According to a Census Bureau report, Metropolitan Atlanta is now the third emptiest city in America, ranking behind only Las Vegas and Detroit in the number of vacant rental units and single family homes.
Overdevelopment, soaring foreclosures, and the size of the Atlanta metropolitan area - 28 counties - have left the city among the country's leaders in empty homes.
A primary culprit: intown condos.
Once the darling of real estate developers who rushed to put up new buildings as quickly as they could be built, the condominium markets in Downtown, Midtown, and Buckhead have all but collapsed.
In fact, Atlanta had over 6,000 new unsold condos at the end of 2008. Only 645 were sold during the year, and only 66 in the last six months.
Overall, the Census Bureau reported that 16.1 percent of Atlanta's rental market was vacant, as were 4.3 percent of non-rental homes.
Still, Atlanta is not in as dire straits as Detroit, for example. The city continues to attract more people, which should result in a quick rebound of demand when the economy stabilizes.
Harlan and Associates are short sale attorneys in Atlanta. Want to know more? Contact us and we'll be happy to discuss how we can be of service to you!
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