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Home Sellers in Buckhead and Intown Atlanta Neighborhoods Reap

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Home Sellers in Buckhead and Intown Atlanta Neighborhoods Reap Vol. 4, Issue 2 | 1st Quarter 2011 BEACHAM Your Monthly Market Update From 3284 Northside Parkway The Best People in Atlanta Real Estate™ Suite 100 Atlanta, GA 30327 404.261.6300 Insider www.beacham.com Home sellers in Buckhead and Intown Atlanta What’s neighborhoods reap the benefits of an early spring Hot The luxury market. There he spring selling season came early for many intown real estate markets like Buckhead and the were 13 sales homes in metro Atlanta priced neighborhoods in Buckhead and what is rest of the Atlanta are varied according to Carver. $2 million or more in considered “In-town Atlanta” (Ansley Park, East First and foremost, Buckhead is a top housing draw T the first quarter (11 in Buckhead, Midtown, Morningside, Virginia-Highlands), in any market because of its proximity to the city’s Buckhead, 2 in East Cobb), where single family home sales collectively rose 21% greatest concentration of exceptional homes, high a 63% increase from from the first quarter of 2010 and prices increased 6%. paying jobs, shopping, restaurants, schools, etc. the first quarter a year The story was not as rosy for the rest In March, more than With an average home sale price ago. However, sales are of metro Atlanta, however. While single of $809,275 in the first quarter, still 32% below the first family home sales were up 5% in the first 15% of our new listings Buckhead is an affluent community quarter of 2007 when the quarter, prices were down 8% from a year went under contract and the affluent have emerged luxury market was peaking. ago. The average single family home sales within the first two from the recession in much better price at the end of March ($167,617) was weeks of being put on shape than any other economic What’s the lowest since January 1998 - more than the market. class, especially now that the stock Not 13 years ago. market has rebounded. Finally, there Home prices The drop in prices can be attributed to the continued is no federal homebuyer tax credit as there was at this in metro Atlanta continue high level of foreclosures and short sales which have time last year. to decline despite an offset the increase in demand and seven-year low in “Buckhead really is a microcosm of what is happening increase in sales and local housing inventory. According to Realvaluator, an with affluent consumers around the country,” Carver dwindling inventories. The Atlanta company that provides analysis of the Atlanta said. “Sales of luxury items are up and so are luxury average sales price of a real estate market, foreclosures were up 11% in 2010 home sales in Buckhead.” single family home in metro from 31,428 to 34,937. On the other hand, foreclosures Atlanta was at its lowest of $1 million-plus properties are declining. level in March ($167,617) In Buckhead, short sales and foreclosures are far Single Family Home Sales Price since January 1998. less common than in recent years. In fact, housing Comparison inventory in Buckhead is down 31% from just one year First Quarter 2011 vs. First Quarter 2010 FACTOID ago and the resulting supply pressures are contributing +11% The inventory of unsold to the increase in home prices. The atypical drop in 11 single family homes in housing supply at the peak of the selling season has 9 +6% Buckhead is down 31% created situations that harken back to the boom years, 7 from a year ago. Overall, according to Dac Carver, Vice President and Managing 5 +5% housing inventory in metro Broker for Beacham & Company. 3 Metro United Atlanta is at its lowest “In March, more than 15% of our new listings went 1 Atlanta States $175,446 $169,600 level in seven years. under contract within the first two weeks of being put 0 Alpharetta Buckhead Atlanta on the market,” Carver said. “In the last 30 days, 26% -1 West/ $810,324 Intown Follow us on: of our listings went under contract after multiple offer Roswell $481,407 % CHANGE FROM 2010 % CHANGE FROM -3 $393,124 situations where there was more than one buyer vying -5 -3% for the property. Demand is clearly outpacing supply -7 for many Buckhead price points.” If you would like to receive -9 -8% this newsletter quarterly, The reasons for the dichotomy between the contact your Beacham & The information contained herein is believed to be accurate but is not warranted and is subject to errors and changes. Dac Carver, Managing Broker. Equal Housing Opportunity. Company agent. LEADING REAL ESTATE COMPANIES OF THE WORLD | WHO’S WHO IN LUXURY REAL ESTATE 1 Beacham & Company 1ST QUARTER 2011 (JAN-MAR) sets new company record #1 SELLING OFFICE ALL PRICE RANGES in March, grows market IN BUCKHEAD, BROOKHAVEN, share 40% in first quarter ANSLEY PARK VIRGINIA-HIGHLAND/MORNINGSIDE AND SANDY SPRINGS COMBINED owered by the highest number of homes sold in one month in the firm’s nearly five year history, Beacham & Company ended Pthe first quarter of 2011 as the top selling residential real estate office for the combined areas of Buckhead, Ansley Park, Brookhaven, Morningside, Virginia-Highlands and Sandy Springs. In the process, the company grew its market share 40%—nearly four times faster than any other company in the top 20. The first quarter was also the 17th consecutive quarter that the firm has been the top selling listing office in Buckhead by dollar volume sold since the firm was founded in November 2006. “We had a fantastic first quarter,” said Carver, “We encouraged sellers to list their homes earlier than normal this year, knowing housing inventory would be very low. Sellers whose homes were priced well went under contract immediately and others were the beneficiaries of bidding wars.” Beacham & Company also remained the top selling office for homes sold for $1 million or more and the top selling company in metro Atlanta for homes sold for $2 million or more. *Single family detached residential Beacham & Company now with 1ST QUARTER 2011 (JAN-MAR) 1,100+ Facebook “likes” Beacham & Company’s Facebook page recently #1 FASTEST GROWING surpassed the 1,000 “like” mark! Followers of COMPANY AMONG TOP 20 Beacham & Company have access to the latest news about Beacham & Company and the Atlanta real COMPANIES estate market. Followers can also connect with “This Photographer’s Life,” a real estate and lifestyle blog written by Blayne Beacham, Director of Creative Services at Beacham & Company and an accomplished artist and photographer. The blog is currently one of the top ranked real estate blogs in the country. LEADING REAL ESTATE COMPANIES OF THE WORLD | WHO’S WHO IN LUXURY REAL ESTATE 2 Spring issue of The Beacham Series debuts at ‘The Pink Castle’ he publishing of the spring issue of The Beacham Series was celebrated at the cover home, 3418 Pinestream Road, also known Tas “The Pink Castle,” on April 26. More than 200 guests filled the 1920s-era architectural gem designed by famed Atlanta architect Neel Reid. The 16th Century Italian villa-inspired estate is a showcase for fixtures and historic artifacts purchased in Italy and installed by Reid himself. From the Terrazzo floors to the Allyn Cox mural in the grand foyer to the ballroom with ornate plasterwork moldings, the home is a feast for the architectural senses. Camille Brannon of closing attorney firm Campbell & Brannon marveled at the home, which she saw for the first time. Like many guests, she read about the estate in Anne Rivers Siddeons’ book Peachtree Road, which is set in a time when The Pink Castle was sited The 16th Century Italian Villa style estate known as The Pink Castle served on approximately 100 acres with an elaborate entrance on West Paces as the backdrop for The Beacham Series spring release party. Guest entered through the graveled courtyard at the rear of the home which features a Ferry Road that included Baroque piers and a tree-lined boulevard. sienna-colored façade reminiscent of the Italian landscape. “The Pink Castle is an amazing piece of Atlanta’s architectural and real estate history,” Brannon said. “It’s such a glamorous setting for a party too. The architectural details inspire you.” From the Terrazzo floors The party marked the debut to the Allyn Cox mural of the latest edition of The in the grand foyer to the Beacham Series. Guests at the ballroom with ornate party were the first to see the plasterwork moldings, the spring issue, with the cover shot home is a feast for the featuring the grand foyer of The architectural senses. Pink Castle. The magazine is a semi-annual, official publication of Beacham & Company, Realtors, and showcases some of the firm’s finest homes for sale. Entering its fifth year of publication, The Beacham Series is mailed to Atlanta’s most affluent households in Buckhead, Alpharetta, Ansley Park, Brookhaven, A film crew sets up at shot during the release party under the watchful eye of Druid Hills, East Cobb, Virginia-Highlands, Morningside, Sandy Springs Blayne Beacham, Director of Creative Services and Social Media. The crew and Vinings. filmed a video of the party for the Beacham website. Spring Edition For title services or of The Beacham property tax appeals, call 404.504.8700. Series now available! For loan prequalifaction, The cover of the please contact Spring 2011 issue Jack Levin at 404.388.4427 of The Beacham or [email protected] Series. To view the online version of For insurance information, the magazine, go to please contact Denise www.beacham.com. Willoughby at 678.942.1412 or [email protected] LEADING REAL ESTATE COMPANIES OF THE WORLD | WHO’S WHO IN LUXURY REAL ESTATE 3 BEACHAM BELLWETHERS ABOUT THE SINGLE FAMILY DETACHED HOMES BELLWETHERS 1st QUARTER 2011 VS.
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