As planned, the auction to quickly reduce the remaining inventory at Tribute Lofts took place in one hour at the Omni Hotel at CNN Center. The highest price at the auction was a 1,306 square foot unit that went for $263,000 – a little over 30% less than the original asking price of $379,900. 

The cheapest sale was $132,000 for a 795-square-foot one-bedroom unit that originally was priced at $183,900 — a discount of 28.2 percent. Minimum bid prices for the one-bedroom, one-bedroom-with-den and two-bedroom units ranged from $110,000 to $198,000.

Instead of 40 units being auctioned off, only 30 units were sent to the chopping block. Some people weren’t interested in the other 10 units. Probably due to their location and size. 

Remaining are about 40 units at Tribute Lofts, which will all have their prices reduced as a result of the auction. What does this mean for you? Deals. What bargaining power buyers will have in purchasing the remaining inventory. 

Above: Standing on the 3 bedroom corner unit balcony looking at the amazing view.

Closings at Luxe for two bedrooms are scheduled to begin sometime in September and three bedrooms in October or November. Of course, this is always subject to change, but I suspect closings will be right around those time frames. The building is well underway, with the outside glass almost reaching the penthouse level. You can really see everything taking shape nicely as they work from the bottom of the building up to the top, completing the amenities area and luxury condos. Don’t mind all the paint cans and drywall laying around. It is a construction site after all!

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I took some clients to Luxe yesterday for a hardhat tour of the building and the developer has made some great progress. They are about 30% sold. This is really great considering the sales office has only been open for a few short months. I suspect as the building nears completion, that number will improve greatly. Buyers like to see the finished product first hand before they spend their hard earned cash. They now have a couple floors of finished units to show, complete with gorgeous kitchens, hardwood floors, spacious bathrooms and nice trim work.

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According to the Atlanta Business Chronicle, Ben Carter’s Streets of Buckhead development is 50% pre-leased. The project needs to be 65% leased by the end of the year. I think they are well on their way to achieving that goal. Contractors are currently pouring concrete for the foundations and have started working on the parking deck. Fall 2009 will be here before you know it! 

I know there is a lot going on at the construction site, because as I drive down Peachtree Road, traffic comes to a screeching halt. I can’t imagine what rush hour is like – madness! All I can say is avoid that stretch of Peachtree for the time being. There are plenty of back roads to take and I would stick to them, otherwise you’ll be enjoying your satellite radio talk shows for a while!

What’s the next big retail/restaurant announcement? I really hope some additional boutique style retailers set up shop at this project. 

Construction is well underway at 3630 Peachtree. The first residential floor has been poured and they are now working on the upper portion of the tower. After a slow start and scaling back on the project, this is great news! These photos are for Phase 1 – South Tower.

I have it on good authority a major luxury brand will be sitting on top of the building, with condo prices  starting at $1,000,000. (I do mean major.) I can’t reveal what brand this is, but they are extremely well known and service and quality. The million dollar price tag seems to follow the trend for the major luxury condo projects being built in Atlanta. At press time, there were to be 137 residences, but I expect we are going to see a change in this number.

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Atlanta based Infinto is adding a large, top floor, 3 bedroom penthouse at 1010 Midtown to its collection of luxury rentals. This spectacular unit is located on the end of the building, with amazing views down Peachtree Road looking toward Midtown and Downtown. If you read through this post, you’ll see the floorplan as well as where the unit will be located.

With the modifications Andrew made to the floorplan, the penthouse is going to be around 3,013 square feet with 319 square feet of terrace.  This is quite large by Midtown standards.

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Well-known Atlanta residential designer, William T. Baker, is designing a truly unique building of five townhouses to be built at 39 West Wesley in Buckhead. The full Brunning & Stang team has been involved in the design process together with project owners, Simon Foster and Rick Patton.  Historical design buff Ray Stang says: “Bill is doing a wonderful job.  This building is truly elegant…classic proportions…it is going to be one of the most beautiful buildings we’ve ever built.”

These townhomes will be located right next to Atlanta’s only co-op, The Wakefield. They will be fee simple, overlooking a private park (just like Regents Park) with large private terraces off the main living area, 4 car garages, 10′ and 11′ ceilings, top of the line appliances and will be fully finished. They will also have 3 bedrooms, 4 full baths and 2 half baths.

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