Posts Tagged ‘buckhead condo’

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St. Regis obtains new financing

July 29, 2010
Jenny Pruitt, CEO and Founder

Jenny Pruitt, CEO and Founder

From Atlanta Business Chronicle

 The developers of the St. Regis Atlanta have obtained new financing from blue chip investment bank Morgan Stanley, a rare sign of confidence in Atlanta’s commercial real estate market.

 The deal replaces $176.5 million in financing from Morgan Stanley Mortgage Capital Holdings. The loan was originated in October 2006 to develop the St. Regis Atlanta, the 16th hotel for the historic chain, which was founded by John Jacob Astor in New York City.

The debt that financed the construction of the St. Regis Atlanta would have come due in October, according to Databank Inc., a firm that tracks real estate transactions in Atlanta.

 The development team behind the St. Regis declined to discuss the Morgan Stanley deal, but partner Kent Levenson said the original debt secured by the 26-story building involved “extremely complex financial structures.”

 The new financing involves an undisclosed investment of new equity into the St. Regis, which includes 53 high-end homes and 151 hotel rooms overlooking West Paces Ferry Road, near the intersection with Peachtree Road.

 The deal was struck despite deep problems facing the country’s luxury residential and hotel sectors amid a slow recovery from the Great Recession.

 Developers have seen real estate prices collapse since the peak, putting their buildings under water. At the same time, much of that financing is coming due amid a much stricter lending climate, forcing borrowers to put significant equity into their projects to refinance, or risk seeing those properties go back to the banks.

Read the rest of this entry ?

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How to Get Two Scoops from a Double Dip (The Heery Brothers)

July 20, 2010

 

Taken from The Heery Brothers Blog

Clearly the buyers’ market of a generation of Americans is going to continue for a good bit longer.  Whether that is amidst a “double dip”, “jobless recovery” or various other shapes found in the alphabet is a matter for economists.  Heery Brothers has some experience with housing economics and the Atlanta market place.  Let us outline how continued economic uncertainty can be an opportunity.

Weird things indeed are happening in worldwide markets.  Spending, austerity, liquidity and other market pressures are tearing at each other to create an age of volatility that the most bullish of economists had not predicted.  Underscoring all of this is one clear trend – a flight to quality.  The flight to quality is pervasive across all asset classes.  In fact, investors are only all too eager to sacrifice yield in their pursuit of quality.  People pay for quality.

Real estate has a clear flight to quality.  Try getting a Class C investment property at a tertiary location financed.  There is hardly financing available for investment property that does not have a main-and-main location and a blue-chip stream of income.  Financing for housing is much more available.  Excellent rates abound for FHA loans (maximum of $350,000) or conforming non-jumbo loans (maximum of $417,000).  Under a variety of programs, regrettably high leverage is available.  With cheap money available, the question is what are people buying? Commodity condos (no), 30,000 square foot energy monsters (no), sprawl developed houses 20 miles outside the urban core (no), vacant lots (no), $900,000 houses at nice Buckhead locations that needs some work (yes)  … Stop the presses.

The good stuff is selling, the bad or mediocre stuff is not.  In fact, there are many buyers in the in-town Atlanta market that are having problems finding suitable alternatives.  Buckhead’s single family rental market has actually firmed up because people want nice houses, but cannot buy them.  There are several bread and butter market segments that have strength and even upward pricing pressure.  For example, high quality new construction in Chastain Park around the $1.5 million mark was once a staple for Heery Brothers …  We only have one such listing now and it is just getting started.

Alas you cannot buy if you cannot sell.  What is it that you need to sell?  Does it need work or is it rough around the edges?  Perhaps over leverage is a problem.  In many situations people must stay put.  However, in many other situations people are pleasantly surprised. Over the last year we have found fixing, staging and presentation to be more important than ever.

Lastly, we will reiterate a central point about real estate that we do not foresee changing.  Real estate is the most commonly used tax shelter.  The use of interest deductibility, cost recovery (aka depreciation) and the deductibility of loan points often lowers effective tax rates.  Therefore, if you are disappointed with cash/short term yield and have consternation about where to invest in major equity market – real estate beckons as a safe haven.

Ice cream melts when things heat up.  Enjoy your two scoops while you can.  Let us hope that bankers do not add a third scoop by dumping inventory.

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The Aberdeen offers buyers opportunity to participate in Home Sale Program

May 13, 2010

 

Welcome to The Aberdeen

Welcome to The Aberdeen

ATLANTA –The Aberdeen, the beautiful development located in historic Vinings, is partnering with Atlanta Fine Homes Sotheby’s International Realty to launch an innovative Home Resale Program.  The aim of this program is to assist buyers who are in the market to purchase a condominium but need to sell their single-family home before going to contract.   The Home Resale Program extends to each residence in The Aberdeen except those discounted as a part of Grand Opening pricing incentives.

Here is how the new Home Resale Program works:

1) Make an appointment with Judie Mattie or Beverly Ricker (770.435.6428) to schedule a personal tour of The Aberdeen and experience the exceptional amenities and residences.

2) Decide on the perfect Aberdeen residence for you and your family.  Write a contract contingent on the sale of your single-family home.

3) The experienced sales team at The Aberdeen will pair you with a helpful Atlanta Fine Homes Sotheby’s International Realty residential sales associate to assist in the sale of your home.  The agent will provide you with a comprehensive analysis of your neighborhood and the best industry knowledge.  

4) When your single-family home sells, the development at The Aberdeen will reimburse you for the Atlanta Fine Homes Sotheby’s International Realty broker listing side commission by issuing a credit at the closing of your new Aberdeen residence.

Developed by Atlanta-based Taz Anderson Realty Company, The Aberdeen is located at 2700 Paces Ferry Road in Vinings.  With current incentive pricing, the value of an investment at The Aberdeen is unmatched in Atlanta.  Offering spectacular skyline views from each residence, The Aberdeen is situated in perfect proximity to Buckhead and all of Atlanta’s major thoroughfares.  Exclusive amenities include state-of-the-art finishes and fixtures, such as Viking Professional Series appliances, a fitness center and an indoor driving range with golf simulator.  Residents also have access to the club room, which offers a full catering kitchen and a wine cellar with private storage lockers.

To learn more or to schedule a tour, call 770.435.6428 or visit www.aberdeenatl.com.

 *Total brokerage fee is 6%, to be paid at closing.

**3% listing commission will be calculated on the sold price of the buyer’s single-family home and will be applied as an additional price reduction at the time of closing of The Aberdeen condominium purchase.

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Featured Home: Gracious Buckhead Condo

December 22, 2009

Lobby and Terrace

Dreaming of high-rise living? Then this should be your first stop. The Phoenix is a magnificent building located conveniently in Buckhead. A spacious three bedroom, two and half bath condo is now available and has been reduced significantly from its original price! Now is the time to take advantage of a great opportunity.

Living Room

The space is more than luxurious with hardwoods, upgraded finishes and details. There are stain grade cabinets in the kitchen and master suite. The master suite has an oversized closet with built-ins to make organizing everything easy. There is shelving, drawer space and pull-out baskets.
Kitchen

This layout is perfect for those desiring separate master bedrooms and/or roommates. There are unlimited possibilities. The neutral coloring throughout makes the condo move in ready and versatile.
Balcony

To take in the view, the condo has glass doors and windows everywhere. There is a balcony that would be great to relax on any evening or Saturday afternoon. Relax with a cocktail and take in your surroundings.

The Phoenix offers many amenities such as executive business center, heated swimming pool, fitness center, parking under building, etc. There is also a grand salon and party room available for hosting a spectacular event.

Offered at $525,000

2881 Peachtree Road #1605
Atlanta, GA 30305

Two Bedrooms, two full and one half baths

Please click here for more photos of this gracious Buckhead condo.

Heery Brothers, Founding Partners

Heery Brothers
Atlanta Fine Homes Sotheby’s International Realty
Direct: 404.974.4319
Office: 404.835.9600
neal.heery@atlantafinehomes.com
george.heery@atlantafinehomes.com

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Significant Sales in 2009 – Condos/Lofts/Townhomes

September 30, 2009

In a new blog category called “Significant Sales”, we will celebrate the important transactions in Atlanta residential real estate.

Homes featured in this section will be single family homes sold for more than $3 million or condo/loft/townhomes that have sold over $1 million. These sales will cover the entire Atlanta market, including those sold by agents who are not with our company.

In an effort to “catch up”, we are listing the condos in Atlanta that have sold for more than $1 million since the first of the year. Homes are listed below in descending order by sales price. The information is collected from FMLS.

Click here to see our related post on single family homes that have sold in 2009 over $3 million.

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The Mansion on Peachtree

The Mansion on Peachtree in Buckhead sold its penthouse residence in June 2009, with an original list price of over $10 million. Representing the seller is Atlanta Fine Homes Sotheby’s Realty SkyRise Group and Paul Donahue and Suzanne Dils. Representing the buyer was Bridget Rigdon of Coldwell Banker. This sale is believed to be the most expensive sale in the past four or five years.

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Luxe in Atlanta's Midtown

Luxe in Midtown sold its penthouse unit in July 2009, with an original list price of $ 1,549,900. Representing the seller is The Marketing Directors and Dan Dought and Michelle Wing. Representing the buyer was Adam Ellis of Harry Norman, REALTORS.

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The Astoria in the Peachtree Battle area of Buckhead

The Astoria in the Peachtree Battle area of Buckhead sold a three bedroom residence in March 2009, with an original list price of $ 1,299,900. Representing the buyer was Debbie Sonenshine of Coldwell Banker. Representing the buyer were Robin Tiechert and Jane Thompson of Harry Norman, REALTORS.

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Above the Four Seasons in Atlanta's Midtown

On Fourteenth Street in Midtown, a home above the Four Seasons Hotel sold in April, 2009 with an original list price of $1,295,000. Representing the seller was Joanne Mathis of ReMax. The buyer was represented by Dale Arnold of Metro Brokers/GMAC. On this list, this is the only residence that was a resale; the others were new construction. The Mansion on Peachtree was sold as a shell.

 

Although not posted to FMLS, Sovereign in Buckhead has also sold two homes over $1 million in 2009.  Atlanta Fine Homes Sotheby’s International Realty represents Sovereign with Kevin McBride and Burma Weller on site.

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An inventive approach to design

September 16, 2009
 A home at Sovereign was recently featured in the Atlanta Journal Constitution’s Splurge Section.  Please click here to see all the photos of Sovereign.
Living Room at Sovereign
Living Room at Sovereign

Inventor Nossi Taheri’s custom-designed home at Sovereign is an example of Buckhead luxury at its highest standard. Nossi’s home was built by Jay Eskandari of Tuscany Corporation, which have built properties for celebrities like Rod Stewart and Evander Holyfield. Haitham Haddad of PFVS Architects worked closely with Taheri to make his unique home design vision a reality.

Mediterranean styled home at Sovereign is an example of Buckhead luxury at its highest standard.  Nossi's home was built by Jay Eskandari of Tuscany Corp and  architect Haitham Haddad.   (Christopher Oquendo/Special)
Mediterranean styled home at Sovereign is an example of Buckhead luxury at its highest standard. Nossi’s home was built by Jay Eskandari of Tuscany Corp and architect Haitham Haddad. (Christopher Oquendo/Special)
Todd Murphy's Art at Sovereign

Artist Todd Murphy's Art Installation at Sovereign

Sovereign is located at 3344 Peachtree Road in Atlanta’s prestigious Buckhead area. Homes are offered from $1 million and begin on the building’s 26th story affording penthouse-like views from all residences, and a sky terrace with private residential amenities.

The exclusive condominium homes range in size from more than 1,700 square feet to more than 10,000 square feet.  Three decorated models are open daily for showings.

For more information about Sovereign, please Atlanta Fine Homes Sotheby’s International Realty sales associates Burma Weller or Kevin McBride in the onsite sales center at 404-266-3344 or visit sovereignbuckhead.com.
 

 
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Katherine Heigl makes The Mansion on Peachtree her temporary Atlanta home

July 28, 2009
 
InStyle - August 2009 ~ Featuring Katherine Heigl's temporary home, The Mansion on Peachtree
InStyle – August 2009 ~ Featuring Katherine Heigl’s temporary home, The Mansion on Peachtree

Katherine Heigl, who recently enjoyed an extended stay at The Mansion on Peachtree, is featured in a cover story for InStyle magazine (August issue).

InStyle - August 2009 While filming a move in the Atlanta area called Five Killers, Heigl’s temporary home is described “as a discreet boutique hotel in the upscale Buckhead neighborhood”.   Indeed, The Mansion on Peachtree, a Roswewood property, is discreet.  In addition to hotel rooms, Atlanta Fine Homes Sotheby’s International Realty handles the sales of their 45 premier residences, starting from $1.5 million.

The Mansion on Peachtree

The Mansion on Peachtree

The Mansion on Peachtree, A Rosewood Hotel & Residence brings to Atlanta elegant, world-class amenities and service on an intimate scale unmatched anywhere in the city. The property, designed by the master of Neo-Classical architecture, Robert A.M. Stern, creates a dramatic focal point in the Buckhead skyline.

With 127 hotel rooms and 45 residential units, the 42-story property offers guests and residents the highest quality of amenities, including 29 Spa created by Lydia Mondavi and Tom Colicchio’s Craft Atlanta. NEO, a full-service restaurant, overlooks the beautifully landscaped English Gardens.

Atlanta Fine Homes Sotheby’s International Realty manages the residential sales at The Mansion on Peachtree. Please call our on-site sales associates Paul Donahue or Suzanne Dils at 404.816.4800, for a tour of our finished model on the 42nd floor.

For more information, please call 404.995.7529 or visit mansiononpeachtree.com.