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Rising Buckhead Home Sales Good Sign for Market

Luxury condos in Buckhead seeing a 'significant uptick' in sales.

First quarter sales for the Atlanta housing market have confirmed that housing sales are indeed up and are continuing to stay strong.

Brokerages are experiencing sales volumes they have not seen in five years, according to a report from the Atlanta Business Chronicle

The Chronicle reported that the most telling sign of a market recovery is that sales are up in all housing sectors, single family and condominium in both Buckhead and the submarkets just outside Buckhead, according to statistics from First Multiple Listing Service.

The luxury condominium market, which has felt the greatest impact in the downturn, is finally seeing a significant uptick in sales. The Sovereign, within the 3344 Peachtree, closed seven luxury condominium transactions in the first quarter, with an average sales price of more than $1.6 million each.

First quarter sales numbers match the sales numbers for all of 2011.

Even at ultra-premium pricing, the closed two homes in the first quarter with an average sales price of more than $4 million.

Another project in the luxury segment is the Ritz Carlton Residences. Eleven condos were sold here during the first quarter at an average sales price of $800,000.

Each of these luxury properties are located in Buckhead and boast prestigious addresses on Peachtree Road or West Paces Ferry.

edwardzbrown May 26, 2012 at 09:39 AM
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