Luxury Condo Report
Despite the upward creep in interest rates, Atlanta’s high-end condo market has been especially robust this year, with a number of high-profile buildings boasting strong sales. This summer alone, three units at the hyper-luxury One Museum Place sold in the $2.9 to $4 million range, with those units selling faster than the historical norm for that price point. Meanwhile, sales activity at the upscale The Dillon Buckhead, which is still under construction, is at record levels. Back in the spring, $30 million in residences went under contract over two straight months, a sales pace previously unseen in the Buckhead condo market.
“Throughout this past summer, the luxury market for condos priced between $2 million and $4 million has been unusually active, defying the typical cooling trend,” says Ally may, an intown realtor with Atlanta Fine Homes Sotheby’s International Realty. “This surge in activity can be attributed to the strong presence of cash buyers who have remained unswayed by fluctuations in interest rates.” Based on her personal client experience, May adds that while condos priced under $600,000 and over $1.5 million have been selling quickly, the price point between those two figures has been stagnant. “Many of my buyers opted to wait until fall, hoping for rate adjustments and increased inventory.”
Although prime locations have presumably helped boost sales—One Museum Place is attractively located across from the High Museum of Art—luxury amenities, such as valet parking and resort-style pools, are also likely helping to drive sales. However, May points out that her clients continue to focus on essential amenities, including security features, architectural integrity and gyms.