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The Great Midtown Atlanta Condo Boom, 6 Years On

Let your mind wander back to 2005, a happier time...in real estate anyway. The building boom was in full swing, particularly condominiums in Midtown Atlanta. Among them was Novare's Spire Midtown project, which was completed that year and its 392 units released into a market where a strange phenomenon called demand was still present. Let's take a look at a resale offering of one of those units today. Here we have a standard 1 bedroom, 1 bath of 738 square feet. The finishes (hardwoods, granite, stainless steel appliances) are nice enough, as is the view. The home traded for $197,800 back in October of 2005. Today it is offered for $169,900. Probably about the right listing price, but Midtown condos are truly a commodity at this point, with new units that can likely be had for slightly more. We're guessing more blood will be spilled.

· 860 Peachtree Street NE [Atlanta Fine Homes | Sotheby's]