When you are a real estate professional, you, eat, sleep and breath real estate. It's your life. It's not like the corporate world where at 5pm, you turn out the lights, head out the door and don't think about your job till tomorrow at 8:30 when you turn the lights back on. Real estate for me is 7 days a week. As part of that life, you are constantly monitoring news and events that can affect your business. A company announces new jobs, that could mean relocation employees.
So the article in The Atlanta Business Chronicle this past week about Atlanta's condo inventory, was music to my ears! And it should be to yours too, if you are an Atlanta condominium owner. The 2012 Midyear Condominium Report from Haddow and Company shows new condo inventory at 1,520 units, DOWN from the 2011 Mid Year number of 2,369 unsold units. Break out the champagne!
We are at inventory levels that have not been seen in 10 years! And with steady sales in 2012, the supply and demand is coming back in balance. If you want to purchase new construction condos in the Intown Atlanta Market, your options are becoming limited. Take that a step further to Midtown Atlanta, and your options are....1010 Midtown and White Provision. Buildings like Luxe and Viewpoint Midtown have long Sold OUT! You can step over the Midtown line going North on Peachtree and you have The Brookwood and The Astoria. Downtown offers the W Residences and Twelve Centennial Park. (Castleberry Point in Castleberry Hill has live/work homes available but has sold all their remaining inventory!) Our biggest challenge in the Atlanta condo market has been...price. During our condo boom, they buildings were popping up everywhere! Investors and owner alike were buying them up, but when the bubble burst, out poured short sales and foreclosures, drowning the prices.
But the times ARE changing! The article states that in July, 2012, condo prices were up from $154,000 in July, 2011 to $189,000 in July, 2012...a healthy 23 percent increase! As I prepare my August, 2012 Midtown Atlanta Market reports, I'm seeing the same trend. Some buildings have seen as much as a $50,000 Average Sales Price increase from 2012!!
What does this mean for the Buyer? Well, $50,000 can make a big difference in what you may qualify for in a mortgage, and what you will be able to buy. The longer you sit on the fence, the shorter the grass (your buying opportunity) is going to be.
What does this mean for the Seller? If you are in a position (and desire) to sell your condo, with limited inventory, you very well may see that contract in a matter of days, not weeks. It may still be a challenge between what you get and what you paid, but with limited options for Buyers, we are starting to see multiple offers on properties!
I think we usually refer to a "breath of fresh air" as relating to the Springtime, right? Well, Fall is in the air, the air is crisp, and the Buyers are looking!
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