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Old Posted Aug 29, 2016, 4:29 PM
GeorgiaPeanuts GeorgiaPeanuts is offline
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There are currently only 34 unsold units in new condo buildings, indicating a high demand for condo product. The increase in resale condos also shows that the market remains strong. Since January, a healthy 1,776 condo resales were recorded, and resale pricing is up 5.2 percent.

These numbers have developers looking towards high-rise condo towers for the first time since 2009. According to Schwall, the saturation of the apartment market, coupled with the success of smaller boutique condo projects like Seventh Midtown, which sold out before completion, is giving developers the confidence they need to move forward with plans for condo projects, as well as the ability to secure financing.
However, she added that she believes that some of these projects will convert from apartments to condos in the near future, based on the high demand for condos and the slipping rates for apartments.

Kerman Haynes, Vice President – CITY HAUS Developer Solutions & Berkshire Hathaway HomeServices, Midtown Office, reported that there has been no vertical development of condos for almost 10 years. The exception has been luxury condo projects and complexes with only about 10 to 20 units.

“Condo sales were kicked into high gear last year and the first part of this year,” Haynes said. “In fact, just about every unit has been at or above its pre-recession pricing for the past six months. In Midtown, there’s less than a 30-day supply of condos and townhomes. This is all very encouraging to developers, with so much demand and so little supply.”

Two notable new condominium projects coming to market this fall are Emerson Buckhead and The Charles.
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