Believe it or not, when you look at the current inventory available in Midtown Atlanta, there is not as many options as you might think. The market does have short sales and foreclosure options but some of the most popular buildings do not have a high inventory of homes for sale. ~~~ Thom Abbott

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Sales of condos, townhomes bounce back

Submitted by collin on Wednesday, 1 June 2011No Comment

By Shandra Hill Smith

Today’s real estate market is shaping up to be a robust one when it comes to sales of condominiums, townhomes and lofts, according to housing professionals.

“We’ve seen a pick–up in traffic at all of our sites, with lots of contract activity,” says Vic Miller, senior vice president of sales/managing broker, The Marketing Directors, LLC (www.themarketingdirectorsinc.com) in Atlanta.  “We’re also seeing more buyers able to sell their existing homes and make their move into a new condo, townhome or loft.”

One of The Marketing Directors’ current projects includes a new gated townhome community, Brownstones at Edgewood (www.atlbrownstones.com). The three- and four-bedroom townhomes in the heart of Edgewood feature private two-car garages. As of last month, 18 live/work options were available starting at $199,900.

The townhomes feature expansive living areas with hardwood floors, gourmet kitchens with granite countertops and appliance packages, fireplaces, contemporary light fixtures, spa baths with Jacuzzi tubs and tiled showers and spacious decks with a select number of rooftop terraces.

Just steps from Piedmont Park, Ansley Parkside (ansleyparkside.com) came under new ownership in April and by May had one townhome under contract, with 40 available. Located on Monroe Drive across from the Morningside/Ansley Park neighborhood, the community of three-bedroom, three-and-a-half bath brownstones is convenient to dining and entertainment.

“Buyers are looking to simplify their lives and be centered in a more walkable lifestyle,” says Irene Hall, vice president, marketing for Evolv (evolvre.com), which represents Ansley Parkside. “Intown is still an attractive place for young professionals and those trying to downsize or simplify.”

Ansley Parkside offers two floorplans: the Monroe and the Piedmont. Both have three bedrooms, designer finishes throughout, hardwood floors, gourmet kitchens with granite countertops and a two-car garage. An outdoor pool is slated to open in July. Special financing is available, with prices starting in the $370s.

Sales have been strong at both The Park at East Paces (parkeastpaces.com) and The Stacks at Fulton Cotton Mill, reports Leslie Williamson of Coldwell Banker NRT Development Advisors, which handles sales and marketing for the properties. Just last month, The Park at East Paces had five of 81 homes remaining, while The Stacks at Fulton Cotton Mill (stackslofts.com) was more than 50 percent sold (with 134 homes total in phase two sales).

Located on East Paces Circle at the intersection of Roxboro Road and East Paces Ferry Road in Buckhead, The Park at East Paces offers one- , two- and three-bedroom floor plans, from the $170s to the $320s. Features at The Park at East Paces include elevators to each floor, custom open kitchens, granite counter tops, tile or natural stone back splashes, hardwood floors, garden tubs and separate showers, private balconies and a fitness center.

Floorplans at The Stacks at Fulton Cotton Mill – originally the Fulton Bag & Cotton Mill built in 1881– include one bedrooms, from the $130s, and two bedrooms from the $170s. Minutes from Freedom Park and shopping and dining, the New York-style loft homes, at 170 Boulevard in Atlanta, offer skyline and courtyard views and controlled access entry and parking.

Other features at the pet-friendly property include: loft-style ceilings with exposed wood timbers, European-style vanities and kitchens, quartz countertops in kitchens and baths, concrete floors and a stainless steel appliance package (gas stove, refrigerator, microwave, dishwasher).

Almost as plentiful as the amenities are the number of options on the market today in condos, town homes and lofts – with low interest rates proving just as appealing.

As Williamson points out, “while the past several years have been challenging for real estate, now is a smart time to buy” thanks to those low rates.

“Home ownership is still important to the consumer and is considered a lifestyle investment,” adds Williamson. “With condo, town home, and loft communities that offer a value proposition (competitive price, lifestyle, location) sales are occurring.”