Much has been said about the rising prices being asked—and paid—for real estate in metro Atlanta. The same goes for teardowns being sold to builders and individuals who plan to build from the ground up. Case in point: Builder Michael Ladisic of Ladisic Fine Homes (ladisicfinehomes.com) recently paid $1.4 million for a teardown in historic Brookhaven and sold the lot, plus a yet-to-be-built custom home, in a matter of two months. “We’re having such a lack of inventory,” says Annette Ross, an agent with Harry Norman Realtors (harrynorman.com). “There’s only so much land we can build on in [Atlanta], or any city including Alpharetta, Roswell and Vinings.” When builder Stan Benecki of Benecki Homes (beneckihomes.com) moved to Atlanta in the 1990s, he could find prime lots on top Buckhead roads like Blackland, Valley and Tuxedo for $300,000 to $500,000. “Today for one of those lots I’ll have to pay in the mid-$3 million for a teardown. To be on a prime street [in Buckhead], it’s probably at least $2 million for the lot,” he says, adding that ultralow interest rates have partially driven the market. “Demand dictates how much someone is willing to pay,” says Ross, who doesn’t think we’re close to the Atlanta-area teardown bubble bursting. “We just can’t build fast enough. I don’t see it slowing down anytime soon unless the interest rates dramatically change.”
Home for the Holidays Showhouse
There’s no better way for design enthusiasts to get in the spirit than with a tour of the Home for the Holidays Showhouse (atlantaholidayhome.com), presented by Logan Design Group. Open from November 18 through December 12, proceeds benefit Children’s Healthcare of Atlanta.
Number of acres in Buckhead’s Paces neighborhood serving as the setting for the new English Regency home designed by Dietrich T. Logan of Logan Design Group International
Spacious square feet of space, which includes five bedrooms and five full and three half baths
Finished square feet on the terrace level, including a recreation room, a cardio room and a wine room
Islands and pantries that double the function in the smartly designed kitchen
Interior designers from around the Southeast that partnered to make this home a showstopper