Atlanta Condominiums are Losing Value?!?!
March 26, 2008 – 10:32 pm
12th & Midtown Condominiums
Originally uploaded by The Hendriks Group
Though Atlanta was not deep, up to the waist in the muck that was the “Real Estate Bubble”, It appears as if Atlanta is feeling the effects (even though not as badly as other markets, i.e., Miami) of not only per se a Real Estate Bubble, but a credit crunch.
The Atlanta Journal-Constitution wrote an article about the reduction in prices amongst the Atlanta Condominiums. I believe that the market isn’t as much to blame as the ridiculous prices I see for the majority of the condominiums in, especially, Midtown. Atlanta’s rise to becoming an international city, along the likes of Chicago, etc.., doesn’t mean that developers should leap ahead of the market in terms of pricing. I think pricing has as much to do with the decline as much as overbuilding and the credit crunch.
That being said, with the conversion of some condo projects to rental buildings and many stalled development plans, the market will soon stabilize.
