In the wake of home price declines in Atlanta since the housing bubble burst, buyers are starting to reenter the city's luxury market in pursuit of high-end properties at bargain prices.
According to industry experts at Beacham & Company, a local real estate firm, homes sales in the bracket between $1 million and $2.5 million in Atlanta have increased in frequency during the first few months of 2012.
"We've seen a huge jump in activity," Beachan & Company executive vice president and managing broker Dac Carver told the Atlanta Business Chronicle. "If everything we have under contract for February were to close, we would do about triple what we did last February."
While not all prospective buyers are in the market for luxury property, the most recent Standard & Poor's/Case-Shiller Home Price Index showed that property values in Atlanta fell 12.8 percent at the end of 2001 on an annual basis. Purchasing a home for sale in Atlanta at this new low price point could prove to be very affordable for entry-level and seasoned buyers alike.
