Personal thoughts from within the Luxury Real Estate network
Atlanta’s luxury real estate market is enjoying a remarkably strong boom, according to a recent article entitled “What mortgage crisis? Million-dollar homes still selling” in the Atlanta Journal-Constitution. “Sales of million-dollar homes in Atlanta and around the country march steadily along,” author Dan Chapman said. In May 2007, 97 homes sold for $1 million or more in the Atlanta area. These 97 homes represented just 1.6 percent of the total number of homes sold in Atlanta, but this small fraction accounted for 9.1 percent of the total dollar value of all the homes sold in this city, according to the article.
In its 2007 luxury home report, Harry Norman, Realtors succinctly explained why the luxury real estate market in Atlanta and many other places across the United States has remained so strong: “Altitude is everything.” High-end buyers have ample resources to purchase the homes they want without requiring adjustable-rate loans. With an increasingly buyer-friendly market, these people are gaining more purchasing power. “August has been one of the two biggest months of my career,” said Travis Reed, the top seller for Harry Norman, Realtors. “In the last five years, Atlanta has seen an enormous growth in the $1 million to $1.3 million price point.”
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