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Condo Trends Demand
for Intown living means price increase
By Collin Kelley
Before the “great recession,” Atlanta was condo crazy. Many of the projects during that time converted to apartments or were mothballed altogether. A decade on from the financial crisis, the demand for condos is high again, and prices are soaring. JJ Imbeaux , an expert with online real estate tech company Leadkit, said high-rise developments with prices over $1 million are the new normal.
A few of Imbeaux’s findings:
• The median price of listings over $1 million is $1.4 million, at $295 per square foot. The median size is 5 beds and 5.5 baths.
• As corporate and high rise development in Midtown continues, more and more high-end apartments are being listed for sale. There’s already been a rise in condos listed from 1065 Midtown at the Lowe’s Midtown Hotel and No2 Opus Place.
• Lowe’s Midtown Hotel has listed 9 units for an average of $1.56 million, at an average price per square foot of $668.
• Harry Norman was the best-performing brokerage for $1 million-plus listings, with 19 units sold.
