New Construction Conodo Developments with Units Left. Few and far between!

Summer is here and as more and more people are calling me to purchase highrise condo and Lofts I am  encountering more people asking me what Condo buildings still have brand new units for sale.    With this  posting I hope to outline the remaining availability of product choices in Atlanta.   In the link below you will find all “New” condos currently listed in the FMLS as of May 22, 2013.


Below is a loose outline of buildings, pricing and if they likely have lease permits for investors still available:

The St. Regis Residences      A new Penthouse at over 4,000 square feet is currently listed at $3,950,000. he  It appears to be already built out and all set to go.

Sovereign    A 47th floor unit of 4,100 square feet with 13 foot ceilings is currently listed at $3,500,000.    A number of units are still for sale here.   The most affordable of all listings is a 2 bedroom, 2 bath at $890,000.

The Ritz Carlton Residences     This project is now over 90% Sold Out!   There is one remaining Penthouse listed, it is $3,016,000 and is on the 33rd floor at the top of the building.   As for the remaining units a 19th floor 1 bedroom starts at $439,900 on the 19th floor.   The Ritz is sold out of 2 bedroom units and the current opening price point 3 bedroom 3 bath is a cool 2,400,000 on the 31st floor.     Lease permits last I checked are still available here.

The W Residences     I had a phone call from the Sales Manager here last night.   This project is progressing.  As I have mentioned in my blog postings before this remains the most affordable W Condo project  in the world.     This Condo is currently 40% Sold.    Lease permits are no longer available, but it remains a great product at a steep discount to original build-out Mark Up.     The current owner which purchased both the Hotel and the Condos out of Foreclosure owns the property out right with no lien.   This simple fact, has enabled people to have faith in the project and its viability going forward.

As mid-tier Novare properties (think Eclipse, Twelves, Plaza Midtown) are up like 40% from their lows, their lows the current discounted price range at the W looks more and more attractive.   Especially when based on the larger square footage foot prints of these units.   W Residence units currently start at $299,900 for a 1 bedroom 1.5 bath of about 1150 square feet.  This unit will be under contract within the next few weeks though.     After this one 1/1.5 unit, there are two bedrooms with the opening price point there being a 21st floor 2/2 of about 1600 square feet for $394,900.      There are a number of Penthouse units still left here with the largest of which being a 3,300 sq. ft. unit at $1,499,000 a relative bargain at less then $500 a square foot for this level of property.    As many of you will recall from last summer I spent a long weekend in a Suite at the South Beach W in Buckhead.   That unit of about 700 square feet started at around $700k!   And that was last summer, I guarantee units there have since gone up in price if any are still left.

As I mentioned, this building is turning out to be very well priced as many other options have climbed up in price as of late.

1010 Midtown      This building is now 90% sold!   Wow!   Many of my clients have purchased here and this year two of my clients have purchased (one closes in early June) on the coveted “07″ view of the city on the curve 1 bedroom floorplan.   1 bedroom new units here now start at $249,900 for a lower floor unit.      The opening price point 2 bedroom 2 bath on the 8th floor is currently listed at $399,900.   Most 2 bedrooms are in the upper $400k to upper $500k range now.     The developer has a few units that he will sell with a lease permit and leasing rights.   1 bedrooms of this ilk start in the upper $200k range.

The Astoria     This building only has 3 or 4 units left for sale!   It is almost gone!  I have been told by the Sales Manager that they can still arrange for a lease permit for my clients.  The building only allows for 15% for lease permits, so to get one of those would be a great investment since there is such a limited supply.   I am huge fan of this building from a number of perspectives.    Currently the opening price point 10th floor 2 bedroom, 2 bath is $445,000.     At 1794 square feet with nice, high quality finishes it prices out at less then $250 a square foot!   This building will be sold out by the end of Summer.   The time is now or never for a new unit here.

The Stacks Lofts     This is a Historic building on the border of Inman Park in Cabbage Town.    Large Lofts with character, 2 bedroom 2 bath unit, start at $227,900.  One of my clients purchased a large Loft of over 1800 square feet earlier this year.   You really can’t beat paying less then $250k for a unit of over 1800 square feet!   That works out to just under $140.00 a foot!   An almost unheard of price even on the resale market.   From what I understand lease permits are still available here.      Thus these could make a great rental investment at a moderate price point.

Overall, there are still some brand new homes to be had in Atlanta.  I personally do not expect another highrise or large scale loft to begin construction within this city for a at least two to three more years.  In the meantime as employment and income trends continue to improve I fully expect the limited supply of condos, especially the newer ones, will continue to appreciate.   If you are interested in learning more about any of the condos in the listings or paragraphs above then please contact me.








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