What do donuts and Midtown’s condo market have in common?
A whole in the middle.
That’s because the area’s seen increased demand in two main areas of the market—affordable and high-end luxury, with a gap in the price range in between the two—according to an annual residential market report released by Engel & Völkers Atlanta. The report mentioned high sales in the affordable end of the market (units priced from $200,000 to $600,000), and the luxury segment of the market (units priced over $1 million).
The brokerage found that Midtown’s condo inventory increased by 130 percent on a year-over-year basis for condos priced from $200,000 to $300,000.
“The intown Atlanta condo market has been strongly dictated by price,” said Christa Huffstickler, Founder and CEO of Engel & Völkers Atlanta. “With more millennials entering the market, attainable condo product that offers an urban experience and posh amenities… is in high demand. In addition, affluent buyers have more opportunities as we see a flurry of new development in the luxury arena in Midtown with projects like 40 West 12th hitting the market. We expect to see continued absorption in these two sectors, while the $700,000 to $900,000 price range is no man’s land.”