Atlanta luxury real estate still centers around the area known as Buckhead, but, now more than ever, other neighborhoods and cities are providing alternatives to Atlanta's most famous luxury home neighborhood. Here are some statistics for Buckhead and the new players in the Atlanta luxury real estate market; Sandy Springs and Alpharetta. For these statistics, luxury real estate is deemed to be properties and estates with a list price of over one million dollars and actively listed as of April 3rd, 2007.
Currently, there are 877 homes available with the majority of the most expensive estates available being located in Buckhead. Twenty eight luxury estates are available over 5 million dollars. Another 100 additional homes are currently either under contract or working through various contingencies.
During the first quarter of 2007, 85 homes sold, yielding a current absorption rate of 30 + months of inventory currently available for sale. While this might sound like an alarmingly high absorption rate, there are a few important considerations; the first quarter of any year is the slowest in Atlanta, regardless of price point. Second, if you are considering selling luxury real estate you need to understand the number of buyers has not changed very much from the first quarter of 2006 when 95 homes sold.
This leaves you, as a seller of luxury real estate, in a position with an increase of options for the discriminating buyer. Now, more than ever, it will be important for you to reach a larger audience of prospective buyers. Print publications for marketing luxury real estate are becoming more obsolete more quickly than at any other price point. This stands to reason as luxury home buyers are more likely to be internet savvy and will go about finding homes online rather than in print. When you consider hiring a REALTOR to market your luxury home, you need to be certain that your home will have a real chance of being found by a buyer. Do you want your friends to see your home in print or do you want a buyer to find your home online? If your REALTOR can not provide the power of internet marketing, perhaps its time to find one who can.