The AJC just had an interesting article titled, “Luxury developers cut penthouse prices.” It basically outlined how many $1,000,000 condos are currently on the Buckhead and Atlanta real estate market. I thought this was an interesting quote from the article:
Between 2004 and 2007, about two dozen condos in the seven-figure price range were sold, Palm said. But as more were built, those numbers grew and created a market of its own. Since 2007, nearly 80 condos have sold for more than $1 million. That figure may give builders the impression that sales are picking up, but Palm doesn’t read the data that way.
“The market now has more condos for sale at this price than have ever been sold at this price,” he said. “That just doesn’t make any sense in this housing market.”
















