While many neighborhoods around Intown are seeing spikes in popularity and price for new homebuyers, one constant has been Buckhead. From single-family homes to townhomes and condos, the community continues to thrive even as it gets an injection of new luxury retail and restaurants at the Buckhead Atlanta project at the intersection of Peachtree and Roswell roads that locals still refer to as “the village.”
Lisa Robinson, a broker with Engel &Volkers Buckhead Atlanta, said the average price for a single-family home in Buckhead is $1 million and $585,000 for a townhome. The average number of days a home is on the market is 70.
“I’ve noticed that luxury homes listed under $2 million are selling extremely fast,” Robinson said. “Once you hit $2 million, the average days on the market increases to 90 days. But the story remains the same. If a house is priced well and shows well, it will sell.”
She said homebuyers moving to Buckhead are looking to capitalize on the proximity to the best private and public schools and the convenience to both Midtown and Downtown Atlanta. And, as mentioned earlier, the new Buckhead Atlanta development is also a major plus.
“Home prices are on the rise around Atlanta, but what keeps drawing homebuyers to Buckhead is the consistency of the community and its unwavering reputation.”
George Heery, who makes up half of The Heery Brothers with his sibling Neal at Atlanta Fine Homes Sotheby’s International Realty, said he’s seen the bar for a luxury home move to the $1.2 or $1.3 million mark if it’s a resale and $1.5 to $1.6 million if it’s a new home. He recently sold a condo for $900,000.
“There has been a shift in what buyers are looking for in a home,” Heery said. “Kitchens with big square counter islands, a dedicated space for an office, laundry rooms connected to master closets and more energy-efficient homes are on many buyer’s wish lists.”
Heery said a decade ago, most Buckhead buyers would have placed walkability to shops and restaurants near the bottom of their “must-have” list, but that has inverted with the opening of PATH400, the Atlanta BeltLine and Buckhead Atlanta.
Travis Reed with Harry Norman, Realtors said “luxury” is a relative term.
“There are luxury condominiums in Buckhead that sell for $400,000 and luxury townhomes in the $500 to $600,000 range,” Reed said. “You can buy a beautifully renovated ranch in North Buckhead for $1 million, but I think the price point where the upper bracket begins now is $2.2 to $2.4 million. Homes at this price point will be in the most desirable neighborhoods, with nice lots, top of the line amenities and large square footage.”
Reed said upper bracket condos are selling at record prices per foot, with a three-bedroom penthouse at Terminus for selling for $2 million. He said $3 million and higher is the norm at The Residences at The St. Regis.
Another change from 10 years ago that Reed has noticed is that buyers are looking for high quality versus flash.
“Really high finish levels, custom imported hardware, luxe bath fixtures, commercial grade systems are all more important than during our last boom,” Reed said. “Named architects are a big draw, pools, steam showers, and wine cellars are in higher demand than ever, while theaters are less popular. Buyers are also more energy and environmentally conscious. Buyers would rather have a whole house generator than a sixth bedroom.”
Michael Rogers, President of Dorsey Alston, Realtors, said most people still define a “luxury home” as a home priced over $1 million, but the median price of the 918 transactions in Buckhead over the last 12 months was $1,667,961.
“In the last twelve months, 290 homes have sold for over $1 million in contrast to 255 homes over $1 million selling in the preceding 12 months,” Rogers said.
Rogers said the progress at Buckhead Atlanta has reinforced homeowner confidence in Buckhead.
“As rents increase in commercial space, Buckhead residential property also continues to increase in value, and the increased number of retail and dining establishments brought by Buckhead Atlanta and surrounding commercial developments increase the rich array of amenities offered to Buckhead homeowners in close proximity to their residences,” Rogers commented.
He said Buckhead would remain a draw for homebuyers because it has larger lot sizes than most Intown markets, access to excellent restaurants and world-class retail, high testing public elementary schools, and nationally recognized private schools.