October 2018 - Atlanta INtown

Page 20

Home & Real Estate

Trends � Development � City Living

Rooms with a View

Intown condo and townhome market still going strong

Heritage on Memorial

By Kathy Dean


ntown real estate, especially around Atlanta’s BeltLine, continues to get hotter. Townhome and condominium developments keep popping up and selling out. And according to all accounts, this is likely to be the trend for the foreseeable future. David J. Tufts, President/Principal Ansley Developer Services, said that there’s presently an insatiable demand for Intown townhome and condominium living, and it’s due to people looking for short commute times, walkability, cultural infrastructure like shopping, restaurants, museums and parks, “…and most dramatically, a tight supply of new state-of-theart housing alternatives.” “There’s great demand for all price ranges. We’re finding buyers who seek a wide range of features, but walkability, dog and pet friendly amenities, and superior kitchens and master baths are truly important,” he said. “With the first new glass and concrete construction high-rise coming to west Midtown [Seven88 West Midtown], we’re also seeing huge desire for sweeping skyline views and an amenity rich lifestyle,” Tufts said. The BeltLine continues to be a driving force for new development in the Intown neighborhoods, according to Anne Schwall, Vice President, Atlanta Fine Homes Sotheby’s International Realty Developer Services Division. “Communities within walking and biking distance of the BeltLine draw a premium and remain the most desirable for buyers who want the connectivity to restaurants and shops.” The expansion of the BeltLine on the Westside is spurring the growth of new development, she said, causing residential builders to set their sights on building townhome and condo communities there while lots are plentiful and more affordable. Lori Combs, VP of Sales and Marketing/ Broker, JW Collection LLC, said that she sees the trend for townhomes and condos continuing, as the lock-and-leave concept is very appealing to people these days. “I think people are busy with work, family obligations, etc. and they want to enjoy the little bit of free time they have. They want that to be quality time and having a low maintenance condo or townhome enables them to have just that.” Urban living is extremely popular, Combs said. “Many of our neighborhoods focus on walkability. Anytime you can come home and not have to jump back into your car to shop, dine or for entertainment is very desirable.” Ironside at East Atlanta Village In 2018 so far, demand has continued

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to increase for both resale condos and new construction projects, said Christa Huffstickler, President & CEO, Engel & Völkers Atlanta. “With new condo projects like the forthcoming 40th West 12th and Atlantic — which debuted in 2017 and has sold over 100 homes — generating interest and posting high sales, we’re optimistic that the market will respond positively to new condo development throughout the rest of the year and into 2019,” she said. She has also seen a huge demand for luxury townhome development as more Atlanta residents flock to Intown neighborhoods. “As the BeltLine buzz continues to grow, buyers are looking for townhome developments in walkable, trendy submarkets like Reynoldstown, Old Fourth Ward (O4W) and Grant Park,” Huffstickler said. The Intown neighborhoods offer the perfect combination of multi-story living with enough room for a family and the feeling of having private space while living in the middle of a bustling neighborhood and close to job centers like Midtown and Downtown. Recently, Huffstickler has seen an increase in the luxury townhome market in Intown areas like Cabbagetown and anywhere along the BeltLine’s Eastside extension, as well as in more traditionally attractive submarkets stretching down Peachtree Street from Buckhead to Brookhaven. “Luxury townhome product is relatively highly priced and comes with gorgeous design features for more discerning buyers looking for that Intown lifestyle. We’re seeing prices above $1.2 million around the BeltLine and above $2.5 million in Buckhead,” she said, adding that some of the key points for buyers are luxury and finishes such as custom plumbing fixtures and stand-alone master bathtubs. For condos, it’s all about the amenities and going outside of the home. “Of course, you want an open, flexible floorplan, but we’re working with our developer clients to focus on the lifestyle, whether that’s amenities like a rooftop garden and awesome pool deck or the ability to walk to Whole Foods or the nearby MARTA station,” Huffstickler said, stressing that location is more important than ever. “There’s a pent-up demand for condominiums and townhomes in Atlanta,” explained Lori Lane, Senior Vice President, CITY HAUS/Berkshire Hathaway Homeservices, Georgia Properties. “With the minimal new construction condos delivered over the past seven to ten years, there’s an accumulation of buyers in existing condominium developments with significant equity who are ready to move up in size and price point.” The top features her clients ask for are Continued on page 22 At l a n t a I N t o w n Pa p e r. c o m