Over the last few years, Atlanta’s condo market has become a hot commodity, with new properties popping up along the city skyline as home buyers clamor for well-appointed residences coupled with a true low-maintenance lifestyle in a bustling urban setting. With so many options now available, it can be tough to decide which condo community to choose for your new home in the ATL. read more
If it seems like you’re hearing about people purchasing condos more often in today’s residential market, you’re right. Particularly in metro Atlanta, the condo has become one of the most sought-after housing options, as homebuilders craft spectacular properties in various locations throughout the area. And there’s a good reason for the growing focus on condominiums.
“We’ve been feeling the shift toward more walkable, engaging neighborhoods in metro Atlanta for years now. You see it intown with places like Midtown adding millions of square feet of new development in the last decade and in more suburban areas like Alpharetta and Woodstock establishing their own town centers. It’s really a return to the way cities were designed historically and a paradigm shift for lifestyle options in Atlanta. And condominiums and walkable neighborhoods go hand-in-hand,” explains Meghan McMullen, director of market research for Engel & Völkers Atlanta. “Condos provide enough residential density to support thriving local shops and restaurants, as well as transit, and the public spaces in these kinds of neighborhoods act as an extension of condo living.”
Additionally, according to Jonathan Carter, Toll Brothers’ senior vice president in Georgia, “Home buyers are drawn to a luxury, urban lifestyle in some of Atlanta’s most vibrant neighborhoods close to everything the city has to offer, but they still want a beautiful new home with all the latest design features. There is a limited supply of developable land in urban Atlanta, and this dynamic is driving an increase in condominium communities with attractive, creatively designed condominium homes.”
By the Numbers
In recent years, condos have not only been popping up all across the metro Atlanta area, but also have been purchased at increasing rates year over year. As McMullen notes, “A decade ago, there were 2,420 condos sold ITP in a year. As of this March, there were 3,187 condos sold in the last year, up 32 percent in 10 years. Condo sales ITP peaked in the 12-month period ending in February 2022, right before mortgage rates began rising. Homes of all types have had fewer sales since then due to higher interest rates, but the long-term trend is still significant, and it doesn’t seem to be a shift away from condos as desirable lifestyle option.”
For many people, affordability is a key element when considering the purchase of a condo. “Condo living can be a more affordable option in some of Atlanta’s most desirable neighborhoods. People can achieve the urban lifestyle they desire at an affordable price,” Carter observes.
McMullen agrees, adding, “Affordability can be a draw. In March — the average sale price for a condo ITP was $385,921 compared to $653,352 for a detached single-family home or $583,415 for a townhome. Condos can be a great way to buy into your dream neighborhood at a price that fits your budget, especially if you’re looking to live ITP.”
You Can Always Get What You Want
There are several common features and amenities that are offered by local condominium properties, and these typically are based on what today’s home buyers want in terms of their overall lifestyle. Carter points to everything from low-maintenance living, practical storage solutions and flexible interior floor plan options to a variety of shared community amenities that can all be selling features of a community. McMullen also notes the popularity of the lock-and-leave lifestyle that often is afforded by condo communities. She says, “For buyers who travel frequently or are tired of taking care of the big yard, this simplicity can be a major plus.” What’s more, she continues, “For those living alone, the sense of community and safety of a condo building can bring peace of mind.”
Of course, condos also offer a certain level of luxury and sophistication, with opulent and spacious interiors, high-end appliances and finishes, spectacular architectural details, exclusive amenities (such as 24-hour concierge service, full onsite gyms and dog walking services) and much more. They also tend to be found in ideal locations that offer access to a wide array of neighborhood spots, from restaurants and shopping destinations to parks and exciting outdoor venues.
Where to Start
If condo living is appealing to you, then it’s important to have a bit of guidance as you navigate the local condo market. McMullen suggests starting the process by asking yourself a few questions that will help you prioritize what matters most to you in your home search. She says, “Do you have your heart set on a certain neighborhood? Is natural light the biggest factor? Do you prefer traditional design or more of a loft-style space? Are you interested in a high-rise or a mid-rise building? Have a strong sense of what you’re looking for and what you’re willing to compromise on. Communicating these priorities clearly to your agent will make a big difference.”
You also need to understand the state of the current condo market, as there have been a few changes in recent years. For instance, while there are many condo communities being constructed throughout the area, condo inventory is still a bit low in metro Atlanta compared to other years. McMullen advises, “You may have to be patient. There were just 578 condos on the market in the entire ITP area in March, 34 percent fewer than the same time in 2019, even though new condos were delivered since that time. The lower inventory can be challenging for picky buyers, but there are still great options out there. An upside of today’s market is that buyers have a bit more time to make a thoughtful decision. Last March, ITP condos were under contract in a week on average. This March, it was more like a month—still about a week faster than the same time in 2019. That extra time is valuable when you’re making a big lifestyle and financial decision, and if interest rates decline slightly later this year as forecasted, it’s likely the pace will pick up again. Be prepared to search widely and be open-minded and ready to pounce when you find the right one.”
Condo Communities to Consider
Fortunately, there are a number of great condo options out there today that could be the perfect fit for your home buying needs. Check out the following intown communities, which can be found in some of metro Atlanta’s most beloved locales. Each one offers its own unique atmosphere and amenities, ensuring that there is something for every condo seeker out there.
J5 in Midtown is located at the corner of Juniper and 5th streets right in Atlanta’s historic Garden District and offers a mix of urban energy and at-home serenity. The six-story building’s contemporary, well-appointed condos start in the mid-$400s and are as unique as they are spectacular, marked by neutral interiors with top-quality finishes, ample natural light and high ceilings that provide and open and airy feel throughout. The one- and two-bedroom homes also boast livable outdoor space with spacious terraces and balconies, as well as numerous floor-to-ceiling windows that are designed to bring the outdoors in. They also overlook city views or one of two courtyards.
J5’s amenity package is equally impressive, with an array of resort-style features. The property boasts a sparkling saline pool, as well as two private elevated courtyards with central green space with terraced seating, summer kitchens, hammocks and fire pits; the property even has a sunset rooftop lounge with a kitchen, fireplace and flat-panel televisions. The onsite gym includes professional-grade equipment, and the building offers 24-hour concierge service, electric charging stations, a pet spa with an elevated tub, a coffee bar in the lobby and more. Additionally, thanks to the outstanding Midtown location, J5 residents enjoy access to tree-lined sidewalks, the Atlanta Botanical Garden, Piedmont Park and a variety of green spaces that are perfect for picnics and family-friendly fun.
Situated in Oakhurst, a neighborhood known for its eclectic artwork and vibrant culture in Decatur, Park 108 brings that same extraordinary distinction home by infusing new life into the existing 1930s building which once housed the Southern Bell telephone switchboard. At Park 108, residents enjoy a stunning blend of modern design and authentic characteristics. This boutique building of condominiums, some with additional lofts, features oversized windows that flood each home with sunlight and 12-foot to 14-foot-high ceilings that create expansive living spaces. The property also boasts ample storage space and onsite parking. A bridge between past and present, Park 108 takes inspiration from and preserves its history, and the result is an extraordinary community with a strong connection between home and lifestyle.
This new condo community offers home buyers tremendous value compared to surrounding apartment complexes and single-family homes without having to compromise on the highly desirable Grant Park location. Boasting one- and two-bedroom condominiums with carefully curated interiors featuring flexible floor plans and designer finishes, as well as sophisticated exteriors that offer scenic wooded views, Eloise at Grant Park is a residential oasis in Downtown Atlanta. The property also is connected on all sides to the Atlanta BeltLine, the city’s 22-mile-long multi-use trail and light transit system and one of the country’s most renowned urban redevelopment projects. Of course, with Grant Park being Atlanta’s oldest and fourth largest park, there’s always something to do close to home at this up-and-coming condo community.
Located in East Decatur Station, New Talley Station offers a neighborhood atmosphere that is synonymous with Decatur’s eclectic and exciting vibe. The property allows home buyers to choose from three spacious floor plans with one-car garages and driveways for a second car, and each condo home comes complete with designer finish packages, custom lighting, wide-plank hardwood flooring and more. Additionally, the community boasts an array of outdoor spaces that include a community gathering area, an outdoor grilling station, an outdoor theater, a fire pit, a cornhole court and ping pong. The location itself is a draw as well, with award-winning restaurants, shopping spots and more just moments from your front door. What’s more, the community is across the street from the brand new Talley Street Elementary School, making New Talley Station an ideal residential option for families.