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
Mortgage rates for 30 year fixed rose above 4% this week for the first time since November of 2014. Although they just now broke the 4% barrier they have been climbing the last 2 weeks. The 30 year fixed rate averaged 4.04%, up from 3.87% 2 weeks ago. The reason is that employment data is looking strong which is driving up U.S. Treasury yields. There have been rumblings that we’d see the fed increase it’s rates. This is part of the cause since the Fed has said it’s watching employment numbers carefully.
This quote is from housingwire.com
“Mortgage rates rocketed higher following a stronger than expected monthly employment report. The good news on the job front further solidifies the notion that the Federal Reserve will likely begin raising interest rates soon, perhaps in the third quarter of this year,” analysts with Bankrate said about the report.
“The job market is one area the Fed has specifically pointed to as needing to show further improvement before they’d be comfortable raising short-term interest rates, and further improvement is what we have seen,” continued Bankrate
So if you’re considering buying now or later, keep a close eye on these rates.
Did you know Atlanta has some great home buying down payment assistance programs? One of our favorites is the ‘Neighborhood Lift Program’ which provides up to $15,000 in downpayment assistance in the form of a 0% forgivable second mortgage. The specifics are listed below. Once you’ve taken a look give me a call at 404-245-4960 or you can send me an email and I’ll be happy to help get you started. These programs sometimes come and go so don’t hesitate!
NLP – Neighborhood Lift Program
What is it?
- The “Neighborhood Lift Program (NLP)” provides up to $15,000 mortgage assistance in form of a 0% interest rate soft second mortgage.
- 1st Mortgage secured by Invest Atlanta’s participating lenders must be Conventional, FHA, or VA 30-year fixed rate loan.
What type of home can I buy?
- The property must be located in the city limits of Atlanta
- There is no maximum purchase price
- Single family detached homes, townhomes, and condominiums
- Property must be owner occupied
What are the income limits?
||FHA Income Limits
||Conventional Income Limits
|(1 person Household)
|(2 person Household)
|(3 person Household)
|(4 person Household)
|(5 person Household)