Atlanta Condos For Sale

Modera Midtown Breaks Ground

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Modera Midtown Construction Site August 13, 2015Indeed, another Midtown Atlanta apartment tower is headed upwards on the skyline!

Modera Midtown Breaks Ground

In all of my years of selling Midtown Atlanta real estate, this is going to be a VERY interesting combination on this block! A luxury apartment building (we say luxury based on projected rents) sharing a block with a 100% student housing high rise!

Modera Midtown is being built by Mill Creek Residential, the same group that is currently building the Modera name at Cheshire Bridge and Piedmont Roads. (That building will feature a Sprouts Farmer’s Market.) The Modera Midtown will rise some 29 stories, overlooking the Downtown Connector, and the soon-to-rise NCR corporate headquarters.

But having not seen the Eastern-facing part of the building, one has to wonder how these two buildings will work side-by-side. I’ve heard there is to be a HUGE video screen on the pool deck of University House. And will there be apartments facing directly at University House?

I took the rendering of the building and added a couple notes….the red line indicates the location of University House.

The yellow highlights indicate all the buildings, that if they really DID exist in Midtown Atlanta, would be pretty amazing! 

We will keep an eye on this one….other than overlooking the Downtown Connector (which can make for interesting viewing) this would be one really cool condominium tower! Wishful thinking?

Modera Midtown August 13, 2015
Can You Imagine the Midtown Skyline with all these buildings?

Post Midtown Millennium Breaks Ground on 11th Street

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Post Millennium Construction July 17, 2015There truly is no end in sight for the apartment construction bonanza in Midtown Atlanta. Dirt is moving on seemingly every corner…and there is hardly a condo building in sight!

Post Midtown Millennium Breaks Ground on 11th Street

The forever vacant lot on 11th Street, between the Residence Inn and the Federal Reserve Entrance will be home to a 23-story, 356 unit apartment building called Post Midtown Millennium. The building and location is unique in that it is being built over the top of the MARTA line. There is no direct connection to the station, but it will be just a short one-block walk to the Midtown MARTA station.

Post Midtown Millennium July 17, 2015One can presume it will have the usual amenities such as a fitness center and pool area (I’m guessing on the top of the lower-portion of the building as seen here on the left.)  The roof of the building does not appear to have anything on it, but time will tell of course.

This will certainly busy up 11th Street with activity as 60 11th Street, the sister to 77 12th is also under construction less than a block away! Cranes, cranes, cranes you do see!

I’m asked by many if they think any of these new buildings will convert to condominiums before they open? That really depends on the financing the developer obtained and if it allows for a conversion, or if the building has to first open as apartments for 2-5 years, and then convert.

Let’s just hope they don’t all (or several of them) convert at once…or then we will go for NO new condo inventory to TO MUCH!

 

Midtown Atlanta Apartment Construction July 17, 2015

Parkmobile to move headquarters to Midtown Atlanta

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1100 Spring Street Midtown AtlantaParkmobile LLC will relocate its corporate headquarters from the Cumberland/Galleria area to Midtown Atlanta’s 1100 Spring Street in October. you might recognize this building tucked between Williams Street/The Downtown Connector and Spring Street. ( I did have to Google Map the address to know exactly which building this was!) It’s primary tenant (and I believe owner of the building) is Selig Enterprises. And you know them for developing such Midtown buildings as Plaza Midtown, 77 12th Street Apartments(and the sister building 60 11th Street–currently under construction) and 1010 Midtown.

Parkmobile to move headquarters to Midtown Atlanta

ParkmobileParkmobile, LLC is the leading provider for on-demand and prepaid mobile payments for on- and off-street parking. Their services are used in more than 600 locations in the U.S. by millions of registered users. Parkmobile’s investors include Fontinalis Partners, Parkmobile Group, Bluefield Investments, BCD Group, BMW Group, SP+ Corporation and Urban Mobility. Fontinalis Partners, with offices in Detroit and Boston, is a venture capital firm strategically focused on Next-Generation Mobility.  With annual global revenues of $24 billion, including $9.2 billion partner sales, BCD Group is an international market leader in corporate and online travel, off-airport parking and the mobile parking industry.

“Atlanta is now our ‘flagship’ location and the goal is to make it a model for mobility technology around the world,”Cherie Fuzzell, CEO of Parkmobile, said in a statement.

How Is The Atlanta Real Estate Market?

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Atlanta Real Estate Market May 5, 2015Ah yes.

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.

 

Midtown Alliance Schedules Blueprint 3.0 Open Houses

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Midtown Blueprint 3.0 MyMidtownMojo.com april 16, 2015It’s been awhile since the original Blueprint Midtown was conceived. What you see today in Midtown Atlanta, from new condominium buildings built over the last 10 years, streetscape improvements and such, are a result of that plan.

Midtown Alliance Schedules Blueprint 3.0 Open Houses

But as we know, all good plans need a review and an update to keep up with the changing times we ALL are experiencing. And so, the Midtown Alliance has announced a series of Open Houses to seek the input of Midtown residents, workers, employers and community stakeholders about what they want to see in the future of Midtown Atlanta.

As I know it, there will be some suggestion boards with ideas already on them, and you will be given an opportunity to “voice” your opinion about these potential projects. This is a great way to really gauge the public’s  thoughts about projects and the future.

Here are the upcoming Open House dates:

  • Blueprint 3.0: Input Session at Food Truck Thursdays 
  • Thursday, April 23 at 11:30 a.m. | Food Truck Park at 12th Street & Peachtree Street
  • Blueprint 3.0: Input Session & Happy Hour 
    Wednesday, April 29 at 5:00 p.m. | Saltwood- Loews Atlanta Hotel Midtown / 1065 Peachtree Street
  • Blueprint 3.0 Input Session & Coffee 
    Wednesday, May 6 at 8:00 a.m. | 800 Peachtree St., Suite D

You can RSVP (not required, but they would like to have an idea of the number coming!) HERE

 

Boeing Considers Midtown Atlanta for Research Center

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AirplaneSources are reporting that aerospace big guy Boeing is scouting Midtown Atlanta locations for a research center. If the center happens, it would join other top companies such as AT&T, Home Depot, NCR and Worldpay US in developing corporate research centers near one of the world’s top engineering schools.

The increase and of new research and development centers and corporate campuses in Midtown Atlanta clearly show the desire of companies to be convenient to the talent pool called Georgia Tech! Of course, for Tech, the establishment of these centers is a perfect pipeline of jobs for graduates as well as the all mighty private sector research dollars for the university at a time when federal research money is harder to find.

No idea as to where the center could be located, but certainly MyMidtownMojo and Thomas Ramon Realty are here to help any Boeing employees that may relocate to the area, and certainly any new hires that are looking to call Midtown Atlanta home.

Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

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