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If you have been reading my quarterly results posts, you will notice in previous periods the sales in the upper ranges were few and far in between. The new data now shows the train has indeed left the station and more buyers are purchasing condos above the $800,000 price range. This is more than double the transactions from last quarter (on my previous list). The results are encouraging and exciting. As a side note, only two transactions on my list were cash and the rest were all financed (lenders are now starting to get comfortable with giving money to buyers in high-end condos).

I have targeted the highest sales above $800,000. Missing from the fourth quarter is Sovereign which had closings in every quarter up to now. But don’t worry, they have a condo under contract for $2,700,000.

1. St Regis Residences Buckhead Unit 1730 | Closed on 10/20 for $3,300,000 (MLS Available Properties)
2. Ritz-Carlton Residences Buckhead Unit 3402 | Closed on 12/1 for $2,414,394 (MLS Available Properties)
   
3. The Mansion on Peachtree Unit 41B | Closed on 11/18/ for $2,150,005 (MLS Available Properties)
4. The Bellingrath Unit 3 | Closed on 11/29 for $1,350,000 (MLS Available Properties)
5. The Brookwood Unit 1901 | Closed on 10/6 for $1,135,700 (MLS Available Properties)
6. Park Avenue Unit 29S | Closed on 12/15 for $1,165,00 (MLS Available Properties)
7. Ritz-Carlton Residences Buckhead Unit 3107 | Closed on 12/14 for $1,113,500 (MLS Available Properties)
8. Regents Park Unit 9 | Closed on 10/21 for $1,050,000 (MLS Available Properties)
9. West Wesley Townhomes Unit 4 | Closed 12/2 for $1,000,000
10. West Wesley Townhomes Unit 3 | Closed 11/2 for $1,000,000
11. West Wesley Townhomes Unit 5 | Closed 10/28 for $990,000
12. West Wesley Townhomes Unit 1 | Closed 11/7 for $980,000 
    
13. The Brookwood Unit 2001 | Closed on 11/11 for $970,000 (MLS Available Properties)
14. Above the Four Seasons Unit 4310 | Closed 12/19 for $919,900 (MLS Available Properties)
15. 2500 Peachtree Unit 704 |Closed on 10/26 for $895,000 (MLS Available Properties)
16. 2500 Peachtree Unit 606 |Closed on 11/29 for $830,000 (MLS Available Properties)
    
17. Ritz-Carlton Residences Buckhead Unit 2304 | Closed on 10/06 for $805,000 (MLS Available Properties)
    
18. Ritz-Carlton Residences Buckhead Unit 2104 | Closed on 12/13 for $799,500 (MLS Available Properties)

Aside from these results, there are 12 Pending Sales in FMLS (First Multiple Listing Service) ranging from $618,000 to $2,700,000 and 209 Pending Sales ranging from $200,000 to $579,900 as of today. So yes, there is activity in the market. This does not include units under contract that are not listed in the MLS, like from new construction developer units. And, as we learned in the past, we can’t count on pending sale because they may or may not close. What we can count on are solid sales.

The days are flying by and we are pretty close to the end of the year. I’ve been super busy as the market continues to heat up and our inventory continues to shrink. I pulled the highest sales for the third quarter and the results were interesting. New construction condos are continuing to sell very well in all price ranges. Since this post is about the upper price range, I have targeted the highest sales above $700,000. You’ll notice that buyers are now going to a variety of properties and not just Sovereign like last quarter (which pretty much dominated the highest closings).

So what does the top 8 list look like?

1. Sovereign Unit 3304 | Closed on 8/12 for $1,300,000 (MLS Available Properties)
   
2. The Aberdeen Unit 1101 | Closed on 8/29 for $1,285,250 (MLS Available Properties)
3. Gallery Unit PH 2601 | Closed on 9/23 for $1,000,000 (MLS Available Properties)
4. Park Place Unit 37E&F | Closed on 8/01 for $975,000 (MLS Available Properties)
5. Ritz-Carlton Residences Buckhead Unit 1801 | Closed on 7/22 for $956,725 (MLS Available Properties)
6. Ritz-Carlton Residences Buckhead Unit 2404 | Closed on 8/04 for $799,500 (MLS Available Properties)
7. The Atlantic Unit 4502 | Closed on 7/01 for $733,033 (MLS Available Properties)
8. Astoria Unit 901| Closed on 7/29 for $726,000 (MLS Available Properties)

There is plenty of activity in the lower price range also. The under $300,000 category continues to thrive and we are starting to see a sellers market emerge. Surprising and exciting!

Next quarter we’ll see the first sale happen at the Mansion on Peachtree (since the new owners took over) and another building which has recently come back to market. Exciting stuff for the condo market and a definite sign the market is coming back to life in full force.

Can you believe we are already through the second quarter of 2011? Time sure goes by quickly. I pulled the highest sales for the second quarter and the results weren’t too surprising. Sovereign continues to be the dominant building in the luxury market closing units over $1,000,000.

It’s not that there aren’t a good number of units over a million to sell. When I pulled the listings in FMLS (First Multiple Listing Service), there are currently 100 properties available. Remember, that doesn’t include units in buildings where the developer hasn’t listed all of the inventory. Still without a single sale this year are The Mansion on Peachtree, W Downtown Atlanta Residences and the St. Regis Residences in Buckhead.

So what does the top 7 list look like?

1. Sovereign Penthouse B – Unit 4802 | Closed on 5/24 for $5,000,000 (MLS Available Properties)
   
2. Sovereign Unit 4201 | Closed on 5/2 for $1,975,0000 (MLS Available Properties)
3. Sovereign Unit 3901 | Closed on 6/15 for $1,750,000 (MLS Available Properties)
4. Sovereign Unit 3101 | Closed on 4/13 for $1,310,000 (MLS Available Properties)
5. Regents Park Unit 10 | Closed on 5/25 for $1,200,000 (MLS Available Properties)
6. Ritz-Carlton Residences Buckhead Unit 2507 | Closed on 6/15 for $1,073,500 (MLS Available Properties)
7. One Brookhaven Unit 204| Closed on 6/03 for $1,000,000 (MLS Available Properties)

I’ll continue to track closings. If you have specific questions about the market (in any price range), please let me know. You can email me privately or simply make a comment below.

Highlights on atlantaSKYrise ®:

• Convenient drop down to select your luxury condo project
• Access to all available Atlanta Penthouse listings
• Multiple Options available to view available properties
  • Search by Interactive map
  • Search the entire MLS database live. Search condos, plus single family homes and & rentals
  • Search within a specific map area
  • Search pre-foreclosure and foreclosures
  • Search for price changes
• Register to save your searches and favorite properties
• Connect with me through an Instant Chat application.
• Receive email alerts when I update my blog or send my e-blasts

Remember to sign up for automatic updates!

Take a look at my site and let me know what you think.

Additionally, my site has been updated with new MLS search features.
Click here to read the post on what has changed and how to use it to your advantage.

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.

Highlights on atlantaSKYrise ®:

• Convenient drop down to select your luxury condo project
• Access to all available Atlanta Penthouse listings
• Multiple Options available to view available properties
  • Search by Interactive map
  • Search the entire MLS database live. Search condos, plus single family homes and & rentals
  • Search within a specific map area
  • Search pre-foreclosure and foreclosures
  • Search for price changes
• Register to save your searches and favorite properties
• Connect with me through an Instant Chat application. A message will be sent to my cell phone and I’ll call you right back
• Receive email alerts when I update my blog or send my e-blasts

Remember to sign up for automatic updates!

Take a look at my site and let me know what you think.