The May issue of Atlanta Magazine recently hit newsstands with a 19-page spread on Atlanta real estate that features comments from an interview with Dac Carver, vice president and managing broker for Beacham & Company, REALTORS.
In an article on luxury home sales, Carver reveals that sales of Buckhead homes priced more than $1 million are down 40 percent in the last 12 months compared to the previous 12-month period, with just 26 homes selling for more than $2 million during that time. Prices have dropped 25% from the peak of the market several years ago.
The weakness in the market has caused many owners of luxury homes to take their homes off the market or not list at all, Carver added. There are far fewer $1 million-plus homes on the market in zip code 30327 – 382 versus 524 – than a year ago.
When asked who is buying luxury homes right now, Carver told Atlanta Magazine that Beacham & Company has seen a significant uptick of international buyers looking to take advantage of the great deals in Buckhead. Carver told Atlanta Magazine that an agent with the firm just closed a $2 million-plus sale in Buckhead to a buyer who operates an international business.
“Most luxury buyers in Atlanta are here for business,” Carver said. “Most do not buy a home before moving here either. They usually rent until they get to know the area and find something they want to buy.”
Beacham & Company controls the luxury home market in Buckhead. In 2009, Beacham & Company agents accounted for nearly 60% of the dollar volume of homes sold in Buckhead for $4 million or more (view statistical comparison: Beacham Vs. Competition).
Beacham & Company, Realtors® is a residential real estate company that specializes in Atlanta’s most affluent neighborhoods. The company was founded in 2006 by Glennis Beacham, one of Atlanta’s most celebrated real estate agents over the last 20 years. The firm has Atlanta’s highest average sales price and the top-selling office by closed dollar volume of homes sold. For more information about Beacham & Company, go to Beacham or call (404) 261-6300. Follow Beacham & Company on Facebook and Twitter.
