What is that saying, “Variety is the spice of life?” That is also true when it come to looking for Atlanta Condos For Sale. First there are numerous areas in the City of Atlanta where you can find condo living. Then there are all types of buildings. Each has its own character and it may, or may not, fit your lifestyle or your design tastes. 805 Peachtree is certainly a unique living opportunity in Midtown Atlanta.
We did all the pre-listing items we discussed from painting, to de-cluttering closets and cabinets. We’ve had our listing photography done and your listing has been entered into the listing service. Let the showings begin, right?
Ahhhh…Not so fast!
If you’re like me, cleaning house is not always at the top of my list of things to do. If you have a housekeeper….awesome! But, when you have your home or condominium listed For Sale, it needs to shine all the time. As much as we try to plan for your showings, they can, and WILL come with short notice. Remember, our goal here is to sell your home!
If you have been one of those people that might not make the bed before you leave for work, or like to leave that cereal bowl in the kitchen sink…we are going to have to change some habits! Potential Buyers don’t want to see or know what you had for breakfast!
4 Steps To Make Your Condo Show Ready
I’m not quite sure what happened to this year! I mean, here it is
April May, and I’m just getting the 2014 Top Ten Selling Midtown Atlanta Condo report out! Yikes! But it is interesting to see the changes and how things have ranked. I’ve also noted the rankings from 2013 and 2012 alongside the name of each building. There will be links at the end of this post to the 2013 and 2012 posts!
10. Windsor Over Peachtree (Not ranked in the Top Ten for 2012 or 2013)
- 15 One Bedroom Homes — Sales Price from $56,000 – $84,000 — Average Sold Price: $73,600
- 7 Two Bedroom Homes — Sales Price from $95,900 – $167,500 — Average Sold Price: $147,486
9. A Three-Way Tie —
- M West (26 Homes Sold) — 1 One Bedroom home at $199,900; 24 Two Bedrooms Sale Price Range $201,900 – $281,500 — Average Sold Price: $232,877; One 3-Bedroom Sold at $310,000
- Dakota (26 Homes Sold) — 4 One Bedrooms Sale Price Range $242,000 – $274,900 — Average Sold Price — $257,200; 22 Two Bedrooms Sale Price Range $307,000 – $461,000 — Average Sold Price — $382,225
- Tuscany (26 Homes Sold) — 14 One Bedrooms Sale Price Range $145,500 – $165,000 — Average Sold Price — $156,421; 12 Two Bedroom Homes Sale Price Range of $202,500 to $258,500 and the Average Sold Price was $230,033.
For 2012 and 2013, M West and Dakota Condominiums were not in the Top Ten. Tuscany was 9th in 2012 and 10th in 2013!
8. Cornerstone Village (28 Homes Sold) #7 in 2013 and #8 in 2012
- 21 One Bedroom Homes with a Sale Price range from $95,000 – $175,000. Average Sold Price — $131,981
- 7 Two Bedroom Homes with a Sale Price range from $193,500 – $239,000. Average Sold Price — $219,957
7. Peachtree Lofts (32 Homes Sold) (Not ranked in 2013 and #7 in 2012)
- 25 One Bedroom Homes with a Sale Price range from $115,000 – $197,500. Average Sold Price — $155,469
- 7 Two Bedroom Homes with a Sale Price range from $184,900 – $272,000. Average Sold Price — $239,629
6. Spire Midtown (40 Homes Sold) (#5 in 2013 and #4 in 2012)
- 31 One Bedroom Homes with a Sale Price Range from $160,000 – $265,000. Average Sold Price — $195,868
- 9 Two Bedroom Homes with a Sale Price Range from $319,000 – $395,000. Average Sold Price — $344,788
5. Park Central (42 Homes Sold) (#3 in 2013 and #5 in 2012)
- 21 One Bedroom Homes with a Sale Price Range from $149,000 – $180,000. Average Sold Price — $167,338
- 21 Two Bedroom Homes with a Sale Price Range from $199,000 – $245,000. Average Sold Price — $234,180
4. A Two-way Tie –(43 Homes Sold Each)
- Mayfair Renaissance/Tower — 17 One Bedroom Homes with a Sale Price Range from $130,000 – $225,00 and the Average Sold Price — $172,994. There were 26 Two Bedroom Homes with a Sale Price Range of $190,000 – $500,000 with the Average Sold Price being $290,535. (#9 in 2013 and #10 in 2012)
- 1010 Midtown — 15 One Bedroom Homes with a Sale Price Range from $242,000 – $290,000 and the Average Sold Price — $277,167. There were 26 Two Bedroom Homes with a Sale Price Range from $390,000 – $734,900 and the Average Sold Price was $517,875. Additionally, there were 2 Three Bedroom homes that sold at $670,000 and $880,000, giving them an average Sold Price of $775,000. (#1 in 2013 and 2012)
3. Viewpoint Midtown Atlanta — (54 Homes Sold) (#2 in 2013 and #3 in 2012)
- 14 One Bedroom Homes with a Sale Price Range from $185,000 – $259,000 and the Average Sold Price – $228,214.
- 39 Two Bedroom Homes with a Sale Price Range from $239,000 – $414,000. Average Sold Price — $331,297
- One Penthouse Home sold at $874,900.
2. Plaza Midtown (57 Homes Sold) (#6 in 2013 and 2012)
- 22 One Bedroom Homes with a Sale Price Range from $178,395 -$241,000. Average Sold Price $200,882
- 35 Two Bedroom Homes with a Sale Price Range from $255,000 -$380,000. Average Sold Price $325,611
And the Number One Selling Midtown Atlanta Condo building for 2014 is….
1. Metropolis Midtown (58 Homes Sold) (#4 in 2013 and #2 in 2012)
- 42 One Bedroom Homes with a Sale Price Range from $132,400 -$250,000. Average Sold Price $184,153
- 16 Two Bedroom Homes with a Sale Price Range from $227,00 – $323,000. Average Sold Price $280,088
During 2012 and 2013, 1010 Midtown had the most inventory and it was the only new construction option available in Midtown. Hence, the reason they held onto that #1 position for two years! But now you can see the shift in what is selling!
If you have any questions about the market in general, or perhaps your building specifically, please contact me. I’d be happy to answer any questions you may have.
When you are a real estate broker, if it’s not the first question you are asked in any conversation, it will certainly be the second one….
How Is The Atlanta Real Estate Market?
I think I could safely say “It’s on FIRE!” and be pretty accurate. But take a look at some numbers that recently appeared in an article in the Atlanta Business Chronicle to give that statement further fuel.
In March, 2015:
- Average Sale Price: $245,000*
- Average Days on Market: 52*
- Months of Inventory: 3.1*
A stable market is about 6 months of inventory…with this kind of Inventory, this is truly a SELLER’s market! Just ask any BUYER that tries to make an offer on a Midtown Atlanta condo…if they even get their offer in!
So let’s go back in time….to 2010…
- February 2010 Average Sale Price: $180,000*
- February 2010 Average Days on Market: 88*
- February 2010 Months of Inventory: 18.7*
Yeah…just LOOK at that inventory….if you were a Buyer then…you had some homes and condos to look at for sure! But it did not stop there, by August, 2011, the average Sales Price in Metro Atlanta was a mere $135,000!!!
Here is another sign of the Atlanta Real Estate market rebound. I just sold a Midtown Atlanta condo to parents of a student at Georgia Tech. The Seller paid $78,000 in 2012 and we just paid $133,000! That’s a nice $55,000 profit in less than three years!!!
But the challenge we now face, especially in the Midtown Atlanta condo market is a lack of new construction. All those cranes you see dotting the skyline are for apartment buildings…RENTALS!!! The only new condo construction in Midtown, is currently starting in the mid to upper $700,000 range. Those are not prices for every condo buyer!
I’ve got several buyers right now in the waiting mode, and watching inventory daily for them! Looking for that right one to hit the market!
How Is The Atlanta Real Estate Market? Yeah…it’s on fire alright!
*Based on stats for residential attached properties in Atlanta North, Sandy Springs, West Cobb and Dekalb West in all price ranges as reported by FMLS on April 3, 2015, for the period of Feb. 1, 2007-Feb. 28, 2015.
This is a question/challenge I face daily when working with Buyers that are looking to purchase a Midtown Atlanta condo. After viewing properties in an afternoon, the question often comes up, “Is that all we are going to see?” My reply is often, “That is all there IS to see!”
Why Is Midtown Atlanta Inventory So Low?
I’ve attached a link below to an article that recently appeared on the website Inman News which is real estate news for real estate agents. Always good stuff and very informative. However, as I am sure you have heard, real estate is local, local, local. So while this article gives you that 30,000 foot view of the market and conditions nationwide, I wanted to touch two points that relate to Midtown Atlanta…
Value Disruption/Reset in 08/09
As the article states, between 2007 and 2010, we saw a major change in values in Midtown Atlanta. Condos that originally sold for $350,000 were selling in foreclosure for $190,000! Prices have returned to the higher values, so those that purchased at the high price, may now finally be able to sell their condo and not be “under water” in terms of the value. Those that snapped up at that $190,000 certainly are ready to move, but….
A quick glance at the Midtown skyline gives one the impression of “Wow, look at all those new condo buildings going up!” Ahhhh…not so fast. All those cranes you see are producing a bumper (maybe even an excess) crop of rental apartments, NOT condominiums For Sale! For the Midtown Atlanta condo buyer, a primary reason for a move, is to move into the latest and greatest new building. But what do you do, or where do you move, when you don’t have ANY new buildings?
Current Midtown Atlanta condo construction is limited to a couple buildings and townhome developments and those prices start in the $700,000 range. That might be a bit more of a “move up” than many buyers can afford.
So, when we are out looking at Midtown Atlanta condos for you to purchase, it’s not me giving you any kind of “salesperson pressure” to make a decision. It’s the market telling you, make that offer now, or it may be gone while you think about it.
Here is a link to Why Is Housing Inventory So Low?