Can it be long before a glimmering new condo tower sprouts from Atlanta's red clay? Small-scale chutes of proposed condo projects are popping up around Ansley Park and Midtown, and if recent sales are any indication, a full-blown luxury monolith might not be far off. The Atlanta Skyrise Blog tabulates 24 sales in the third quarter (July through September) of condo units priced at $700,000 and above in Buckhead alone. The Ritz-Carlton Residences closed "huge numbers" along with its taller counterpart Sovereign, contributing to a dearth of high-end properties. Writes the blog's Kevin Grieco, a Realtor: "It's getting a little stressful out there with buyers competing for properties bidding against each other ? Sometimes it takes a buyer a few times to realize the market has really turned and they are no longer in control."
Grieco writes that newer inventory — that is, new construction condos built after 2008 — is quickly drying up. The top three most expensive condo sales in Q3 were all at the Ritz-Carlton, with prices ranging from $2.3 million to a hair over $3 million. Not to be outdone, five of the top 10 condos moved at The Sovereign, with sales ranging from $1.1 million to $1.6 million.