Top 8 Atlanta Condo Sales for First Quarter 2011

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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!

  1. Ritz-Carlton Residences Buckhead Penthouse 3401 | Closed on 3/16 for $2,582,500 (MLS Available Properties)
  2. Sovereign Unit 4301 | Closed on 2/7 for $2,100,0000 (MLS Available Properties)
  3. Sovereign Unit 4101 | Closed on 2/24 for $1,775,000 (MLS Available Properties)
  4. 10 Terminus Place Penthouse 3201 | Closed on 2/15 for $1,700,000 (MLS Available Properties)
  5. 10 Terminus Place Penthouse 3101 | Closed on 2/15 for $1,300,000 (MLS Available Properties)
  6. Gallery Residences Penthouse 2602 | Closed on 3/31 for $1,000,000 (MLS Available Properties)
  7. The Astoria Unit 904 | Closed on 2/11 for $935,000 (MLS Available Properties)
  8. 805 Peachtree Penthouse 605 | Closed on 1/31 for $725,000 (MLS Available Properties)

In the second quarter of 2011, Sovereign, the Ritz-Carlton Residences and The Brookwood are set to close condos above $1,000,000.

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4 Comments

  • Have many of these closings been from cash buyers? The banks are still tight with their money and if the building isn’t FHA approved, some banks won’t take a chance with less than a 700 credit score and 20% down. Also, personally speaking, I don’t think one would be willing to spend big money if the units with the best views are already taken, unless they get a deal that they can’t pass. Just my .02 🙂

  • Most were financed, but a couple (one in Sovereign and one in Terminus) were all cash deals. Credit has been easier to get and loans are getting approved now. It will never go back to what it once was, so buyers really need to have a good down payment and great credit! Many of the buildings have fantastic views – Sovereign sits high above every other building in town, so the views are tremendous, even from the lowest unit on the 28th floor.