I’m still amazed at the inventory, or lack thereof, in most of the Midtown Atlanta condominium buildings. As we take a look at the Midtown Atlanta Market Report for Plaza Midtown Atlanta May, 2012, this building is no exception! I can remember when there were 30 PLUS homes For Sale in Plaza Midtown Atlanta, and now….a mere FIVE. Yes, 1,2,3,4,5 condos For Sale!
Of the listings For Sale, a 1 bedroom is listed at $179,900, and 2 two bedroom homes at $299,000 and $379,000. Two homes are Short Sales, pending lender approval with an average of $139,000.
When we look at the homes that are Under Contract, a 1 bedroom is at $155,000 and the 2 bedrooms are averaging $306,000. Compare that to the sales in May, 2012 of a 2 bedroom at $228,000 and it will be interesting to see what these homes actually sell for.
By comparision, in 2011 a 1 bedroom Average Sold Price was $128,500 and the 2 bedroom Average Sold Price was $258,000.
Plaza Midtown Atlanta saw a big number of foreclosures and short sales as this building delivered just as the market took a nose-dive. Those that bought as investments hoping to flip the homes ended up losing them to foreclosure, or have had to go through the short sale process. Time will tell if we see additional foreclosures. Many owners looking to sell, would most likely have to go through the short sale process based on the current values and what they originally paid for their homes.
But, with a Publix Market an elevator ride away, close proximity to GATech campus, and the Midtown MARTA trains station just across West Peachtree Street, Plaza Midtown Atlanta is still one awesome Midtown Atlanta Condominium building.
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(all data current as of 2/26/2024)
Data last updated: 2/26/24 9:25 PM PST.
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