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Intown Insider Video: Lakewood’s Butterfly Effect, 9 Years Later

$39,000.00. My listing. 9 years ago.

Lakewood…the “Holistic Health Oasis.”

I decided to drive down Meador Avenue this morning.

Before I got too comfortable in front of 1892 Meador Avenue – 30315, a City of Atlanta Police officer stopped by, at the early stage of my little morning rainstorm video shoot and checked to see what I was up to. That was cool – “community policing,” baby!

I am glad that I carry a handgun in an area like Lakewood, but 9 years ago, I did not even think about the need to “be prepared” in Lakewood. Lakewood was “up and coming.”

Watch the video – I sold that house as the Listing Agent in 2000, for the full price of $39,000.00. I sold it to a cash buyer.

The “unrepresented” buyer took this house, and a few others, and created cash wealth, fairly quickly – just a few years. He sold the property to a family member, financed about $100,000 and as of about 1 year ago, walked away from any responsibility for the asset, from what I can tell.

He was in the mortgage business, and I do not know what happened to him exactly, but I’m pretty sure that he knew exactly what he was doing financially with these multi-flips, and that even if he has a few foreclosures now on his record, I’ll be that he has a substantial amount of revenue to show for each of his moves over the past decade or so.

I’m pretty sure he’s laying low now…and 1892 Meador sits, disgusting. The City of Atlanta cited it as a nuisance months ago.

So what?

The tax record reveals that 1892 Meador is current for taxes and that it is not flagged for foreclosure.

Admittedly – it was easier to rent here 5-7 years ago.

Check out the houses in the video background – these were new construction offerings in the high $100′s just 5-6 years ago. Harry Norman listings.

I returned here quite disappointed, because I know that Lakewood, and other neighborhoods with a significant,  recent decay pattern and a significant, recent disinvestment frequency are a drag on the rest of Atlanta.

These neighborhoods act like a gravitational pull on the rest of Atlanta, when houses that were once worth every penny of $39,000.00 are now worth 20 cents on that year 2000, turn of the century dollar.

Seriously. That has an impact on Buckhead…

Like a butterfly effect.

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