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.

Just this afternoon Cousins has closed the very last of the developer units at 10 Terminus Place (in one of the most challenging real estate markets). A couple weeks ago, Cousins CEO Larry Gellerstedt said he expected the project to be out of 10 Terminus Place (and the condo market) in the next couple of quarters. It looks like they can pack up sooner than expected.

How did they manage to sell everything? It’s all about price as you might have guessed. I’m really super excited to see the building doing so well. I have a number of clients living in the building and they are all quite happy with their purchase! Currently there is a single resale unit for sale. The 32-story tower opened in 2008 and has 137 luxury condominiums.

If you are thinking about listing your Terminus condo, please contact me!

I am happy to report the largest penthouse available at the nearly sold-out Terminus project in Buckhead closed yesterday at a price of $1,700,000. This represents a considerable discount of nearly 53% off the the very original list price when the building first opened of $3,600,000. Most recently, Cousins reduced the price to $2,592,000 when the market started to go South. This is the highest priced sale in the building.

The reality of the situation is the seller was smart enough to know they have to adjust their prices in order to move the inventory. They now have just one penthouse left in the entire building to sell and it is under contract. I have heard from a few people who live in the building the new owner is a new player on the Atlanta Braves team. He obviously has very good taste! I’m wondering what he going to do with the enormous terrace. Thoughts?

Are you looking for a terrific brand-new condo to lease in Buckhead? (This property has been leased 2/14/11) Look no further. This luxury unfurnished condo is located at  the nearly sold-out Terminus starting March 1st. This condominium has so much to offer and best of all, it has never been lived in. This 26th floor corner condo features 10′ ceilings, a dream kitchen, floor-to-ceiling windows, 3 full bathrooms, separate den, wet bar, a private covered terrace and so much more.  This property won’t last long. Condominiums at Terminus have been leasing within a month of going on the market and this is your opportunity to grab it for yourself before I put it into the MLS.

Terminus has the best amenities for its residents, including: valet parking, 24 hour concierge, dedicated lobby level staff, club room, 2 guest suites, massage room, media room, catering kitchen, indoor/outdoor fireplace, pool and jacuzzi, 14th floor dog walk, 2 outdoor grills, outdoor yoga space and so much more. Click Here for More Photos & the Rest of the Feature

Their loss is your gain. The buyer who was under contract to purchase this amazing penthouse is not going to purchase after all. That means you still have one opportunity to purchase the only single-floor residence in the building. 10 Terminus Place is nearly SOLD-OUT and the developer only has a few units remaining.

If you are interested in purchasing this penthouse, please contact me immediately to schedule a showing. It will not last long.

Click Here for More Photos & the Rest of the Feature

If you were considering purchasing a condo at 10 Terminus Place in Buckhead, you better hurry up. I was there this past week and put one of the last remaining one-bedroom condos under contract. I originally wrote about the limited inventory back in June. In just a few short months, Cousins has managed to sell almost all of their condos. They have a total of about 10 condos left in the building, including two spectacular penthouse’s, two 3-bedroom corner units and a handful of two bedrooms. What great news for the Atlanta condo market! So sellers take note – buyers respond to price in this market!

If you are looking to purchase a beautiful condo at Terminus in Buckhead, please contact me immediately! With so few condos available in the building, appointments are a must.

Terminus has always been one of my favorite luxury condo projects in Atlanta. Why? The building is located in a prime Buckhead location, with retail, restaurants and offices at the street level (along with a gym and grocery store across the street), world-class shopping within walking distance, five-star hotels just down the street and so much more. The condos are finished out like well-built single-family homes and have Wolf gas ranges, large bathrooms and tremendous views. Additionally, the amenities are superb.

With 94 homes closed out of 137, it makes Terminus a solid choice to call home. There are another 18 homes currently under contract and are set to close within the coming months. I believe they are on track to sell out before the end of the year. Once that happens, you’ll have to look elsewhere to find so much at these incredible prices. Click Here for More Photos & the Rest of the Feature