From Atlanta Intown Newspaper reporter Kathy Dean:
With the resurgence of the real estate market in Atlanta, condos and townhomes are high on the list of desirable properties. Many people consider them the perfect option for enjoying the best that city life has to offer. Others find condos a cost-effective way to live Intown.
A report by Dorsey Alston, Realtors shows mid-year home and condominium prices around Intown, specifically Ansley Park, Virginia-Highland, Morningside and Midtown, have risen substantially over this time last year, while the number of listings is up across the metro Atlanta area.
Intown single family homes have increased both in number of units on the market (up 19 percent) and in average sales price ($710,624). The condo market has seen a similar increase, with new listings up 4 percent year-to-year, and average 23 percent increase in sales price.
Evidence of this momentum can be found in Virginia Park, a 40-unit town home development in Virginia-Highland delivered earlier this year. All of the new homes closed within days of receiving the certificate of occupancy.
That is a more than $20 million multi-family development completely sold out within days. The homes were all highly amenticized, well-located and priced correctly.
They were three bedroom and three and half baths with 10 foot ceilings and luxury kitchens, which opened onto family rooms. Our own Kate Burke and Lindsay Dawson have been involved with the project from the planning phase.
“These are excellent homes and developer Walnut Meadows went the extra mile in delivering homes that exceeded market expectations and kept us engaged and incorporated many suggestions to ensure each home found the right buyer quickly,” Burke said.
A story on Virginia Park can be read here at patch.com.
We think these trends will continue through the remainder of the year, and as indicated in the Patch story, we see similar growth in East Cobb and Brookhaven. It’s not just to ITP. It’s across metro Atlanta.