What can we learn?
- It’s hard to know who to trust when you are interviewing real estate agents
- If you are off on the List Price, marketing can’t overcome it. Price reductions will be needed.
- A final net sale price of $1,545,000 resulted in 88% of Original List price and around 2 months of extra carrying costs and frustration.
When you view the property below through the listing on the First Multiple Listing Service, it shows this property had 5,900 square feet, closed on August 8, 2025 and sold at $1,550,000 with $5,000 in Seller paid Closing Costs for the Buyer – after the listing period expired. Factoring in the seller paid closing costs, the NET sale price was $1,545,000.
March 17, 2025
I interviewed for this listing and projected a value between $1.5M and $1.6M (email excerpt below). The seller did not like that answer so they interviewed another top agent.
April 11, 2025
The property was listed at $1,750,000 on April 11, 2025.
- Price Reduction of $55k after 30 days to $1,695,000
- Price Reduction of $70k after 60 days to $1,625,000
- Listing Expires on July 11, 2025 after 90 days
About that Zestimate
Zestimates are not accurate 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 – as in this case. Turns out for this one it was pretty close (ignore the spike at the end).
What about the Square Footage?
This listing stated that according to the Owner the size of the home was 5,900 square feet.
A quick search on Compflo (an appraisal database I subscribe to) revealed a previous appraisal record with a breakdown of the square footages.
- The above ground main finished floors area = 4,221 sq. ft.
- The basement (total) = 1392 sq. ft.
- Finished area in the basement = this one was difficult because the finish level was not traditional with sheetrock walls and ceilings.
- Price per sq.ft. based on primary above ground floors = $366 / sq. ft
Bottom Line
In this case, the Seller tried a higher price and ultimately ended up where I had projected the value to be after over 90 days of marketing and two price reductions. A final net sale price of $1,545,000 resulted in 88% of Original List price and around 2 months of extra carrying costs and frustration. Yes, they still got sold and moved but it did not go as smoothly as it could have.
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 ewhat it took those properties to sell so you can make well-informed decisions on yours.
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