Investors, Market, News

Buckhead condos go rental

 

Mezzo, a 94-unit, 20-story luxury condominium development on Peachtree in Buckhead is being converted to a rental-only project, according to the Atlanta Business Chronicle.

It’s the latest casualty to a dreadful market in Atlanta for condos, which has seen a number of projects delayed or cancelled: John Weiland’s One Museum Place, a $350 million development across from the High Museum of Art is on hold until at least next year; Skyline, the planned 21-story project at Lindbergh stopped at the 4th floor with financing difficulties; and Trump towers in midtown has yet to break ground.

Still it illustrates the difficulties that real estate investors and developers are facing with sales continuing to soften and financing remaining difficult to come by – and it’s a problem keenly felt by condominium developers since its typically much more difficult for a purchaser to obtain financing.

It also shows that, in today’s real estate market, it pays to be flexible. Faced with few sales, the developer returned all pre-sale money and converted the entire building to apartments – a move similar to that made by other investors who are content to be landlords until the overall market rebounds.

 

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for rent, originally uploaded by mgoldstein.

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