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Old 02-12-2013, 10:09 PM
 
4,570 posts, read 6,406,215 times
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There certainly is a huge demand in the luxury condo market, especially in Buckhead. The Ritz Carlton residences sold 52 units last year alone. I believe the St. Regis and Sovereign condominiums are almost sold out as well.
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Old 02-13-2013, 12:58 AM
 
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Quote:
It was in the Cotting Court building in Midtown.
I had never heard of this building, so I looked it up. Nice! I must say, I'm jealous. If I could afford something like that, I'd probably be in midtown and not the suburbs! My only question, and this is totally off topic, but if you're going to build fairly nice condos like that, why skimp on the pool and just build a lame-o lap pool? The whole point is to have something other than what is at your gym!

Anyway, I have no data to back this up, but I'm going to take a guess that you are looking in a sweet spot of condos in Atlanta. You have money to spend and want something nice. I think this is an area where the condo market is going to bounce back much quicker because supply is low.

Let's say you only had $175k to spend, but you didn't mind having a cookie cutter unit with a concrete wall and silly 3/4 wall between the living room and bedroom. I think that market is going to bounce back much more slowly because they were so overbuilt and happened to be the flavor of the month in 2003, but the pseudo loft look is pretty much already unpopular.

I guess what I'm trying to say is it's difficult to just say the "condo market" because it's really made up of a few markets. Just like country club mansions behave differently than modest single family homes, I'm betting that luxury condos, mid-range condos like you are looking at, and then low-end condos like mass produced Novare units all behave somewhat differently. I would further guess that the mid-range market would pretty much always be the healthiest.
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Old 02-13-2013, 01:23 AM
 
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Anyone know how the condos at Atlantic Station are doing? I know the Atlantic went rental, but what about Element and Twelve? They were hit really hard with the recession (and IMO crappy Novare cookie cutter problems), and it would be great for the area if prices stopped bottoming out there.
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Old 02-14-2013, 07:42 PM
 
453 posts, read 658,275 times
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Quote:
Originally Posted by ATLTJL View Post
I had never heard of this building, so I looked it up. Nice! I must say, I'm jealous. If I could afford something like that, I'd probably be in midtown and not the suburbs! My only question, and this is totally off topic, but if you're going to build fairly nice condos like that, why skimp on the pool and just build a lame-o lap pool? The whole point is to have something other than what is at your gym!

Anyway, I have no data to back this up, but I'm going to take a guess that you are looking in a sweet spot of condos in Atlanta. You have money to spend and want something nice. I think this is an area where the condo market is going to bounce back much quicker because supply is low.

Let's say you only had $175k to spend, but you didn't mind having a cookie cutter unit with a concrete wall and silly 3/4 wall between the living room and bedroom. I think that market is going to bounce back much more slowly because they were so overbuilt and happened to be the flavor of the month in 2003, but the pseudo loft look is pretty much already unpopular.

I guess what I'm trying to say is it's difficult to just say the "condo market" because it's really made up of a few markets. Just like country club mansions behave differently than modest single family homes, I'm betting that luxury condos, mid-range condos like you are looking at, and then low-end condos like mass produced Novare units all behave somewhat differently. I would further guess that the mid-range market would pretty much always be the healthiest.
Thanks yes it is a nice bulding.

A couple of friends already live in the building and quite honestly I think we all would rather no pool or gym at all. This building specifically has high quality construction, is established and is very private. FWIW a lot of the residents are extremely high earners (partners in local firms) and already have other homes, gym membership etc so don't care about any amenities other than a doorman for dry cleaning etc. They just use this as a pied de terre near the office or a weekend place etc. This building is more like Manhatten or London in that regard. As Midtown gets build out I would expect a decent appreciation due to its locaton and build quality. No other building seems to be after the same demographic.

I would agree its the Novare type cheap 1 bed blocks that will take the longest to recover. Generally I am not a fan of any of the new buildings (although 1010 Midtown has a great shell and location). A wise person advised me never to buy in a condo with over 25% 1 beds units in it. If I were just trying to make money right now in I would be buying in one of the downtown lofts. I think some of the lofts like Hastings Seed are way undervalued in downtown and if you can afford it will make a great investment long term. They are literally stunning buildings inside and cannot be replicated in the Atlanta market. At a higher price point (800k +) I would be looking at some of the older buildings in Ptree Battle like the Wakefield.

Last edited by jpatlanta; 02-14-2013 at 08:08 PM..
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Old 02-14-2013, 07:43 PM
 
453 posts, read 658,275 times
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Quote:
Originally Posted by K-SawDude View Post
Anyone know how the condos at Atlantic Station are doing? I know the Atlantic went rental, but what about Element and Twelve? They were hit really hard with the recession (and IMO crappy Novare cookie cutter problems), and it would be great for the area if prices stopped bottoming out there.
I think they have bottomed out. Probably a good buy right now either to live in or to rent out.
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Old 02-14-2013, 07:53 PM
 
2,678 posts, read 5,094,519 times
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Most people don't realize the range of condos in midtown because they simply focus on the brand new stuff, there really is all types to fit all styles and price ranges as well. You certainly can get much more square footage for your money in other buildings if you focus on more then the brand new towers.
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Old 02-14-2013, 08:52 PM
 
1,392 posts, read 2,498,760 times
Reputation: 826
Quote:
Originally Posted by ATLTJL View Post
I had never heard of this building, so I looked it up. Nice! I must say, I'm jealous. If I could afford something like that, I'd probably be in midtown and not the suburbs! My only question, and this is totally off topic, but if you're going to build fairly nice condos like that, why skimp on the pool and just build a lame-o lap pool? The whole point is to have something other than what is at your gym!

Anyway, I have no data to back this up, but I'm going to take a guess that you are looking in a sweet spot of condos in Atlanta. You have money to spend and want something nice. I think this is an area where the condo market is going to bounce back much quicker because supply is low.

Let's say you only had $175k to spend, but you didn't mind having a cookie cutter unit with a concrete wall and silly 3/4 wall between the living room and bedroom. I think that market is going to bounce back much more slowly because they were so overbuilt and happened to be the flavor of the month in 2003, but the pseudo loft look is pretty much already unpopular.

I guess what I'm trying to say is it's difficult to just say the "condo market" because it's really made up of a few markets. Just like country club mansions behave differently than modest single family homes, I'm betting that luxury condos, mid-range condos like you are looking at, and then low-end condos like mass produced Novare units all behave somewhat differently. I would further guess that the mid-range market would pretty much always be the healthiest.
Cost of admission. There is a lot of demand at the $175k and below price point from what I've seen. We just sold a 1bd condo in Twelve Centennial Park, smallest floor plan at 730 sq ft with that half wall you speak of for over $150k... unit sold for much more originally, but many others in the building with the same floor plan went for well below $100k at the bottom. $200+ per foot is a place avg condo buildings haven't been in a while. Market is on a rebound. We price everything at the top of the comps, and again, we beat the comps for same units 90% of the time....and sell the unit inside of 60 from listing more often than not.

I think developers with a shovel in the ground right now are going to fair well. I think we'll see some of these condo projects turned apartments transition back to condo sooner than later. Maybe not that monstrosity Atlantic, but projects like SkyRise. If SkyRise needs 300+ per foot to make it work, it could be a while ...but I think it would bump right up against 250 if opened today.

I really think Jamestown is missing the mark not rolling out Ponce City Mkt as condos. We are selling condos surrounding the development at 80% of peak cost ...still a high number and much better than other pocket condo mkts.
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