While there’s still a month left in 2017, looking back on a year-over-year basis November-to-November, Buckhead’s High-Condo Market has done pretty well. In the 23 buildings I track, sales are up 7% (360 to 385) and the average price per square foot is up 4.3% ($337 – $352).
Buildings that showed the largest increase in price/square foot were predominately comprised of entry-level or first time condo buyers. This is great news, and it’s exactly what you want to see in a healthy real estate market. As first time buyers generate equity in homes, they begin to move up to higher priced homes, stimulating demand across the market.
Here are a few of the biggest winners in Buckhead’s High-rise Condo Market this year:
Biggest winners in price/sqft gain:
o Buckhead Village Lofts – up 13%, from $252 to $285
o Gallery – up 12%, from $325 to $367
o Meridian Buckhead – up 11%, from $220 to $245
o Paces 325 – up 10%, from $228 to $250
o Ovation – up 9%, from $259 to $282
o Eclipse – up 6%, from $276 to $293
Biggest increase in units sold:
o Mandarin Oriental – up 267%, from 3 to 11
o Ritz Carlton – up 240%, from 5 to 17
o Park Regency – up 114%, from 7 to 15
o Plaza Towers – up 67%, from 6 to 10
o Buckhead Village Lofts – up 60%, from 10 to 16
o The View at Chastain – up 43%, from 14 to 20
o Terminus – up 39%, from 18 to 25
o Ovation – up 33%, from 27 to 36
o Eclipse – up 31%, from 39 to 51
o Meridian Buckhead – up 18%, from 22 to 26
And the best overall performance in Buckhead’s High Rise Condo Market is…
Buckhead Village Lofts!
Ok, so Buckhead Village Lofts might not be what you first think of when you hear “high-rise”, but it is 10 stories tall so it does classify as a high-rise …Anyway, it not only had the highest increase in price/sqft (13%), it also saw an impressive jump in units sold (60%), indicating that demand still outpaced supply despite a substantial increase available units.
Buckhead Village Lofts…
Considering buying or selling a home? Here are a few resources and related articles:
How to Get the Most for Your Home – Part 1: Preparation
Atlanta Real Estate Predictions for 2017
Why Photography is so Important in Atlanta’s Real Estate Market
Dear Real Estate Agent, What Were You Thinking? How to NOT sell your home…
How to Get the Most for Your Home – Part 2: Positioning and Promoting your Home