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Thom Abbott
Thomas Ramon Realty@ Palmer House Properties (Office Phone: 404.876-4901)
(770) 713-1505 Thom@MyMidtownMojo.com https://MyMidtownMojo.com
Listed by: Thomas Ramon Realty @ Palmer House Properties |
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Keeping tabs on what is happening in the neighborhoods where we work is almost MORE than a full time-job! Why? Because there is so much going on!! It’s hard to keep up with all the surrounding areas! I recently drove down a street I’d not been on in awhile, to find an entire section had been cleared and a townhome community was on it’s way. (Ok, admittedly I’d not been on the street in awhile.)
But when it comes to Midtown Atlanta, we do keep the radar on at full power. It seems the Midtown Alliance slipped in a DRC meeting this month that we were not aware of. And this review was for no small building. And this gives some credit to…
Peachtree and 17th (as it was labeled at the DRC meeting) appears to be a 35-40 story tower proposed for the corner of 17th and Peachtree Streets. Now, if memory serves me correctly, this is the corner that is owned by Dewberry Capital. So, they have either agreed to sell it, or develop it, although their name is not mentioned in the brief DRC review.
What’s so “game-changing” about this building? Well, first off the location. If you have watched the cranes of Midtown, you know that the focus of development has been between 5th and 12th Streets. So to see some new plans for the Northern part of Midtown that…well…has a pretty quiet street presence is exciting. Secondly, if in fact this building were to rise in any fashion as to what is indicated in this drawing, it would be seen from quite a distance on either I-75 or I-85 as you headed South into Midtown Atlanta.
The drawing also appears to be a much needed break from the solid green glass towers that are the building of choice of architects and developers. Personally, if I was designing any tower in Midtown, I’d want it to be a “Holy Cow, Wow, What is that?” kinda building.
This was just the first pass of this proposed development. So, we will be keeping an eye on it. But with the growing trend of companies looking to be in Midtown Atlanta and close to the walkability of the area as well as the talent pool of Georgia Tech, this my not be to far off in the future.
On another note for North of 14th the New Hotspot…on the map below, you’ll see an arrow pointing to the green space, 17th and Peachtree. The second arrow is the almost 8 acre site owned by MetLife that could be another killer location for an urban corporate campus. We’ve got our eye on this one too!
I’m not quite sure what happened to this year! I mean, here it is April May, and I’m just getting the 2014 Top Ten Selling Midtown Atlanta Condo report out! Yikes! But it is interesting to see the changes and how things have ranked. I’ve also noted the rankings from 2013 and 2012 alongside the name of each building. There will be links at the end of this post to the 2013 and 2012 posts!
10. Windsor Over Peachtree (Not ranked in the Top Ten for 2012 or 2013)
9. A Three-Way Tie —
For 2012 and 2013, M West and Dakota Condominiums were not in the Top Ten. Tuscany was 9th in 2012 and 10th in 2013!
8. Cornerstone Village (28 Homes Sold) #7 in 2013 and #8 in 2012
7. Peachtree Lofts (32 Homes Sold) (Not ranked in 2013 and #7 in 2012)
6. Spire Midtown (40 Homes Sold) (#5 in 2013 and #4 in 2012)
5. Park Central (42 Homes Sold) (#3 in 2013 and #5 in 2012)
4. A Two-way Tie –(43 Homes Sold Each)
3. Viewpoint Midtown Atlanta — (54 Homes Sold) (#2 in 2013 and #3 in 2012)
2. Plaza Midtown (57 Homes Sold) (#6 in 2013 and 2012)
During 2012 and 2013, 1010 Midtown had the most inventory and it was the only new construction option available in Midtown. Hence, the reason they held onto that #1 position for two years! But now you can see the shift in what is selling!
If you have any questions about the market in general, or perhaps your building specifically, please contact me. I’d be happy to answer any questions you may have.
Ah 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….
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:
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…
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.
This is a question/challenge I face daily when working with Buyers that are looking to purchase a Midtown Atlanta condo. After viewing properties in an afternoon, the question often comes up, “Is that all we are going to see?” My reply is often, “That is all there IS to see!”
I’ve attached a link below to an article that recently appeared on the website Inman News which is real estate news for real estate agents. Always good stuff and very informative. However, as I am sure you have heard, real estate is local, local, local. So while this article gives you that 30,000 foot view of the market and conditions nationwide, I wanted to touch two points that relate to Midtown Atlanta…
As the article states, between 2007 and 2010, we saw a major change in values in Midtown Atlanta. Condos that originally sold for $350,000 were selling in foreclosure for $190,000! Prices have returned to the higher values, so those that purchased at the high price, may now finally be able to sell their condo and not be “under water” in terms of the value. Those that snapped up at that $190,000 certainly are ready to move, but….
Where Would I Go? (Move Up) and Stunted New DevelopmentA quick glance at the Midtown skyline gives one the impression of “Wow, look at all those new condo buildings going up!” Ahhhh…not so fast. All those cranes you see are producing a bumper (maybe even an excess) crop of rental apartments, NOT condominiums For Sale! For the Midtown Atlanta condo buyer, a primary reason for a move, is to move into the latest and greatest new building. But what do you do, or where do you move, when you don’t have ANY new buildings?
Current Midtown Atlanta condo construction is limited to a couple buildings and townhome developments and those prices start in the $700,000 range. That might be a bit more of a “move up” than many buyers can afford.
So, when we are out looking at Midtown Atlanta condos for you to purchase, it’s not me giving you any kind of “salesperson pressure” to make a decision. It’s the market telling you, make that offer now, or it may be gone while you think about it.
Here is a link to Why Is Housing Inventory So Low?
Most of my blogging is directed at real estate…helping visitors to this site, as well as other potential real estate clients learn about Midtown Atlanta, its housing options, its lifestyle. Most of my posts related to lifestyle are about where to eat, or what to do, or festivals in Midtown and surrounding areas. But there are other things that add to the lifestyle of Midtown Atlanta.
Its history. Or maybe we should call it “The Disappearing History of Midtown.”
We all know about progress. Without progress, things would never change. We all get that. But not always, is change a good thing. Especially when it comes to history. I recently just spent 3 weeks in Hawaii. If you’ve never visited the Big Island, I strongly recommend it. But, what I found there, was so many historic and sacred places that were marked and preserved. And people were asked to respect it.
“Care for the things of the past. Once altered, they are gone forever.”
Midtown Atlanta is again experience a renaissance of sorts with new construction. Apartment buildings are literally going up on every corner! But at what cost to the history of Midtown? Much of the construction IS going into (or on) vacant land or parking lots. But the recent razing of a beautiful historic Midtown home at 6th and Juniper brings into question, are we caring for things of the past? Or is it all about progress and the development dollar.
Here is a link to a GREAT story written by Maria Saporta in the SaportaReport. It pretty much says it all.
I recently saw a thread on Facebook and the outcry from many that they could not believe this home had been torn down. Well, people, it is up to us, or certainly the residents/property owners that live in these areas to decide if they want to preserve their neighborhood, or let it continue to be the bullseye of the wrecking ball.
The Midtown Neighbors’ Association will host a meeting with preservation experts on Thursday, March 19th from 7-8PM at the Grace United Methodist Church. You can find more information here!
A big shout out and thanks to Maria Saporta for this story and her photos we have shown here.
