It’s not surprising condo closings above $1,000,000 haven’t been all too great in the past year, but the question is are luxury sales picking up in Atlanta? Slow and steady wins the race? In today’s real estate climate, luxury developers are willing to give incentives to buyers, but would rather keep their pricing where it is – and that means units stay on the market sitting empty for months. Some luxury projects have not seen any new sales this year, and those include The Mansion on Peachtree, W Downtown Atlanta Residences and the St. Regis Residences in Buckhead.
Most of the movement in the condo market has been in the lower and middle end, leaving room for a huge buyers market in the upper end of the spectrum. That being said, what are luxury condo buyers purchasing above $1,000,000? Penthouses! When you look at the sales below, you’ll notice 5 of the 8 closings have been penthouse sales. Two more are in my favorite building – Sovereign. In that building, buyers are purchasing the larger units and nothing under $1,000,000 has closed. The Astoria also closed a larger unit very close to the million dollar mark. Unit size and location do matter!
- Ritz-Carlton Residences Buckhead Penthouse 3401 | Closed on 3/16 for $2,582,500 (MLS Available Properties)
- Sovereign Unit 4301 | Closed on 2/7 for $2,100,0000 (MLS Available Properties)
- Sovereign Unit 4101 | Closed on 2/24 for $1,775,000 (MLS Available Properties)
- 10 Terminus Place Penthouse 3201 | Closed on 2/15 for $1,700,000 (MLS Available Properties)
- 10 Terminus Place Penthouse 3101 | Closed on 2/15 for $1,300,000 (MLS Available Properties)
- Gallery Residences Penthouse 2602 | Closed on 3/31 for $1,000,000 (MLS Available Properties)
- The Astoria Unit 904 | Closed on 2/11 for $935,000 (MLS Available Properties)
- 805 Peachtree Penthouse 605 | Closed on 1/31 for $725,000 (MLS Available Properties)