House in Riverside neighborhood or condo in O4W (Atlanta: apartments, condos)

[arokisbobcat]

Hi All,

I am having a tough time deciding on whether to purchase a house in the Riverside neighborhood or go with a condo in the Old Fourth Ward. I'd like to get others input if possible.

Here are the ups and downs of each.

House in Riverside: Riverside is situated near the Bolton/Marietta Road intersection. I think it extends to Hollywood Road. Its an up-and-coming area and I found a house for 109K. The house needs some interior work and I'm estimating around 15K. It's liveable but far from desirable. The area is slated for some new development and as an investment this might be a good option. The downsides are that I'm not sure exactly how much renovations would cost. Can anyone provide estimates for redoing a kitchen and reflooring a house? It needs more but we'll start there

Condo in O4W: I'm finding several options of 1 bed/1 bath condos for 120-130 near the Atlanta Medical Center. This seems to be a very happening part of town and extremely conveniant to downtown, midtown, highlands, piedmont park, etc. I'm extremely attracted to that as well as not having to shell out any additional money. My only concern is how it will appreciate. I see many condos on the market and it seems like they stay around for quite some time.

This is a big decision and its killing me trying to make it. Work is a non-factor since I work in Perimeter and both locations are roughly 10 miles away. I also don't have any children or family so schools aren't an issue either.

Any thoughts?

[stvincent]

Well I would think that investing in the Riverside area would be a greater investment at this time. That area is growing rapidly and because of it's proximity to Buckhead and Midtown, I think the prices will skyrocket as more developers take an interest in the area and clean it up. The only thing that bothers me about that area is the horrible smell coming from the water plant nearby. I have no idea how the pollution comming from that plant is legal and I don't know how the city is able or willing to contain that odor but when it does, I think the community will have a greater shot at growing. I hate even driving through there because the odor creeps up in my car and stinks of rotten human feces. But, I guess you can avoid this by moving further from the plant while staying in the Riverside community.

The Old Fourth Ward is still not a desirable place to live by far. The apartments that line Boulevard are known for being the type of place where crime is free to live and thrive. Drugs and drug addicts are all over that neighborhood and crime is rediculously out of control. I think men and women alike, of all races would be afraid to be walking in that neighborhood at night. You would probably have your house and/or car broken into several times during your stay in that community. And it doesn't seem to be gentrifying yet. So, you would have to wait a longer time for the neighborhood to become a halfway decent place to live.

[xxman777]

As much as I love O4W I would have to say the better investment is in Riverside. There are a lot of condos coming onto the market, they are popular but we aren't seeing any lack of demand. However, convenient, close to town single family housing is rare and somewhere like Riverside could see a huge profit and would be easy to sell in a few years. As far as safety, it depends on how secure your complex is in O4W. I have several friends who live in the neighborhood (and I live nearby) and theft is rare in secured complexes. I have heard of problems near Riverside though, I don't know crime stats for that specific neighborhood though.

[davesm]

Tough choice dude... I personally would go with O4W because it is close to the heartbeat of the city. I agree with the comments before about the area (almost bought a home on Boulevard Pl and on Rankin) and stagnant condo market, but I prefer the urban landscape of O4W over Riverside. Riverside is turning into an area of subdivisions and hoping for an Edgewood Retail type solution. At least with O4W you could ride your bike or walk to places. But on the other hand Riverside will most likely has a driveway to park your car within ear distance. Just my .02

Have you thought about a high-rise Downtown as a possibility? Condos at William Oliver are in the same price range. Also I've seen some condos in Melrose Place (Midtown) and on 26th St (Can't remember name) around the same price.

I think your choice basically comes down to better investment vs. lifestyle. I'm sure you'll make the right choice for YOU.