Corporate executives can in theory live anywhere they like. But in Atlanta, top-level executives are choosing to stay. Reasons include multiple air travel options, cultural diversity, growing industries, top schools, and endless entertainment options. But these luxury buyers seem to concentrate in particular neighborhoods.
A total of 87 houses priced at $3 million and up were sold over the past three years in Metro Atlanta, according to figures from the Georgia Multiple Listing Service. Properties valued at this level tend to be located in a few specific neighborhoods, like Buckhead. More than half of these sales took place in Atlanta ZIP codes 30305 and neighboring 30327.
An aerial view of 75 Finch Forest Trail in Sandy Springs Georgia Tudor influences and Pebble Tec backyard pool. High-profile local Atlanta attorney Ken Nugent, known for his “One call, that’s all” slogan and advertisements, is trying to call it a day with another of his lavish ITP properties.
For many relocating executives, the city offers a welcome reprise from the high housing costs of other urban areas like New York and California. Coming from bigger and more expensive markets, there is a perception that you can get more space and larger homes for a much better value in Atlanta. These luxury buyers tend to fall into two categories. The buyers already live in metro Atlanta and are trading up, or they are relocating from other parts of the country or from outside the United States. Each group presents unique challenges for agents guiding them through the home buying process.
Pensare Acquisition Corp. CEO Darrell J. Mays of Greensboro sold 1325 Monte Carlo Drive in Atlanta to Southern Co. CEO Tom Fanning for $5.3 million on March 29, according to property records.
Buckhead has long been the epicenter of luxury homes in Atlanta. The area has gotten pricier with the average price of a home reaching $1.1 million. It contains some of the most prestigious neighborhoods in the city including Tuxedo Park, where the Georgia Governor’s Mansion is located. Its historic homes on large wooded lots have long attracted the wealthy and well connected. Newer luxury communities have emerged in metro cities including Sandy Springs, Milton, Johns Creek, and Alpharetta.
Career Sports & Entertainment Inc. CEO Lonnie Cooper bought 3800 Northside Drive in Atlanta for $8 million on June 21 from 3800 Northside Drive LLC of Santa Rosa, Calif., according to property records.
Images COURTESY OF GEORGIA MLS