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Like an October story in the Washington Post, it contrasts the city's rapid growth and heady optimism with current struggles after the boom.
One anecdote describes Realtor Suzanne Moorfield, shown in this Associated Press photo in a Ballantyne Country Club home she is trying to sell.
Reporter Barrie McKenna writes:
“There was a little bit of arrogance,” agreed Suzanne Moorfield, a real estate agent with Allen Tate Realtors who for nine years has helped dozens of bankers buy in, and buy up. “It seemed like we would do nothing but boom and boom.”
And then last fall, it all came to abrupt halt, like a golf ball landing in a sand trap.
Now, Ms. Moorfield is helping some of those same bankers downsize. She's also helping banks rid themselves of repossessed mansions.
Where buyers once lined up to buy $1-million (U.S.) and $2-million homes, many are now in over their heads, living in homes that are now worth less than what they owe. This year, nearly a quarter of the 35 homes Ms. Moorfield sold were bank-owned.
She points to lavish custom-built homes located on a rise on the edge of the lush and manicured Ballantyne golf course. Built for more than $1-million, Ms. Moorefield has listed the home at a fire-sale price of $709,000.
- Doug Miller