Buckhead’s Largest Proposed Condos Flip Flop From ‘For Sale’ To ‘For Rent’

By September 22, 2018News

 

Development of The Sutton, a 21-story building of 510,700 square feet, has been in the works at 2965 Peachtree Road for several years. Originally planned to be apartments, the 141 luxury units were to be billed at between $3,800 to $5,800 per month, before the development company, Preserve Properties, announced that the units would now be available for sale as condos. The price tag? Between $500,000 and $1.4 million per unit, with sizes ranging from a 1,100 sf 1 bedroom to a 2,526 sf 3 bedroom, 3 bath suite with a large terrace.

Unit sales started popping up in March of this year, with construction already underway since sometime in 2017. Designed by Reese Vanderbilt & Associates, the building promises a coffee bar, business center, concierge, private motor court, fitness center, club room, rooftop pool and outdoor kitchen.

Renderings courtesy of The Sutton

Residents and neighbors who have been keeping tabs on this sleek development that is set to change the appearance of the south end of Buckhead Triangle, were surprised yet again when Preserve Properties recently reported that the building had missed its goal to sell at least 50 units by September 15. This failure sparked the termination of all existing sales and the concept flipped back to rentals as initially planned, deposits returned and agreements cancelled.

While observers are critical of these changes, and undoubtedly agents and their buyers are flummoxed (we found that this news is so fresh, some agents still have the units listed for sale on their websites), it is not uncommon for a developer’s lenders to set a goal of a minimum number of units sold by a certain date. What is perhaps less common is the time with which a building has to reach that goal, with a large development like this typically having years for pre-sales as opposed to months.

The newly announced rentals begin at $2,400 monthly for their smallest units and go up to $4,500 per month for the largest, showing a price drop from the price points as initially announced. Commenters online have lamented the high price tags on these rentals, prompting the question of who exactly has the financial ability to pay the rent on one of these units, and why they wouldn’t use those funds to buy a house, townhouse, or condo instead of renting.

It would seem that The Sutton holds appeal in its luxury and amenities, while its central location makes it convenient for enjoying the retail, restaurants, and walkability of Buckhead Village. With so many young professionals moving to Buckhead as well as empty-nesters or established Buckhead residents who have grown tired of maintaining a full home and property, we may very well be seeing the beginning of a new trend of luxury rental apartments in Buckhead.

Comments

[ninja_forms id=5]