Jamila Dorsey has a chat with Cheri Riley
By Jamila Dorsey Photography by Staff
Jamila Dorsey: How popular have condominium homes become in Atlanta?
Cheri Riley: Extremely popular. As the market for condos matures in Atlanta so has the average age of the buyer. The product being built today is not necessarily what was being built two to five years ago. Larger, more luxuriously appointed plans are being offered and the competition to create amenities and services that differentiate one building’s lifestyle from another are creating opportunities for buyers to find a more customized fit just for them. This phenomenon of more choice is pulling buyers into the marketplace who may not have seen themselves living that lifestyle in the past.
JD: Do you think that the market can support all of the new buildings being developed?
CR: I believe it can. The well-planned and well-located projects will thrive. Traffic and time are the two factors driving, literally, this attraction to a lifestyle that keeps you out of your car and closer to home, work and the activities you enjoy the most. Midtown, Buckhead and the cultural center of the city are a huge market for this lifestyle right now. The pace of new retail and mixed-use development coupled with the existing cultural and entertainment options will continue to make these popular areas for high-rise living.
JD:What is the appeal of luxury condominiums or penthouse apartments to most buyers?
CR: We are finding that the newly defined market of “splitters” find these homes extremely appealing. “Splitters” divide their time between multiple residences. They can be professionals, consultants, business owners with solid portfolios that may travel extensively for business or pleasure. The concierge services, security and room service offerings, among other features of these residences make this an appealing option for them. They may have another home in the mountains or at the beach that they use for entertaining and large social gatherings of friends and family, they may come from international markets such as South America, Europe and Canada, but want their city home to be more about personal space and luxurious services.
JD: What do you find to be the most important factor in buying and selling these properties?
CR: Location is important. The lifestyle works best when what you are near what you need. Groceries, dining, entertainment, public transportation or easy access to the airport and major interstate roads are all desirable. The most attractive buildings are near energetic places with walkable streets and access to a wide range of experiences. Many of these buyers are busy and want an efficient but luxurious environment. Many are undergoing a change in life circumstances and want to live where they can meet new people. Opportunities to interact socially through the amenity offerings would be important to those buyers, as well as a comfort level with the development team and their experience with this product if it is a new building. Obviously, having an experienced individual help you through the selection process to make sure you are aware of all your options and assistance with interpreting all the important documents associated with the community management and rules of the association is also important.
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