Anecdotally speaking, the sentiment that Atlanta could use more for-sale condo housing seems to be making a comeback like it’s 2015 again, following a pandemic-induced lull.
That’s another way of saying the city needs more attainable residential real estate where buyers—especially first-time buyers—would stop paying rent and start building equity, should the stars of property appreciation align.
While it hardly falls within the “attainable” or “affordable” spectrum price-wise, Buckhead’s latest condo project continues to make the case that demand is there, provided the condos are what buyers are seeking, in the location they want, and are capable of lining up construction financing in the first place.
Officials with The Dillon Buckhead, an 18-story luxury condo stack under construction by Florida-based developer Kolter Urban, report the project “has captured the attention of discerning homebuyers nationwide” and notched $30 million worth of contracts in 60 days.
That tally from March and April is described by the listing agency, Atlanta Fine Homes Sotheby’s International Realty Intown, as being “record levels.” The company previously reported $20 million worth of Dillon condo product had been claimed in March alone, the highest pace ever for condo sales in the Buckhead submarket.
The sales activity comes as the Dillon project has yet to reach the halfway mark toward topping out.
“[S]avvy homebuyers recognized the bright future that lies ahead for those who get in early at [the building],” Sotheby’s agent Kevin McBride relayed in an email blast.
The Dillon’s price points—like the location—aren’t for everybody.
These one to three-bedroom condos “that deliver the ultimate peace of mind in Buckhead” now start from the mid-$800,000s. Penthouses will set buyers back $2 million or more.
Listing services indicate condos priced as high as $3.5 and $4.2 million are currently under contract.
As designed by Atlanta-based The Preston Partnership, the Dillon will offer 144 condos overall, with some of Atlanta’s highest new condo prices right now. The project began vertical construction earlier this year in the 2500 block of Peachtree Road, next to the Peachtree Battle Promenade shopping center that’s home to Whitehall Tavern and a Publix.
Condos will range in size from 1,400 to nearly 3,700 square feet. One key selling point, per sellers, appears to be the Dillon’s amenities, which are expected to cover more than an acre of total space, both indoors and out.
Perks call for an indoor-outdoor section called The Hub with private and semi-private workspaces for the WFH set, plus a conference room. Other amenities: concierge services, a formal clubroom with catering kitchen, a dog park, pool deck, outdoor yoga terrace, a speakeasy, a media room with a game simulator, and a pickleball court. Elsewhere, some condos will be held as guest suites.
Kolter Urban purchased the required three parcels in 2021 for $16.5 million. To the immediate south, roughly half of the historic book bindery building—formerly home to Peachtree Battle Antiques and Interiors—has been preserved, including the brick house-like structure that fronts Peachtree. The Dillon’s sales center has taken that space.
Sotheby’s reported in May last year—prior to more recent interest-rate spikes—The Dillon had notched a “staggering” $62 million in presales, among the strongest condo sales the local office had ever seen.
Most buyers were people downsizing from larger single-family homes, sales reps said at the time.
A couple of blocks up the street, Kolter Urban’s first foray into the Atlanta market—the 22-story Graydon Buckhead—has seen condo prices begin at $1.7 million and climb to nearly $9 million for a penthouse (now discounted) covering the full top floor. Like The Dillon, the 47-unit Graydon is still a relative anomaly in terms of Atlanta multifamily ventures the past decade; it marked the largest recent intown condo project between Buckhead Village’s The Charles and the 279-unit Seven88 West Midtown tower on West Marietta Street.
The Dillon's construction schedule calls for it to deliver in the fourth quarter of 2024. Find the latest renderings and plans in the above gallery. And let’s ask ourselves, hypothetically: Does Atlanta need more buildings in this for-sale vein, and less apartment towers?
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