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In a letter dated January 13, ST Residential advised all home owners they received and accepted an unsolicited bulk sale offer to sell the remaining inventory of the 401-unit The Atlantic condominium located at Atlantic Station in Midtown. According to a source, the purchaser is a well-resepected real estate company located in Miami Beach, Florida – Crescent Heights (this has not been confirmed yet).

ST’s general strategy is to sell homes unit by unit to the public, but according to the letter, the bulk sale is in line with the bottom line pricing for each unit overall. So basically ST Residential was able to get their bottom line pricing and is going to unload the building inventory to another seller.

An affiliate of Miami Beach-based Crescent Heights paid $50.4 million for the remaining 241 units in the Tao condominium in Sunrise back in May last year. They then decided to lease the remaining units, rather than sell them individually. Who knows if this will be the plan for the The Atlantic. The Atlantic has a rental cap of 25% so I think it would be hard to turn the building into rentals.

Large multi-family distressed/bulk condo deals are a good sign that the bottom has been reached and investors are taking advantage of the opportunity in the market. I’m sure we will get more information when the deal is formally announced.

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.

Have a safe and happy holiday! I’m going to take some time off to celebrate with my family and friends. It has been a super busy year and I believe next year is going to be even busier. I have lots of great things planned for the new year, so stay tuned! Kevin

Watershed restaurant, an award-winning Southern-inspired eatery that pioneered the Decatur dining scene when it hung its shingle on a converted gas station 13 years ago, is re-locating to The Brookwood, a 219-unit, mixed-use condominium community located on Peachtree Street in the heart of the historic Brookwood neighborhood. The move will empower owners Ross Jones, Indigo Girls’ Emily Saliers and Chef Joe Truex to realize their dream of growing the business with private dining, a patio and a wealth of parking.

They plan to maintain the integrity of the Watershed brand, including the inspired cuisine of acclaimed Chef Truex, while updating it with a modern sensibility reflective of the new location. Diners can expect to see General Manager Jones on the floor and Chef Truex in the kitchen of this Smith Hanes-designed 175-seat jewel. If you look at the photos above, the restaurant will be located on the right corner of the building. Click Here for More Photos & the Rest of the Feature

With penthouse options dwindling, it was a breath of fresh air to see this 2-story showplace at Metropolis come on the market.  I don’t know if you have been shopping around for condos (or single-family homes for that matter), but the really great homes are getting harder and harder to find.

This amazing condominium has been achieved by combining two smaller penthouse units into a single space. The result? Over 3,600 square feet of interior space in the middle of Midtown at Metropolis. This isn’t your run-of-the-mill combined condo. This was a seamless blend of two spaces. One where you can’t tell what was existing and what was added. I’ve been in a good number of combo units and many leave me wondering “why did they do that?” This wasn’t the case here.

Interior designer Lee Bryan was hired to turn the adjoining two units into one stunning, contemporary space. He integrated the electronics into one home automation system and then turned his thoughts on furnishings and artwork. He did an amazing job. (Lee also does more traditional designs as well.) Click Here for More Photos & the Rest of the Feature

It’s been a long road, but Luxe has managed to nearly sell all of the remaining inventory. The only two units left are a Penterra home on the 6th floor for $729,900 and a 2-bedroom condo on the 7th floor for $499,900. In our current market, price is king and location is key. I believe these are the reasons why the project has been so successful.  I speak with many buyers who are still searching for amazing deals, but with our condo inventory dwindling, the incredible deals are getting harder and harder to find. If you have been on the fence, you had better get  moving. Click this link for Luxe Listing in the MLS.