Has the condo/loft market gone ka-plunk in Atlanta in the last few months?  I have to say - kinda, sorta, yes.  We all knew it may happen after Atlanta got a gluttonous amount of massive condos put on the market last year.  Many new high rises have fallen way way way short of being “100% occupied.”   I have not written much lately, as I have not been spending as much time on lofts and condos as I have single family homes, but I decided to do a little investigating.  I am going to go back to June 1, 2009 up until today (October 28, 2009) and will compare it to sales during the same months of 2008.

So, we will start in Downtown.  First, in zipcode 30303 - which includes the Central Business District and the Fairlie Poplar area. Eleven condos/lofts sold in this area during these past four months.  Problem is-9 of those 11 were foreclosures/bank owned. Ouch.  The highest price was a 2 bedroom/ 2 bathroom residence in Fairlie Poplar and it sold for $162,000.  The lowest price residence sold was a 1 bedroom/1 bathroom at the William Oliver for $58,000.  From June 1 to October 28, 2008, only 5 sold - but 3 of them were 2 bedroom /2 bathroom homes and all sold at higher prices than the highest priced one in 2009.  The 2 bedroom /2 bathroom at Renaissance Walk sold for $271,900 (boy I bet those buyers wish they had waited) and one 2 bedroom/2 bathroom in the William Oliver sold for $179,000.  Two of the 5 that sold last year were foreclosures - but the average priced sold in this time frame of 2008 was $177,000 and the average size was a 2/2.5.  The average priced sold the past 3 months of this year was $98,309 but the average size was 1/1.5. So, it seems we have come down in this area - but not terribly since last year.

Let’s move on to zipcode 30313 - which includes more of Downtown and the Castleberry Hill area. This year, 19 have sold since June 1st and out of those 19, a whopping 12 were in foreclosure - and one was a short sale.  The two highest priced were very large 3 bedroom / 2.5 bathroom Centennial Park North townhomes with 2 car garages.  The entire development was in foreclosure and one was on the market originally at 517K… and sold for 370K.  Holy crap.   The lowest priced residence during this time frame was a 910 sqft 1 bedroom/1 bathroom loft in the cool Giant Loft building which sold for $55,100.  The average priced condo/loft that sold in the last 3 months was $165,692 and the average size was a 2/2.5.   From June 1 to October 28, 2008, the average priced home of the 21  that sold was $232,314 and the average size was a 2/2.5.  This ain’t pretty. Thirteen of the 21 from last year were foreclosures.  The highest priced was a 3 bedroom/3 bathroom sweet loft at the new Castleberry Point Lofts.  It sold for 455K and had been on the market at 475K.  The lowest priced one was a foreclosed 1 bedroom/1 bathroom in Centennial Park West that sold for 105K after the bank had put it up for sale at 169K.

Wow - interesting stuff here.  We shall move on to Midtown in the next few days.  I would say Little Girl’s look in this photo basically sums up my thoughts in the here and now.  Although, if you want a serious deal - looks like you can get one!

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