Penthouse by Centennial Park? (comparable sales, sale, lease)

[arjay57]

I think this is a good looking penthouse. My thought is that the market for high end condos in that area is untested, especially right now.

What are the comps?

[datbol]

Originally Posted by arjay57

I think this is a good looking penthouse. My thought is that the market for high end condos in that area is untested, especially right now.

What are the comps?

We are looking in midtown/downtown for comps. There were a handful from 2010 and a bunch from 2009 (that are too old now). Surprisingly the inventory of high end condos have gone down since 2009 based on what me and my realtor have seen. There are but a handful of TRUE penthouses left in downtown, midtown, and even buckhead.

[arjay57]

If there aren't any comps to support a $2 million price tag, I'd come in with an offer of whatever I thought might get it. All they can say is no. Suppose you offer them $895K, to close in 10 days? That's close to $200/sf. It wasn't that long ago that people in Atlanta thought that would be an exorbitant price for a condo.

[datbol]

Originally Posted by arjay57

If there aren't any comps to support a $2 million price tag, I'd come in with an offer of whatever I thought might get it. All they can say is no. Suppose you offer them $895K, to close in 10 days? That's close to $200/sf. It wasn't that long ago that people in Atlanta thought that would be an exorbitant price for a condo.

We came in at a substantially higher number than that and they rejected the offer. Everyone seems to be sticking to their guns. They showed us over 10 comparables. We were looking through the numbers for our due diligence. Can you tell me of any penthouses that are selling at $200/ft in a similar area like downtown, midtown or buckhead today? I cant find that much space for that $200/ft. If so please let me know

[arjay57]

Well, that's what I asked -- what are the comps showing, and I understood you to say you hadn't been able to find many.

But sure, if the values support the seller's asking price I wouldn't blame them for sticking to their guns. (Assuming they have the wherewithal to ride out a slow market).

And actually I do know a guy who bought a blowout penthouse in an older building in Buckhead for around $200/sf. It was an enormous space and he gutted it and did a total redo, so he probably wound up paying a lot more than that when all was said and done.

[RZaakir]

Some other advantages of Luckie Marietta:

- Walking distance to the Balzer Theatre and Rialto Theatre.
- If you're into music, the GSU School of Music puts on 150+ free concerts yearly at the nearby GSU Recital Hall.
- GSU also has a great small movie theater - Cinefest - that shows a good mix of independent and mainstream releases for cheap.
- Construction of the streetcar - which will run on the other side of the park - will start in November. The streetcar will provide convenient access to the Edgewood corridor which has a good number of unique local dining experiences. Of course you can also get there by taking MARTA from the nearby GWCC station (2 blocks away) to the King Center and walk 3 blocks. Or you can just enjoy all of the new restaurants and pubs that are opening next to the King Center station.
- The Commerce Club is a great social club located in the 191 Peachtree building.
- Castleberry Hill and all of its wonderful events - art walk, FLUX, chilli cook off - and restaurants is right over the bridge.
- The red hot westside district is just up Marietta St.
- Awesome events like Atlanta Streets Alive, the Downtown Neighborhood Festival, and Luminocity.
- Pretty much every parade worth seeing in this city goes through Downtown.
- Short traveling distance to raise hell with City, County, and State government.
- The developer of Luckie Marietta lives in Centennial Park West with his family and has a strong commitment to improving the area.
- There are 2 Publix stores nearby: one on West PEachtree (5 miles - 950 West Peachtree St NW, Atlanta, GA 30309 to Centennial Olympic Park - Google Maps) and one on Piedmont (3.8 miles - 595 Piedmont Ave NE, Atlanta, GA 30308 to Centennial Olympic Park - Google Maps). I lived many years in suburbia and, even there, those are more than reasonable distances to shop.

I have much more but I think I've made my point.

[datbol]

Originally Posted by arjay57

Well, that's what I asked -- what are the comps showing, and I understood you to say you hadn't been able to find many.

But sure, if the values support the seller's asking price I wouldn't blame them for sticking to their guns. (Assuming they have the wherewithal to ride out a slow market).

And actually I do know a guy who bought a blowout penthouse in an older building in Buckhead for around $200/sf. It was an enormous space and he gutted it and did a total redo, so he probably wound up paying a lot more than that when all was said and done.

They said they did a total redo on this place as it did look almost new when we visited. I want one of those deals

[afonega1]

Originally Posted by Plokivos

I would say, if you buy it now, in 2 years, it'll just go up in price. I don't think they're lying when they say $700k in reduction since something smaller than that in midtown actually went for close to $3m.

I do think 24 hour concierge is a joke though. Only good 24 hour concierge is in NYC. My 24 hour concierge just get packages, don't even say hello to people in the morning.

In my cousins building in Midtown the concierge does it all.Dry cleaning drop off pick up,diner reservations,clubbing reservations,arrange for transportation etc...

[datbol]

Originally Posted by afonega1

In my cousins building in Midtown the concierge does it all.Dry cleaning drop off pick up,diner reservations,clubbing reservations,arrange for transportation etc...

I think 24 hour concierge is a good deterent of crime as someone is always around to watch what is going on. Its especially more effective in the lower density buildings with less than 100 or so units. If you have a building with 300 units and one concierge its almost pointless because theres no way they can handle that amount of traffic.

[datbol]

Anyone know of what the Peter Pan tent is for?