What $400,000 buys: Atlanta

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What $400K will buy: McDonough, Ga.
This 5,200-square-foot, chalet-style home on 13 acres was custom-built in 2001. The two-and-a-half story main level features an open great room with two-story windows, cathedral ceiling, exposed Douglas fir beams, pine walls and floor, stone hearth and forest views. The main living area opens to a dining area and kitchen with stainless steel appliances, stone countertops, recessed lighting, breakfast bar and stone backsplash. The master bedroom features pine paneling, multiple windows, sitting area, surround sound and lighted wall sconces. The master bath has a jetted tub set into stacked stone, an oversized double-head shower with stone walls and floors, double vanity and stone tile floor. This home also has a game room/den with stone hearth, recessed lighting, bathroom and wall mount for a flat-screen TV.
4 bedroom/3½ baths
5,200 square feet
13-acre lot
Features: Gas starters for the fireplaces, hot tub on the deck, three-car garage
Listed by: Eclipse Atlanta Realty
What you could buy in Atlanta for $400,000 a year ago.
Price trend
With $400,000 in the metro Atlanta area, “you can get a lake-view property with five bedrooms and three-and-a-half baths built after 1998, in a swim/tennis/golf community,” says Reggie Moon, owner/broker with Eclipse Atlanta Realty. “Another $400,000 purchase could be in the high-rise district of Buckhead (just north of downtown Atlanta).” For that price, buyers could get a three-bedroom, two-bath in a building with a private elevator, pool, concierge and covered parking, he says. In the metro suburbs, $400,000 “could get four bedrooms, two-and-a-half baths on a half-acre lot” in a swim/tennis community that’s less than 7 years old, he says. Buyers could get a 1920s fixer-upper in historic Grant Park with five bedrooms and three-and-a-half baths on less than a quarter of an acre, says Moon.

In 2008, median home values fell 13.1 percent to $149,500 in the Atlanta/Sandy Springs/Marietta area, according to the National Association of Realtors. Buyers are definitely getting more for the money this year, Moon says. “Atlanta home values have always been cheaper than the rest of the country.”