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As Luxe Condo Stock Disappears, Two 'Shell' Units Fetch $8M

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A deep-pocketed buyer has scooped up two "shell" units — that is, condos without any sort of build-out — at the St. Regis Residences Buckhead for a whopping $8.3 million. The Atlanta Skyrise blog reports the naked units encompass a total of nearly 12,000 square feet, which means they fetched $710 per square foot. No word yet on who the buyer is, but the blog calls the sale a clear indication the Atlanta luxury condo market is treading on greener pastures — and that supply is quickly drying up.

The blog reports that Atlanta's condo inventory has shrunk to "unheard of levels" as most buildings are nearly sellouts. To wit: The Ritz-Carlton Residences Buckhead has sold all two- and three-bedroom condos; The Brookwood is completely tapped out and the Astoria has a few units left. For those in the market for fancy shells, the choices are limited to two developments: St. Regis Residences Buckhead or The Residences at the Mandarin Oriental.
· St. Regis Residences Buckhead Closes Shell For $8,317,650 [Atlanta Skyrise Blog]