As a loft expert for the last 15 years in the metro Atlanta area, I’ve been keeping a keen eye on what is happening in the loft market as we start to come out of quarantine. Surprisingly, the market is starting to do very well again, it was definitely at a standstill during the months of March and April and then May rolled around and it slowly started to pick back up and now with June here it seems like we are back in full swing again.
For those of you waiting to buy a loft because you are hoping for a good deal, I don’t think it is going to happen. I am still seeing lofts in Atlanta that are listed on the market selling within 2 to 3 days with some lofts obtaining multiple offers still. This is especially true for lofts that are priced under 300k. Again this also depends on the building and location as well. It really still is a seller’s market because loft inventory is still very low in the Atlanta area. Looking at lofts priced over 400k it slows down a tad, with an average of 18-30 days on the market, which is still very good for being in a pandemic. Average negotiations on lofts over 400k, less than 3%, so you may get around $10-$13k off the price or towards closing costs.
I really don’t see the market trending downward anytime soon, although we are definitely in some uncertain times, people still need a place to live and if a pandemic and riots didn’t disturb the real estate market here in Atlanta, than I don’t foresee the market shifting towards a buyers market anytime soon. Take advantage of those low interest rates right now, you will be better off in the long run with a lower interest rate than waiting and hoping that prices come down.
If you are in the market to purchase a loft in Atlanta, feel free to give me a call or email me to discuss what you are looking for. I’ve been selling lofts in the Atlanta area for a very long time and can tell you the ins and outs about the loft buildings in Atlanta – Nesa Kleinheksel