Five years ago, when an airy pad at Reynoldstown’s South Park Lofts listed for about $150,000, the sage, obvious advice on these pages was that first-time buyers or pied-à-terre hunters might want to pounce.
With so much in the Memorial Drive development pipeline (and a segment of the Beltline’s then-unbuilt Eastside Trail in the backyard) it was clear prices like those wouldn’t last. Not exactly rocket science.
But now, asking prices at the building have essentially doubled.
Case in point is this wide-open loft that reflects the building’s 1954 industrial roots, with its concrete floors and exposed structural work some 20-feet high in places.
Those aspects—plus proximity to the finished Eastside Trail and Memorial Drive’s new mixed-use offerings and eateries—constitute what the Ansley Atlanta Real Estate listing calls a “HOT ALERT!” here.
Listed last week at $299,000 (plus $275 monthly HOA fees), this is classified as a one-bedroom, one-bathroom unit of 1,090 square feet, but with few walls dividing spaces.
If privacy is paramount, the bedroom’s being on display for anyone in the dining or living rooms could be a problem. But this much space—with an elevated little yoga area reachable by ladder, to boot—isn’t always easy to find, in conjunction with so much walkability, for sub-$300,000 prices anymore.
The new kitchen with quartz countertops and a Carrara marble backsplash qualifies as a perk, as do the community’s pool and indoor bike storage. The unit includes a gated parking space and a leafy little patio out front.
During the recession, this particular loft traded for just $166,000 but most recently went for $236,000 three years ago, records indicate. Other homes in the building of roughly the same size have fetched in the high-$200,000s this year.
Another condo (slightly less open, with more masculine decor) is available in the complex at the exact same price.