(*I started this before Thanksgiving and am just finishing it.  Sorry*)

I decided to head on over to Midtown in zipcode 30308 for this next post.  I have found that in the last month or so, things seem to be picking up - at least with single family homes- but let’s look at condos and lofts.  I have also randomly picked out two different (newer) properties to see how they have faired - Twelve Centennial Park and Troy Peerless Lofts -which we will look at in a moment.

The average condo/loft etc. that sold between June and November 11, 2008 was a 1 bedroom / 1.5  bathroom residence for $175,000. There were 88 total residences that sold during this period of time.  Out of those 88 that sold, 15 of them were in foreclosure or corporate owned. This year, during the same dates, actually 103 total residences were sold and the average sold was again a 1 bedroom / 1.5 bathroom.  Yet, the average price sold is $166,000. That is about a 10K difference.  There were also a whopping 32!! in foreclosure or corporate owned out of these 103 sold.  Ugh.

Now, Let’s look at the difference in sales of two distinct properties.  We will start at Twelve Centennial.  Remember, this big upscale condo high-rise in Downtown was completed in 2007 and has never been 100% sold.  Between June 1 and November 1 2008, only 5 sold with the highest being a 2 bedroom/2bathroom at 285K.  The lowest priced sold was a 1/1 for $190,700. The average residence sold was a 1/1 for around 215K and the average original listing price was at 219K.  That is pretty close.  This year, numbers are a bit different.  Ten residences were sold…the highest 2/2 was sold for 200K and the lowest priced sold this year during our time frame, was a 1/1 for $138,500. I would have hated to have bought the same sized 2 bedroom last year and paid 85K more than the one that sold this year.   Eesh.  Makes me queasy.

On to Troy Peerless - a great loft conversion in Poncey Highlands area (and much much smaller than Twelve...) that was completed in summer of 08 and also is not sold out.  Two lofts here sold in 2008 between June 1 and Nov 11.  They were both 1 bedroom/1 bathroom lofts- one bigger than the other and one sold for $194,900 and the other one sold for $161,900. This year, 6 actually sold and the highest priced was a 2 bedroom /1.5 bathroom at $247,500. It had originally been listed for 329K!  Other than that, the rest of the lofts were pretty close to the list price.  The lowest priced loft sold for its (current) listing price of 158K. (The original listing price was indeed $199,900.)  Regardless, I feel good about this one…buying something historic and different helps. Seems as they are holding steady.

We shall move closer to Buckhead for the next one!  Let me know if you have any questions or comments!

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