Two items in the Atlanta Journal-Constitution caught my eye today. One is the lead story in today’s print edition discussing how hip-hop NBA star Allen Iverson sued the builder of his relatively new $4.5 million home in a posh gated community known as Country Club of the South, whose other residents include(d) Braves pitcher John Smoltz, comedian Jeff Foxworthy, and Whitney Houston. Iverson claims the house was poorly engineered and is already collapsing in on itself. Iverson claims the truss wasn’t sturdy enough to support the mansion (see photo above). Read the story here (there’s also a slideshow of interior photos of the house).
And this afternoon, the AJC, as its known locally, posted a story on its web site that Michael Vick, the football star who has become the poster boy for the Canine Society, has put his home up for sale, which is located in another gated, and posh community called Sugarloaf (whose residents include PGA Tour player Stewart Cink and Lisa Ann Taylor, the former centerfold who made headlines as the “Mansion Madam” for operating the oldest profession from her $1 million home).
Vick paid $3.7 million for it two years ago, and is asking $4.5 million. The European-styled home comes with seven bedrooms and 8.5 baths and has an estimated monthly mortgage payment of $23,206, according to the AJC. No word on whether there’s a doghouse.
The Realtor.com listing for Vick’s house doesn’t include a photo (“coming soon,” it promises), but I found a $4.5 million European-styled “showcase” home in the same community that should give you a flavor of the Sugarloaf lifestyle (photo above).
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.