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Atlanta Condos For Sale

The Atlanta Apartment Bonanza

June 4, 2016 by Thom Abbott

Atlanta Apartment bonanzaWhether you are visiting Atlanta, or you are in the process of moving here, you know that cranes dot the Atlanta skyline, from Downtown through Midtown and Buckhead and out to the Perimeter. As a real estate broker, I’d like to be excited with all these new buildings…but they come with a catch. They are not FOR SALE condominiums, but are FOR RENT apartments. And not just a couple of them.

In Midtown Atlanta alone, there are 4,200 apartments under construction that will start to deliver as soon as July through the end of 2017. And that does not even count the some 7,000 more units that are proposed or in some form of development stage. That is a bonanza of apartments.

But with all this new construction, comes a challenge I already have faced when my phone rings and a potential renter contacts me about leasing a condo in Midtown. The price. It’s almost impossible to touch a 1 bedroom in Midtown for anything less than $1500 per month. New buildings going up are more than that. One leasing center I visited…the least expensive 1 bedroom starts at $1700 and they go up to $2575….for a one bedroom apartment. 

This really brings into question the term of “affordable housing.” I mean, the clerks at the new QT on Peachtree Street certainly will not be making enough money to afford to live in the area.

There was an article this week in the Atlanta Business Chronicle about this very subject. It starts out by saying…

Atlanta has always been known as an affordable place to live, especially compared to cities such as New York or San Francisco, and that affordability has brought young professionals to the city in droves seeking to build their futures.

But, Atlanta’s reputation as an economical city and desirable headquarters for businesses could be in danger. Atlanta now ranks No. 3 in the country for income inequality, apartments rents are increasing rapidly and affordable housing options are drying up.

And that is really true. And when local governments realize this, then the public takes it the wrong way. Case in point is the tax allocation district (TAD) that is currently being proposed for the Assembly Doraville site. This is where the former General Motors plant was, and Integral is now trying to re-develop the site. But it needs a massive amount of infrastructure, including a connection to the Doraville MARTA station that is some 13 railroad tracks away from the actual site. As part of the agreement approved with Dekalb County (NOT the Dekalb County School Board which has consistently refused to even hear a full presentation on the development and the TAD) there was a provision to have a certain percentage of the potential housing units constructed to be made available as affordable housing. The Doraville community — well actually just some nay sayers that have no better plan than to attack the one proposed– were concerned about this housing.

Seriously people, we have to keep all people in mind, and there NEEDS to be a provision with developers to give a certain percentage of their new developments to affordable housing. It’s just that simple. At least to me.

Here is a link to the full article that I have on my website.

Just as Atlanta is overlooking its severe need to expand transit, so must it not overlook that not everyone can live in the glass tower. At least not at the market rates proposed.

Filed Under: Atlanta Relocation, Blog, Midtown Atlanta News and Events, Random Topics Tagged With: Atlanta Apartment Rentals, midtown atlanta apartments

Two Luxury Apartment Towers Planned for Midtown Atlanta

November 16, 2011 by Thom Abbott

 

77 12th Street
Current View of Site

Midtown Luxury Apartments ProposedWell it seems that construction cranes will soon be part of the Midtown Atlanta skyline once again! Yippie! Two Luxury Apartment Towers are planned for Midtown Atlanta. And oddly enough, on the same side street off of Peachtree Street — 12th Street!

Daniel Corp (Birmingham, AL) and Selig Enterprises, Inc are set to break ground next month on an $82 million glass tower which will feature 20 stories, 330 homes and condominium-like amenities. Located at 77 12th Street, it’s the next phase of the massive 12th & Midtown development started by the same group. Plans for the 17 acre development stalled after the construction of the Loews’ Hotel, 1075 Peachtree (office tower) and 1010 Midtown Condominiums. Daniel Corp has leased out some of the unsold condominums as Midtown Atlanta condo sales have skidded.

This new construction is a good thing for Midtown Atlanta an several fronts. “Atlanta got caught up in the condo boom, but there’s a shortage of market-rate apartments,” said Steve Baile, Senior VP for Daniel Corp in an article in The Wall Street Journal. “We thought it was time to test the market.” I’ll agree with that one.

Secondly, new construction in an area is a signal that things are improving. And there is a shortage of rental units in Midtown Atlanta. Most people looking to rent in the area must rely on private rentals in condominiums buildings. Most all of the Midtown buildings are at rental capacity (HOA’s restrict rentals to 20-25% of the homes in the building). There are but a few major apartment complexes in the Midtown area. And those buildings run a 7.2% vacancy rate.

SkyHouse Midtown Atlanta ApartmentsA second apartment tower has also been planned by Novare Group, made most “famous” for their condominium projects of recent such as Viewpoint, Spire, Metropolis, The Atlantic and Twelve Atlantic Station….just to name a few! Novare’s Sky Tower will sit on 12th Street, between West Peachtree and Spring Streets. Those plans call for a 23-story building with 320 homes. Their plans also call for retail space along 12th Street.  If you’ve walked through this area, you know it needs some serious sprucing up, and BOTH of these buildings may very well help spur other businesses to open in this somewhat desolate part of Midtown Atlanta. All of the previous developments have focused on Peachtree Street, or close proximity.

Daniel Corp is planning to rent apartments starting at $1500 for a one bedroom and $2200 for a 2-bedroom. I’ve found some challenges in getting potential tenants to pay those kinds of rates in current Midtown Atlanta condo buildings, so it will be interesting to see if the proposed rates are indeed “market rates.”

Construction cranes have already returned to Midtown. A crane towers over the site of the new Hilton Garden Inn/Homewood Suites that is going up at 10th and Willams (Downtown Connector).

Two Luxury Apartment Buildings for Midtown Atlanta!

Filed Under: Blog, Interesting Stories, Midtown Atlanta News and Events, Midtown Photos Tagged With: Atlanta Apartment Rentals, midtown atlanta apartments, midtown atlanta real estate

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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