Located in the exclusive Tuxedo Park neighborhood of Atlanta, 3497 Woodhaven Road NW represents a comeback for high-end luxury homes. The traditionally styled 9,014-square-foot home with its front columns is set back from the street behind gates offering residents privacy and seclusion.
“The three winning attributes of that home were its location, its privacy from the road and from neighbors and the floor plan,” said Michael Rogers, president, Dorsey Alston Realtors.
The buyers were seeking a home that offered luxury, as well as high level of livability.
“It was custom-built and a lot of planning went into it,” said Glennis Beacham with Beacham & Company Realtors. “It was on a great street in Tuxedo Park and that is where a majority of the large expensive homes will sell. It’s a safe investment if you’re going to have a really expensive house to buy in this neighborhood.”
In addition to an expansive home built in 2005, the property also offered a large wooded backyard on a two-acre lot.
“It had great curb appeal so all the right elements were there,” said Beacham. “Plus, the homeowners were very reasonable about their asking price. When I presented them with comparables, I told them where it should sell, price-wise, and it did.”
Within weeks of being placed on the market the home sold for $5.079 million.
While the real estate market has experienced significant recovery among lower-priced homes, the luxury market has been slower to come back.
“I would say the market is largely recovered below $2 million,” said Beacham. “Above $2 million we have fewer sales than we had before the market fell.”
In fact, the number of homes sold in the $3 million to $4 million range was approximately the same during 2014, but sales of properties above $4 million rose almost 300 percent — although the total number of properties was small, according to Rogers.
“We went from having only three sales (above $4 million) in 2014 to nine sales in 2015,” he said. “I would say the majority of those home sales have been out-of-town buyers — relocations. As our economy has continued to improve and the state of Georgia and the city of Atlanta have continued to attract new companies, we’ve seen an increase in activity in that price range.”
Along with corporations moving their operations to the city, a growing number of homes are attracting buyers looking for a high quality of life coupled with good private schools
3497 Woodhaven Road NW, Atlanta, Ga., 30305
- Sale price: $5,079,010
- Closing date: March 19, 2015