In places like Tuxedo Park and the southern fringes of Sandy Springs, few people bat an eye when larger properties come to market at “lot value” asking more than $1 million—or way over that number—meaning that any house on site is likely doomed.
But a $1-million teardown in more modest, centralized, historic intown neighborhoods? Like next door to Atlantic Station? Yes, it’s a thing.
Marketed as “a unicorn” and “the one you don't want to miss,” this 1940s cottage in Home Park occupies a deep lot between 14th Street and Georgia Tech.
It’s the only ITP land deal south of Buckhead and Brookhaven at the moment seeking a cool million for less than an acre.
The 1940s house itself spans 2,300 square feet, with a basement beneath, and was last sold 15 years ago in the pre-recession boomtimes for $425,000, according to property records.
But per the Berkshire Hathaway HomeServices Georgia Properties listing, that’s basically all moot.
Included in the deal is .73 acres of land, or about 3/4ths of an acre, that carries what the listing calls a rare RG-3 zoning designation for Home Park. (That’s a reference to general multifamily, not the football player.)
To really get wonky, the maximum FAR for the lot—that’s floor area ratio, as relates to the size of the land—is just shy of .7. Which means it’s suitable for basically anything residential: townhomes, “an amazing estate lot,” another single home, or a multifamily complex, per the listing.
In any case, that’s a lot of land, relatively speaking, especially for non-estate parcels Inside the Perimeter.
According to U.S. Census statistics, the median size of a lot for new home construction—including American suburbs—in 2018 was 8,982 square feet, or about 1/5th of an acre. And that’s shrinking quickly from the median a decade earlier.
Urbanists might applaud the idea of swapping an 80-year-old home at the edge of Midtown for denser uses, whatever the cost.
But for younger homebuyers searching for a single-family foothold in the city, it could be proof that even fixer-uppers in desirable locations are drifting further out of reach.
• 1114 Westshire Place (Berkshire Hathaway HomeServices Georgia Properties)
• Asking $650K, noted Atlanta architect's 'modernist gem' could be diced up (Urbanize Atlanta)