What can we learn?
- If you don’t DIG for the full story, you could easily make decisions based on flawed assumptions.
- If you are off on the List Price, all that dazzling marketing will be wasted and the property will sit on the market.
When you view the property below through the listing on the First Multiple Listing Service, it shows this property had 12,429 square feet, closed on April 18, 2025 and sold at $9,450,000 in 136 days. What else is there to know?
The FMLS Archives
A glance at the FMLS archives shows that this property has been on the market since October of 2024. There was only one listing period. This one is straightforward!!
Since this was a new build, perhaps the lesson here is to wait and list the house once construction is complete rather than listing it as soon as construction begins.
Zillow Data
Once a property sells, I cannot find any specific days on market number showing how long it was on the market. You can drill down into the history though and follow the journey manually.
The only thing to note here is the 2 failed contracts. It is important to note that vetting the financial capability of prospective buyers at this price point is ULTRA critical! It seems the higher the prices, the more craziness the properties seem to attract.
About that Zestimate
Zestimates are tricky in the Atlanta market because the square footage numbers are so unreliable and renovations are not factored in. The algorithms can be much more accurate in suburban settings with more consistent housing stock. Setting that aside, its also hard to trust the Zestimates when they bounce up suddenly when properties are listed for sale – irrelevant in this case; this was a new build where the plans and pricing may have not been finalized.
There was no Zestimate history available for this property – I am guessing that is because the original house was torn down and this was an entirely new build.
What about the Square Footage?
I have learned that square footage numbers are highly suspect in the Atlanta residential home marketplace. So that price per square foot you see online, probably useless.
This listing stated that according to the Builder the size of the home was 12,429 square feet. A quick search on Compflo revealed a previous appraisal record with sketches and a breakdown of the square footages
- The above ground main finished floors area = 8, 359 sq. ft.
- The basement (total) = 4,070 sq. ft.
- Finished area in the basement = 4,070 sq. ft.
- Total finished area (all levels) = 12,429 sq. ft. [CHECK]
- Price per sq.ft. based on primary above ground floors = $1,130 / sq. ft
- Price per sq.ft. based on total finished area all floors = $760 / sq. ft
Bottom Line
When hiring a real estate advisor to help you with the sale of your luxury home in Atlanta, make sure the people you are interviewing are thoroughly researching the comparable sales and are giving you accurate assessments of what it took those properties to sell so you can make well-informed decisions on yours.
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