Interesting Stories Archives

Will Atlanta Developers Keep up with Consumer Needs?

July 9, 2013 by Thom Abbott

As much as I love, live and sell Midtown Atlanta, there is one thing that we do lack when it comes to the high-rise condominium community.

Creativity.

Our skyline is fairly lacking in anything unusual or dramatic. Sure, we have the Bank of America building and the Symphony Buildings….but what are they? Office buildings. But when the developers announce a new condominium building (or in our current economy it’s all about apartments) what do the buildings look like?

Will Atlanta Developers Keep up with Consumer Needs?

Take the recent addition of Skyhouse Midtown, a highrise residential apartment building. Pretty square…blueish glass we see on many buildings, and oh, we did get a blue round top over the top floor amenities. So now what? Here comes 100 6th Street…and my initial understanding is…a rubber stamp of Skyhouse minus the blue dome roof. How creative!

100 6th Street Construction — 100 6th Street Apartments Under Construction

77 12th Street is another new apartment addition to the Midtown skyline. Again, square box. I’ll just have to presume it’s easier (and far cheaper) to be bland, than be dramatic. I know if I was a developer, and those hundred’s of thousands of cars that pass North and South on the Downtown Connector were looking at the skyline (briefly please, watch the cars more than the skyline….) would you not want to be the developer of the “WOW, look at THAT building?” The Sovereign in Buckhead comes to mind as a building that stands out on the skyline.

And what about amenities? Do we just keep “doing what we are doing” or look to do something different? Do set trends or follow them? I doubt we set many trends in condominium living in Atlanta. But do we even copy, or pay attention to what’s happening in other places?

This post came after I read an article in the New York Times, “Changing Tastes Fuel an Amenities Arms Race.”

“Figuring out how to attract new owners and renters to buildings while still holding onto the imaginations of current residents seems to have reignited the amenities arms race. Not only are landlords and the boards of co-ops and condos tailoring the latest extras to the demographics of their buildings, but they also appear to be doing it on the fly, as tastes change quickly around them.”

Just think. There are some 8-10 apartment buildings under construction or proposed in the Midtown Atlanta area alone. I’m not counting anything in Buckhead, Sandy Springs or beyond….and we know there are being built everywhere.

But are they just another apartment community? Or is there a WOW factor inside some place? (We know it’s not outside in the design!) Is there a “I’ve got to live at xxxx. They have the most amazing xxxx.”

As the doors open on all these new buildings, we shall see. Will Atlanta developers keep up with consumer needs?

How Much Living Space Do You Need?

July 5, 2013 by Thom Abbott

When showing Midtown Atlanta condos, it can often be an adjustment for the Buyer who may be coming from another city, or a single family home, but looking to experience the urban walk-ability of Midtown Atlanta. A one-bedroom can be as small as 600 sq. ft. and a two-bedroom ranges from just under 1,000 sq. ft. to around 1200 sq. ft. Now the 1200 sq. ft. condominium is certainly a comfortable amount of space to live in.

Your needs might be different. Lots of out-of-town guests plus need for a home office might cramp your style a bit. But how much space do you REALLY need?

Do you think, even if money was no object, you would need a house THIS big?

You can read more about America’s Versailles at Pricey Pads as well as a story about the troubled owners, David and Jackie Siegel.

Midtown Atlanta | You Never Know Who You’ll See!

July 3, 2013 by Thom Abbott

I’ve never been a “star watcher.”

I don’t mean the kind in the sky. I mean the kind you see on your favorite TV show or movie.

I could probably walk right past many of them and never even know it, or I’d have that “I swear that was a movie star, but I can’t remember their name” reaction. I’m pretty sure I did that in the Salt Lake City Airport once.

But if you ARE a star watcher, then Midtown Atlanta is probably a good place to hang out!

Movies and TV are a big business in the Metro Atlanta area…and are only going to get bigger with the addition of studios like Pinewood Studios Atlanta. And when the stars are in Atlanta, many of them stay in Midtown Atlanta. The Renaissance Midtown Atlanta Hotel is a very, very popular place for actors to stay who are here a short time filming. (I know many of the Fast and Furious 5 were here…)

My business associate, Ray Benitez, also an actor here in Atlanta was working on the set of Let’s Be Cops, and had the pleasure of working with and talking to Andy Garcia. Andy was in just for the day to film and wanted to sample something close to where filming was taking place. (I’ll keep that location a secret!) Ray suggested Papi’s Cuban Grill in Midtown, at Myrtle and Ponce de Leon Avenue.

Andy enjoyed their great Cuban food, and took a moment to pose with some of their staff. (Photo compliments of Papi’s Cuban Grill)

Keep your eyes open when you are wining and dining in Midtown Atlanta. You just never know who may be at the table next to you.

Mom and Dad, Let’s Talk Real Estate — Real Estate Planning

June 30, 2013 by Thom Abbott

I often work with parents of college students who purchase a Midtown Atlanta condo for their son or daughter to live in while attending Georgia Tech. But this article is about a different conversation with Mom and Dad and real estate. It’s about real estate planning and estate planning when it comes to what to do with the family home, or other real estate assets.

This conversation is near and dear to my heart…I just went through it with my Mom (my Dad passed away in 1994) when I was home in Montana a couple weeks ago. We had a family meeting to discuss what remains of our family ranch and such. It was a good meeting (well, it at least got somethings out on the table that some of my family did not know about.)

And then today, the New York Times had an article of the same title. How true it is…the need to talk about family assets and what to do with them…be it sell them, deed them, etc.

They might want to raise cash to pay for possible medical expenses down the line or to reduce assets so a parent needing health aides or nursing-home care will be eligible for Medicaid. They might be eyeing the apartment for their own use.

How do children nudge often-reluctant parents toward making sound and fiscally smart decisions about the future of the family home? How can assets be protected while keeping a roof over the parents’ head? What are the main issues that need to be kept in mind as planning goes forward? How do children, or in their absence, other close relatives, begin the difficult and sometimes painful conversations needed to resolve these issues? In the case of apartments that have sharply escalated in value, how do you guide parents unused to dealing with large sums of money?

Here is a link to the rest of the article in the NYTimes.

Do you need to have a family meeting and discuss the future of your parents? Mom and Dad, let’s talk real estate.

Midtown Atlanta To Get New Condo Building Seventh

May 29, 2013 by Thom Abbott

Is the condo building vacation about to end in Midtown Atlanta? It would seem so. Coming soon to the corner of Peachtree and 7th Streets is….Seventh. (Hey, nobody said our Atlanta developers were creative in naming buildings….) It will be the first new condo building built in Midtown Atlanta in SEVEN years….

Midtown Atlanta To Get New Condo Building Seventh

I actually attended the Design Review Committee (DRC) Meeting at the Midtown Alliance when this project was first presented as luxury apartments. Robin Loudermilk, the former Aaron’s Inc. CEO and now a full-time real estate developer has also purchased the retail component and retail parking portion of the Viewpoint Midtown building, located next to the proposed building site. At the DRC meeting, a plan was presented that will “tie together” the Viewpoint retail space with the new 100 6th Street apartment building and its adjoining parking garage and retail space. That will still happen, the change is now the apartment building will be condos.

Mind you Midtown Atlanta condo buyers, don’t get your checkbooks out just yet. Unless you have a BIG checkbook. The building will feature 21 condo homes, ranging in size from 1700-2000 square feet, with the homes starting at $600,000! Additionally, there will be two penthouse homes at 2,500 sq.ft. starting at just under $1 million. And this is not a high-rise building by Midtown Atlanta standards…the building is not expected to pass the amenities level of its neighbor, Viewpoint, which are on the 11th floor. In an article in the Atlanta Business Chronicle, it states the building will have access to the Viewpoint amenities, most likely meaning pool, fitness center and rooftop pool, all located on the 11th floor.

Seventh Condo Building hold Midtown Starbucks — Starbucks Midtown – Location of Seventh Condo Building

Loudermilk said the project does not have a construction loan, and they won’t break ground until a significant number of the homes are pre-sold. The price point of the building will be $350-400 per sq. ft. which is high, considering most recent sales in Midtown Atlanta condo buildings have been less than $300 per square foot.

But the Intown Atlanta market has been brisk in the last year, and prices have gone up some 19% from 2011 to 2012.

We’ll be keeping an eye on this building. If you have any interest, contact us to be placed on the VIP list for pre-sales when floorplans and specific pricing are available.

Oh, by the way…for your Starbucks addicts, this IS where the current Midtown Starbucks is located. But never fear….Starbucks will relocate to empty space in the Viewpoint retail area, and when the building is completed, it will be the major retail tenant for the new condo building. Whew….you thought you were going to lose your Starbucks!

SkyView Ferris Wheel Atlanta to Appear on the Downtown Skyline!

May 22, 2013 by Thom Abbott

Skyview Atlanta Ferris Wheel — Rendition Compliments of ABC

Downtown Atlanta is about to get another new attraction…and a pretty cool one at that!

The Atlanta City Council approved plans for the Atlanta Ferris Wheel, called SkyView Atlanta, at its Monday meeting. No city funds are being used to install the ferris wheel, but the City Council did have to approve the project due to neighboring utility lines, and the soon to arrive Atlanta Streetcar.

SkyView Atlanta Ferris Wheel will have an international connection as it was first in Paris,France! More recently it was in Pensacola, Florida and is currently in Pennsylvania, although it does not mention if it is in storage or in use there. It is expected that Skyview will begin assembly here in Atlanta within just a few weeks, and may even be up and running in June! Stay tuned her and I’ll be sure to capture some photos of the site before, during and after the assembly of the Wheel.

The cost for a ride is expected to be $13 and last about 15 minutes.

Will Atlanta Developers Keep up with Consumer Needs?

Midtown Atlanta To Get New Condo Building Seventh

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