Colossal Condos: A new wave of Mixed-Use Condominium Living
[ATLANTA, GA]
By Michele Kent
Atlanta may be a little behind looking as pretty and sheik as the other nine cities it shares its top ten highest U.S. populous ranking with; but that’s not to say they’ll maintain that reputation for long.
The Atlanta Journal Constitution (AJC) reports "a towering transformation" is on Atlanta's horizon, with twenty-five skyscrapers under construction and another fifty-plus being proposed for the city. Although, historically Atlanta can expect a few of those projects to be scrapped, the seventy-five buildings on the drawing board or in various phases of construction will produce some astounding changes.
These primarily mixed-use towers are trying to outdo one another in grandeur and design. Buildings are cutting spectacular figures with sharp edges, strong angles, and spirals as architects compete for the visual gold across Atlanta's skyline.
Most important for the towers' residents, the condominiums within are designed to appeal to highly discerning consumers, offering them luxurious amenities and built-in conveniences. Sleek designs are looking ultra modern with exteriors of steel, glass and concrete in most new constructions. Elements of living are at their utmost with catering five-star restaurants, maid service, spa and massage services, and private theatres and wine cellars on the interior. Outside, residents find resort-style amenities such as fireside pools, dog parks, and pristine gardens.
The building boom still leaves some scratching their heads and real estate investors a bit on edge as Atlanta sits on a huge surplus of existing condo inventory. There are nearly 4,500 new or existing condos on the downtown Atlanta market this month alone. The National Real Estate Investor (NREI) predicts 8,500 newly proposed units, in addition to those 4,500, will be coming up for grabs in the not too distant future.
So why all of the new construction with such a strong condo inventory still in reserve for buyers? Many builders say there are still not enough high end choices to meet consumer demand.
Additionally, Atlanta is still the fastest growing city in the United States, adding nearly one million people since 2000, according to US Census Bureau Statistics.
This boom coupled with the resurgence in building could balance out in the end, at least that's what many builders and investors are hoping.
If pre-sales on condominiums are any indication, then builders are right on target. Trump Tower Atlanta, not slated to open its doors until early 2010, has already sold over 72 units, according to Jezebel magazine.
Additionally, according to the Atlanta Business Chronicle, "Forty-eight percent, or 2,027 of the 4,222 units, in (Buckhead's) active projects were sold or under contract in this market, where condo absorption typically hits about 850 units annually." This all seems to add up to good news for those trying to buck the national real estate trends in the trendy Buckhead area.
Downtown's mixed-use residences are peaking buyers' interests for several reasons.
First, it's "greener" to live downtown and walk or take public transit around the city. Next, it's healthier for residents to keep their cars parked and walk to their destinations. Some condominium communities like Gramercy, on Atlanta's Perimeter, are cropping up and marketing themselves as "Walking Communities" to appeal to a new wave of urbanites.
Most importantly, perhaps, is the convenience factor of living in a mixed use building shaves hours off of people's chore lists. Having doorstep dry cleaning, delivered gourmet meals, and fitness or conference facilities just steps outside their front door make suburban living, (where folks rely on their vehicle for everyday errands,) look like the ice ages.
Kristin Nolan lives in a mixed-use condominium in Midtown. She says the bustling district and conveniences she experiences are essential to the success of her career and family life. For every hour she would otherwise spend commuting to work, dinner, or the gym, she has that much more time to spend at work or with family. Nolan may say it best when she says living in a mixed use condominium in downtown's posh district is "totally practical and sinfully luxurious at the same time."
The world will watch to see if Atlanta can truly prove that downtown condo living is all in the mix.
Atlanta Condos
By Michele Kent
Atlanta may be a little behind looking as pretty and sheik as the other nine cities it shares its top ten highest U.S. populous ranking with; but that’s not to say they’ll maintain that reputation for long.
The Atlanta Journal Constitution (AJC) reports "a towering transformation" is on Atlanta's horizon, with twenty-five skyscrapers under construction and another fifty-plus being proposed for the city. Although, historically Atlanta can expect a few of those projects to be scrapped, the seventy-five buildings on the drawing board or in various phases of construction will produce some astounding changes.
These primarily mixed-use towers are trying to outdo one another in grandeur and design. Buildings are cutting spectacular figures with sharp edges, strong angles, and spirals as architects compete for the visual gold across Atlanta's skyline.
Most important for the towers' residents, the condominiums within are designed to appeal to highly discerning consumers, offering them luxurious amenities and built-in conveniences. Sleek designs are looking ultra modern with exteriors of steel, glass and concrete in most new constructions. Elements of living are at their utmost with catering five-star restaurants, maid service, spa and massage services, and private theatres and wine cellars on the interior. Outside, residents find resort-style amenities such as fireside pools, dog parks, and pristine gardens.
The building boom still leaves some scratching their heads and real estate investors a bit on edge as Atlanta sits on a huge surplus of existing condo inventory. There are nearly 4,500 new or existing condos on the downtown Atlanta market this month alone. The National Real Estate Investor (NREI) predicts 8,500 newly proposed units, in addition to those 4,500, will be coming up for grabs in the not too distant future.
So why all of the new construction with such a strong condo inventory still in reserve for buyers? Many builders say there are still not enough high end choices to meet consumer demand.
Additionally, Atlanta is still the fastest growing city in the United States, adding nearly one million people since 2000, according to US Census Bureau Statistics.
This boom coupled with the resurgence in building could balance out in the end, at least that's what many builders and investors are hoping.
If pre-sales on condominiums are any indication, then builders are right on target. Trump Tower Atlanta, not slated to open its doors until early 2010, has already sold over 72 units, according to Jezebel magazine.
Additionally, according to the Atlanta Business Chronicle, "Forty-eight percent, or 2,027 of the 4,222 units, in (Buckhead's) active projects were sold or under contract in this market, where condo absorption typically hits about 850 units annually." This all seems to add up to good news for those trying to buck the national real estate trends in the trendy Buckhead area.
Downtown's mixed-use residences are peaking buyers' interests for several reasons.
First, it's "greener" to live downtown and walk or take public transit around the city. Next, it's healthier for residents to keep their cars parked and walk to their destinations. Some condominium communities like Gramercy, on Atlanta's Perimeter, are cropping up and marketing themselves as "Walking Communities" to appeal to a new wave of urbanites.
Most importantly, perhaps, is the convenience factor of living in a mixed use building shaves hours off of people's chore lists. Having doorstep dry cleaning, delivered gourmet meals, and fitness or conference facilities just steps outside their front door make suburban living, (where folks rely on their vehicle for everyday errands,) look like the ice ages.
Kristin Nolan lives in a mixed-use condominium in Midtown. She says the bustling district and conveniences she experiences are essential to the success of her career and family life. For every hour she would otherwise spend commuting to work, dinner, or the gym, she has that much more time to spend at work or with family. Nolan may say it best when she says living in a mixed use condominium in downtown's posh district is "totally practical and sinfully luxurious at the same time."
The world will watch to see if Atlanta can truly prove that downtown condo living is all in the mix.
Atlanta Condos
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