Remember back in January when I first broke the story about Crescent Heights purchasing the unsold units at The Atlantic? Fast forward a few months later and we have 324 less condo units in our inventory. As many industry insiders expected, the new owner converted the remaining units in the building into rentals. What does this mean for existing owners in the building? At least two owners have decided it’s time to sell and move on, and two more putting their units into the rental pool (competing with a huge amount of never-occupied units).
“This truly is a unique opportunity,” said Tomer Bitton, Principal with the Crescent Heights(r) group of companies. “We are responding to the trend of leasing vs. buying in the marketplace. The Atlantic is, without a doubt, the pinnacle of urban living in Atlanta, unparalleled in design, views, amenities and location. And based on the overwhelming initial response we’ve received, these homes will not be available for long.”
There are 324 never-before-occupied homes available for lease starting at $1,650 a month. The Atlantic offers a choice of six unique floor plans with over 50 options to suit every kind of lifestyle. Residences range from one, two, and three-bedroom layouts to two-story, 3,000 sq. ft. penthouse condos. Needless to say there are plenty of choices!
On the trend of leasing versus buying… I’m seeing the buying market come back strong – in a huge way. Many of the buildings that were having trouble are now selling quite well and hat includes the luxury market. Condos over $1,000,000 are selling again at a good pace. I think had ST held out a bit, they could have probably sold the remaining units at The Atlantic.
Given the lack of quality rentals in Atlanta right now, I suspect the project will be a huge success.