1010 Midtown
This building is on a prime block of Midtown Atlanta. Many people do prefer to live between 5th and 10th Streets, since it is more of a neighborhood feel, but 1010 is more expensive real estate as it is closer to both Piedmont Park as well as the arts centers and the highrises of northern Midtown. Indeed, 1010 Midtown is between 11th and 12th Streets, which is a little less “neighborhoody;” it is in fact more expensive land since it is closer to many of the expensive class A offices in Midtown. It has great dining and nightlife options downstairs in Piola, Ra Sushi, and Ri Ra Irish Pub. Intermezzo actually signed a lease to move their flagship location from Brookwood in Buckhead to Midtown. In addition to these great in-building dining options, 1010 is also right across the street from the popular STK Steakhouse. A New York Italian restaurant, Cucina Asellina, has also jumped into the mix. That adds some more poshness to this area.
In terms of amenities, 1010 has a large gym, and similar to Viewpoint, the pool at 1010 is top notch. The units have fully finished ceilings, not the cement loft look that Viewpoint and Spire have. The building is more traditional in feel, both within the units and throughout the building. 1010 originally was priced at around $400 per square foot at the peak of 2008 when it came to market. It sold some units then, but this building really did not get rocking until April of 2010. Since then, when 1010 discounted the units by about $75K for one-bedrooms and $125K-150K for two-bedrooms, 1010 has already sold 50% (10% just since the summer) of the building. In fact, 1010 was the best selling building in Midtown for 2010, and 2011! In the past people have worried about 1010 not selling out, but I am not worried, nor are my clients who have purchased almost three million dollars worth of units in this building. Honestly, 1010 is at a point now at over 50% occupancy much like Viewpoint was when I purchased my unit there. They are getting lots of offers and contracts, and the risks pertaining to the building are diminishing fast. As this risk premium continues to diminish, I have seen the prices here start to rise. I think years from now those who purchased in this building will feel like they have one of the best products out there in Midtown.
As of now, the developer has sold most of its corners and many of its opening price point one-bedrooms. There still are some tremendous deals on interior two-bedroom units, and some corners near the $400K mark. I have worked with three sets of buyers to purchase two great two-bedroom corner units at a great price, well under $320 per square foot. I have also worked with one of the winners of the TV show The Amazing Race to get him into a one-bedroom at a great price. Another investor purchased two one-bedrooms for cash and closed both of those at the end of last year. Units here start at about $299K for some different two-bedroom floor plans around 1150-1200 square feet. Corner two-bedrooms start in the upper $300K range. Most of the corners in 1010 are now sold. In fact, the corners within this building have started to climb in price given their lack of supple. This is similar to what happened at Viewpoint as all of the corners sold out over two years before the rest of the building did. At 1010, all units have nice private balconies, as well as a standard Bosch appliance packages.
Much like Viewpoint, this is one of two buildings that I believe people will talk about for years and years to come. I do not see anything surpassing these buildings anytime soon. To build something like this, it takes millions of financing, then years and years of construction and permits. So after a building like this sells out, guess what people moving to Midtown will continue to be asking for? 1010 and Viewpoint. These will still be the tallest, newest, and some of the nicest for years to come. Supply and demand at its finest. As the top selling Buyer’s Agent for 1010 for 2011, I invite you to take a look at this fine building with me.
