Market Reports Archives

Midtown Atlanta Market Report January-October, 2011

November 13, 2011 by Thom Abbott

Nowdays, most people know the real estate market is in tough shape. But, real estate is still a very local topic. And when I say local, what is happening in the Metro Atlanta area vs. the Midtown Atlanta Market can be vastly different. And when I review the sales for the Midtown Atlanta area, the numbers will appear different than reported by Smart Numbers, the data company that tracks Atlanta real estate trends.

My report covers a specific area, as the map below shows:

Here is what the sales have been in the Midtown Atlanta Market area for January-October, 2011:

The year started off slowly, picked up steam in July, cooled a bit for August, jumped up in September, and has been back down for September and October.

And here is the Average Sales Price in the Midtown Atlanta Market area for January-October, 2011.

The January high is partially cause by a couple high-end sales that closed that month. An average of $182,350 seems to be a bit more in line.

Keep in mind, monthly numbers can be looked at and reported in so many different ways. If one month, say September as an example, has a big drop, it just shows that buyers picked up more of the lower priced condominiums that were on the market. October shows a jump back up to more consist prices with the rest of the year.

Overall, inventory is down in Midtown Atlanta Condominiums. Buildings that have had 20 and 30 homes for sale, now might have just 10 or 12 listings. As a Buyer of a Midtown Atlanta Condominium, that can be challenging for you. Not much to choose from. So, if a condo is priced right and not a short sale, it has the potential to sell quickly.

On the flip side, if you are considering placing your home on the market, you need to price it right. If done so, it should sell quickly, despite a more limited number of buyers in the marketplace right now. Overprice it…and it will sit.

Currently, the only new inventory available (with some minor exceptions) is 1010 Midtown and The Atlantic Residences. So a Buyer looking for brand new does not have much in the way of options. And with no new construction on the horizon, this should help the resale values climb in the coming months.

Thom Abbott Midtown Atlanta For More Information on how we can best serve your Midtown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

We specialize in Condominium homes in Midtown Atlanta and other In Town areas of Atlanta. If you are planning to Buy or Sell real estate, let us help you explore all the possibilities available to you and help you find just the right home you will LOVE!

For a Quick Look at Midtown Atlanta Condominiums:

Midtown Atlanta High Rise Condominiums

Midtown Atlanta Mid Rise Condominiums

Perhaps you are interested in Historic Midtown? Take a look at Homes For Sale In Historic Midtown Atlanta

Metropolis Midtown Atlanta Market Report January June 2011

September 14, 2011 by Thom Abbott

When you look at real estate, and especially things like the Metropolis Midtown Atlanta Market Report for January – June, 2011, it’s always good to have an “inside perspective” on what the numbers mean. First off, Metropolis Midtown Atlanta was the “one that started it all” with regard to condominium building in Midtown Atlanta. The building has two towers, and the original plan was to have one be condominiums and the second to be apartments with shared amenities. The condo tower sold out so fast that the second tower was immediately converted to condos and sold as well.

Metropolis Midtown Atlanta was the first new construction project for Novare Group, and was the start of their climb up the ladder as THE condo builder in Atlanta. While the finishes included granite, stainless steel appliances and a choice of cabinets (well pick the right floor) the finishes were not as high end as some of the later Novare products produced. But, the building still has many unique characteristics that you will not find in other Midtown buildings, such as a double lobby entrance, huge amenities deck with pool and guest parking.

Let’s take a look at what happened in Metropolis Midtown Atlanta from 2010 to 2011.

Metropolis Midtown Atlanta Market Report Janaury June 2011

Here is where the “inside look” is important. At first glance, it looks like the Average Sales Price went up from 2010 to 2011. Well, there was one sale in 2011 for $500,000 that sends our numbers askew! Take that out, and the Average Sales Price for 2011 is actually $172,646, so we have a decrease. The Pending Sales number is back up, but we will have to see how the sales actually close to know if this is an upward trend, prices are flat, or there has been further decrease.

Metropolis Midtown Atlanta still remains a great Midtown Atlanta Condominium living option and I’d be delighted to show you the homes available in this building! Just contact me here, or call me at 770.713.1505!

Thom Abbott Midtown Atlanta For More Information on how we can best serve your Midtown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

For a Quick Look at Midtown Atlanta Condominiums:

Midtown Atlanta High Rise Condominiums

Midtown Atlanta Mid Rise Condominiums

Perhaps you are interested in Historic Midtown? Take a look at Homes For Sale In Historic Midtown Atlanta

Mayfair Renaissance/Tower Midtown Atlanta Market Report January-June 2011

September 9, 2011 by Thom Abbott

Mayfair Renaissance Tower Midtown Atlanta While many Midtown Atlanta condominium buildings make their mark on the skyline, two buildings hold a bit of a distinction on the skyline of Midtown Atlanta….Mayfair Renaissance and Mayfair Tower Midtown Atlanta.

Located on 14^th Street, these two buildings are most notable for the signature rooftop cupolas, often seen in photos of the Midtown skyline from Piedmont Park.

While the buildings look almost identical from the exterior and the interior, the primary difference is…pool or NO pool. There is a pool for the Renaissance building, but the Tower Building does not have access to it. Before my real estate time in Midtown Atlanta, I think there was a feud between the “hatfields and the mcoy’s” as it relate to the two buildings. They were not built at the exact same time, but do share a garage. But somewhere along the way, the pool became the property of the Renaissance, or always was….I’m not sure and I’ll bet a long term resident of either building will be happy to correct me accordingly.

The buildings of Mayfair Renaissance and Tower Midtown Atlanta are much more traditional in nature than the newer Peachtree Street neighbors. Lobbys are finished with marble and rich woods. Both buildings are elegant.

In terms of market activity for January-June, 2010 compared to 2011, the sales are up, but….yep…the prices are down.

The Renaissance building is a great opportunity for investors since it is one of only a couple Midtown Atlanta Condominium buildings that still has leasing permits. Here’s the numbers for Mayfair Renaissance and Tower Midtown Atlanta combined.

Mayfair Renaissance/Tower January June 2011 Market Report

Search Mayfair Renaissance and Tower Homes For Sale Here

Thom Abbott Midtown Atlanta For More Information on how we can best serve your Midtown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

For a Quick Look at Midtown Atlanta Condominiums:

Midtown Atlanta High Rise Condominiums

Midtown Atlanta Mid Rise Condominiums

Perhaps you are interested in Historic Midtown? Take a look at Homes For Sale In Historic Midtown Atlanta

Dakota Condominiums Midtown Atlanta Market Report January June 2011

September 7, 2011 by Thom Abbott

Dakota Condominiums Annual Market Report I try to be pretty factual in my Midtown Atlanta Market Reports. No muss. No Fuss. But today, we just have to say…OUCH!

The Dakota Condominiums Midtown Atlanta Market Report has some pretty low numbers in terms of sales prices and actual sales. In 2010 for the time period of January-June, there was only one sale in this 160-home community. Only one.

For 2011, there has been only one sale as well. And this is actually a strange real estate story. The Dakota Condominiums Midtown Atlanta has long been a favorite of condo buyers that were downsizing from a larger home, but still wanted space, and the feel of a home. The town home floor plans are extremely spacious, many of them over 2,000 sq. ft. But their sales have been slow at best. This report does not show our recent sale as it closed in July, 2011, but at a substantial discount from previous town home sales at $295,000.

As for 2011 information, we will even pass on creating our normal form or chart…There has been one sale at $267,500. There are currently 2 listings with an Average List Price of $319,950 and one home Pending at $235,000.

The Dakota Condominiums in Midtown Atlanta are still an incredible condo option for those buyers who either don’t want a high rise building, want a more traditional feel, or are looking for the space of a town home floor plan.

Thom Abbott Midtown Atlanta For More Information on how we can best serve your Midtown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

For a Quick Look at Midtown Atlanta Condominiums:

Midtown Atlanta High Rise Condominiums

Midtown Atlanta Mid Rise Condominiums

Perhaps you are interested in Historic Midtown? Take a look at Homes For Sale In Historic Midtown Atlanta

Cornerstone Village Midtown Atlanta Market Report January-June 2011

September 6, 2011 by Thom Abbott

I have been around Cornerstone Village Condominiums most of my “real estate life.” When I started focusing on the Midtown Atlanta condo market, my office was actually located right in Cornerstone Village. That gave me the opportunity to learn the building well. When I was first introduced to Cornerstone Village, the garage repair assessment had not been decided and it was almost impossible to sell anything in the building with this unknown assessment pending in the future. Well, fast forward to today and the values again have taken a hit at Cornerstone Village Condominiums.

While the decrease in values is hard for current homeowners (as is the case anywhere) it makes for some incredible buying opportunities. Homes that sold for $155-160,000 4 years ago can be found for $50-60,000. That is one of the reasons we often promote this building to GATech parents and students as a great off-campus living opportunity. With these kinds of prices, you can purchase, live in for 3-4 years, and hopefully sell for a profit. Of course, many factors will determine what the future values may be.

But in terms of sales price from 2010, Cornerstone Village Condominiums has seen some additional declines in value, mostly due to foreclosures in the community.

Cornerstone Village Condominium Market Report January June 201

Thom Abbott Midtown Atlanta For More Information on how we can best serve your Midtown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

For a Quick Look at Midtown Atlanta Condominiums:

Midtown Atlanta High Rise Condominiums

Midtown Atlanta Mid Rise Condominiums

Perhaps you are interested in Historic Midtown? Take a look at Homes For Sale In Historic Midtown Atlanta

Aqua Midtown Condominiums Market Report January – June 2011

September 5, 2011 by Thom Abbott

Aqua Midtown Atlanta Condominiums represent luxury and South Beach-style living in Midtown Atlanta. From the water feature in the lobby, to the sweeping vistas from oversized balconies to the private elevator that opens right in your own home, you can certainly say that Aqua Midtown Atlanta is a “one-of-a-kind” condominium residence.

This community was close to a sell-out when the housing market took it’s turn. As a result, many buyers did not fulfill their contracts. Numerous homes came back on the market and there are still a couple developer (actually lender now) homes in the building for sale. These are not distressed sales, but the building has seen those. Here’s a look at the market from 2010 and 2011.

Thom Abbott Midtown Atlanta For More Information on how we can best serve your Midtown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

For a Quick Look at Midtown Atlanta Condominiums:

Midtown Atlanta High Rise Condominiums

Midtown Atlanta Mid Rise Condominiums

Perhaps you are interested in Historic Midtown? Take a look at Homes For Sale In Historic Midtown Atlanta

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