Atlanta’s Condo Market on the Rebound!

Here is a great article from the Atlanta Business Chronicle regarding Atlanta’s Condo Market.

“Atlanta’s intown condo market rebounded this year, as auctions, steep discounts and improved consumer confidence fueled sales, according to condominium research firm Haddow & Co.

In the first half of 2009, 572 condos were sold, versus just 66 in the previous six months, Haddow & Co. said.

The turnaround puts the intown market in good position to surpass the 645 sales it posted during all of last year.

Top selling condos were Cosmopolitan at Lindbergh, with 78 sales in the first half of 2009, followed by Element with 68 and Viewpoint Phase I with 42.

Active condo inventory dropped by 1,333 units during the past year because several developments were converted to apartments and construction was stopped on three projects.

New condo development has ground to a halt.

The greatest oversupply remains in the luxury market, Haddow & Co. said.

Trends in the first half included the following:

  • Sales were on par with the first half of 2008
  • Sales rebounded because of auctions, price discounting, the establishment of a trading price, improved consumer confidence and pent-up demand from “chronic fence sitters.”
  • Leasing programs are more prevalent.

 ”Developers are much more aggressive in offering price discounts,” Haddow & Co. said.

Aqua has cut its prices by almost 49 percent, Haddow & Co. said. Cosmopolitan at Lindbergh reduced its prices by 39 percent and Element cut its prices by 32 percent.

“The thawing out has begun, prompted largely by aggressive price discounts,” Haddow & Co. said, “but condominium demand must rebound more strongly for the market to regain equilibrium.”

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M West Lofts

One area of Atlanta that I have seen really grow in Atlanta is the Howell Mill area. So many restaurants and retail have sprung up in the last few years that it’s really become a desirable place to live. There aren’t a ton of condos and lofts out this way but there are a few. One of the communities here is M West. M West is one of those lofty townhome communities that is more contemporary in architecture. Currently, they are selling the 2nd phase here, and the incentives are fantastic! First off, M West is FHA approved. That wouldn’t have mattered so much a couple of years ago but in this market it is a critical aspect to obtain a loan. Aside from the FHA approval, they are offering up to $25K in incentives! Like I mentioned, the lofts themselves are fairly contemporary in design, but also have some pretty cool features that are desirable for any buyer. Every unit has a private garage which is pretty much unheard of in the condo situation. They also have their own private backyard area. Definitely a plus in a condo community! So, if you’re looking for a good deal in an very cool area of Atlanta, M West is definitely a community to consider.

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Kirkwood Station Townhomes

Kirkwood Station is a mixed used development located in the heart of Kirkwood.  This development was pretty much completed almost 2 years ago, at that time I thought they were pretty overpriced for the area; however, since the downturn in the market the developer has slashed the pricing drastically making these now a terrific deal.  I recently sold one of the 11 townhomes that they have remaining and I must say I am pretty impressed with the development.  After touring some of the other developments in Kirkwood, East Atlanta and Grant Park I found that Kirkwood Station was probably one of the more well constructed developments.  I was actually surprised to see that they still had 11 units available out of 23.  

 One of the more desirable features that homebuyers are looking for is to be able to walk to things. Recently, Vinocity located their restaurant from Midtown to Kirkwood Station and there are several shops including a furniture store, Mission Motiff; an accessories/floral shop, Gitche-Ya-Ya; and Jasmine Spa. 

  Right down the road from Kirkwood Station are several other restaurants and retail including one of the more popular Pet Stores in Atlanta, Kirkwood Feed and Seed.

Ranging in size from 1,654 to 2,100 square feet, the townhomes at Kirkwood Station offer many of today’s amenities, as well as the charm of historic homes. Designer kitchens overlooking the living areas will feature granite countertops, spacious cabinets, stainless steel appliance packages and breakfast rooms. The luxurious living and dining areas offer nine foot ceilings, hardwood floors and crown molding throughout. The master bedrooms offer double or walk-in closets with ample space, separate his and her vanities in the bathrooms and over-sized tubs and separate showers with ceramic tile.

Their 2 bedrooms units are currently priced at $234,900 up to $312,000 and the 3 bedrooms are starting at $339,000 up to $379,000.  Plus, all of the homes have additional flex space they can accomodate an additional bedroom space or office area.  The developer has slashed the pricing by 20% and is willing to pay $5000 towards closing costs!! 

If you would like more information regarding Kirkwood Station please contact me at nesa@greatatlantacondos.com or click here to see current availability. <br><br>

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New Townhomes in Ansley Park

For those of you are looking to be a part of living in the one of the most prestigious neighborhoods in Atlanta and are willing to pay for living there, then you have to check out these new townhomes in Ansley Park.  This is a brand developement that consists of only 6 townhomes which range in size from 4200 sq.ft up to 5200 sq.ft.  All of them consist of 4 levels with rooftop terraces and each has an outdoor fireplace.  The smallest unit is a 2 bedroom, 2 1/2 bath priced at $1.385 million.  The largest unit that they have available is a 5 bedroom, 5 1/2 bath priced at $1.875 million.   Ansley on the Park is located on The Prado and faces the Botanical Gardens and Piedmont Park.  All units have already been reduced in price due to the market conditions. 

Click here for pictures and information on Ansley on the Park 

If you are not familiar with the neighborhood of Ansley Park it is located near Midtown.  Most of Ansley Park consists of single family homes in the price range of 1 million and up.  Very plush landscaping can be found in this neighborhood along with a couple of parks and the Ansley Park Golf Course.

If you would like more information regarding Ansley on the Park please feel to contact me at nesa@greatatlantacondos.com or 404-579-9307. – Nesa Kleinheksel

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New Foreclosure on the Market

I was looking through the list of condo foreclosures and I found a really good one..Not all foreclosures are great deals but this one seems to be.  It is actually a townhouse located in the Reynoldstown area at the MetalWorks Townhomes.  This is a 2bdr/2ba for $171,500.  Typically these units sell above $250k!!  Plus, is has a private 2 car garage, private fenced in backyard and almost 2000 sq.ft.!! 

I haven’t seen the inside as of yet, usually these homes need a little upgrading because the developer sold them as raw spaces in a sense because he put in low end white cabinets in the kitchens and bathrooms. 

Oh, the best part is the monthly HOA fees are only $54 per month!! 

Metal Works is a newer community(built about 3 years ago) and they definitely live up to there name due to the all metal siding on them. 

Located in Reynoldstown which has grown alot in the last couple of years.  There are several restaurants to walk to and it has easy access to I-20/75/85. 

If you would like more information contact me at nesa@greatatlantacondos.com

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Centennial House Condo Foreclosure

It’s so funny how agents for Atlanta Condo foreclosures market their listings, I swear if these banks had any idea on how these agents advertised their properties they would probably flip out.  It’s no wonder why the banks keep lowering their prices on these condo foreclosures, mainly due to the agent they hired.   Anyway, thanks to  this agent you can pick up this 3 bedroom/2 bath condo over at Centennial House for just $230k.  Why is this an incredible deal??? Well, its a top floor unit with the most glorious views of Atlanta and it has almost 2700 sq.ft.!!   The owner that got foreclosed on, bought 2 units and combined them together to make it one huge condo.  I would guess that this condo could easily sell for $400-$500k in a better market so if you are willing to wait a few years this could be your retirement money!  The big drawback is that the monthly HOA fees are at $900 per month, which most people are automatically turned off by, but with a condo that is located in downtown Atlanta and has that much sq.ft, those fees are pretty typical.

If you are not familiar with Centennial House, it is located in downtown Atlanta, right off the Williams Street exit.  Prior to this year it wasn’t much of a location, because you had to walk a few blocks to get over to restaurants and retail, but now that the W Hotel is about to open and Twelve Centennial Park Condos are now finished, there will be soon much more to walk to.  I hear that a Publix will go beneath one of these buildings and a Mellow Mushroom.  So, the location at Centennial House is becoming more popular.  Plus, you can’t beat having access to 75/85 right outside your front door.

If you would like more information and pics please contact me at nesa@greatatlantacondos.com – Nesa Kleinheksel – 9 Mile Trolley Realty

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Super Cool Virginia Highland Condo!

Our office just listed a super cool condo at The Morningside complex located in Virginia Highland and it is super cheap! This 1 bedroom / 1 bath condo is more lofty looking due to the exposed brick, open air ducts and polished cement floors. It’s really rare to find a loft within walking distance to all the shops and restaurants on N. Highland! Truly, this is what everybody wants! It’s a not a huge condo, approx. 700 sq.ft. but it does seem spacious and it has a private patio, which is perfect for those who love to grill! Monthly HOA fees are at $165 month and it does have a separate storage unit!

Typically, condos in Virginia Highlands are in historic older buildings, which this unit is in as well, but the unit is totally updated, the kitchen has granite countertops and Stainless Steel Appliances. Everyone wants to live in Virginia Highlands and not you can because this condo is listed at only $174,900!

If you would like more info please contact me at nesa@theloftstop.com – Nesa Kleinheksel

The Morningside Condo

1 Bed / 1 bath $174,900 Located in Virginia Highland!

7 Photos

 
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Downtown Atlanta Condos

One of my favorite condo buildings located downtown is the Museum Tower.  I know that Museum tower is a couple years old now and the hype about it has dissipated, but I really like this building anyway.  The floorplans are really nice and the views from there are just spectacular.  I know you can get gorgeous views from other buildings but the corner units at Museum Tower have a ton of windows that expand the entire length of the unit.

There are a total of 24 floors with about 6 to 7 units per floor.  I really like that because you don’t have to walk down long hallways to get to your unit and it is more quiet without having so many units per floor.  It’s really nice for people that like hi-rise living but really don’t want to be bothered by seeing your neighbors in the hallway all of the time.

You can also walk to Centennial Olympic Park and the Georgia Aquarium.   Museum tower also offers a lovely clubhouse, a huge fitness center, swimming pool, and a gorgeous courtyard for grilling and sitting.  

Prices range from $199,900 up to $600,000.  There are also a couple of foreclosures right now that are extremely good deals.  Unit #1203 is selling at $199,900 with approx. 900 sq.ft. This unit orginally sold at $245k!  Also unit #402 is on the market for $299k with approx. 1200 sq.ft.

If you would like more info or pictures on Museum Tower please contact me at nesa@theloftstop.com – Nesa Kleinheksel – 9 Mile Trolley Realty

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Condo for Rent – Glenwood Park

If your in the market to rent, I have a condo that will be available shortly in the hip Glenwood Park subdivision. The monthly rent is $1650 and the duration of the lease is a year. It’s a fantastic opportunity for you to enjoy all the amenities that Glenwood Park has to offer. Whether you are walking to the gym, having a bite to eat at Vickery’s, or grabbing a coffee at the local coffee shop, you’re sure to enjoy this fantastic mixed-use neighborhood. If you’re interested in renting this condo, please send me an email.

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Glenwood Park

glenwoodpark4.JPGglenwoodpark5.jpgWith so many new developments going up in metro Atlanta area there is one development that is leap and bounds over the competition.  Move over Atlantic Station, here comes Glenwood Park!   What makes Glenwood Park better?  The quality of construction and actually the people that own and live there.  Glenwood Park is like a smaller version of Atlantic Station with shops and restaurants.  What I love about Glenwood Park is the style of homes that they have, the best way that I can explain it is when you glenwoodoutside2.jpgare watching a movie and there is a scene with the people walking down a tree lined street and the houses look super cool and are all close together, I always think to myself what a cool neighborhood to live in.  That’s what Glenwood Park reminds me of. 

The neighboorhood is comprised of single family homes, townhomes and condos.  All of the buildings and homes are very pleasing to the eyes, they remind me of  homes from Savannah or Charlestown.  Lately, you see developers building those same cookie cutter homes, but everything at Glenwood Park is just so unique from one another.  Everytime I go for walk over there I never get bored because looking at the homes are impressive enough to keep you busy.

I have to give a round of applause to Green Street Properties who is the development company of Glenwood Park.   They really came together and created a really cool environment to live in.  The best thing about them is that they listen to any complaints that the owners have with the neighborhood and they seem to care enough to improve the community as a whole. 

Glenwood Park is still being developed but it looks like they are close to finishing up.  There are plenty of retail spaces available as well if anyone is looking to open a business there.   I think they are being kind of picky of what kind of retail that goes in , so far it all has been mom and pop type of places, which is pretty cool I think.  So far the business that are located in Glenwood Park are Vickerys Bar and Grill, Vino Libro a wine bar, Perk Coffee Shop, Soda Salon, a 24 hour Gym, and soon a new restaurant called The Shed will be opening up. 

Glenwood Park is located about a mile to the Village of East Atlanta, access to I-20 is a block away and it is only 2 miles to get over to the Edgewood Shopping District where you can find all the mainstream retailers including Target, Best Buy, Lowes, Kroger and more. 

For what you get over at Glenwod Park the pricing on the condos are not pricey at all.  They are currently selling 8 brand new condos that overlook the community swimming pool, those are priced from $189,000 to $257,000.    Personally, I think you if you are looking for a walkable community to live in and are looking for an alternative to living in Midtown, Glenwood Park might be the best option.  I also really like the Kirkwood area, in my next post I will write about the condos over there.

Oh, they also have a dog park sponsored by Wag-a-lot(there is a fee if you want to use the park). A community swimming pool and a park for adults and kids

In the meantime, if you want to see pics and/or information about the condos in Glenwood Park, just shoot me an email at nesa@theloftstop.com

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