This Week in Real Estate: Atlanta named one of the hottest housing markets, new luxury condos, and more

by Rincey Abraham

atlanta-top-residential-real-estate-brokerage-realhome-keller-williams

To identify the hottest housing markets in the U.S., Redfin examined metro areas with at least 500,000 people and their current inventory, the number of homes going under contract within two weeks, and the number of homes selling over list price.

According to Redfin’s data, over 28 percent of Atlanta’s homes went off the market within two weeks, inventory is down almost 20 percent, and 21 percent of homes sold above list price.

Redfin also notes that Atlanta is a top migration destination, ranking at No. 2 in the third quarter of this year, up from No. 5. The Washington Post recently reported about how many “secondary” cities, such as Atlanta, are seeing population growth.

“People in the coastal markets are just fed up with double-digit price increases, and they’re moving to a commuter town or to the middle of the country,” said Daryl Fairweather, chief economist for Redfin.

In other real estate news:

  • Springview Apartments is bringing affordable housing to the Cleveland Ave Corridor. The 244-unit complex had its official ribbon-cutting ceremony last week featuring Brandon Riddick-Seals, interim CEO at Atlanta Housing; Tammie Workman, assistant superintendent of student services at Atlanta Public Schools; Eloisa Klementich, president and CEO at Invest Atlanta and more. The property received $1.5 million from Invest Atlanta’s Housing Opportunity Board program to renovate and restore the property. It serves as part of Mayor Keisha Bottoms’ imitative of investing $1 billion in affordable housing from public and private sources.
  • A new luxury condominium project is coming to Midtown, the Atlanta Journal Constitution reports. Set to open spring of 2019, J5 — named for its location on the corner of Juniper and 5th streets — will have 150 condos that range from one to three bedrooms, with prices starting in the $600,000s.
  • Del Webb Chateau Elan near Braselton, Georgia, was named one of the 10 best new 55+ communities in 2018. The communities on the list were chosen due to amenities, location, lifestyle, resident feedback and more. Two other Del Webb communities also made the list: Del Webb at Rancho Mirage in Rancho Mirage, California, and Del Webb Tradition in Port St. Lucie, Florida.
  • A new project coming to the Upper Westside is looking to bring 345 apartments and 15,000 sq. ft. of retail space next to the new Publix shopping center. Named NOVEL Upper Westside, the development is a partnership between EDENS and Crescent Communities, and is part of the second phase of EDEN’s work at the corner of Marietta Boulevard and Moores Mill Road. Curbed Atlanta reports that the project is scheduled to be completed at the beginning of 2020.