Atlanta’s luxury condo market is back, and buyers are taking advantage of the rebound, data from Trulia shows. After being battered by the housing market collapse and recession, condo sales and the average price per square foot have bounced back to the highest levels in a decade, according to the real estate website. Trulia data from early 2014 shows an average two-bedroom unit in Atlanta fetches about $225,000, compared with a recession-era low of roughly $140,000 in 2009. The increase in new and existing condo sales mirrors Atlanta’s economic growth, according to an article in the Atlanta Business Chronicle.
More Jobs in the City
As Atlanta’s population explodes and jobs return to the city, former suburbanites and transplants are flocking back, writes the Atlanta Business Chronicle. The resulting higher demand is encouraging existing owners to finally sell after prices tumbled during the recession. Properties that once stood nearly vacant, such as the W Residences, are now not only selling, but seeing rapidly increasing prices, according to an article in The Wall Street Journal. In fact, listings on local real estate website AtlantaSkyRise.com show several W Residences units experiencing an average 3 percent month-on-month price increase. Other ultra-luxury buildings, such as Buckhead’s Mandarin Oriental, are also experiencing price increases, AtlantaSkyRise.com listings show. And similar properties like the St. Regis, Ritz-Carlton and Brookwood are either sold out or close to it, writes the Atlanta Business Chronicle. The Ritz Carlton, it says, has sold all but one of its 126 luxury residences as of this writing.
Units Still Available
Despite the rebound, condo buyers can still find available units — and some good values. The reason is that new construction projects are expanding the available supply. An Atlanta Metrostudy report shows new housing starts jumped 67 percent in 2013 from a year earlier and are expected to grow another 25 percent in 2014. What’s more, many previously stalled or unfinished projects are now being completed, bringing more luxury condos onto the market, writes the Atlanta Business Chronicle. There are real deals to be had, too — especially among smaller units. One-bedroom condos have yet to see their prices return to pre-recession levels. At an average sales price of approximately $145,000, Trulia indicates these properties still trail their pre-recession average of nearly $170,000. This trend is also evident in AtlantaSkyRise.com luxury listings, too. For example, a one-bedroom unit at 10 Terminus Place is listed as of May 2014 at approximately $325 per square foot. By comparison, three- and four-bedroom units are listed at more than $360 per square foot, There are ultra-high-end units for sale, too. At one of the city’s most-prized buildings, Terminus, the Atlanta Braves’ Dan Uggla has listed his nearly 5,000-square-foot condo for about $2.75 million. The penthouse unit’s panoramic rooftop terrace is the largest in the city.