Atlanta Agent (AA): How are the condo markets in your area of Metro Atlanta, business wise?
Blair Branch Huckeba (BBH): Condo business is booming. We are seeing so many condos sell before ever reaching the market, or receiving multiple offers and achieving record-setting prices.
AA: We always hear about how low inventory is for single-family homes, but how is it for condos? And is new construction making any kind of dent?
BBH: The condo market is seeing the same low inventory that is plaguing the Metro Atlanta housing market as a whole. Most of the new construction is in a higher price point (close to the million-dollar mark), so it does not meet the needs of the majority of the condo buyers, who are looking for something in more of the $250,000 to $400,000 range.
AA: What are some of the things your condo clients are looking for in their new residences?
BBH: Walkability to conveniences has become a top priority for many condo buyers. Traffic in the city is already bad enough, and people do not want to spend their lives in their cars. With so many exciting commercial developments in the works, people want to have these things at their doorsteps. The ability to walk to parks, the grocery store, bars, restaurants and shops has become a “must have” on many buyers’ wish lists. Amenities are also important. Condo buyers know that HOA dues are inevitable, but they want to know where their money is going. Amenities like secured parking, concierge, gym and pool are important to condo buyers.
AA: Finally, Metro Atlanta is dominated by single-family homes. Do you see condos having a larger role in the area’s housing market, as the population grows?
BBH: Absolutely. We are seeing an influx of people moving back to the city and out of the suburbs. Condos are the perfect option for someone who wants less maintenance than a single-family home in a convenient location. Condo living is especially appealing to the young, the first-time buyer, those who travel often for work (like many Atlantans) and the transient buyer who will only be living here for three to five years.
And with the boom of Intown development (like Ponce City Market, Krog Street Market and The Shops at Buckhead Atlanta), there is not really the land space to increase single-family inventory. Condos are a great alternative for Atlantans who want to be close to those areas.
A South-Georgia native, Blair Branch Huckeba is a Realtor with Dorsey Alston in Atlanta/Buckhead, and she was named “Rookie of the Year” at her previous company. In addition, she was a member of the 2013 Atlanta Board of Realtors Multi-Million Dollar Club and was among the top 25 agents company-wide for Dorsey Alston, Realtors in 2013, and she remains among the top 10 percent of the brokerage’s agents.