Eclipse
Eclipse offers the BEST value in Buckhead, in my opinion. This building came to market in 2004 during the peak of condo prices, and when loans were easy to come by. This has made for a foreclosure fiasco. That said, I think the number of foreclosures and short sales have slowed down, and prices have risen substantially off of the bottom. One bedrooms now start in the low $100k range. Two-bedrooms start around $200K. One of my buyers recently got a smaller corner two-bedroom for just under $220K. I think I have helped buyers purchase four units here last year. One of my other clients did a cash bid for 5% over the asking price on a recent well-priced top floor one-bedroom. After the first weekend it was listed, it had six offers and the cash deal that purchased the unit was $15,000 over list price! Yes folks, I see many bidding wars these days!
With the retail development “The Streets Of Buckhead” now being named “Buckhead Atlanta” and a firm opening date now set, I expect this building to continue its ascent.
http://www.whatnowatlanta.com/2013/12/23/revealed-buckhead-atlanta-to-open-july-7/
It is a big deal that construction has resumed on this massive project. I like Eclipse because it is on Pharr Road, which has more of a neighborhood feel than those buildings further north in Buckhead on Peachtree. Imagine living below 23rd Street in NYC versus living in the 50s. Within the building is Istanblue, a cool European lounge, which is a prime spot for drinks. You will often find me here, especially on its signature-night Wednesdays which boast a nice crowd. I am often proud to bring my L.A. and NYC friends here when they visit Atlanta. I also enjoy the sports pub next door called “The Elbow Room.” They serve great New York style thin crust pizza and have a nice assortment of brews. Across the street is The Atlanta Fish Market, which is a solid seafood dining option from the Buckhead Life Restaurant Group. Within this building, NFL quarterback Cam Newton purchased a place and Terrell Owens owns a second or third home here as well.
Eclipse is a great place to live, and if I was in Buckhead and I wanted an affordable fun highrise option, this would be it. I love the rooftop pool (one of the largest in Buckhead) and nice size gym with views of Midtown and Downtown Atlanta. I am advising clients to purchase here, both as an investment or as their home. Currently there are one-bedrooms starting in the $130K range and two-bedrooms starting in the $200K range.
I manage four furnished corporate one-bedroom rentals here. They lease for $1950-$2100 per month. The returns are very strong and the upside for when “Buckhead Atlanta” is finished is also equally strong. As mentioned, I will be buying one for my company soon enough.
