Luxury developments nearby will not be key drivers for "soaring" appreciation at buildings like Ovation and Eclipse, which are not good financially appreciative "investments."
These buildings, just like every condo, loft or townhome in metropolitan Atlanta are lifestyle choices and may be remarkable lifestyle "investments," but that concept is in the eyes of the beholder, Mike.
Any purchase of a condo, loft or townhome is better than making a landlord rich, at least that is solid.
Just don't count on appreciation. Don't speculate. Don't get your hopes up and count on any appreciation in a condo, loft or townhome anywhere in Atlanta.
Hope is not a strategy.
Base your decision on probability, not possibility.
Ask the 2003-2007 purchasers of Atlantic Station's condos, lofts and townhomes...
I have a personal example: back in 1999, the sexy 2828 Peachtree was being sold by the blueprints. My Mother In Law, a successful Realtor, bought there.
That building is one block down from the "Streets of Buckhead," but at the time it was a block down from Makos, Tongue and Groove and Uranus. I can smell the cheap cologne and Pina Colada spillage just thinking about those filth-holes...but I digress.
The condo market was supposed to "soar." Many people thought that 2828 was a smart "investment" and it was 75% sold, pre-construction. Banks love that! 2828 was hot property. She closed on a sweet 14th floor 2/2 in 2002.
She tried to sell the property through 2004-2006. She lost money at the eventual sale.
2828 is a sexy building and the amenities in 1999 were state of the art, but, the trend for all condos, lofts and townhomes is flat, declining, and anemic. Look back at the trend. Flat average prices across all of Intown Atlanta for over 10 years. Flat in just about every submarket.
With a savvy Realtor helping you, you can obtain this data on reliable, well-researched charts and graphs. Monthly. Hyperlocally.
Just pick a savvy Realtor.
If condo living is your best lifestyle choice, then go for it.
Just don't count on the unit being worth more than you paid for it in 2009, at any point in the future.
That way, you'll never have to say that you are sorry, and you may just get pleasantly surprised.