People speculated what might happen to the booming real estate market and the sharp rise in home values when mortgage interest rates began to reassert themselves after a prolonged period of historic lows. The fact is mortgage applications are down about 15% because of less refinancing demand. Yet, the homebuying market remains robust, particularly among the luxury condos in Atlanta Midtown.
Why is homebuying still hot in Atlanta? Because the demand is durable, and the value of Atlanta Midtown condos is consistently high. The reasons behind people’s surge into the homebuying marketplace during the past couple of years have to do with the human response to having gained a new perspective.
The New Perspective of Home
Home went from serving as a hub for outside activities to becoming an all-inclusive work-live-learn-play environment beginning in 2020. For many, the work-from-home experience carries on – and may continue to do so – freeing them to choose a home without regard for commuting distance.
For many more, that experience of home’s complete embrace left its impression even after going into the office came back. People became less tolerant of any gaps between their family’s needs and vision, and their home’s reality. We became less patient for achieving a home that lives up to our ideal.
Less Willing to Compromise
These trends were visible long before the punctuation mark of the pandemic. Today’s knowledge-based workforce cuts fewer corners on their quality of life as they pursue their careers. The Atlanta high-rise condos of the Atlantic have provided well for the lifestyles that this people-based economy demand.
Art, nature, exercise, and education have been among the requirements for fostering growth in the new economy all along. The factors that compose this quality of life are here in abundance, thanks to the foresight, persistence, and cooperation of the business and public leaders of Atlanta.
How We Thrive on Change
Change has been kind to Atlanta because Atlanta has welcomed it and adapted to it. The capacity to generate intellectual property and knowledge-based resources are inherently adaptable. In fact, they are based fundamentally on change and evolution. As a result, this cornerstone of the Atlanta economy may prove to be the best indicator of all that our own style of economic development will continue to prevail.
If you asked historians to cite the source, the very foundation of the Atlanta economy, connection might be the first of the answers you’d get. The crossroads of vital railroad lines fueled our founding and our initial growth. Atlanta maintained its vital crossroads position when the Interstate Highway System was deployed. And when air travel became the dominant mode for long-distance transport, Atlanta made the series of decisions and commitments that resulted in the world’s busiest airport.
Through this persistent wealth of connections, spanning every breakthrough in transportation and communication, Atlanta prospered through rapid economic change. Connection also became the key to our unusually high quality of life. The Atlanta Beltline, our 22-mile loop of multi-use trails and parks linking 45 in-town neighborhoods, is a prime example of how well prepared we are to take part in 21st century economic growth and sustainability. This linear park system represents the state of the art and is one of the assets that places Atlanta among the world’s great cities.
The wisdom of committing to Atlanta for living or investment remains undiminished, because the fundamentals behind our prosperity are strong, and our ability to adapt and capitalize is continually exercised. If you want to be part of Atlanta’s prosperity, then let’s talk about what the vision of the Atlantic could mean for you. Call us at 404-946-8363 or find out more at ownatlantic.com.