Time on market: 3 days
Original price: $349,500
Sale price: $349,500
What it took: Finding the right window of opportunity. There weren’t any other two-bedroom units on the market in Paramount when they listed their condo, and only a few two-bedroom condos for sale in the surrounding area in the $300,000s. “Of course, nobody has been building new condo developments for years. I think some of the supply has started to wane a little bit,” Mark said.
They believe other attractive factors were Paramount’s Buckhead location, near Lenox Square, and the condo’s high location in the building. The couple also said Paramount continued to be a well-managed, financially sound building with lower association fees per square foot than units in nearby buildings, according to their research (the fees for their unit are $607 a month). Amenities in Paramount include a resort-style pool with cabanas, flat screen TVs and grilling areas, a fitness center, valet parking, a business center, a conference room, tennis courts and a wine cellar.
Potential stumbling block: Previous sales in Paramount factored into the price they set for the condo. The developer had sold units at a deep discount, so they were concerned about appraisal value, Kim said. Their agent, Dondra Hedden with Atlanta Fine Homes Sotheby’s International Realty, prepared a packet for the appraiser that listed recent sales and information about comparable condo buildings and Paramount’s similarities and differences. “Dondra was willing to go the extra mile on that,” Kim said. “She really worked hard, and he was very generous in meeting her and taking that information too. We think that really helped in getting the appraisal that made the sale.” They closed in April.
Seller’s hint: If selling a condo, make changes to set your condo apart from other units, because they are likely to have the same floor plans and standard features. The couple had added a tankless hot water heater, which created more space for a washer, dryer and wine cooler in the laundry area, and upgraded the lighting and cabinets.