Real Estate: Condos, Going Once . . . - Lifestyle - Atlanta Magazine
 
 
 

Real Estate: Condos, Going Once . . .

It’s no secret that Atlanta’s condo market is both saturated and stagnant. Look at all the dark windows in the nighttime skyline, says Jon Gollinger, cofounder and East Coast CEO of Accelerated Marketing Partners (AMP), a national residential real estate marketing and consulting firm that stages auctions of new condominiums. “When you have declines that are this dramatic, the market needs to determine value,” he says.

So far this year, AMP has conducted nearly sold-out auctions with high-end Atlanta high-rises such as Aqua Midtown, Cosmopolitan at Buckhead, Element, Horizon at Wildwood, and Tribute Lofts.

For the Cosmopolitan at Buckhead auction, for example, more than 250 bargain hunters filed into a local hotel ballroom and started bidding at a reserve of $105,000 for one-bedroom units, which had original asking prices of up to $299,500. At the end of the day, forty-three luxury homes were sold at prices ranging from the low $100,000s for one-bedrooms to $272,000 for a two-bedroom.

So will condo auctions gain more steam? “One day we’ll be unnecessary, but right now, we’re essential,” Gollinger says. “I’m really, truly looking at Atlanta as an arbiter of what I expect to occur around the country.” Visit acceleratedmp.com to find out about current auctions.

Illustration by Alex Eben Meyer

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