One year ago when I published the top Buckhead home sales of 2017, I noted that much of the stale listing inventory above $5 million had been sold and cleared from the market. As predicted, sales momentum in this exclusive market continued throughout 2018.
While segments of the market remain somewhat uncertain, we have sustained strong demand for either new or extensively renovated homes at $4 million and above. I am expecting 2019 to be another strong year for the Buckhead real estate market with 12-18 sales above $4 million.
The top five home sales of 2018 in Buckhead represent some truly spectacular properties. Some interesting trends to note:
3 of the 5 homes are located in Buckhead’s Paces Neighborhood where buyers are attracted to the convenient location and large acreage lots that offer natural beauty and privacy.
2 of the homes never hit the open market, but instead were “quietly” marketed among Buckhead’s top brokers without being listed in the MLS.
Address
Sale Price
Closing Date
Acres
Square Feet – Approx
Days On Market
Asking Price
2000 Garraux Rd Nw
$8,925,000
03/26/2018
4.2
9,955
236
$9,500,000
1690 W Paces Ferry Rd
$7,500,000
11/13/2018
4.7
14,204
1123
$12,900,000
3576 Tuxedo Park Nw
$6,000,000
09/06/2018
2.0
6,927
Unlisted
$7,000,000
2167 Mount Paran Road
$5,880,000
12/11/2018
5.5
11,542
47
$5,950,000
2515 Rivers Road Nw
$5,800,000
03/28/2018
2.0
6500
Unlisted
$5,800,000
By order of sale price, below are the top 5 Buckhead Home Sales Of 2018
2000 Garraux Road in the Paces Neighborhood is not only the top sale in Buckhead for 2018, it was also one of the top sales of 2015 when it sold for $6 million. This time around it sold for $8,925,000 thanks to further refinements that had been completed on an already-beautiful estate.
1690 West Paces Ferry sits on nearly 5 acres at the corner of West Paces and Nancy Creek in the Paces Neighborhood. After several years on the market, it finally landed a buyer at $7.5 million.
3576 Tuxedo Park was a spectacular renovation of a 1970’s contemporary home on a culdesac lot in Tuxedo Park. The sale included the home for $6 million and furnishings for an additional $1 million. The seller received multiple offers after the home was quietly shopped around to potential buyers last spring. More photos and info on that sale here.
2167 Mount Paran Road is a home on 5.5 acres that I sold at the end of 2018 for $5.88 million after just 47 days on the market. This equestrian estate features a classic style with modern European touches, also located in the Paces Neighborhood. More photos and info on that sale here.
2515 Rivers Road is a very elegant “cottage estate” that included a guest house and pool. The property last sold in 2010 for $1.7 million. It managed to resell for $5.8 million in 2018 after extensive improvements.
The Buckhead Village is positively booming with new development, as new proposals are being announced nearly every month. Commercial land prices in the neighborhood have soared to more than $10 million per acre as retailers and developers target the prime demographic and pure volume of people that pass through the Buckhead Village daily.
This high-stakes game of monopoly between developers in the Buckhead Village is going to transform what is currently Buckhead’s favorite neighborhood shops into a dense, walkable, and vertical shopping district. To keep the community informed of the latest developments, Buckhead.com has put together the interactive map below as a way to keep track of the boom.
The Monopoly Board
Click any highlighted area on the map to see more information on the development being planned for that particular site.
Sobu Flats
Located at 374 East Paces Ferry Road NE, the 130-unit Sobu Flats condominiums are set for a major change in the next few years. Property management company Portman Holdings has been quietly working on converting the existing building into a boutique hotel, adding yet more luxury hotel rooms for out of town guests to the rapidly-evolving Buckhead Village. The hotel is expected to break ground towards the end of 2019 and is projected to open in the first quarter of 2021.
3172 Roswell Road
Designed by architecture firm The Preston Partnership, this 20 story mixed-use building will feature 6,800 sq feet of retail and 291 residential units. The building is set to offer amenities such as a terrace above the parking podium, rooftop pool, club room, fitness center, and 6 above grade parking levels as well as 2 basement levels. Residents will benefit from a central location in the heart of Buckhead Village just steps away from premiere retail, restaurants, and the Buckhead Theatre.
The Thompson Hotel
A new, mid-priced hotel is under development in Buckhead Village. Two Atlanta developers, Loudermilk Companies and Regent Partners LLC, are pairing up to open a 10 story hotel with around 200 rooms at 415 East Paces Ferry Road near the Shops at Buckhead. The hotel will be designed by Atlanta-based Rule Joy Trammell + Rubio LLC and managed by the Thompson Hotel collection of Denver-based Two Roads Hospitality, LLC whose other locations can be found in Manhattan, Nashville, Chicago, Seattle, and Toronto. Slated to break ground sometime in 2019 with a predicted opening date in early 2021, the hotel will feature a rooftop chef-driven restaurant and bar as well as around 6,000 square feet of meeting space. The building will be constructed on the site that is currently home to State Bank & Trust Co. on East Paces Ferry Road.
The Office Buckhead Atlanta
OliverMcMillan unveiled finalized plans for a 17-story office tower to be adjacent to The Shops Buckhead Atlanta, replacing the former HiFi Buys building. Completion is estimated to be in early 2020. The Office will be 17 stories tall, with 30,000 square feet of offices, and 300,000 sq ft of retail space at the base.
99 West Paces
This 3 acre parcel on W Paces Ferry Rd. was sold to JLB Partners for almost $30 million in 2015. Recently, JLB proposed 500 units and is seeking to rezone this 3 acre parcel known as “99 West Paces”. The first phase includes 339 multifamily units and 7,600 sq ft of commercial (maybe retail?) space – along West Paces. The second phase is to take place along Paces Ferry Place and includes 186 multifamily units with 8,500 sq ft of “live-work” space. The value of this location, as explained by a summary submitted by JLB for the project, is paramount because, “with the recent growth in both the West and the East Villages of Buckhead, there is an increasingly limited supply of available land for new development. There is no other similarly situated land available for development.”
Modera Buckhead
At Peachtree and Pharr roads, the 21-story building will feature 400 units over about 21,000 square feet of retail space. Across the street from The Shops Buckhead Atlanta, no doubt the retail will be posh. Developed by Mill Creek Residential, Modera Buckhead will be constructed in an “H” shape to give the visual impression of two towers featuring two courtyards on either side of the podium.
New Condo Tower In The Buckhead Triangle Dubbed “The Charles”
Developers are pulling back on new apartment buildings and finally turning their attention to condo towers in Buckhead. Jarel Portman’s “Emerson” is the first to get going and has an interest list more than twice as long as the 44 condos they will have to sell. Now, The Loudermilk Company is following suit with “The Charles,” an 18-story condo tower on one of the key parcels in the Buckhead Village, across the street from The Buckhead Theatre.
The proposed building is on a 1-acre parcel at Peachtree and East Paces Ferry that has long been occupied by Chuck’s Firearms and The Fish Hawk store. At least 19 of the 57 units will have to sell for construction to begin, and they start at $1.5 million. The Loudermilks hope to begin construction by 2017.
The Sutton – New Residential Tower on Peachtree
Last year, the architecture firm, Reese Vanderbilt, made public their plans to build “The Sutton” a 141-unit residential tower. They do not yet say whether these will be apartments or condos, but the definitely are geared to the condo market. The tower is slated to include a lot of amenities, including a covered motor lobby, resident coffee bar, and elevated pool terrace with skyline views. The condos will range from 1600-2000 square feet and will provide a lot of walkable destinations to the residents. One block South of The Shops Buckhead Atlanta along Peachtree Rd. The site was formerly the home of a gas station and Chinese restaurant, which are now both demolished. We are very excited to see the large sidewalks, buried utility lines, and improved streetscape creeping down Peachtree in this direction. These changes are making a huge impact on the beauty, safety and usability of our signature street.
Buckhead Theatre’s New 22-story Neighbor
Hanover Company is building a 22-story tower “Hanover Buckhead Village.” It will have 353 luxury apartments directly to the right of the historic Buckhead Theater and facing Charlie Loudermilk Park. Restaurants and retail will be at sidewalk level.
The Atlanta History Center Cyclorama Renovation
Fall of 2017 is the projected debut of The Battle of Atlanta painting, related exhibitions, and the Texas locomotive. $32.2 million has been raised through private donors and philanthropies – including an endowment to ensure that Cyclorama artifacts are properly maintained at no cost to the taxpayers. Click on image for greater detail.
Andrews Square
In 2014 the South Carolina developer Edens purchased this aging shopping center for $7.3 per acre. They have acquired neighboring landmarks such as Lucy’s Market, Henri’s Bakery, new restaurants Bar Crema and Cafe Americano, and more to come. Edens purchased the Whole Foods shopping center in 2012 for $40 million and they likely have an aim to connect their holdings through further acquisitions.
371 E Paces Medical Office
Rendering of Loudermilk Cos. proposed 359 East Paces Ferry office/retail building for the corner of East Paces Ferry Road and Grandview Avenue. State Bank is moving its headquarters into that building, as the present State Bank site will become available for redevelopment. “That might make a great site for a boutique hotel,” Loudermilk told Buckhead View.
Henri’s Bakery & Cafe
On Irby Avenue since 1969 – the beloved Henri’s Bakery & Cafe has been torn down & opened it’s new doors at Eden’s new development, the Andrews Square Shopping Center. With a sale price of $15 million, Alliance Residential Company has purchased the land that was once the site of Henri’s Bakery for many decades. This rendering is the future of the former site of Henri’s Bakery & Cafe. (Credit: Buckhead View)
Buckhead Exchange Shopping Center – Design Facelift
FCA Partners plans to transform the Buckhead Exchange shopping center with their large-scale redevelopment project including architectural redesign, storefront renovation and a pedestrian environment. This facelift will feature a variety of new textures and materials, updated sidewalks, parking lot and landscaping. The mid-portion of the building will be replaced with a pedestrian walkway to separate the east-facing storefronts from those facing Peachtree Road and Grandview Avenue. Work should wrap up on the exterior in the next few weeks, with new tenants preparing for openings through the summer and fall.
St. Andrews Offers a Walkable Lifestyle in Buckhead
This well-designed enclave of 23 townhomes and 9 courtyard-style single family homes is under construction and the first phase is already complete. Prices range from $800,000 for a 3-bed townhome to $2.4 million for a 5500 sf courtyard home. The townhomes facing East Andrews have ground-floor retail space that can only be used by the resident of the townhome above (neat)!
Camden Paces Is Large, Will Get Much Larger
Camden Paces has already completed 379 apartments and rare rental townhomes facing East Andrews on the site of a now-demolished 1970’s community. However, we have our eye on the largest piece of undeveloped in the Buckhead Village. Their 10-acre phase 2 site has huge potential and we assume they have some some big plans for it. Once finished, it will change the face of the section of Roswell Road that it fronts on.
Buckhead Plaza Site
This aging strip center used to be a car dealership but it now houses some much loved Buckhead establishments such as Drybar, Flywheel, formerly Lucy’s Market (since moved to Andrews Square), & Baby Braithwaite. Easlan Capital is the owner and is said to be in talks to redevelop the prime 3+-acre site on West Paces into a mixed use development.
359 East Paces Office Tower
The Loudermilk Family (the largest land-owner in the Buckhead Village) has begun a 12-story office building with ground-floor retail. It sits one block from Buckhead Atlanta and has very prominent exposure on East Paces. It will replace a small aging office building that will not be missed.
Aaron’s Inc. to Renovate – Sell
Earlier this year, Aaron’s announced putting their 309 East Paces Ferry Road headquarters (which dates back to the 1960s) on the market. Knox Properties will partner with Redan Group on the acquisition and redevelopment of the 105,000-square-foot Aaron’s headquarters. Rendering of the proposed renovations to Aaron’s HQ on the corner of East Paces Ferry Road and North Fulton Drive. Photo Credit- Buckhead View
The Hanover Apartments at 475 Buckhead Ave.
Above is a rendering of the Hanover Company’s new apartment development, which will replace Parkside at Buckhead apartments (475 Buckhead Avenue). Construction has already begun with the development of 375 luxury apartment units on the site.
St. Regis Hotel and Residences
The Buckhead St. Regis is one of the original Buckhead Village developments that sparked the now exponential neighborhood growth. Luxury 5-star residences and hotels make this a premier spot for travelers and city-dwellers who enjoy amazing walkability.
The Shops Buckhead Atlanta
Having opened in fall of 2014, The Shops Buckhead Atlanta development by Oliver Mcmillan is growing with the addition of new retailers and restaurants. Five star retailers like Hermes, Jimmy Choo, Tom Ford, and more fill the rooms behind crystal-clear window displays and restaurants that exceed expectations. The Residence luxury apartments house in-town dwellers who enjoy the walkability and amazing convenience.
