Highrise Condo Blog

The Atlantic in Atlanta is Now Leasing

Webmaster — Tue, 03 Apr 2012 00:43:57 +0000

The Atlantic Condos of Atlanta have been through some rough waters in recent years, as the Atlanta condo market worked to absorb huge amounts of inventory that came on the market just as conditions started to worsen. Now it looks like the remaining 324 never-before-lived-in condos are going to be available immediately for lease. The new owner, Midtown Residences LLC, has decided to capitalize on the booming rental market while delaying sales until the market turns.

Sarasota Downtown Condo Update

Webmaster — Mon, 12 Mar 2012 21:35:05 +0000

It is active in downtown Sarasota, Florida. Since we are in the midst of our busy winter selling season there are quite a few condos under contract in downtown Sarasota. The overall mood by people who closely observe the Sarasota market is that we are scraping along the bottom with prices remaining flat. Demand remains strong and supplies are near a 10 year low. Our office is located at 100 Central Avenue in the heart of downtown. Activity is brisk as we spot Realtors frequently taking their buyers in the 100 Central condos.

Here are pending statistics as of March 10, 2011.

61 condos under contract
Lowest asking price – $49,000 – Dolphin Tower
Highest asking price – $5,400,000 – La Bellasara
Average asking price – $691,398
Median asking price – $395,000

There are several luxury condos downtown that have recently gone under contract. Of the 61 condos under contract 25 of them have an asking price over $500,000.

Although, the Sarasota condo market is active there are still some great opportunities. Below are statistics for active listings:

172 condos for sale
Highest asking price – $6,995,000 – Beau Ciel
Lowest asking price – $34,500 – Dolphin Tower
Average asking price – $926,597
Median asking price – $527,000

With 172 condos for sale in the downtown area it sounds like there is an oversupply of properties. This is not really true. If you want to be within a short walk to Main Street, need 2 bedrooms, 2 bathrooms and want to spend less than $400,000 you have fewer than 30 condos for sale.

Closed sales since January 1, 2012:

35 condos sold
Highest sales price – $1,930,000 – La Bellasara
Lowest sales price – $15,000 – Dolphin Tower
Average sales price – $526,533
Median sales price – $349,000

Ironically, when compared to the same period in 2011 there have been exactly 35 sales as well. However, in 2011 the average sales price was $433,784 and the median sales price is $339,000.

If you are interested in buying or selling in Sarasota give Marc Rasmussen a call at 941.812.6272.

Tampa Condo Market is Tightening

Webmaster — Tue, 14 Feb 2012 06:35:46 +0000

According to the Tampa Bay Times, inventory is starting to tighten up for high-rise condos with views in the Tampa area. The original developers of several towers went bankrupt allowing for investors to come in and buy the units and sell them for more realistic 2012 prices. So while the number of sales have gone up, the average price has gone down. We feel the net result of that activity is good for the market. First, empty units and foreclosed condos are a drag on the HOA and can affect the building negatively. Second, if inventory tightens up we hope that the pricing will stabilize to current market levels.

The activity we’re seeing in Tampa Condos is also happening in cities around the country. Higher construction costs and tougher lending standards are keeping many developers from breaking ground on new condo towers, so existing units are selling a little faster. This is going to be the trend for the near future since even when developers do decide to pull the trigger and plan new buildings there will be around five years before any new inventory is ready for move-in.

The Sanctuary Condos are Born Again!

Webmaster — Thu, 26 Jan 2012 17:12:46 +0000

It seems only appropriate that condos housed in a Christian Church should be born again, and that’s exactly what has happened to the Sanctuary Condos of Seattle. When the project was originally started, it was crucified by the downturn in the real estate market. But behold – a savior has come along and rescued the project from bankruptcy and the doors will soon be open again.

These 12 unique condominium homes are expected to be a hot commodity in downtown Seattle’s booming real estate market. The inventory is low and that has led to an increase in prices and interest in new developments. The pictures look great, and a few of the units priced at $799,950, $849,950 and $1,099,950 have hit the Seattle MLS.

New Atlanta Condos Selling Well

Webmaster — Fri, 13 Jan 2012 14:45:41 +0000

According to a story in the Atlanta Journal-Constitution, it appears that the condo price reductions seen recently in Atlanta have cause demand to increase leading several buildings to sell out. The Luxe tower in Midtown has only one remaining unit for sale, and Horizon at Wildwood is down to their last two units. In fact, according to real estate consulting firm Haddow & Co., sales of intown Atlanta condos passed 1,000 last year compared with only 636 in 2009.

Some real estate developers are predicting that we may even see price increases in the coming years as inventory dwindles. They note that the newer buildings are selling out, and that there is little to no new development on the horizon to introduce new units to the market.

Charleston Condo Guide

Webmaster — Wed, 07 Dec 2011 21:55:29 +0000

Charleston has a zoning law that prohibits any new building from being over four stories high. So these existing few Charleston Condos over four stories are the only game in town if you want to live with a view.

There are high-rises in some of the cities around Charleston, like Mt. Pleasant and Isle of Palms. However if you want to live in Charleston, these are your options for high-rise living:

One57 Begins Marketing Homes

Webmaster — Wed, 07 Dec 2011 18:25:45 +0000

Two of my favorite things are about to come together. Not chocolate and peanut butter… that’s been done. The two things I’m talking about are New York City and Park Hyatt Hotels. And here’s the best part – now you can live in the same building. Extell Development has begun marketing 95 condominium homes located at One57, the 90-story tower located at 157 West 57th Street. The building will house a Park Hyatt, so residents who purchase a home will have access to the hotel’s amenities.

That list of amenities is long, and includes a 24-hour doorman and concierge, screening and performance space, on-site parking, triple-height indoor swimming pool and custom Jacuzzi, library, catering kitchen, function room, arts and crafts room, state-of-the-art fitness center, yoga studio and even a pet wash room.

Units will start at $6.375M and supposedly go north of $30M from there. When finished, the 1000-foot building will take the city’s tallest residential tower moniker from New York by Gehry. Combine that height with that location and you’ll see why the price of admission is so high… the views in all directions should be phenomenal.

A New Beginning for Plaza Tower in New Orleans?

Webmaster — Fri, 02 Dec 2011 23:28:59 +0000

The Associated Press is reporting that the lonely, long-vacant Plaza Tower in New Orleans may be given a new life soon. Local New Orleans developer Bryan Burns has bought the tower and said his plans for the building could include developing it into a a mixed-use residential and commercial complex. The building’s previous owners, Plainfield Capital, bought the building in 2007 and spent over $12 million gutting it and remediating all the mold and asbestos. They were unable to sell the building afterwords and ended up auctioning it off earlier this year.

Good News and Bad News For Condo Buyers in Orlando

Webmaster — Thu, 01 Dec 2011 17:37:10 +0000

If only the planets could all align in Central Florida. In the mid-2000′s, condos were so expensive that they weren’t really an option for most first-time home buyers. However mortgages were plentiful for those that could afford them, even with nothing down. Now the pendulum has swung in completely the opposite direction, and the pricing is great for first time home buyers. According to the Orlando Sentinel, the median condo price has dropped from $166,100 in 2006 to only $60,500 this past September putting condos directly in the sweet spot for first-time buyers. The bad news for buyers? lending has dried up to the point that in order to buy one of these cheap condos you have to pay cash. And that’s just not in the cards for most first time buyers. The article in the Sentinel goes on to explain the reasons for the lack of funding but what’s most notable is the idea that Fannie and Freddie overreacted. We would venture to say that the overreaction probably put negative pressure on the prices of all Orlando Condos.

Kansas City High-Rise Condo Guide

Webmaster — Thu, 03 Nov 2011 23:02:56 +0000

We recently visited Kansas City for the first time and loved what’s happening with condominiums in the downtown core. We saw historic buildings that have been converted alongside modern glass towers, giving buyers quite a range of options. Here are a few of the Kansas City Condos we particularly liked:

4646 Broadway: LOVED the floor to ceiling walls of glass, and the fact that there are a maximum of two residences per floor, meaning you get at least a 180 degree view of the city from each home.
Wall Street Tower: Great list of amenities and terrific views.
909 Walnut: Historic building that is now the tallest residential tower in Missouri.