Tuxedo Park mansion sells for $4.6 million

ATLANTA — A Dutch Colonial estate at 3359 Woodhaven Road in Buckhead’s exclusive Tuxedo Park neighborhood sold quietly on Aug. 29 for $4.6 million. The five-bedroom, seven bath mansion on one acre was purchased in 2014 and renovated top-to-bottom. Nicholas Brown of Beacham & Company, REALTORS represented the buyer who was not disclosed.

The home, distinguished by Texas limestone walls and columns is nestled behind wrought iron fencing and handmade mahogany gates. It was originally built in 1980 and updated in 2007. There were 6,500 square feet before the current renovation and 8,000 upon completion. The renovation was done at the direction of architect Peter Block with builder Brad Bernard of Fayetteville, Ga. and designer Danielle King Chizzolin. Landscape architect Alec Michaelides with Land Plus directed the remaking of the grounds.

In recent magazine interviews, the sellers gushed about their satisfaction with the final result of the renovation process but in particular about the transformation of the outdoor spaces and the home’s relationship to them. They considered the addition of a vast covered loggia accentuated with a stunning, light-filled cupola over an outdoor fireplace, kitchen, and dining area as a signature piece of the renovation.  The sellers had much of the rear wall of the home removed and replaced with 27-foot sliding doors that open from the great room onto the loggia to create an on-demand blend of indoor and outdoor living. The loggia decking features a compound material made of crushed granite that extends to the nearby pool, which was reconfigured during the renovation and surrounded by newly planted formal gardens with fountain and bocce ball court.

The interior makeover features “a modern take on classical forms” according to Chizzolin, with a paint palette that is for the most part a transitional-inspired white and pale grey, accentuated by rich, exposed wood beams and stained doors. The kitchen is by Design Galleria and features double islands and cabinetry from Duquette Trim and Millwork of LaGrange, Ga., which was also sourced for all wood paneling and millwork throughout the home. The home’s oak floors were stained in Expresso, while marble was installed in the foyer, mudroom, and tasting room. The renovation also included the addition of an art studio/in-law suite and a completely redone terrace level with wine cellar and tasting room, media/game room, steam room, cigar humidor, and full bar.

The sale would rank as the sixth-highest sale of 2017 if recorded in the local MLS. Of those six sales, all $4.6 million or more, Beacham & Company was involved in half. Beacham & Company is the top-selling office in Atlanta for homes priced more than $2 million and its agents are the top producing by dollar volume sold in the state.

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Construction gets underway on new luxury townhomes in Sandy Springs

SANDY SPRINGS, Ga. — Beacham & Company REALTORS and Sheehan Built Homes are proud to announce that construction of The Ten at Lake Forrest is now underway at the corner of Lake Forrest Drive and Hammond Drive.

Sandy Springs’ prominent luxury town home development where residents can select custom finishes, The Ten at Lake Forrest, successfully completed the city’s rigorous permitting process and is expected to be completed by December.

As with all real estate, location is paramount and The Ten at Lake Forrest is excellently positioned in one of Atlanta’s most upscale, popular areas,” said Dac Carver, managing broker of Beacham & Company. “We are extremely confident that the location presents one of the best buying opportunities on the market today.”

Features of the four-sided brick luxury town homes, which start at a spacious 3,492 square feet, include Wolf and SubZero appliances, custom cabinetry and tile selections, fenced yards, screened porches, three car tandem garages, and optional elevators.

Priced from $859,000, The Ten at Lake Forrest is perfect for those in the market for the low maintenance of a 4 bedroom, 3 ½ bath high-end town home, and for those who wish to remain in the area after downsizing from larger estates.

The Ten at Lake Forrest is ideally located near award-winning schools, including Heards Ferry Elementary School, Ridgeview Charter Middle School, and Riverwood International Charter High School. The area is also bustling with prestigious corporate activity with one of the highest ratios of Fortune 500 companies per capita including, UPS Newell Rubbermaid, Cox Enterprises and the new headquarters of Mercedes Benz and State Farm nearby.  The area’s three premier hospitals provide excellent care and generate demand for biotech, medical technology and related services.

The town homes are conveniently located within walking distance of Sandy Springs City Walk, restaurants and retail. Its gated drive will provide privacy and create the community’s close-knit feel.

“Having shared a close business relationship with the Sheehan family over many years, I can attest to their superior construction, integrity and customer satisfaction,” says Alec Williams of Beacham & Company.

The Ten at Lake Forrest is Sheehan Built Homes’ long-awaited initial Sandy Springs town home development. Company owner and founder Patrick Sheehan has been building beautiful, custom, luxury homes in Atlanta for over a decade with superior quality and details that exceed clients’ expectations.  Patrick was selected as builder for Atlanta Homes and Lifestyles Holiday Homes of 2014 and 2015. Sold this past March, the spectacular home at 1150 W. Garmon Road listed for $5,888,000, and the home at 2865 Habersham Road, sold in 2014, listed for $3,195,000.

Alec Williams and Kiplyn Thompson of Beacham & Company are consistent top producers specializing in Buckhead and Sandy Springs, making the Atlanta Realtors Association’s top 10 percent.

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Beacham & Company, REALTORS is Atlanta’s top-selling luxury real estate office. The firm was founded in 2006 by Glennis Beacham, one of Atlanta’s most celebrated real estate agents. The firm has 100 agents who average $7 million in sales per agent.

PHOTOS credit Rod Collins of Beacham & Company, REALTORS.

(Exterior) A similar Sheehan Built Homes town home development in Alpharetta

(Kitchen) Custom cabinetry, quartz countertops, Wolf and SubZero appliances appeal to those wanting a gourmet cooking experience

(Bath) Luxurious space for two in this spa-like bath

(Dining) Host glamorous dinner parties in the spacious dining room

Beacham Gives Back selects Winship Cancer Institute as Q3 2017 designated charity

ATLANTA — Beacham & Company, REALTORS has chosen the Winship Cancer Institute at Emory University as its recipient charity for the third quarter of 2017.

The primary fundraiser for Winship is their annual Win the Fight 5K Run/Walk on the campus of Emory University. This year’s race will be held Oct. 14 and marks the fifth consecutive year that Beacham has participated. Over the last five years, Beacham and its agents have donated more than $50,000 to Winship. This year’s Beacham efforts are being spearheaded by Beacham agent Carol Curran.

Beacham’s charitable giving program, Beacham Gives Back, adopts a new charity each quarter. Recipient charities are chosen by a vote of the company’s agents and staff. Proceeds from every closing during the quarter are donated to the recipient charity. Since Beacham & Company was founded in 2006, the firm has given or committed an estimated total of more than $250,000 to Atlanta charities and non-profit institutions. Some past recipients include the Atlanta Symphony Orchestra, Childrens Healthcare of Atlanta, Forward Arts Foundation, the Crohn’s and Colitis Foundation and the Genesis Women’s Shelter.

The Winship Cancer Institute is a special charity to many Beacham agents and staff. A number of them are cancer survivors while others have experienced the loss of close family members to cancer. The Institute sees more than 15,000 patients a year and is Georgia’s only National Cancer Institute-designated comprehensive cancer center. Its investigators conducted over 250 therapeutic clinical trials and enrolled more than 700 patients in 2016. Winship has the largest unit in Georgia for phase I clinical trials, which are important to introducing new therapies against cancer.

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Beacham & Company, REALTORS is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm.

Beacham Insider: What do Atlanta’s real estate market and this barbell have in common?

PHOTO CAPTION: Marci Rosell, formally chief economist for CNBC and now chief economist for Leading Real Estate Companies of the World of which Beacham & Company is a member, says to think of America’s population as a “barbell” with Baby Boomers on one side and Millennials on the other (with Gen X the tiny handle inbetween). Millennials and Boomers are, in many cases, pursuing the same type of housing (albeit for different reasons) which is extending an unprecedented housing inventory shortage.

 

The continued slowdown in Atlanta home sales along with the unabated year-over-year surge in average home sales prices are the biggest takeaways in the recently-released summer issue of The Beacham Insider. However, the market results from the first part of 2017 bely a complicated story about the factors and facets of the Atlanta real estate market right now.

A persistent lack of housing inventory priced less than $750,000 (higher in some areas like Buckhead) along with a surplus above that threshold continues to play havoc with the market and create vastly different scenarios for buyers and sellers. The reason for this divergence has a lot to do with population demographics. Marci Rosell, formally chief economist for CNBC and now chief economist for Leading Real Estate Companies of the World of which Beacham & Company is a member, says to think of America’s population as a “barbell” with Baby Boomers on one side and Millennials on the other (with Generation X the tiny handle in-between). Millennials and Boomers are, in many cases, pursuing the same type of housing (albeit for different reasons) which is extending an unprecedented housing inventory shortage. Also, Generation X is not large enough to absorb the inventory of downsizing Baby Boomers. (**7/26/2017 UPDATE** The Wall Street Journal quoted a similar analogy this story on how Boomers and Millennials are creating a boom in the home improvement business, although we prefer the barbell analogy to the gorilla analogy.)

The market below $750,000 – which has just a three months’ supply of inventory but represents 96% of all sales – has driven home prices to 20 consecutive months of new record highs, while the average sales price of homes priced $1 million or more – which has a months’ supply of nearly 18 months and represents less than two percent of the market – has declined for nearly four years.

Interestingly, areas of Atlanta that experienced the greatest increase in single family detached home sales from the first part of 2016 to 2017 featured areas surrounding the new Atlanta Braves stadium: Sandy Springs north of I-285 (+9%), Smyrna (+26%) and Historic Vinings (+130%). For condos, Decatur led the way with a 29% increase from 2016, followed by Smyrna (+18%). Buckhead sales were down 9.5% through the first five months of the year, the second straight year of declining sales. Sales of homes priced $1 million or more increased 7.5% through May led by noteworthy jumps in Buckhead condo sales and Atlanta Intown (Morningside/Virginia Highlands) single family detached homes.

What do local experts predict for Atlanta real estate in the second half of 2017 and beyond? Read the Insider to find out.

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Beacham & Company, REALTORS is Atlanta’s top-selling luxury real estate office. The firm was founded in 2006 by Glennis Beacham, one of Atlanta’s most celebrated real estate agents. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm.

Beacham agents, staff donate more than $11K to Crohn’s and Colitis Foundation

PHOTO CAPTION – Kate Kratovil (second from right) of the Crohn’s and Colitis Foundation (CCF) accepts a check for more than $11,000 from Beacham & Company, REALTORS on July 11 as part of the company’s new quarterly charitable giving campaign called Beacham Gives Back. Also pictured are, from left, David Sirzyk, Beacham Gives Back Q2 captain; Dac Carver, Vice President and Managing Broker of Beacham & Company, and Beacham owner and founder Glennis Beacham.

 

ATLANTA — On July 11, the agents and staff of Beacham & Company, REALTORS made their first donation as part of a new formal charitable giving initiative called Beacham Gives Back. The first Beacham Gives Back recipient was the Crohn’s and Colitis Foundation which was presented a check for more than $11,000 representing fundraising efforts for the second quarter of 2017.

Since the firm was founded in 2006, Beacham & Company has given or committed an estimated total of $250,000 to Atlanta charities and non-profit institutions. Some past recipients include the Atlanta Symphony Orchestra, Childrens Healthcare of Atlanta, Forward Arts Foundation, Emory Winship Cancer Institute and the Genesis Women’s Shelter. Beacham Gives Back was formed in March to give more formal structure to the firm’s charitable giving initiatives. Every three months, Beacham sales agents nominate charities for which they have a personal connection and the recipient charity for the quarter is determined by a vote of the entire company. CCF was nominated as the second quarter charity recipient by David Sirzyk, an agent with Beacham who has Crohn’s disease.

Crohn’s disease and ulcerative colitis (UC) are inflammatory bowel diseases (IBDs). Crohn’s Disease is characterized by inflammation of the digestive, or gastrointestinal (GI) tract while ulcerative colitis is inflammation of just the large intestine. Crohn’s is a chronic, life-long disease that requires constant treatment. Crohn’s has no cause or cure and can require multiple surgeries in severe cases although some medications can help manage or prevent flares of the disease. About 700,000 people in the United States suffer from Crohn’s.

The Crohn’s & Colitis Foundation is a non-profit, volunteer-driven organization dedicated to finding the cures for Crohn’s Disease and ulcerative colitis, and to improving the quality of life of children and adults affected by these diseases. CCF funds cutting-edge studies at major medical institutions, nurtures investigators at the early stages of their careers, and finances underdeveloped areas of research. Its scientific journal, Inflammatory Bowel Diseases, enables medical professionals to keep pace with developments in this rapidly growing field. Beyond research, CCF collaborates with healthcare providers to improve IBD quality of care, as well as educating, supporting, and empowering patients and their caregivers through patient-centric education and advocacy programs. According to the American Institute of Philanthropy, CCF utilizes 80% of its funding to all such endeavors.

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Beacham & Company, REALTORS is Atlanta’s top-selling luxury real estate office. The firm was founded in 2006 by Glennis Beacham, one of Atlanta’s most celebrated real estate agents. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm.

 

Errors, flawed data, and lawsuits part of Zillow track record

PHOTO CAPTION: Zillow CEO Spensor Rascoff purchased this Los Angeles home for $2.4 more than the Zestimate after selling his Seattle home for $650,000 less than the Zestimate – a more than $3 million difference in total value for both homes. Photo courtesy of The Agency and Curbed Los Angeles.

 

The data on Zillow’s website is frequently wrong, their Zestimates are hopelessly inaccurate, the company is the target of lawsuits, and Zillow doesn’t provide anything to the consumer that the consumer can’t find on many real estate brokerage websites and apps. If a product was this bad, you would think the owner would only continue to offer it because it makes a profit– but Zillow never has.

Yet many consumers continue to invest time and energy into this hopelessly flawed website. However, at least one homeowner is pushing back (maybe more – class action lawsuit, perhaps?). An Illinois woman sued Zillow in March for estimating her house is worth $100,000 less than comparable homes. The suit alleges Zestimates are proxy appraisals and Zillow needs an appraiser license to publicly offer statements of value. The suit comes on the heels of Zillow settling a lawsuit by Realtor.com which alleged Zillow stole trade secrets. Zillow had to fork over $130 million of non-existent profit from shareholders.

Even Zillow acknowledges that its Zestimate is flawed. In fact, Zillow says that the median margin of error for Zestimates is nearly 10%. One in five is off by more than 20%. Zillow CEO Spencer Rascoff knows this math all too well. He sold his Seattle home for $1.1 million – $650,000 below the Zestimate. He then purchased another home for $2.4 more than the Zestimate.

Real estate brokerage firms can easily duplicate a “Zestimate” feature on their websites but good luck trying to find one that does. Real estate brokerages understand that such estimating tools aren’t reliable and cause more harm than good.

Errors on Zillow? Where do we begin? One of Zillow’s worst flaws is its inability to recognize listings that are withdrawn from the MLS. Listings are sometimes withdrawn from the MLS because the seller has to do work on a home or is taking a break from the market. When the listing is re-entered, Zillow doesn’t automatically pick up the new listing data.

Only half of MLS brokers in the United States send their MLS listings to Zillow while Realtor.com and real estate brokerage websites cover 100% of the market (which begs the question why any consumer would use Zillow). Still, some agents desperate for an edge resort to gimmickry by flouting MLS agreements and advertising listings on Zillow before or without entering them in their MLS. Any seller who would let a listing agent do this risks not getting fair market value while the agent risks advertising an unrepresented seller who is fair game for prospecting (listing agreements require MLS entry).

Sound like a mess? It is. Is it necessary? No. Nearly 90 percent of homebuyers use an agent (a percentage that continues to rise) and most agents do not use Zillow, they use the MLS. Why? It’s reliable. Don’t just take our word for it; ask the real appraisers who rely on the MLS to establish loan values for lenders when you go to buy a home. Think they rely on Zillow? Not!

As noted in the May 30 issue of AppraisalNews, an appraisal industry newsletter, “Ouija boards, tarot cards and…Zestimates. Enjoy them for what they are. When making a serious medical decision, you seek out a licensed, experienced doctor; when making an important decision regarding one of your biggest assets (your house), there is no substitute to using a licensed, experienced professional appraiser.”

 

Atlanta real estate closings rebound in May as home prices continue to soar

Sales of Atlanta residential real estate rebounded a bit in May as the number of homes sold in the five-county metropolitan area rose 1.3% last month compared to May 2016. The modest increase follows two other months this year (February and April) when the Atlanta market experienced declines after two years of positive year-over-year comparisons and record closings. While closings year-to-date were still on their best pace ever through May, a persistent lack of housing inventory priced less than $750,000 continued to hamper the market.

Areas of Atlanta that turned in strong closing performances in May included East Cobb County (+20.9%) and Vinings proper (+76.3%). The Atlanta “Intown” condo market (Midtown/Ansley Park/Va-High/Morningside) led decliners (-11.6%). Buckhead sales were flat in May but were up for the year after a down year in 2016.

Sales of homes priced $1 million or more increased 26.2% in May led by noteworthy jumps in Buckhead, Atlanta Intown, Brookhaven, and North Fulton. The $1 million and up market represented 2.2% of all sales in May versus 1.7% in May 2016. That was good for an increase of 29.4% in the luxury home market year-over-year.

The average sales price for single family detached homes sold in Cobb, DeKalb, Forsyth, Fulton and Gwinnett counties last month set another all-time high of $347,696, or an increase of 6% from May 2016 ($328,116). The average sales price of attached homes (condos and townhomes) rose 8.1% to $246,131. Record average sales prices have been set every month since October 2015, a span of 20 consecutive months.

At a local housing summit conducted by Atlanta-based new home consulting firm MarketNsight on June 9, the firm’s principle, John Hunt, noted that “moderation (in resale and new home prices) is the new normal because people’s incomes won’t let prices grow any higher.” Along with restrained lending practices, slow income growth has created a “hard ceiling” on the market he added.

The months’ supply of inventory in Atlanta remains a significant hindrance to keeping prices in check, however. A market considered in balance between supply and demand has a six months’ supply of inventory according to the National Association of Realtors. The months supply of inventory in May was 4.7 months. That number didn’t tell the tale of Atlanta’s two markets though. Whereas the months’ supply of homes priced less than $750,000 was 4.3, the months’ supply of homes priced more than $750,000 was 15 months.

Powered by sales in some of the aforementioned top performing areas of Atlanta, Beacham & Company set an all-time sales record in May for number of sales in a month while dollar volume of real estate sold was the second highest ever. The firm’s number of home sales exceeded May 2016 by 22.5% and dollar volume increased 18.2%. The monthly records for May also marked the third time this year the firm has set all-time records for monthly production.

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Beacham & Company, REALTORS is Atlanta’s top-selling luxury real estate office. The firm was founded in 2006 by Glennis Beacham, one of Atlanta’s most celebrated real estate agents. The firm has 100 agents who average $7 million in sales per agent.

Beacham sets all-time monthly sales record in May; third time in 2017

Above: This home on Dellwood Drive in the Haynes Manor neighborhood of Buckhead sold last month – part of another record year for Beacham & Company in 2017. The home was on the market for $1.195 million.

In May, Beacham & Company set an all-time sales record for number of sales in a month, while dollar volume of real estate sold was the second highest ever. The firm’s number of home sales exceeded May 2016 by 22.5% and dollar volume increased 18.2%. The monthly records for May also marked the third time this year the firm has set all-time records for monthly production.

While complete May figures for the five core Atlanta counties (Cobb, DeKalb, Forsyth, Fulton, Gwinnett) will not be available for several weeks, it appeared the overall market gained strength after a down month in April. Year-to-date through May 15, the number of sales rose 3.6% from the same period a year ago while dollar volume sold increased 8.5%. After a down year in 2016, Buckhead rebounded with a 13.2% rise in home sales and a 12.9% increase in dollar volume closed. Other areas of strength included North Fulton (Alpharetta, Milton, Roswell) and Smyrna.

The average sales price for a single family detached home in Atlanta was at an all-time high in April of $337,767. The high water mark is especially noteworthy because price records are always set in June or July when demand in the 12-month real estate cycle peaks because of families moving in preparation for the next school year. The unusual timing of the record was a result of a market where demand continued to outpace inventory among homes priced less than $750,000. The months supply of inventory in that price range is well short of six months, an industry benchmark for a market in balance between supply and demand.

Further evidence of an overheated market: the National Association of Realtors reported this week that the number of days on market in the United States was less than 30 days for the first time in history, although in Atlanta it was slightly higher (34 days for condos/townhomes, 45 days for single family detached homes). The best solution to the inventory challenge according to economists including Georgia State University real estate professor Jonathan Wiley is for builders to ramp up production of new construction homes. In Atlanta, builders appear to have listened; starts of single family detached homes in the area are up 7.7% in 2017 according to the U.S. Census Bureau.

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Beacham & Company, REALTORS is Atlanta’s top-selling luxury real estate office. The firm was founded in 2006 by Glennis Beacham, one of Atlanta’s most celebrated real estate agents. The firm has 100 agents who average $7 million in sales per agent.

 

 

Every day is Mother’s Day at Beacham & Company

PHOTO CAPTION: The mothers and daughters of Beacham & Company, from left, (front row) Kristen Sodemann (mom Ruth Skogstad not pictured), Georgia Hart, Jan Hart, Glennis Beacham, Blayne Beacham Macauley, Elise Lowe Baumann, Janey Lowe, Nicole Farmer, Rachel Farmer, (middle row) Shelley Sloan, Lynn Sloan, Charlotte Perry, Douglas Perry, (top row) Gail McCown, Claire McCown, Melissa Morris, Becky Morris, Lauren Oshnock Zgutowicz, Sue Oshnock.

It’s Mother’s Day this weekend but really it’s Mother’s Day every day at Beacham & Company, REALTORS. That’s because more than 20% of the firm’s agents are mothers and daughters who work together.

Now in its eleventh year, Beacham has always had a strong mother-daughter influence. Many attribute the fact that owner and founder Glennis Beacham started the company with her daughter, Blayne Macauley, so the welcoming platform for mother-daughters was established from the very beginning.

Some of Beacham’s mother-daughter teams have been with the firm nearly as long as the firm has been open (Janey Lowe and Elise Baumann) while others are very new additions (Gail and Claire McCown, whose sister works in Beacham’s marketing department). In all, there are 20 mothers and daughters who work together at Beacham.

Somewhat suprisingly, Beacham moms and daughters have a wide variety of reasons why they enjoy working with each other. Jan Hart, who works with daughter Georgia Hart, echoed the sentiments of many Beacham mothers when saying the trust component was very important. She also said, “I know I can her at 11pm at night and say, ‘help,’ I have an emergency.”

Ms. Beacham said of working with her daughter Blayne: “If a parent really loves their child they can’t get enough time with them. As they grow older, it becomes harder and harder to have time with them so this is a great way for us to get to spend more time together.”

Rachel Farmer said working with her daughter Nicole, a recent graduate of Ole Miss, “provides me with renewed energy. Plus she is teaching me the Millennial way of life. It’s rewarding to be her mentor.”

Kristen Sodemann, daughter of Ruth Skogstad, said, “Nobody can make me laugh like my mom and help me put life into perspective. Whenever I’m around her, I’m a more positive and productive person. She makes work fun for me.”

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Beacham & Company, REALTORS is Atlanta’s top-selling luxury real estate office. The firm was founded in 2006 by Glennis Beacham, one of Atlanta’s most celebrated real estate agents. The firm has 100 agents who average $7 million in sales per agent.

 

 

 

Buckhead real estate market uneven due to various inventory pressures

The number of homes sold in Buckhead declined 6.1% last year as affordable condos and single family
detached homes (those priced less than $700,000) were either nonexistent or in less than desirable condition. Sales of homes priced $1 million or more were also a drag on the market, with value relative to asking prices acting as the primary difference in a better performance.

Buckhead clearly has a thirst for condos and townhomes as more than 1,400 changed hands in Buckhead in 2016 although just 44 of those were new construction. Condo sales represented 66% of all sales in Buckhead last year.

Inventory conditions in Buckhead are not expected to signifi cantly improve in 2017. Many homes that might be tear-down candidates are approaching asking prices that create a situation where builders would have to bring a home to market at a price where the months’ supply of inventory is already high.

What’s the answer for the Buckhead market going forward? Here’s what we would like to see more of:

• Construction of moderately priced condos

• Modest single family detached renovations

• Flips priced $1 million or less.