More affordable Intown condos and townhomes are in demand

home tech. Homes in both communities are priced between $250,000 and $600,000.

Lane noted that another affordable condo project, Airline O4W, is located in the heart of the historic Old Fourth Ward neighborhood, steps from the Eastside Beltline Trail and Krog Street Market. Airline O4W offers 29 one- and two-bedroom condos from the $300,000s. Floor plans include the latest in modern conveniences and a variety of amenities, such as an indoor/outdoor rooftop terrace, a dog washing station, bike storage and parking and Internet included.

Luxury and location

Located in Midtown on 14th Street, No2 Opus Place is Atlanta’s tallest residential tower; 186 condominiums are housed in a 54-story high rise. Lane said that the all-new homes boast endless city views and top-ofthe-line finishes and features. The Opus Club offers private amenities that include a spa and wellness haven, artful experiences and Mozart’s Club Level. Pricing ranges from the $600,000s to $12 million.

The issue of affordability

Schwall said that, similar to the lack of Intown new construction condo inventory, Buckhead new condo inventory has hit an all-time low. One new condo project in Buckhead, The Charles, is now over 75 percent under contract, and a few lingering homes remain at the rebranded Waldorf Astoria, previously known as The Residences at Mandarin Oriental Atlanta.

“Currently, only 20 new condos are available on the market,” she said. “While Buckhead new townhome inventory is more prevalent, inventory has dropped by 50 percent since first quarter last year while sales for the first quarter in 2019 have increased by 44 percent indicating demand for new townhomes is outpacing available supply.”

As townhome sites in the Intown markets become scarcer and construction costs continue to rise, sales prices are also increasing. “New townhome inventory on the market averages over $650,000 — a rise of over $100,000 from new townhomes on the market a year ago,” Schwall reported. The affordability issue of Intown living is challenging builders and developers to find innovative ways to offer new, efficient housing options to meet the need for attainably priced homes, she said.

“Demand is extremely high for an affordable priced product, defined as less than $600,000,” Huffstickler said, adding that a few months’ supply for attached product is well below stabilized market conditions for homes priced below $600,000. “It’s a buyer’s market for $600,000 and above, and a seller’s market for $600,000 and below.”

She said that the conversion products of District Lofts and Harper on Piedmont are providing the correctly priced product to fill the void that the market is experiencing.

Harper on Piedmont is a new condo conversion on the border of Downtown, Midtown and Old Fourth Ward, offering updated interiors and refined amenities at a price point that is amazing for the area. Buyers will benefit from its unique proximity to three of Atlanta’s most popular neighborhoods, with the ability to enjoy a sophisticated and connected lifestyle without borders, she added.

District Lofts, located in premier Atlantic Station, is another recent condo conversion. The West Midtown neighborhood is perfect for the social buyer looking to get out and experience top retail and dining. The condos are newly renovated with updated finishes and mirror an urban loft design, in addition to in-

“Chateau des Peres has been a fun project,” Rodriguez said. “My developer/client purchased the entire 40th floor in an older Midtown building and is in the process of building out three very modern penthouses.” Once the first home was completed, it — and the unfinished second home — were sold. “We’re now finishing up the third and largest penthouse, and we’ll be releasing it to the market soon,” she said.

Since the building is older, Rodriguez said, this creative option lets a prospective buyer take advantage of lower pricing, while being able to move in immediately and live in a brand-new construction 40th floor penthouse. “The finishes, like sleek European Leicht kitchens with large waterfall islands, quartz countertops and Italian closet buildouts, are ones that you would only find in properties nearly double the price, due to building costs,” she said. “The response was incredible. I wish we had more to sell!”

40 West 12th is a luxury condo building located in Midtown’s core, part of a comprehensive mixed-use project featuring office, retail, dining and hospitality. Huffstickler said that residents of the condo will be able to take advantage of a walkable, connected community and in-town lifestyle. Prices start at $500,000.

“We have also taken over sales and marketing for the newly rebranded, ultra-luxe Residences at Waldorf Astoria, Atlanta,” said Huffstickler. Buyers enjoy full-floor and half-floor homes, expansive views and opulent interior finishes with access to elite-level concierge service and other amenities provided by the Waldorf Astoria, which was formerly the Mandarin Oriental.

“In August of last year, we were fortunate to finish up the new construction sales at the Mandarin Oriental on a high note of over $83 million in sales with numerous design and marketing awards, and achieving the highest Atlanta condo sale for 2016, 2017 and 2018,” Rodriguez said.

“As much as we loved the Mandarin Oriental brand, we were thrilled about the re-brand to Waldorf Astoria,” she said. Group Kora \ Berkshire Hathaway still represents three resale units in the building, including one on the top floor, an 8,000-square-foot, two-story penthouse shell listed at about $6.5 million.

Closings at The Charles are scheduled to begin in August of this year, Schwall said. “While our penthouses are sold out, we have a limited number of two- and threebedroom homes ranging from 2,460 to 2,867 square feet,” she added. Each floor plan boasts expansive great rooms providing wellproportioned entertaining space, with folding glass NanaWall doors enabling a seamless transition between indoor and outdoor living.

Other features at the Charles include sweeping views of Buckhead and Downtown and a 14,000 square foot, elevated amenity terrace with an outdoor deck that features an infinity pool, green space and manicured gardens. All this is in close proximity to Buckhead Atlanta and walkable to shopping, dining and entertainment at Buckhead Village.

Who’s buying?

Intown attached housing allows homeowners a walkable, lock-andleave lifestyle that is attractive to many people.

“We’ve observed a wide demographic range interested in condos and townhomes Intown, and it’s because this lifestyle appeals to people from millennials to baby boomers looking for style, vibrancy and convenience,” Huffstickler said. “Of course, young professionals are seeking homes near business centers like Midtown with access to transit and a shorter commute while also being close to restaurants and popular Intown destinations.”

She stressed that condos and townhomes are the best products for a walkable, connected way of life, and can be much more affordable than a single-family home for a first-time buyer.

“On the flip side, empty nesters and retirees are ready to let home maintenance go and live in a more manageable product, like a townhome, in a close-knit neighborhood near shops, dining and social experiences,” she said.

Throughout the age spectrum, Huffstickler and her team see a high demand for the latest design trends, like industrial, loft-style features and unique, ‘white glove’ amenities.

“Urban dwellers don’t want to sacrifice outdoor space, so developers are installing rooftop gardens and pet clubs, and we’re elevating fitness centers with Peloton bikes and group fitness classes,” she said. “There’s a real sense of community in attached home communities, and it’s a really active, programmed lifestyle which is highly appealing to multiple groups.”