Atlanta's reheated luxury condo market has crawled from the Recession-era doldrums quickly enough to attract national attention. The Wall Street Journal reports Atlanta was dragging a nine-year inventory of luxury condos back in the dark days of 2008. That inventory has shrunk to six months. Anecdotally, the paper says 14 condos worth $1 million or more have sold thus far in 2013. Only nine $1 million-plus condo properties sold in all of 2011. Upper-crust buildings that sat largely empty for years are now filling with buyers, and sources told the paper prices are still below the market's peak. But it's not just wealthy condo dwellers who are reaping benefits; positive signs abound across Atlanta's condo market.
Flash back to June: In an area of town developers are calling "Midtown South," ground broke on Seventh, the city's first condo project launched in several years. The nine-story building at Peachtree and 7th streets was previously announced as apartments but later switched to for-sale units (averaging a sizable 2,000 square feet, with prices starting in the mid-$600,000s) to meet demand. And from the W downtown to the Sovereign in Buckhead the pace of sales has quickened. Last year's top selling building was 1010 Midtown, which moved at least 46 homes with average list prices of $346K — and an average sale prices about $20K cheaper, reported My Midtown Mojo.
All this bears blinding contrast to 2009, when the Wall Street Journal wondered aloud if the dismal local condo market made Atlanta "the new Miami."
[Above: 1010 Midtown. Photo: mymidtownmojo.com]
· In Condo Terms, Atlanta Is the New Miami [WSJ]
· WSJ: Atlanta luxury condo market heats up [Atlanta Business Chronicle]
· Ground Breaks On ATL's First Condo Project In Ages [Curbed Atlanta]