From the comments section:
"Pity the fool who bought this... Buying an asset which doubled in 3 years is nothing short of idocy..."(sic)
5164 Madeira Court(italics mine)
Asking price: $1,090,000
Selling price: $870,000
Previous selling price: $389,750 (2005)
Taxes: $5,240 (2007)
Days on the market: 36
Listing agent: Betsy Carstairs, Park Georgia Realty Ltd.
Even though this 1,972-square-foot house...sold for $220,000 under asking, the selling price was still $480,000 above what (was) paid for it about three years ago.
"Unlike financial markets, real estate is always a good investment," agent Carstairs says. What else is she going to say? The place has shed value in the week passed since it was sold.
...built in 1971, is in need of some (major) updating — brown carpets aren't for everyone — but it has attractive features...it's on a dead-end street... It is fitting that it is on a dead end street, it is a dead end investment.
The new owners are "excited about the idea of giving this '70s-style home a facelift," ...Carstairs says. "They can't wait to roll up their sleeves and work together to create the home of their dreams."
Now, that is just crazy. They were asking 3 times what they paid for this house three years ago, and got double - without doing anything to the place. The new "owners" will need to put $100K into the place while it is dropping in value. Will it go back to 2005 value? Oh, yeah. Will it go back to 2003? Oh, yeah. How low will she go?
Just imagine paying $500/month in property taxes on top of the mortgage payments, new furnace and windows, new roof, new kitchen, new everything. This place has a great view, but is a bad deal, IMHO. The ones who bought it in 2005 hit the jackpot though...