Same City. Different Atlanta | 855 Flamingo Drive vs. 866 Monroe Drive
What can $1,000,000 buy you in Atlanta?
Let's see.
Same square footage. Two very differnt versions of Atlanta.
At 866 Monroe Drive NW, $1,099,000 buys approximately 3,600 square feet, three bedrooms, a two-car garage and a location near Atlanta's shoreline, a.k.a. the Atlanta Beltline and Midtown Atlanta.
Across town at 855 Flamingo Drive SW, roughly $775,000 buys approximately the same square feet - but with five bedrooms, high end finishes (like Wolf appliances) more than an acre of land, a deteachted mid-century-modern themed home with access to the Lionel Hampton Trail, the same Atlanta Beltline, and less "Action".
The diffence is roughly $324,000 (or the retail price of the Bentley SUV).
So what exactly is that $324,000 buying you?
That's where this gets interesting.
Two Homes. Two Versions of Atlanta. Could be as simple as Black & White.
866 Monroe represents something Atlanta buyers have shown a willingness to pay a premium for: Proximity. Although you have to share a common wall, you're close to Piedmont Park, the Atlanta Beltline, Midtown Atlanta, restaurants, entertainment and some of the city's most recognized intown neighborhoods.
855 Flamingo makes a different propostion. Explore 855 Flamingo Drive.
Instead of paying primarily for proximity, your buying land (of which they are not building any more of), privacy, bedrooms and space -- while remaining inside the city and connected to the same Atlanta Beltline Trail network.
Neither proposition is inherently better.
But put the houses side by side and Atlanta's geography of value becomes awfully hard to ignore.
Atlanta doesn't have one housing market. It has a collection of neighborhood markets, and sometimes the distance between what buyers pay for location and what they pay for the house itself can be enormous.
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