Kenny Rogers Bolts From Buckhead

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A little over three years ago, Country music icon Kenny Rogers decided it was time to unload his 9,000 square foot Buckhead mansion. This was after having purchased the property in 2006 for $2.8 million and putting $3 million dollars into a complete renovation.   “”It’s a hobby with me. Once I get finished, owning it doesn’t mean anything to me,”” Rogers told the Wall Street Journal.

Timing, unfortunately, trumps just about everything when it comes to real estate.  Even though he was nearly $6 million “”in,”” that didn’t necessarily mean that the property was worth $6 million.  Regardless, he listed the property for… you guessed it… $7.9 million.

The home did not sell.

The home was re-listed in April of 2010,  for $5.9 million.

The home did not sell.

The home was re-listed in July of 2011,  for $3.99 million.

The home “”closed”” on September 1, for $3.725 million.  Cash buyer.

It’s a stunning home and its Valley Road location is in the heart of Buckhead.  Take a look at it- I don’t think that there’s any question that the renovation is over-the-top meticulous, the grounds first class.  But list price – regardless of neighborhood and price point – has absolutely everything to do with whether or not a home will sell.

Granted, if you had told Kenny Rogers in April of 2008 that his home had no chance of selling for $7.9 million, and without an appropriately aggressive pricing strategy he’d eventually lose over $2 million (a whopping 38%) of his investment, he probably would have punched you in the face.  Today’s market puts a higher premium on price than it does on anything else.  It doesn’t mean that every home seller should just hand their keys over to a buyer for pennies on the dollar, but it does mean that a careful examination of local market conditions is absolutely imperative before deciding whether or not its time to sell.  Anything less is nothing more than an uncalculated gamble.

Source: Atlanta Business Chronicle, Transactions

Photo Credit: Star Media

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