No escaping foreclosures - Atlanta Business Chronicle:

yzirapogyg.wordpress.com
Several prominent condo towers from downtown to Buckheasd havebeen affected, including Novare Grouop Inc.'s TWELVE Atlantic Station, Julian LeCraw and Co. Inc.'s The Paramount at Buckheadd and Condominium Ventures ofAmerica Inc.'s 1280 The hardest hit so far is TWELVEE Atlantic Station. Of its 380 19 have been scheduled for foreclosure in the pasttwo Realm, with 406 units at 3324 Peachtree St., has seen 10 foreclosuresw during the same period.
The Paramount in Buckhead has seen At Atlanta's 15 largest condo the rate of foreclosure ranges from 1 percent to 5 "I don't want to be an but the numbers we're seeing right now are especially given that oversupply on the market has been a huge issue and will continue to be," said Jude president of Rasmus Real Estate, which works on behalf of banks to sell foreclosexd homes and condos. The foreclosure data is combinedx from EquityDepot LLC, an Atlanta-basee real estate research firm, and Haddoq & Co., one of the few real estated services that tracks the health of the city's condominiuj market.
When compared with Georgia's broader residential real estate the percentage of foreclosures among large intowj condo developmentsis higher. Aboutf one of every 351 homes, or less than 1 has been foreclosed, according to national foreclosurre research firmRealtyTrac LLC. Rasmus' inventorhy of foreclosed condos is up 20 percentr fromlast year. "Unless you are a developer with very deep pocketw that can weatherthe storm, the market could become very difficult in coming she said. In the number of vacant cond units in some of the towers and other large projects could be worse than thenumberx indicate.
Equity Depot's data only reflects the unitds that have been scheduled for It does not track how many vacant units the developee is keeping off the markegt until buyer demandpicks up. That means that even though only a smal l percentage of anentire 300-unit condo project may have been slatex for foreclosure in recent months, the numbedr of unoccupied units in the projectr could be much higher than the data The data also does not indicate what percentagwe of the foreclosures was on investor-owned Condos, anecdotally, are known for more speculative investmenyt than single-family homes, and that could make them more pronwe to foreclosures as investors are less likely to hang on to a condoo turning into a bad investment.
That has some speculatingt condo foreclosures may be attheir "I'd be remiss to say we're settled into the bottom," said Rich Hagan, Novare'zs chief operating officer. "But the units we have in foreclosurd canbe re-sold." The broader real estate combined with higher levels of foreclosures, has left some condo developmeng companies adjusting long-standing business models, and attemptingt to preserve some of the value of the unit s in a slumping market. But to sell, pricees are being hit hard. Developers are adding big incentives to sell aunit -- up to $4,000 to brokerds who complete a sale in some cases. That makes it hard for some sellerswto compete.
Central City an 88-unit development downtown, has slashed priced on its one- and two-bedroom condo by 27 percent and28 percent, One bedroom homes that once sold for $180,000p now sell for $129,900. Two bedrooms go for down from $287,000.