Atlanta Real Estate never goes down

Two lies have been circulating about real estate recently.

1. The high end market is holding up just fine since it is not affected by the so-called subprime crisis.

2. Atlanta is different and so Atlanta never has and never will have a real estate crash.

I wonder then why this is happening: 430 W Wesley Rd is up for auction. It is also for sale at $920,000. Yet the last recorded sale was for $1,400,000 in 2006.

Only a 35% drop in price. No biggie. And that is of course assuming someone bids or pays $920K which is unlikely. And this isn't some McMansion in a far flung suburb that nobody wants to live in. It's in Buckhead, heart of the city. You know the kind of 'hood where real estate is supposed to be immune from crashes.