Save $1,000,000 on Home in Echelon
categories: Buyers, Golf Communities, Listings
I’ve written before of $100,000 price reductions for homes in Alpharetta, well, how about $1,000,000. It is the season of giving, afterall.
This home in Echelon at 230 Traditions Drive is on the auction block starting at a price of $1,675,000. The home is appraised at three million dollars and has been on the market for the last 14 months at $2,750,000. With a lot of pressure on local builders who have been holding large inventories of "spec houses," it is time for this one to move.
This house built by I.Q. Homes is phenomenal inside and out. It has everything and more you could want: huge living spaces, four-car gargage, top of the line cabinets and fixtures, four fireplace, heavy trim and floorplan built for living as well as entertaining. When you walk into this house you definitely say, "Awesome."
The basement is completly finished with top of the line entertainment area, theatre, exercise room, etc. The exterior of the house has a pool with waterfall and broad walk out patio. It is definitely impressive.
So, why has this house not sold to date? First of all, there are twenty-six other homes in the 30004 zip code on the market for over $2,000,000, so there is some market competition. Second, this house is in Echelon. Echelon has been slow gathering development momentum: the golf course is built and open (and it is a terrific track), but none of the other amenities have been constructed (although they are now starting) and some people think that marketing Echelon as The Georgia Tech club backfired. Prospective buyers thought that if they hadn’t gone to Georgia Tech that they somehow wouldn’t be welcome. They were worried that Echelon would be clickish, which isn’t the case. None the less, market conditions and marketing strategy have left Echelon underachieving as a community, although I think that in years to come Echelon will be one of the more exclusive addresses in the area becuase it has larger lots and an outstanding golf course.
A couple of other factors working against the sale of this particular house are that it is not on the golf course. The 1.1 acre lot is pretty steep and there is really no back yard to speak of; the pool and waterfall are cut into the slope behind the house and it is a great solution to a sub-optimal lot, but there is still no place to play soccer with the kids.
Finally, there are some high wire, low voltage power lines that run close by and some people may not like that although you never see them from inside the house.
The auction for this house started this past week and has been extended through December 3rd, maybe because they have not received an acceptable bid, but I can only guess.
No doubt about it, this is absolutely the most and best house you will find at this price within 100 miles. Feel free to contact me with questions.
So how has Echelon been selling? Wasn’t this neighborhood really slow to get moving?
Mr. Muchacho: Echelon has definitely been slow to get out of the gate. The developer, Melrose Company, probably hasn’t developed and marketed as well as it could have with twenty twenty hindsight. some people believe that the association with Georgia Tech was actually a negative (because there are a lot of GA, Tennessee, Florida, Alabama, etc. grads in these parts).
The clubhouse and other amenities are now under construction. Some people believe that the lack of amenities has hurt sales. Other people blame it on “the market”.
However, i believe that “one day” Echelon will be a step above other high-end neighborhoods because of two things: 1) the lots sizes are all 1+ acre (whereas The Manor is not) and 2) the golf course is outstanding. The golf membership is actually up I hear.
You can get some real bargains in Echelon now if you have time to wait for development to catch up.
How could anyone not jump at the chance to save $1,000,000? Did anyone take you up on this offer or did the home hit the courthouse steps?