An increasing number of buyers are choosing to invest in luxury townhomes. Find out why.
Real Estate Trends in Intown Atlanta
Townhome construction stats have increased by 25% nationwide over a 12-month period, from June of 2016 to June of this year, compared to the same time period in 2015.
The culprit? Rising housing costs.
Townhomes simply offer more space than condos, giving homeowners their own patios and backyards without having to deal with chores like exterior maintenance and landscaping. They are also generally more affordable than single-family homes.
New construction luxury townhomes in Atlanta range from the low $400,000s to $3 million. No matter the price, buyers want only the best – features like Italian custom cabinetry, Carrara marble, gleaming walnut floors, and Sub-Zero appliances are a given. They also want elevators, smart home technology, rooftop decks, and eco-friendly features.
Why Luxury Townhomes?
Many buyers want to get into great neighborhoods served by reputable school districts, but rather than pay half a million for virtual teardowns, they are snapping up brand new, move-in ready townhomes.
Builders like Cablik Enterprises and Epic Development are bringing contemporary townhomes to Eastside Trail and Old Fourth Ward. These homes are spacious, with sweeping views and high-end finishes. Many of these residences offer quick access to shops, restaurants, entertainment venues, and the BeltLine. They fall within the mid-$500,000 to $600,000 range.
In affluent Buckhead communities like 39 West Wesley and Regents Park, residents are downsizing from multimillion homes to townhomes and other lock-and-leave housing options.
The biggest challenge for both developers and buyers, so far, is low inventory. Builders simply aren’t producing new townhomes fast enough to meet growing demand.
The Benefits of Living in a Luxury Townhome
Luxury townhomes are no longer just for baby boomers looking to downsize – an increasing number of young professionals and small families are starting to view them as a better alternative to condos and single-family homes.
With most townhomes, a homeowners association (HOA) will take care of the upkeep of outdoor spaces and home exteriors. For owners, this means not having to deal with additional chores like cleaning the yard or re-painting the exterior walls.
You’ll also have access to more amenities – and not just urban amenities like shopping complexes or restaurants. Buying a townhome is a lot like buying into a community, complete with shared amenities like swimming pools, clubhouses, parks, and fitness centers.
Townhome communities at West Wesley, for instance, give residents access to private parks, pools, and wet bars.
Communities also offer different perks – some may offer housekeeping services, while others may have tons of exciting events planned throughout the year. Ask around, and choose one that works best for you.
You’ll also get more value for your money. As mentioned previously, newly constructed luxury townhomes can be purchased at about the same price as older single-family homes. And even if you have to share a wall with a neighbor, a luxury townhome will have superior features and more square footage for more or less the same amount of money.
Interested in townhomes for sale in Intown Atlanta? Call Natalie Gregory SOLD at 404-373-0076 or send an email to Natalie(dotted)Gregory(at)Compass(dotted)com for more information.