Atlanta Luxury Update
Although the luxury residential sector might have been less severely impacted than the rest of the real estate market by recent economic woes, it has not been immune to some of the challenges facing the industry as a whole. In Atlanta, one of the biggest issues currently facing the luxury market is a lack of inventory. Even so, affluent buyers continue to maintain a certain criteria when it comes to buying homes, according to veteran Atlanta real estate agents Travis Reed and Michael Kriethe of Home Luxury Real Estate. “Luxury buyers are often looking for ease of transition,” says Reed, whose clientele is currently a mix of both Atlanta-based and out-of-state buyers. “They have less tolerance for inconveniences such as making improvements to the property.”
While luxury homebuyers might prefer properties that are move-in ready, they are also drawn to high-end amenities that appear to be rooted in the latest design trends.
As for what lies ahead this year in the luxury market, Kriethe is encouraged by what he sees. “Mortgage rates are easing in the jumbo markets, the stock market recovery is making it possible for people to make down payments and there is media attention on the Atlanta housing market. Good things to come!”