Posts Tagged buckhead estates

Bieber home shopping update

It looks like Justin isn’t ready to commit. According to TMZ, he has decided to rent for three months until he finds that perfect location. Like I said, I didn’t believe the other rumor since that house is so close to the street, but this house, the craziest house in quasi Buckhead (more Sandy Springs than Buckhead), makes sense. His temporary Atlanta home is that of record producer Dallas Austin. The four bedroom 5,500 sq. ft. home resembles a spaceship.

If he wants my opinion, he should just pay the big bucks and buy Tyler Perry’s estate on Paces Ferry Road for $28M. It has the security and privacy he needs, and is such a good location with easy access to I-75 to get intown and go to the airport. This estate would require a lot of upkeep and maintenance with the fabulous grounds and gardens and it comes with quite a hefty tax bill which was  reduced in 2012 to $285,000 but was as high as $397,771 in 2010, though, so I guess his search continues…  I use to have a listing in Ball Ground that has studio already built in, would definitely give him privacy too.  I’ll have to think more about what will fit the bill.

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Most expensive homes sold in Atlanta 2012 to date

As of today, October 9, 2012 ,there have been 5 homes in metro Atlanta and its surrounding counties that have sold over $5M, according to FMLS.  I do this research periodically as I have a large listing and am always looking for ways to increase its exposure and make sure the right clientele are being exposed to it.

One common link with our large home sales in 2012 is the International Buyer.  As you will see from the various homes I’m outlining this year, as well as last year, many are moving here from other countries.  It appears to be a good place for them to place their cash, as when looking at tax records there appears to be no debt against these properties.

1. 435 King Road

Its fun and fascinating for me to meet these buyers that can write a check for $10 million dollars. The first home at this price point is under contract and set to close within the month. I LOVE this house – it is located at 435 King Road in Buckhead and was built in 2010. I have a slight connection to the property, as the owners of the prior home on this lot hired me to sell their home and help them purchase a new one.  I sold their home to a builder who had this client that was ready to build on a prime lot.  The home was completed in 2010 and I must admit – it is truly the most phenomenal home I have ever been in.

The interiors are PERFECT as well.  Suzanne Kasler Interiors did the furnishings and my understanding is that the house was sold furnished. I do believe that Architectural Digest came in and photographed this home as well; originally it was pulled off the market quickly to accomodate their need to not have it on the market while published.

It was recently re-listed and sold very quickly, within a couple of weeks.  Incredible for a $10 million dollar home! Mark Bhaggan with Atlanta Fine Homes Sotheby’s International represented the seller and buyer in this transaction.  I have heard that this is an international buyer.  This home is 20,000 sq feet and has every detail you can imagine including his and hers gyms, an indoor lap pool, driving range, outdoor pool and pool house with a drop down TV screen to watch while you’re in the pool, indoor sports courts, theater and more. Not a single thing is missing.

I’m so glad I had the opportunity to view this fabulous home.  Whenever I have clients that just can’t seem to find exactly what they are looking for I can always email them this property and tell them I can find them what they want but it will cost $10M 🙂

2. 3410 Ridgewood Road

3410 Ridgewood Road closed in January of this year at close to $6M after being on the market during the toughest times from around 2007. With an official year built of 2009, it was built by Steven West Custom Homes and went into foreclosure, upon which international buyer Ulf Henriksson and his wife purchased it.  Ridgewood was the Christmas House years ago and has been the site of filming for several movies.  I only know this as I drive past it every single day and there were moving vans and trucks for filming there quite a bit. As Atlanta’s tax advantages for filming here continue, more and more of our estate homes are featured in TV shows and movies.

3. 830 West Conway Drive

I called a friend of mine that lives a few houses down from this house to better understand its history.  It’s actually very sad, as I remember it sitting vacant years ago as the original owners were killed in a plane crash around 2002 and when the home traded after the accident it was the most expensive home sold at the time – at $10 or $11 million.  That family lived in it less than a year and sold it to a builder who had $10M in debt against the house.  Since then it has sat vacant and ransacked for about 5 years. That homeowner let it go into foreclosure after some financial issues, it just came on the market in September, and then sold very quickly to what appears from tax records to be Justin and Jessica Jones.  The piece of land is fabulous with 16 acres of pretty level land in the heart of Buckhead, with entrances on West Conway and Fairfield Drive.  The neighbors are looking forward to it being brought back to the tasteful state it was in prior to 2006.  The back of the house has been ripped off as the previous owner was going to add porches and sub-contractors have ransacked it for supplies from unpaid bills.  It will be interesting to watch the progress as this home is restored.

4. 1215 Mount Paran Road

This home closed in June of this year – after being on the market in 2010, removed and then relisted in March of this year.  Compared with the others in this category, the sale is a bit more surprising.  This 2 acre property is located on Mt Paran, which is a busy street, and the sq ftg is just under 10,000 sq ft – compared with Ridgewood that sold for a bit more but was over 4 acres and 15,319 sq ft.  This was a regular market sale versus Ridgewood and West Conway which were bank-owned sales.  I think this shows the value buyers are placing on “new-ish” properties versus having to do a lot of work to them once they’ve purchased them.  I recently heard a speaker mention that in the next year approximately 50% of the homes purchased will undergo renovation.  This is primarily due to the lack of new construction and in many cases the seller’s loss of equity and lack of desire to put more money into it.

5. A Historic Estate

I can only hint at the fifth sale of 2012, but it is a historic Buckhead home built in 1926. I hope to bring more details of the sale as soon as it is appropriate. Of the 5 homes that have sold, this is the only home built before 2003, but it has been completely renovated to feel like a new home.

There are still 48 homes over $5M on the market and none outside of Buckhead have sold this year, according to FMLS.  This is about a 10% turn rate which is a very weak market for the luxury homes.  They should be turning at over 33% to have a stable healthy market at the higher end.  Two of these homes were foreclosures and while we’re seeing less and less of that in our average luxury market, the trend seems to still be present at the very high end.  But, in both instances, they were scooped up immediately because they were priced so well!

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Most expensive home sold in Atlanta 2011 to the Al Hill III family

I just happened to be looking at and the number #1 trending item was that Tyler Perry is now the highest paid man in the entertainment industry.

That got me thinking about all the famous people that live around metro Atlanta.

Of course Tyler is a neighbor and can be spotted at Canoe Restaurant regularly.  I’ve been told that Janet Jackson stays at his home now versus her former residence on Mt. Paran that she had with Germaine Dupree.

As many of you know I’ve had Jane Fonda’s Atlanta residence listed and its currently leased but we’ll be putting it on the market again in the next few months.  We’ve had the opportunity to show it to many famous people and their “front” people when they were filming here.  Seems they all arrive with an entourage.  Queen Latifah is one of the nicest that I’ve met.

We also have our share of professional athletes in the area with Hines Ward building his new house off of Riverside Drive and his ex-wife Simone and their son Jayden just purchased a townhouse at The Battery down behind Avignon and the Aberdeen in Vinings.  I showed a house to Will Allen, a Safety with the Pittsburgh Steelers last week and he apparently has a contract on a home in Buckhead right now as well.

These instances of famous people and their recent real estate purchases in Buckhead made me take a look at how many homes over $4M traded in Atlanta this year….and the profile of the buyers and sellers.  There have been only three homes sold over $4M in Atlanta in 2011 YTD:

One of the most expensive homes sold in Atlanta in 2011, 330 Argonne Drive in Buckhead is now home to author Emily Giffin Blaha.

One of the most expensive homes sold in Atlanta in 2011, 330 Argonne Drive in Buckhead is now home to author Emily Giffin Blaha.

330 Argonne Drive:  This home was purchased by the author Emily Giffin  (married name Blaha).  Her previous home in Brookhaven is still for sale if you’re interested!  She purchased her house for just under $5M in June of this year.  Check out her most recent book, The Heart of the Matter.

1325 Monte Carlo in Buckhead was sold in 2011, in a property transfer/sale worth almost $7 million.

1325 Monte Carlo in Buckhead was sold in 2011, in a property transfer/sale worth almost $7 million.

1325 Monte Carlo: This home was purchased via a swap with the owner’s previous home on Regency Court which is still on the market as well.  The purchaser was a Darrell J. Mays and I can only find a Telecommunications Company which is foreign registration associated with him name on the internet.  He paid almost $7M for the house including the trade value.

981 Davis Drive:  This is the largest sale so far in 2011 at $9M.  The previous owners of this home were Amanda and Walter Reames.  Yahoo shows him as an investor and partner in Atlanta Capital Management.

The most expensive home sold in Atlanta year to date, 981 Davis Drive, former home to Walter Reames, now home to Texas oil family, Erin and Al Hill III.

The most expensive home sold in Atlanta year to date, 981 Davis Drive, former home to Walter Reames, now home to Texas oil family, Erin and Al Hill III. Click on the image for an interactive map of the property.

“Mr. Walter Fred Reames Jr. is a Managing Partner and Member of Executive Committee at Atlanta Capital Management Company, LLC. His responsibilities include oversight of the marketing and sales as well as the finance and technology functions. Before joining Atlanta Capital in 1978, Mr. Reames was a Vice President at the Citizens & Southern National Bank, serving as a Manager of its National Division East. He was responsible for the bank’s relationships with major corporate clients headquartered in 17 eastern states and Canada. Mr. Reames was also a Business Advisor at The White Oak Group, Inc. He has received his Bachelor’s degree from Yale University and completed the Graduate School of Credit and Financial Management program from the Harvard Business School.”

More interesting to me is the purchaser.  My son had a new girl in his class at Westminster at the beginning of the year and she hadn’t been on the new student list that was published a couple of weeks before, so now in hindsight I think it was a last minute addition based on the closing of this property.  Turns out the new little girl now lives in this house!

The new family in Buckhead is the Hill Family. Pictured here are the father, Al Hill Jr., left, a grandson of billionaire H. L. Hunt, and his son (current Atlanta resident), Al III, right, known in Dallas as “Al Three.” Photographs by Danny Turner.

The new family in Buckhead is the Hill Family. Pictured here are the father, Al Hill Jr., left, a grandson of billionaire H. L. Hunt, and his son (current Atlanta resident), Al III, right, known in Dallas as “Al Three.” Photographs by Danny Turner.

At first I didn’t make the connection, but upon receiving an email a week or so ago it dawned on me who the family was: Erin Nance Hill and Al Hill III.

Many years ago in the 1980’s I worked for Mellon Bank in Pittsburgh and my territory was Dallas, TX, so I became aware of many things “Dallas” and when I lived in Washington, D.C. in the early 90’s I was friends with T. Boone Pickens’ daughter there and knew of many of the oil families in Texas.

The Hunt family in Texas is one of the wealthiest families in America .

Erin Nance Hill is from Calhoun, GA and has family here and was 1993 Miss Georgia, so it’s not a surprise that she wants to raise her children here as well.  Atlanta is a great town for many reasons and we are thrilled to welcome The Hill Family to Atlanta and to Westminster!  Erin was a well-known socialite in Dallas and was single-handedly responsible for raising almost $1 million for charity during her time there.

Additional photos of the Atlanta mansion at 981 Davis Drive purchased by the Hill family….it will take your breath away!

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