DEL.ICIO.USLuxury movin’ on up
If you’ve got expensive tastes, the metro area has plenty of $2 million-plus properties to satisfy.
For the AJC
Sunday, October 05, 2008
Not too long ago, a million-dollar home was a rare thing. Today, metro Atlanta has hundreds of homes selling at a million dollars and up, and the market for real luxury homes has moved to the $2 million-plus price range.
Photo by Luis Mendoza
Buckhead’s Regent’s Park has one-level flats and four-story townhomes. The bathrooms enjoy plenty of natural lighting.
Photo by Luis Mendoza
Buckhead’s Regent’s Park has one-level flats and four-story townhomes.
Photo by Luis Mendoza
Buckhead’s Regent’s Park has one-level flats and four-story townhomes. Inside, kitchens have hardwood floors and marble or granite countertops.
Photo by Courtney Astor
A floating staircase greets visitors upon entry to this home in Sugarloaf Country Club, which is on the market for $2,999,000.
Photo by Courtney Astor
This seven-bedroom manse, located in Sugarloaf Country Club on the market for $2,999,000, has a pool with multiple waterfalls.
Photo by Courtney Astor
This seven-bedroom manse in Sugarloaf Country Club is on the market for $2,999,000, and has a master bath with travertine floors and and a steam shower.
Photo by Courtney Astor
The Darlington great room has a soaring great room with fireplace.
Megahometours.com
A covered walk joins a carriage house and a five-bedroom main house on 3 acres in Milton.
What’s selling for $2 million plus?
Phebe Etheredge of Jenny Pruitt & Associates sells Atlanta real estate at all price points and finds there’s lots of activity in the high-end market.
She reports that currently in Buckhead there are 165 single-family homes for sale between $2 million and $20 million. Thirteen of those homes, she says, are priced from $7 million to $20 million. Thirty-nine have sold since Jan. 1, and there are five more under contract.
There are enough houses for sale to supply the demand over a three-year period, according to real estate professionals, and that means homes over $2 million are subject to the same pressures in this buyer’s market as homes that sell for much less.
Who buys at this price?
“I can’t give you a profile, but it’s usually an all-cash buyer,” says Rebie Benedict of Harry Norman, Realtors who’s been selling real estate in Atlanta since 1975. She says many of these buyers have several homes and are looking for less maintenance and for security — a gated community can be a plus. Most are looking for convenience to the things they enjoy, such as restaurants, museums and the symphony.
Where are they looking?
“Many of them look in Buckhead because they like the energy of the city,” Benedict says. “Buckhead is known across the country as the high-end area of Atlanta in which to live, with the arts, fine restaurants and easy access to the expressway. If they’re buying outside Buckhead, they may want space for horses or have an office in that area.”
Michele Collins of Jenny Pruitt & Associates adds, “Often times they will buy outside the city because they do not want an in-town lifestyle. They might be avid golfers and want to live in a golf course community or prefer the family atmosphere and security in a gated community that has access to good public schools.”
What are they looking for?
“The No. 1 thing is new construction or a home that’s been totally renovated,” Benedict says. “They want the finest quality, and they’re looking for less maintenance.”
Etheredge agrees that the market is strongest for new homes, or for homes that have been completely remodeled. “Buckhead doesn’t have a huge amount of new inventory, but of the five Buckhead homes currently under contract, three are new construction, one is almost new and the last is a complete redo,” she says.
Benedict finds that people moving here expect the same features they see in high-end homes in other cities. “They get the vision from those homes,” she says, “and of course we have all these beautiful magazines like Veranda that provide another set of expectations.”
What’s the market like?
The relocation buyers who are strong in this price range are often put up in temporary housing and don’t have the time pressure to find a home quickly. “They are looking for deals,” Etheredge says, “and they know that with lots of inventory, there’s no demand to make a quick decision. They may make a buying trip and when they return, most of those same houses will still be on the market, and there will be new listings to go and see as well.”
And will the house sell for its $2 million plus asking price? Etheredge, who’s been selling real estate in Atlanta since 1984, reports the average list-price-to-sell-price ratio in this range used to be as high as 95 percent. “Now we’re finding it to be 90 [percent] to 93 percent,” she says, “which we still think is pretty good.”
On the market
Here are some examples of what’s available in Atlanta’s luxury housing market today.
Milton
A recent search found 45 single-family homes for sale at $2 million and up in this part of north Fulton County. Top price? $9.2 million for an eight-bedroom home with five full baths and one half-bath.
14285 Thompson Road
$1,999,000
Five bedrooms, five full baths, one half-bath in main house; two-bedroom, 1½ bath carriage house; three acres included, with eight more available at $75,000 to $100,000 per acre; built in 2004.
Highlights: Gentleman’s retreat with raised paneling; coffered-vaulted ceiling; banquet-size dining room with tray ceiling; master spa with double-headed steam shower, two-person jetted tub, travertine tile floors; state-of-the-art kitchen with Dacor cooktop and double ovens, Sub-Zero refrigerator, granite countertops, travertine tile floors; butler pantry, wet bar with wine rack; keeping room with stacked stone fireplace; upper-level study with built-in cabinetry and vaulted ceiling; rec room with wet bar, large billiards room, exercise room; media room; patio with outdoor fireplace and outdoor kitchen; eight-person Jacuzzi; heated swimming pool with water slide; carriage house with living room, kitchen, one-car garage with entry into kitchen loft area; master bedroom with sitting area.
Information: Alex McGraw, Jenny Pruitt & Associates, 678-642-8227.
Sugarloaf Country Club
A recent search found 50 single-family homes for sale at $2 million and up in this section of Gwinnett County. Top price? $8.5 million for a six-bedroom home with six full baths and four half-baths.
2875 Darlington Pointe
$2,999,000
Seven bedrooms, seven full baths, three half-baths; built in 2005
Highlights: Two-story foyer with floating staircase and marble floors; paneled gentleman’s study with coffered ceiling and French doors opening to the veranda; banquet-sized dining room with crystal-and-iron chandelier and French doors opening to the veranda; great room with stone walls and fireplace surround; kitchen features hand-crafted stone-inlaid center island, distressed cabinetry and limestone counters, full-size Sub-Zero refrigerator and full-size Sub-Zero freezer, two additional refrigerator drawers, two Bosch dishwashers, Wolf double ovens and range, two copper sinks; keeping room with barrel ceiling, Palladian window, built-ins and fireplace with honed onyx surround; breakfast room with onyx wall and domed ceiling; master suite on main level with stone two-sided fireplace, sitting room with morning bar, master bath with travertine floors and counters, steam shower; paneled elevator with slate floors; friends’ entrance and separate family powder room; full walk-in pantry, kids’ locker room, laundry, three-car garage; pool with multiple waterfalls, children’s wading area and spa; pool changing area with full bathroom and steam shower; outdoor grill and covered outdoor fireplace; media room and game room; full bar and wine cellar.
Information: Michele Collins, Jenny Pruitt & Associates, 678-614-9662.
Buckhead
A recent search found 161 condos and townhomes for sale at $2 million and up in metro Atlanta, including the neighborhoods of Buckhead, Brookhaven, Brookwood, Chastain and Peachtree Heights Park. Top price? $9,520,000 for a four-bedroom condo at Sovereign with four full baths and three half-baths.
Regent’s Park at Peachtree Battle
2440 Peachtree Road
Ranging from $2,160,000 to $3,725,000, six flats and 14 townhomes; built in 2008.
Highlights: One-level flats and four-story townhomes; 8-foot mahogany doors; marble or granite kitchen countertops; Sub-Zero and Wolf appliances; master baths with marble floors, shower walls and countertops; study with paneled walls, Loewen windows and Bevelo gas lanterns; customized private elevator; Rutt kitchen cabinets; hardwood floors throughout main floor and master level.
Homeowner association fees include: 24-hour security guard, 24-hour concierge and 24-hour on-call maintenance engineer; day porter on-site four hours a day; landscaping services and grounds maintenance; window cleaning and refuse removal.
Information: Bonneau Ansley, 404-906-3161; or Carol Young, 404-495-8349; Harry Norman, Realtors.
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