The next in our series of Condo Market updates is ‘Spire’ on Peachtree St in Midtown Atlanta. Spire was built in 2005. It’s 28 stories tall and has 393 units. It includes 21,000 square feet of retail on the ground floor and just about everything you’d need is in walking distance of this building. This complex also features an amazing pool and amenities with great views.
We started by reviewing sales in this building in the first half of 2015. There are currently just six units for sale here. A two bedroom and five one bedrooms so inventory is sparse, just like all over Atlanta. During the first 6 months of 2015 there were 13 sales of one bedroom units. They sold for an average of $219,000 in an average of 54 days. Ten two bedroom units sold during that same period for an average of $359,000 in just 63 days. This shows a strong market for Spire that’s not expected to quit any time soon.
Comparing these numbers to the last half of 2014 was a little tough as we’ll explain in a moment. During the last 6 months of 2014 there were seventeen one bedroom units sold for an average of $202,000. This reflects an 8 – 10% increase in value over this period and that’s typical of what we’ve seen for quality condo buildings in Midtown. Where it gets a little tougher is that only three two bedroom units sold during this time so the $363,000 average for those doesn’t tell us much.
What we do know about this market and can tell from these stats is that the midtown condo market is strong and we’re not seeing it let up anytime soon. We just expect continued appreciation. We’ve done an analysis of one bedroom and two bedroom units here but remember that many factors can affect value even in the same building. Those factors can include what floor, the view, proximity to parking or amenities, finishes, etc. So if you’re thinking of buying or selling a condo you need to contact someone who is an expert in that market. We’d love to help you in any way we can. Please contact us by emailing or calling us today.
Notes; All statistics are taken from First MLS and we’ve included links below to both reports.
Spire Market Review First Half of 2015
Spire Market Review Second Half of 2014
We’re always keeping abreast of the Atlanta condo market here at ‘Homes in Atlanta’ and today we’re focusing on Plaza Midtown. It’s a great building completed in 2006, 20 stories tall and has 418 units. It offers shopping amenities including a Publix in the building and restaurants and bars close by. It’s also located just 800 feet from the Midtown Marta station. That has become a big factor in value in Atlanta.
We looked at sales in the first half of 2015 versus the last 6 months of 2014 and here’s what we’ve found. First, this is a hot building with only 2 units currently on the market and 6 under contract. Wow! In the last half of 2014 one bedroom units sold for an average of $208,000 on 5 sales. The average time on market for these were 16 days (note, one unit languished on the market for 292 days but since it was such an outlier we threw it out). Two bedroom units sold for an average of $309,000 in 94 days.
Now lets look at the first half of 2015. Now one bedrooms are selling for an average of $224,000 in just 11 days! Meanwhile two bedrooms are now going for $342,000 and selling in just 21 days.
These numbers show an 8 to 10% increase in value over this short amount of time. What does this tell us? We know there is a shortage of quality condos in Atlanta and particularly in the Midtown market. We’re seeing number like these in good buildings like Plaza, Spire and Metropolis. Quality buildings are getting premium pricing. And don’t forget the proximity to Marta we mentioned earlier. Keep in mind these are average numbers and each unit must be evaluated individually to get a proper value. If you want more specifics, you can click on the links below to get all the details. Note; all numbers come from First MLS.
If you’re thinking of buying or selling a condo in Midtown or anywhere in Atlanta give us a call. You need an expert that knows the market.
Plaza Midtown Market Stats Second Half of 2014
Plaza Midtown Market Stats First Half of 2015
Here at HomesinAtlanta we like to keep you up to date on the Atlanta real estate market. So this week we’re focusing on the 3rd quarter condo market and it’s been hot. This first graph shows sales are up vs 2013 and 2012.
And while year over year sales are above last year they have been declining recently, mostly due to a lack of inventory, not a lack of demand.
Breaking it down by price point now. Condos above $750k are still in a buyers market. Condos under $100k look to be soft too but that’s just because the under $100k market supply has dried up.
Lets take a look at supply vs demand. This graph shows how many units are coming on the market vs units coming on the market. This slide shows that once we hit 6 months of supply we’re in a buyers market. But we’re nowhere close to that. We’re closer to a 3 month supply, a definite sellers market.
Check out the long view! In September 2014 40% more units were sold than September 2009 but we have nearly 70% fewer units for sale.
Condo sales in Atlanta continue to be strong. HomesinAtlanta expects a small slowdown during the Winter months but we’ll be back to current levels by early Spring. We’ll stay a seller’s market for the near future due to a decent buyer demand combined with a lack of inventory. Got any questions or would like to know more? Just drop us a question here.
Okay, so maybe you don’t own a million dollar condo in the Financial District in New York (yes, I know the accompanying article calls it a co-op but it’s actually a condo). Anyway, the owner of the unit decided she’d rent it out nightly without the board’s permission. Big mistake! When you buy a condo you are agreeing to live by the board’s rule. And if you don’t they can slap fines on you and file a lien if you don’t pay those fines. In this case the owner claimed they weren’t renting it out so the board installed surveillance cameras to check up on her. Oh yea and then her boyfriend sent threatening letters to the board basically saying, ‘Do you know who I am?’. Okay, that was big mistake number two. It’s an interesting article but it’s also an important lesson. Know what you’re getting into when you buy a condo. You must abide by the rules or face the consequences. One more reason it’s important to have a knowledgeable agent on your side when looking for a home. Here’s a link to the original article. I haven’t seen an update to how this was finally settled….