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Luxury developers cut penthouse prices

September 30, 2009
By Michelle Shaw, Atlanta Journal Constitution

Below are excerpts from the story online. Please click here for the entire story on the AJC about penthouse prices in Atlanta

Sovereign

Sovereign

A few developers are sticking to their original pricing. Regent Partners, for instance, is developer of Sovereign in Buckhead, an 82-unit building where prices start at $1 million. The homes are built atop commercial space that is bringing in enough money that Regent doesn’t feel pressure to discount the condos, said company spokeswoman Kristi Torgler.

Aerial View of The Aberdeen in Vinings

Aerial View of The Aberdeen in Vinings

Geoff Anderson, developer of The Aberdeen in Vinings, isn’t changing his plan either, but for different reasons. Built for the 55 and older crowd, the Cobb County high-rise is designed for those who will spend more time in the home than not. Each unit offers unfettered views of the Atlanta skyline.

“The reason our pricing hasn’t changed is because our value proposition hasn’t changed,” said Anderson, president of Taz Anderson Realty Co. “We’re offering people something they can’t get anywhere else: We’re a luxury property that’s not in Buckhead, that’s not in Fulton County, and where seniors get a significant break on property tax once they turn 62. There’s nothing else out there like us.”

Realtors who market these homes see a rosier picture than many in the industry.

Mike Bugg, Sr VP SkyRise Group

Mike Bugg, Sr VP SkyRise Group

Mike Bugg, senior vice president of SkyRise Group, a division of Atlanta Fine Homes Sotheby’s International Realty, said he thinks international travelers and those who are looking for a second home in the city will purchase homes of this type.

“The interest is picking up,” Bugg said. “And that is the first step.”

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