The St. Regis Residences Buckhead has planted its feet firmly at the top of the condo market, closing yet another shell in the 53-unit building. Yes, a shell for over $8,000,000 in the Atlanta condo market.
Residences 2410 and 2430 were sold to one buyer for $8,317,650 and have approximately 11,715 square feet of space – which works out to be $710 per square foot before any type of build-out.
Could we be at a turning point in the luxury condo market? The answer is yes on so many levels. You have heard me say it before. Our condo inventory has shrunk to unheard of levels and most of the buildings are near a complete sell-out of their inventory. The Ritz-Carlton Residences Buckhead has sold out of their two- and three-bedroom condos. The Brookwood has nothing left. Astoria has a few left.
There really aren’t many choices for new “shell” construction in Atlanta. Your choices are either the St. Regis Residences Buckhead or The Residences at the Mandarin Oriental. Other than these two condominium projects, you would have to completely gut your unit of choice and start from scratch. That could get very costly.
What’s for sale at the St. Regis Buckhead?