As you know, inventory is quite low these days, especially for Buckhead condominiums. Try looking for a 3-bedroom condominium in a top-tier building like 10 Terminus Place. You won’t find many. In fact, there is a shortage of 3-bedroom condos priced under $900,000 (a mere 16 condos are available right now). There are just 20 units are priced above $900,000, but the majority of those 20 units are well above $1,000,000.

That is one of the many things which makes my listing at Terminus so attractive. With approximately 2,762 square feet, 3 bedrooms, 3.5 bathrooms, separate den and two terraces, it’s hard to beat. This kind of space would cost over $2,000,000 at the neighboring Sovereign building.

I sold this condominium to my client when the original developer inventory was coming to a close. In fact, we were one of the last buyers to purchase in the building. I have sold many units in the building, but this is among my favorites. I love the open layout, fabulous master suite and tons of storage you find throughout the unit.

Normally I would post all the photos of the unit here on my blog, but I do have a terrific virtual tour for you to view. It has all the photos, plus some cool 360 degree views of the great room kitchen and master suite.

Click Here for the Virtual Tour (remember to click “full screen” when the tour loads)

The floor plan is below. Click it to make it larger!

Please contact me for a private showing! 404-822-4156

Crescent Resources, a residential developer, has entered into a contract to purchase and develop the remaining undeveloped land at Terminus as an apartment community, called Circle @ Terminus.  As of right now, Crescent is going through an initial due diligence process to determine the feasibility of the site and has filed a site plan with the City of Atlanta. Click Here for More Photos & the Rest of the Feature

These are the sales I have compiled over the course of the year noting the 40 highest luxury condo sales for 2011! Sovereign and the Ritz-Carlton appear most often on the list, along with some additional new construction buildings (and some resales too). I kept track of the 40 highest closed luxury property sales, which resulted in $55,344,507 in sales. It’s probably not as high as we would like it, but the market has picked up significantly and this year has started off with a bang!

This is the list, ordered from the highest sale to the lowest: Click Here for More Photos & the Rest of the Feature

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!