Atlantic Station in Atlanta, GA: Work, Play, and Take Advantage of Foreclosures

 

Atlantic Station's The District

[caption id="attachment_166" align="alignnone" width="234" caption="Twelve Hotel & Residences at Atlantic Station"][/caption]

[caption id="attachment_179" align="alignnone" width="293" caption="Townhomes at Atlantic Station"][/caption]

 

 

Atlantic Station (www.atlanticstation.com) is a mixed-use development north of Georgia Tech and west of Interstates 75 and 85 featuring millions of square feet of retail, residences, office, restaurants, entertainment and hospitality space. Named for the Atlantic Steel Mill that used to occupy the 138-acre site, the scale of Atlantic Station has warranted the designation of its own zip code by the USPS: 30363 (“Cracking the Zip Code of Atlanta Cool,” Atlanta Constitution Journal, April 25, 2008).

Real estate at Atlantic Station has been on a bit of a roller coaster ride since sales commenced, translating into substantial discounts and advantageous pricing for buyers in the market today relative to original pricing at the project. Trulia (www.trulia.com) indicates that prices peaked early 2007 at a median home sales price of $356,000. Prices have since dropped $100,000 to a median sales price of $256,000 in early 2009. A closer look at current listings, recent sales, and property records confirms the story told by the data.

• Twelve Hotel & Residences is a high-rise condo and hotel tower offering luxury amenities and unit finishes. Currently units at Twelve are listed and selling for less than 50% of the original sales price. (Based on data from the Fulton County Tax Assessor.   A recent transaction closed in June 2009 for $115,000 on a unit that originally sold in 2004 for $240,000. Similarly, a unit currently priced at $115,000 sold for $240,000 in 2006.


• The Element, a mid-rise condominium building, offers roughly 325 units and luxury amenities (www.elementatlanta.com). Element condos still have not sold out, despite creative sales tactics by the developer, including an auction that sold 40 units in just 90 minutes (“Bargain hunters snap up condos at auction,” The Atlanta Journal Constitution, February 28, 2009).  The developer is currently offering “auction pricing without the auction,” with a 35% price adjustment on four new units.  A two-bedroom, two bathroom condo foreclosure sold in April 2009 for $172,000 – more than $100,000 below the original $280,000 sale price in 2007. (Based on data from the Fulton County Tax Assessor.)


• Townhomes are now were selling for as much as 60% below list price. A two-bedroom, 2.5 bathroom townhome sold in October 2009 for $155,000, 63% below the $415,000 original 2006 sale price. (Based on data from the Fulton County Tax Assessor.) Another townhome originally sold for $535,000 in 2006 resold in August 2009 for $240,000, 55% below the original purchase price. Several similar townhomes are currently listed for $155,000 to mid-$200,000.


• Other condominium foreclosures in other projects at Atlantic Station are listed as low as $55,000 for a one-bedroom, one bath.

For buyers unsure of their appetite for urban mixed-use environment, there are many highly-amenitized apartment communities within Atlantic Station for prospective buyers to choose from before committing to a purchase. Rents are from $1,100 a month (www.atlanticstationapartments.com).

For a virtual tour of Atlantic Station, please click the following link: http://ericamchampion.wordpress.com/2009/12/10/atlanticstationvirtualtour/