha, I bought a 3bed 2 bath condo w/garage in Delavan, WI for 65k. 1400sq. ft. I used to complain about it because I thought I was a fool for buying a condo vs. a house.

Now, I would love to have a place like that 🙁

[Author]

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