Remember the spectacular condo meltdown that occurred in the Atlanta market over the past 3 years? Neither do we. So allow us to refresh your memory about one particularly melty meltdown: The Residences At W Atlanta- Downtown, aka the condos on top of the W Hotel at Allen Plaza. Built as part of Hal Barry's ill-timed, massive development on Ivan Allen Jr. Boulevard, the residences were pretty much dead on arrival, owing to the fact it was near impossible to get a mortgage on a new condo atop a hotel during the worst years of the real estate crash. There was also the issue of far more condos being built in Atlanta than there were buyers. Fast forward: Square Mile Capital, a big New York real estate investment firm, procured the note on the hotel/residences when it won bidding for a pool of loans originated by a division of Silverton, Georgia's largest failed bank. Square Mile has now listed the W Downtown residences with the Marketing Directors (though for some reason they're not yet on their website), and they've just re-released condos starting at $199,000 for 1 BR's and $299,000 for 2 BR's. This represents some pretty serious price cuts on some rather lovely real estate. Though the real estate crash left Allen Plaza half-built and at times feeling like a ghost town, as shown above, the units boast high-end finishes and nice views of the city. Plus unit owners will have access to the amenities of a W Hotel. As Atlanta crawls out of the real estate hole it dug for itself, there's already evidence there are plenty of takers for discounted luxury real estate.
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