Atlanta Community Re-Priced to Sell at Pre- Down Market Rates
- May 09, 2008
By Erika Schnitzer, Associate EditorAtlanta–The final phase of Villa Sonoma, a 321-unit resort-style condominium community, has been released. The development, which was split into four phases, is currently 60 percent sold, and the first three phases are sold out.“The property is selling at the same velocity that we began with because we’ve re-priced it to work with the market,” says Joe Lopez, sales director of Atlanta-based Coldwell Banker: The Condo Store. “What’s different is that now people are also getting many more upgrades. Many upgrades are now included standard.”To increase the number of closed sales, Villa Sonoma property agents are offering buyers incentive packages that allow 6 percent, as financing allows, of the home’s listed price to be used for price reductions, upgraded home features, closing cost reductions, prepaid HOA dues and/or interest rate buy downs. “We’re now selling homes to people who came in a year or two ago but didn’t buy,” Lopez tells MHN. “Since we’ve adjusted the pricing to today’s market, people are coming back and buying.”Located within Perimeter Summit, an 83-acre mixed-use development, Villa Sonoma offers one-, two- and three-bedroom condominiums and townhomes, ranging from 646 to 1,520 sq. ft. Prices range from the $130,000s to the $220,000s. Granite countertops, hardwood floors and stainless steel appliances come standard in all units. Community amenities include a fitness center, pet walk area, resort-style pool, private tanning room, landscaped gardens, media room and a billiards room. Situated at the center of Atlanta’s largest job market, Villa Sonoma has attracted a large number of buyers who previously lived north of I-285. Lane Company was the original developer of the property and Hays Financial Consulting is currently handling the conversions.