By Dees Stribling, Contributing Editor
Atlanta—The aftermath of the recession might still be painful in certain sectors of the real estate market, but high-end condos isn’t one of them. Multi-million dollar units have been selling well recently, most famously in high-priced cities such as New York, San Francisco and Miami, but other major markets are seeing big-ticket condos changing hands, too.
Recently, for example, three luxe condos at the Residences at Mandarin Oriental in Atlanta sold for a combined price of $6.3 million. The first unit closed in January and two other units closed in March. Two additional units are under contract, for a total of $11 million to be sold in the first quarter.
The Residences are located in the Buckhead neighborhood, in a limestone building designed by architect Robert A.M. Stern & Associates. The residences are in the top 27 floors of the 42-story building, sporting views of the Atlanta skyline. Each floor contains not more than two residences, ranging from 3,000 square feet to 5,100 square feet for a full floor. Pricing for the Residences begins at $2.1 million.
The property dates from the mid-2000s. iStar Residential, a division of iStar Financial Inc., bought the property in 2010, and repositioned it into its current hospitality-and-residential configuration. In 2012, the Mandarin Hotel Group agreed to flag the hotel portion of the property, which is on the lower floors. The property also includes a tony restaurant and spa.
According to iStar Financial senior vice president John Kubicko, the rapidity of the sales validates the revived desire for high-end residential properties in top-tier markets. He expects buyers for the remaining units to be both domestic and international. Karen Rodriguez of Dorsey Alston Realtors is leading the sales effort for the property.