Despite hundreds of new for-sale multifamily units on the Midtown horizon, condo sales in the ever-changing subdistrict are trending upward, according to an analysis by brokerage Engel & Völkers.
When it came to condo (and to a lesser extent, townhome) resales in 2017, Midtown and surrounding neighborhoods distinguished themselves from the rest of Atlanta, notching almost 1,450 resales, analysts found.
Leading the way were one of Midtown’s high-rise condo pioneers—the Metropolis building on Peachtree Street—and the art deco Atlantic tower in Atlantic Station, a former rental building that logged 52 closings and 100 contracts written last year, per Engel & Völkers.
At the latter tower, average sale prices climbed more than 6 percent in 2017, from $410,000 to $436,000.
Compared to 2016, the average days for condos and townhomes around Midtown to linger on the market dropped from 31 to 28 last year; meanwhile, the ratio of list to sale prices stepped from 98 to 99 percent.
“We observed steady sales at a variety of price points throughout the year with particularly strong resale absorption in the market,” Christa Huffstickler, Engel & Völkers Atlanta president and CEO, said in a release. “Inventory is tight and buyers are increasingly demanding homes in the city’s core.”The 150-unit Juniper and 5th condo proposal.
This “flurry” of activity, as Huffstickler puts it, came despite evidence that Midtown’s large-scale condo construction activity might finally start to look like 2007 again.
Hundreds of for-sale units are in various phases of construction at boutique projects and three main Midtown players, including: No2 Opus Place (now beginning in the $400,000s); Selig Enterprises’s West Peachtree Street mega-project (from $500,000s); and the Juniper and 5th project by Dezhu US (also from $500,000s) with 150 homes.
Source: Curbed Atlanta