Buckhead home to be replaced by McMansions.
A hidden Buckhead home was sold late last year to a developer planning to replace it with five new homes. The home, which city records show was built in 1930, is located at 4362 Wieuca Road on 2.9 acres in zip code 30342, on a tremendous hill. Real estate records indicate the property was sold for $735,000 this past November.
Building permits filed with the city of Atlanta indicate the developer plans to improve the accessibility and infrastructure of the property by constructing both a bridge and retaining walls. The permits indicate $500,000 will be spent to accomplish this.
A hidden Buckhead home was sold late last year to a developer planning to replace it with five new homes. The home, which city records show was built in 1930, is located at 4362 Wieuca Road on 2.9 acres in zip code 30342, on a tremendous hill. Real estate records indicate the property was sold for $735,000 this past November.
Building permits filed with the city of Atlanta indicate the developer plans to improve the accessibility and infrastructure of the property by constructing both a bridge and retaining walls. The permits indicate $500,000 will be spent to accomplish this.
The five home development will be called "Wieuca Woods."
One of the five homes is currently being marketed with an asking price of $1.3 million. The "estate home" comes with five bedrooms, four bathrooms and 1 half bath. The property is described as being "walking distance to shopping, restaurants and Sarah Smith Elementary. Close proximity to Chastain Park, Phipps Plaza, Lenox Mall & Brookhaven. More details to come, completion date is late 2017."
The home is being marketed by Atlanta native Comer Jennings III of Ansley Atlanta Real Estate.
A brief internet search reveals that Jon J. Johnson, who previously owned the property, sought to redevelop the property into a subdivision at least once before, in 1998. Johnson died in an auto accident in 2008 and his wife Estelle seems to be the one who sold the property.
A Curbed Atlanta article from February 2015 quotes a $799,999 offering price and refers to the home as a "turnkey haunted house." The owners seem to have come down in price, perhaps realizing the home would inevitably be demolished and that needed infrastructure improvements would surely impact the selling price.
Residential real estate website Zillow indicates that there are currently 300 homes for sale in 30342. "The median home value in 30342 is $581,400. 30342 home values have gone up 7.5% over the past year and Zillow predicts they will rise 2.8% within the next year. The median list price per square foot in 30342 is $256, which is higher than the Atlanta average of $213. The median price of homes currently listed in 30342 is $699,950."
Are you currently in the market for a home? If so, where are you looking? Do you think we are on the verge of another residential real estate bubble? Would you want to live on Wieuca Road?
Please share your thoughts below.
3 comments:
Not currently looking for a home but apparently a lot of people are wanting to buy. We are in a very desirable school district and real estate agents are constantly calling and sending correspondence indicating they have interested buyers, with not enough available homes. There is also a house building boom happening in our area of southern Gwinnett county.
There is apparently a shortage of starter type homes but the market is hot for larger homes and thats what builders are building. No money to be made in building lower end homes. Good school districts like large high priced homes for higher property taxes.
That spot would have been perfect for a small cluster with coffee house, pizza joint, donuts shop, mattress store and nail salon.
Would have been a great project for someone with a love for old houses to restore and live in. A lovely, secluded property that's probably worth millions.
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