Posted on 02/13/2009 5:13:51 PM PST by Lorianne
Developer wants to unload in stagnant market; bids start 56% below list price ___ Atlanta’s condominium market was so hot a few years ago, an entire building would pre-sell in a matter of weeks.
Element at Atlantic Station in Midtown was one of those must-have properties. Its 322 units were all under contract months before the building opened.
Even a fire that destroyed the partially built project in July 2005 failed to dim Element’s appeal. Just one contract was canceled, and Element was rebuilt.
But those supposed sales were a mirage. Half of Element’s buyers abandoned their contracts, and today the developer, the Lane Co., still owns 35 percent of the units.
Now Lane wants to shed a bunch of those Element homes all at one time. Boston-based Accelerated Marketing Partners will auction 40 units Feb. 28 at the W Atlanta downtown.
The next day, Accelerated Marketing Partners will travel to the W Perimeter Hotel Atlanta to auction 35 units at the Sterling of Dunwoody, a suburban project developed by the Providence Group.
Auctions have become a quick fix for stalled sales in metro Atlanta. Last year, Accelerated Marketing Partners sold more than 50 condos at the Tribute Lofts in intown Atlanta and at the Promenade at NorthPlace in Sandy Springs.
Intown Atlanta is awash in 6,000 unsold condos, according to the local real estate consultant Haddow & Co. Just 66 new units sold in the second half of 2008, Haddow & Co. says. For the year, 645 new condos changed hands, which is 76 percent below the average of the previous eight years.
(Excerpt) Read more at ajc.com ...
You too can pay for a condo, then pay HOA fees, then pay property taxes in a city that is starved for money and hitting up every taxpayer with or without a pulse.
You left off maintenance fees ,, and as an owner you get to pay a huge share ,, covering for maintenance the unsold units don’t pay for..
LOL, Atlanta has about a five year supply of unsold housing units. And about a ten year supply of lots available to build more.
I was in A-town recently for a conference, close to this place at GPB.
You are looking at about 1-200K for a studio condo in the center of Atlanta.
Crime is ridiculous at Atlantic Station because of the high percentage of government subsidized properties.
People that live in town understand this and the dynamics it fosters.
Subsidization is at least 20%, if not greater, and no one in their right mind wants to live there.
Egregiously violent crime is commonplace there, but played down as much as possible by the ignorant, local media types.
thaDeetz
Added bonus......Freaknik every weekend!
ping
And 20 grains of intellect in the government to handle it all...
Correct: If Obama really wanted to save the middle class he stop the government’s practice of unrealistically proping up housing prices and pricing young people out of the market.
Even at 56% off the units are overpriced.
He should market these condo the the wealthy Chinese
Yes, the city, which is run by Democrats (Slingblade Socialists) forced the developers to accept a certain percentage of section 8 housing. A guy who works for me was paying close to $2,000 per month for an apartment there. On his hall, there were at least 3 of the same units as his being occupied by welfare recipients. He said they played rap, smoked grass, did not leave till late at night. He tried to get out of his lease early but they said no, until there was a double murder just a few doors down from him in one of the section 8 units. He threatened a big suit, so they let him go finally. Atlantic Station is a beautiful development, built on the old Atlantic Steel plant site. Unfortunately, unless they change this section 8 folly, the residential portion does not stand a chance.
Markets work...politicians connive, and cheat, and lie, and obfuscate, and assume we are to dumb to react.
It’s late in coming, but the average American is starting to wake up. Obama is overreaching....the backlash is coming; sooner is better!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.