I had the honor of being quoted in the Atlanta Journal-Constitution (AJC) in an article discussing how housing market troubles have also affected Atlanta‘s gated communities. Even the most exclusive country clubs of Atlanta, including the County Club of the South, Sugarloaf Country Club, Governors Towne Club, have been hit by foreclosures and mortgage malfeasance (fraud). I believe that the mortgage fraud problem was the main cause of pricing spikes in high-end gated communities. Deceitful buyers would purchase a property at one sale price, but falsify papers to show a much higher price. The buyers pocketed the difference from the inflated loan, sometimes six-or seven-figures, and then allowed the home to go into foreclosure. I feel as though the Country Club of the South will recover quickly, but other communities such as St. Marlo Country Club and Sugarloaf Country Club are still suffering from deceitful mortgages.
Although the foreclosure and mortgage problems are vast, this creates a great opportunity for anyone including first-time buyers and move-ups to get a great price on a home. People that would normally not be able to afford the country club lifestyle are now living the dream. Don’t miss out on the money-saving opportunity. Check out the full article at Atlanta Journal Constitution and tell me what you think!
Photo Credit: AJC Home Finder