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.