The Burst Bubble
Real estate: Down but not out in Athens.
It’s a sign of the times. Vacant businesses. For sale signs. Parking lots with weeds pushing through the cracks. There’s no denying it. The real estate market is not thriving in Athens. Reports of its death, however, have been greatly exaggerated. While other markets have been in freefall, average residential values in Athens sagged only slightly during the last five years, from $62,184 to $58,990, according to data recently released to Athens Patch by the Athens-Clarke Tax Assessors Office. Stagnant property values shrink government coffers and lead to cutbacks in public expenditures, but local experts agree the outlook here is less bleak than other parts of the country. "Athens is not dead,” Realtor Don Sumner said. “What you find are …
