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Foreclosure in Georgia’s high-end housing market Atlanta, GA

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Foreclosure in Georgia’s high-end housing market

Foreclosue Sign on Top of For Sale Sign in Front of House

Although the economic recession and its lingering effects have had a negative effect on people in all economic classes, data appears to indicate that poorer people are experiencing greater difficulty in recovering from the recession. For example, while the slump in high-end home sales has been low in recent months and years, it has not been nearly as low as the plummeting sales figures for average-priced homes.

In 2007, approximately 800 homes priced at $1 million or greater were sold each month in eight Georgia counties. Today, about half as many homes are sold in those counties on a monthly basis. In addition, the foreclosure rate among high-end homes costing $1 million or more is currently around 6 percent, while the foreclosure rate for average-priced homes is around 38 percent.

Recently, the former Buckhead home of the owner of the Atlanta Falcons was listed for sale at $8 million, but sold three years later for $3.6 million, less than half of the original listing price. In another example, a 47,000-square-foot mansion situated on 72 acres in Forsyth County was listed at $45 million, but recently sold for a staggering $9.5 million.

The current climate is great for buyers, but not so good for sellers. According to a spokeswoman for Sotheby’s International Realty, buyers know they have the time to browse several homes without having to beat the crowd. This makes selling more difficult, but, she says, the tides are turning. Buyers are growing impatient to own their dream house, and taking advantage of the current historically low interest rates.

Source: Atlanta Journal-Constitution, “Million-dollar homes sell – at a slower pace,” Christopher Quinn, Nov. 2, 2011

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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