State of The Union Year End 2013

The year is quickly coming to a close.      The last client Sale Transaction close for the year was last Friday.   My clients closed on a very nice three story new Duplex style home in the 4th Ward just steps from Inman Park and the Highland Bakery.    With that close it brings the ATL Condo Deals volume for 2013 to $7,000,000 worth of sales transactions.   This of course does not include the rental, or management fee revenue for the year, thus 7 million is a very strong year and is in fact the best year yet for my firm.

2013 being the strongest year should be no surprise.     For this year witnessed a remarkable housing rebound nearly nationwide.   In fact, for the 2nd Quarter Atlanta Metro was one of the hottest markets in the Nation.   The Intown market, especially the condo and smaller home market, continues to be plagued by low inventory.   This in turn continues to drive up listing and final sales prices.    In the two buildings where I did a lot of business this year, 1010 Midtown (nearly 2 million in sales), and Viewpoint (nearly 1 million) the unit prices continue to march higher.    Viewpoint prices stalled coming out of the 3rd quarter, but have since been on the upswing at a robust pace.   1010 Midtown units never stalled.   The fact that the developer was able to lease nearly all of the retail to very high quality and arguably “hip” tenants bodes well for that building;s property values going forward.     Furthermore, the ability of the developer to sell that commercial space for roughly 16 million, in an otherwise still difficult commercial environment says something about the location’s desirability.    Mi Cucina, Panera Bread, and Cafe Intermezzo are all considered very solid options for those living in highrise condos.    All of these attributes contributed to 1010 Midtown’s non-stop ascent in price.

Now on to Viewpoint.   The building has a Rental Tower opening sometime in the coming month or so.      Sky House South, will bring more people, and arguably more excitement to the South of 10th Street, Peachtree corridor.       What most owners at Viewpoint like myself are most excited about are the prospects of some pretty cool commercial retail being built within the block.  The current Starbucks below is slated to be torn down will be rebuilt as part of a larger development which is rumored to be signing a Grocer for the lease.       This is all very exciting stuff.     In addition to what is happening outside Viewpoint’s walls, inside the building a Vote was held that passed by an overwhelming majority (my vote included) to spend some of the Reserve fund on some great upgrades and needed maintenance to keep the building spruced up as one of the best in Midtown.    The Viewpoint Holiday party is tonight, and I plan on attending and entertaining more of the building’s gossip and innuendo.      Well, more of the resident gossip I suppose too, but either way it should be fun!

As the Year comes to a close I thank all of my clients for trusting my judgement to help them make and execute their Real Estate transactions.   As someone with many rental properties, a virtual encyclopedia in my head building-by-building, and a wealth of investing knowledge, I always enjoying offering my full expertise to the job.    As 2014 rolls around I look forward to another prosperous year full of many more transactions and an even larger network.


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