Category Archives: Condo

Falls Savings is in the Air!

Posted on October 12, 2011 by | Leave a comment

Several new home communities are now offering spectacular Falls Savings Programs!

Avalon of Sandy Springs announces a new Fall Savings Program offering up to 25% off list prices! The two-bedroom, one-and-a-half-bath townhomes start in the mid $70’s. The two-bedroom, two-bath Atlanta townhomes start in the mid $80’s.

Avalon features two-story renovated townhomes with incredible finishes and fantastic amenities. Homes range in size from 1,095 to 1,325 square feet, and each one has its own private gated patio. Select homes have granite countertops, wood flooring, maple cabinets, brushed nickel hardware and more.

The community is close to both GA-400 and Roswell Road, and homeowners have easy access to the 400 corridor office communities as well as entertainment. Living at Avalon means you’ll enjoy the best amenities, from lounging by the swimming pool or playing tennis on the lighted court to entertaining in the clubroom or working out in the fitness center.

For more information on the Fall Savings Program call Valerie Swails 770.650.1366 or visit www.avalonofsandysprings.com.

White Provision, a restored, mixed-use project that delivers eight stories of distinctive condominium units alongside restaurant, retail, showroom and office space in Westside Atlanta, announced today that the project is implementing fall savings for homebuyers, up to $175,000 off the original list price.

 Located at the corner of Howell Mill  and 14th Street at the nexus of Atlanta’s rejuvenated Westside, White Provision represents masterful creativity and a strong commitment to reshaping industrial cityscapes. Under the direction of White Provision Development Company and leading real estate firm Jamestown, White Provision combines the striking, state-of-the art White Provision Residences building with thoughtfully restored, 20th-century meatpacking warehouses. The distinctive, modern community is made up of some of the city’s finest dining and retail destinations. From the award-winning Abattoir restaurant to the plush,  design offerings of Room & Board, the development has changed the map of Westside Atlanta, instilling new focus for 4.5 acres of historic properties after decades of decline and neglect.

For more information on the Residential Fall Savings call Cindy Leach 404-815-0460 or visit www.whiteprovision.com

 

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Posted in Avalon of Sandy Springs, Condo, Fall Savings, Westside, White Provision

Block Talk: 36% Premium for Atlanta Inner Core Condos

Posted on July 29, 2011 by | Leave a comment

By Judy Price

This week I completed an Atlanta condominium market study that was much more detailed than the one I blogged about on July 15th. My previous research on premiums for inner core condominiums was limited to 2-bedroom product.

Today’s study covers 253 sold units (during 2011) and 203 active units; 1, 2 and 3 bedrooms. Included is data for some of the latest new construction closings that were mined from property and tax records.

(2011 Sales) Inner Core “Out of Core”
Sold/New Construction 122 units – $254 psf 36 units – $163 psf
Sold/Resale 68 units – $188 psf 27 units – $121 psf
Active/New Construction 60 units – $259 psf 31 units – $206 psf
Active/Resale 67 units – $233 psf 45 units – 171 psf

Overall, new construction condominiums that are centrally located are achieving a premium of 36% over those located out of the urban core. Inner core resales are similarly achieving a premium of 36%.

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Posted in Atlanta Real Estate, Block Talk, Condo

Block Talk: Pre-Foreclosures

Posted on May 6, 2011 by | 1 Comment

By Judy Price

Two weeks ago, I analyzed pending sales, a lending indicator of future closings. This week, I’m highlighting another way that NRTDA looks for future trends, this time in the filings of pre-foreclosures. But before we look at the data, let’s review the definition of a pre-foreclosure first.

A pre-foreclosure is the legal event and notification of a present default. In Georgia, for a foreclosure to move forward, it must be advertised for four weeks before the bank can foreclose. Why do we look at this metric? Well, while not all pre-foreclosures actually turn into foreclosures (often the borrower works something out with the bank), by tracking movement up or down, we can look for signs of improvement or further distress in the foreclosure market.

A review of pre-foreclosure filings over the past 12 months uncovered:

Detached Single Family Homes (Cherokee, Cobb, DeKalb, Forsyth, Fulton, Gwinnett)*

  • While there was a slight uptick Feb 2011, pre-foreclosure notices have been on the decline since Nov 2010.
  • For new construction, there were 73 notices in February and 72 in March.
  • For resale, there were 2,076 notices in February and 1,734 in March.

 Attached Condos/Townhomes (Cobb, DeKalb, Fulton, Gwinnett)*

  • Same as detached, there was a slight uptick in Feb 2011. That one month aside, pre-foreclosure notices have been declining since Dec 2010.
  • For new construction, there were 25 notices in February and 19 in March.
  • For resale, there were 355 notices in February and 223 in March.

I’ve performed a number of market studies over the past 12 months and have seen figures quite high for pre-foreclosures, leading to long discussions about market realities. But today I’m feeling like this glass is half-full. The declining level of notices is a positive sign. Even if this means we start to see an up-tick in short-sales, at least this says that the banks are trying a different route to work through distressed homes.

*Big thanks to RealValuator for providing us with such a valuable tool that we can use to help our clients.

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Posted in Atlanta Real Estate, Block Talk, Condo, Foreclosure, Housing stats in Atlanta, Market data, Trends

10 Terminus Place – SOLD OUT!

Posted on April 26, 2011 by | Leave a comment

 Coldwell Banker NRT Development Advisors (NRTDA) is pleased to announce the sellout of the luxury high-rise community, 10 Terminus Place, located at the corner of Piedmont and Peachtree Roads.

“In this challenging market, the NRTDA sales team and developer, Cousins Properties, proved their ability to work with buyers to close sales. 10 Termimus provided a quality intown home at a price point that motivated buyers,” said Brad Horner, president of Coldwell Banker NRT Development Advisors.

NRTDA the exclusive sales and marketing company for the lavish 32-story condominium tower with 137 units, sold 110 units at 10 Terminus Place from September 2009 to September 2010. According to independent data provided by SmartNumbers, the fast pace of sales earned 10 Terminus Place the top spot among new condo sales, when ranked by sales dollar volume. Total sales volume for the community was approximately $64 million.

The condominium development was marketed under the Coldwell Banker Previews International® program, the first real estate marketing program to go beyond the reach of the local real estate market and specialize exclusively in marketing luxury properties to a national and international audience. Today, Previews® is widely considered to be the world’s consummate marketing program for successfully promoting luxury properties to a local, national and international marketplace.

One of the most coveted addresses in Buckhead, the building offers one, two and three-bedroom homes. Residents enjoy amenities including a concierge, 24/7 doorman, furnished guest suites, dog walk park, saltwater pool and spa and clubroom with catering kitchen.

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Posted in Atlanta Home Prices, award winning real estate, Coldwell Banker Previews, Condo, Cousins Properties

It’s all About Price and Perceived Value

Posted on February 22, 2011 by | Leave a comment

Lisa Schoolcraft writer for the Atlanta Business Chronicle recently wrote the below article discussing current market conditions in the Atlanta condominium market.  The article states that if a home is priced according to the market, sales will occur. The condo market is still alive.

  

 

Price Cuts Help Condo Market Start to Recover

Atlanta Business Chronicle

by Lisa R. Schoolcraft Staff Writer

Atlanta’s condominium market is recovering, with price cuts helping to move inventory. Price reductions have helped units sell, like those at 10 Terminus Place in Buckhead and Serrano in Sandy Springs, housing market experts say.

Price and perceived value are the biggest factors in the buying decision right now, said Brad Horner, president of Coldwell Banker NRT Development Advisers.

Metro Atlanta had 831 condo sales in 2010, according to David Haddow, president of Haddow & Co., who issues a semi-annual intown condo market report. The 10-year average for condo sales in Atlanta is 2,100 units per year, so the market is “certainly down, but it is not zero,” Haddow said. “And we are 30 [percent] to 40 percent off where we were price-wise.”

Atlanta-based Cousins Properties Inc. (NYSE: CUZ) proved that price can drive sales, however, he said. 10 Terminus Place in Buckhead finished 2010 with just three unsold units, “a dramatic turnaround from 1.5 years ago when there were 105 unsold units at mid-year 2009,” Haddow’s report said. “Yes, they had to reduce their price 35 percent, but the average price was still $426,000,” Haddow said. “that was $258 per square foot. Just the fact that they sold 100 units in the last 18 months tells you that the condo market is not dead.”

As of Feb. 8, only the $1.4 million penthouse at 10 Terminus Place remains unsold, Horner said, so effectively the project is sold out.

Seventy-seven units of the 150-unit Serrano, roughly 51 percent, have sold in the five months the property has been on the market. The homes sold for an average price of $142,605. Serrano is one of six condo communities launched by Chicago-based ST Residential, part of Starwood Capital Group, last year. Starwood Capital acquired several condo projects by buying the assets of failed Corus Bank. “Clearly, if you adjust to the market, you win,” said David Tufts, president of The Marketing Directors, LLC. The problem isn’t that the message hasn’t been heard by condo owners, but rather that owners may not have the ability to adjust to the market, he said. “Some owners are hanging on by their fingernails and don’t have the ability to cut that far,” Tufts said. “Then you have a big player like ST [Residential] coming in and who bought well.” “[Serrano] is doing better than anything in the market,” Tufts added. “It has low entry point pricing and great location.” Serrano is catering mostly to a first-time homebuyer, who is largely unfettered by a home to sell in order to buy, he said.

The Brookwood, in lower Buckhead, is doing well, Tufts said, but its buyers mostly have homes to sell. “We would be sold out right now if people could sell their home.” The Brookwood, also part of the ST Residential portfolio, adjusted its prices to the market and is now 50 percent of what its original prices were, Tufts added.

Other condo projects that have been selling well include 1010 Midtown, Gallery, Stacks at Fulton Cotton Mill, and Park at East Paces, which has both condos and townhouses, Horner said.

Haddow’s report, which covers only the intown market, shows there were 101 active condo projects at the end of 2010, made up of 7,808 units. Of that total, 2,822 units remain unsold, or 36.1 percent, the report said. Five projects, equaling 228 units, were under construction at year’s end, all of which were townhouse projects, according to Haddow’s report.

Article written by Lisa Schoolcraft, Atlanta Business Chronicle

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Posted in Atlanta Real Estate, Condo, Cousins Properties, Haddow & Company

It’s all about Price, Value and Training!

Posted on November 1, 2010 by | Leave a comment

As stated in a recent article in Globest.com  - “10 Terminus Place Defies Condo Market Meltdown”. SmartNumbers ranks 10 Terminus Place first among new condo sales by volume.  Jason Frost, vice president of development at Cousins Properties, states that there were three keys to the success of 10 Terminus Place:

1) Debt free building that allowed the company to make quick decisions

2) Stable HOA

3) Quality of the project

How does NRTDA sell new homes in today’s challenging environment?

1) Listings must be prices competitively

2) Creation and delivery of a compelling value proposition

3) New home sales associates who are trained to “Turn uncertainty into Confidence”

The overall verdict is price to where the market has been established and you too can defie the condo market meltdown.

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Posted in Atlanta Real Estate, Condo, Cousins Properties

Mosaic at Millenia closes more than 100 condos in less than five months

Posted on October 14, 2010 by | 2 Comments

After receiving local, and even international, media coverage for bucking the trend in the current real estate market and securing multiple purchase contracts per week, Orlando’s Mosaic at Millenia followed up that success by closing more than 100 contracts within a five-month period.  Nearly 50 additional homes are currently under contract and waiting to be closed.  Most notable about these sales is that the majority of contracts were submitted by international buyers.

Coldwell Banker NRT Development Advisors, which manages marketing and sales for the property, ignored traditional real estate marketing practices to sell the units and instead tapped its global network of brokers to identify potential investor buyers.  These investors shared the company’s vision of Mosaic at Millenia as an attractive purchase with the opportunity for  a positive cash flow in an enviable area (near local attractions, a high-end mall and more).
“Securing contracts for these tenant-occupied condos was only half of the process,” said Alec String, Coldwell Banker NRT Development Advisor’s Florida vice president of sales.  “Much of the Mosaic at Millenia’s success can be attributed to the sales team’s follow-up process, as they had to oversee each time-intensive step from contract to closing to ensure it was seamless process for the investor buyers.  The team’s deep relationships with the investor representatives and title companies were key.”

The one-, two- and three-bedroom homes at Mosaic at Millenia – which feature private patios/balconies, 9-foot ceilings, crown moldings, chair railings, assigned parking, designer kitchens, valet trash service and alarm systems – are listed from the high $60,000s to the high $90,000s and have historically offered a return of $700 per month in rent.  The community is located within a Greenbelt area, yet only walking distance to Mall at Millenia’s boutique shopping and restaurants, and includes a lighted tennis court, pool, business center, media room, outdoor grilling area, sand volleyball court, billiard room, theater room and playground.

Mosaic at Millenia’s sales manager, Joe Wake, can be reached at 407-493-6736 (office) or 407-493-6736 (cell). The community is located at 3573 Conroy Road, Orlando, FL 32839. www.MosaicAtMillenia.com

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Posted in Closing, Company news, Condo, Investors in Florida

What’s ‘hot” in Atlanta’s condo and single family markets!

Posted on October 13, 2010 by | Leave a comment

We have collected and analyzed mid-year  Atlanta 2010 residential real estate data, and it has become very clear what is ‘hot’ in today’s condo and single-family markets. Below is a sampling of the data, which is from Smart Numbers through mid-year 2010 (unless otherwise noted).

NEW CONSTRUCTION CONDO MARKET

  • 80% of closings in the overall market were priced under $300,000; closing analysis from FMLS continues this trend through 3Q10.
  • 464 closed units through mid-year 2010, which is down 22% from the mid-year 2009 figure of 597.
  • Smart Numbers reported 464 closings through mid-year 2010.  FMLS listed 131 closings for Q3 alone.
  • The 2010 mid-year average sales price was $272,264, which is down 5.7% from the mid-year 2009 average of $288,934.  The 3Q10 average closed price in FMLS was $252,120.
  • According to the Mid-Year 2010 Haddow report, the number of unsold units reached its lowest level since year-end 2003. With little to no new construction activity bringing new condominiums to the market, this number will continue to decline.
  • Half of the top 10 selling sites are marketed by Coldwell Banker NRT Development Advisors, more than any other company.
  • Nearly 60% of all new construction condo sales activity took place in the Buckhead and Midtown sub-markets.

NEW CONSTRUCTION CONDO SUB-MARKETS

Buckhead

  • The market had a slightly higher average sales price ($464,468), which could be attributed to absorption of higher-priced homes at 10 Terminus Place, as well as closings at Sovereign and St. Regis.  The 3Q10 average in FMLS is $509,384.
  • 49% of closings were priced under $300,000; 86% of the market is priced under $550,000.  Closing analysis from FMLS continues this trend through 3Q10.
  • 10 Terminus Place accounts for almost 40% of activity in the sub-market (10 Terminus Place and Gallery Residences, combined, account for 60% of the Buckhead market).  Closing analysis from FMLS continues this trend through 3Q10.
  • There has been slow absorption in the $1M+ price range; 2 of the 3 closings at St. Regis were pre-sale contracts (the 3rd was written in December 2009 and closed in January 2010), and there were 2 closings at Sovereign.
  • Buckhead typically offers aggressive pricing and developer incentives.

Midtown

  • Midtown has nearly double the volume of Buckhead (172 homes closed through mid-year and there were 28 closings listed in FMLS in 3Q10).
  • The market has lower price points than Buckhead (77% of closings were priced under $300,000, compared to 50% in Buckhead); closing analysis from FMLS continues this trend through 3Q10.
  • Viewpoint lead the market, followed by Twelve Centennial (which is technically a Downtown property), 1010 Midtown and White Provision.

Downtown

  • Downtown had much lower price points than other sub-markets (97% of the market is priced under $300,000 and 74% is priced under $200,000). Closing analysis from FMLS continues this trend through 3Q10.
  • Castleberry Point lead the market, followed by Central City, Oakland Park and Stacks Lofts.

Vinings

  • Average price points were in line with other sub-markets (88% of the market is priced under $300,000); closing analysis from FMLS continues this trend through 3Q10.
  • Aberdeen recently began closings (2 homes closed in 2010 at $1.9M and $2.0M).

RESALE

  • There were 480 resale condominium closings in all metro-Atlanta during 3Q10, according to FMLS.
  • Buckhead: 65 closed, average sales price of $211,573, accounted for 14% market share
  • Midtown: 114 closed, average sales price of $132,670, accounted for 24% of market share
  • Downtown: 41 closed, average sales price of $95,245, accounted for 9% of market share
  • All other markets account for 54% of total resale market in 3Q
  • There were aggressive pricing and incentives offered by new construction sites in Buckhead, Midtown and Downtown, which could be taking market share away from resale.

BUILDING PERMITS (data from DEC International)

  • As of 9/27/10 for the 27-county metro area, 3,358 single family building permits were pulled for the fist 10 months of this year, compared to 5,577 in the preceding 12 months.
  • The top builder was DR Horton with 303 permits (compared to 624 last year), followed by Ryland and Pulte.  To be in the top 20, a builder would need a minimum of 33 permits.
  • The average valuation for these permits was $157,123. Assuming builders undervalue or at least value their property at cost, we could assume the retail price of these homes will be under $250,000 on average. 74% of all new home sales in a 15-county area are under $350,000; 61% are under $275,000.
  • At this pace, the 2010 total permit number will likely be fewer than 6,000 (probably close to 5,500, which will be slightly more than the 2009 number of 4,800).

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Posted in Atlanta Real Estate, Condo, Market data, NRT Development Advisors, Real Estate

1Q10 Multi-Family Report Update

Posted on June 17, 2010 by | Leave a comment

1Q10 Multi-Family Report-update

As we reflect back on the first quarter of 2010, many of last year’s trends have carried over to this year.  Many sellers are still heavily negotiating on their prices and the ability to obtain financing remains a challenge.  The home buyer tax credit was just one of many factors motivating consumers to buy homes.  Buyers were also able to take advantage of low interest rates and competitive prices to get a home they may not have been able to purchase a few years ago.  The full extent of the tax credit, however, will not be realized until the June 30, 2010 closing deadline.

New Construction      

Buckhead:

In the Buckhead sub-market, 10 Terminus Place, Gallery Residences, and Paramount lead the way in absorption and helped achieve a 230% improvement in absorption over the first quarter of 2009. 

  • Absorption – up 230% to 43 homes
  • Average Sales Price – down 7% to $588,039

Intown:

Both absorption and average sales price in the Intown sub-market declined from 1Q09. 

  • Absorption – down 27% to 66 homes
  • Average sales price – down 30% to $227,179

The majority of the absorption was from Twelve Centennial Park, Viewpoint, and Element.  It is important to note the Element auction contributed 40 units to the total absorption in 1Q09.

Downtown:

In the Downtown sub-market, Oakland Park, The Stacks at Fulton Cotton Mill, and Kirkwood Station were the majority contributors to absorbed homes during the first quarter of 2010.

  • Absorption – up 15% to 23 homes
  • Average sales price – down 15% to $179,924

Resale

Both the Buckhead and Intown sub-markets had an increase in absorption over 1Q09 while sales prices have continued to decline.  However in the Downtown sub-market, there was a slight decrease in absorption over 1Q09 and a slight increase in sales prices. 

Buckhead

  • Absorption – up 5% to 167 homes
  • Average sales price – down 12.3% to $195,318

Intown

  • Absorption – up 22.4% to 268 homes
  • Average sales price – down 9.7% to $174,372

Downtown

  • Absorption – down 2.9% to 67
  • Average sales price – up 5% to $140,623

Sales prices for both new construction and resale have continued to decline, new construction homes in the Intown and Downtown sub-markets are achieving a 20% to 25% premium over resale, a rate that is considered very favorable.  During the first quarter 2009, the rate was near 40% for both sub-markets.

In conclusion, many buyers are cautiously returning from the sidelines, but they have a new set of priorities and requirements that need to be addressed.

1Q10 Multi-Family Report-update

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Posted in Company news, Condo, Market data, NRT Development Advisors, Real Estate

Coldwell Banker NRT Development Advisors leads Atlanta luxury condo sales in Q1 2010

Posted on April 12, 2010 by | 1 Comment

By: Brad Horner

Though local housing experts predict that Q1 2010 might mark the new housing bottom following the three-year downturn, Coldwell Banker NRT Development Advisors experienced an increase in qualified traffic during the quarter and lead Atlanta’s luxury condo sales at the luxury properties ($500,000 and up) it markets and sells on behalf of builders, developers and banks.

Two condominiums with the strongest sales volume in metro-Atlanta include Gallery Residences and 10 Terminus Place - at which Coldwell Banker NRT Development Advisors manages sales – because they offer these highly coveted buyers more than just a home; they also offer an exceptional lifestyle.

Gallery Residences, the 27-story Buckhead condominium, features upscale amenities including 24/7 concierge service, an onsite art gallery, panoramic views, a state-of-the-art fitness facility, a tennis court, a fully-equipped business center, furnished guest suites and more.  And, 10 Terminus Place, the 32-story mixed-use development at the intersection of Peachtree Road and Piedmont Road, is known for its conveniences such as spa and massage services, access controlled parking, a fitness and yoga center, a saltwater pool and spa and porter service.

For such high-end properties, Coldwell Banker NRT Development Advisors utilizes the expertise and experience of the company’s Coldwell Banker Previews International marketing platform to create tailored messaging and positioning campaigns.  As a result, the company has continually increased its sales pipeline throughout 2010, illustrating a very active segment of the market that is focused on superior location, quality construction and value.

It is clear from Q1 activity that as consumer confidence continues to improve, upscale buyers will increasingly return from the sidelines and take advantage of the extraordinary opportunities available in today’s market.

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Posted in Company news, Condo, Real Estate, Sales and Marketing