The great pop of the real estate bubble claimed many victims in Atlanta, especially at the highest end of the condominium market. Developments like the Sovereign and The Mansion in Buckhead, the W Hotel & Residences downtown and the Aberdeen in Vinings launched amid the worst of the real estate storm. While pre-sales did buffet developers to varying effect, it's safe to say that the size of the market for multimillion dollar high-rise condos in Atlanta was vastly overestimated. Perhaps the shiniest of all the projects was the new St. Regis Hotel in Buckhead and the residences atop it, developed by a group led by Paul Freeman. In addition to a stellar location with gorgeous views, the expansive homes (delivered as 'white boxes' for buyers to customize) enjoy luxury services and amenities provided by the St. Regis. The hotel was a success from the get-go, but even though some high profile buyers closed on pre-sold units, a significant portion of the condo inventory languished as the target buyers were unable to sell their homes while at the same time watching their net worth get bashed by the turmoil in the financial markets.
· St. Regis Atlanta Residences [official site]
Fast forward to early 2011, when the Tavistock Group, the privately-held (and well-capitalized) real estate investment firm acquired the St. Regis. Following a quiet period, the remaining 30 condominium units- ranging from 3200 to 7200 square feet and listed between $750 and $900+ per square foot- were just re-released, with new model homes by bold-faced designers like Stan Topol. For those scoring at home, that means units are for sale for between $2.4 and $6.4 million, so the target buyer has not changed much. But apparently a 17th floor unit was just sold to "a local Atlantan" for $3,300,000, so it's 1 down, 29 to go. Stay tuned to Curbed for more details and imagery on the St. Regis in the coming weeks.
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