Cash home purchase in DECENT intown n'hood possible for me? (Atlanta: sale, foreclosures)

[loyalcoya]

All,

I promise I read the newbie sticky and I'll try to follow all the rules.


- 50k
- foreclosure or great deal on any housing type
- 1.5+ bath and office space (2 bedroom or 1 bd with den/loft/sunroom)
- Walk to at least a few amenities (mostly coffee & a sandwich)
- No kids and no plans for any
- Easy Access to Emory University for regular commute (prefer non-highway travel options)
- Safety
- Flexible time frame, prefer sooner than later
- I am right at home in hippie-villes, not afraid of brown people, foreign languages, or working class people. Less accepting of tons of double-decker baby carriages
- Transitioning neighborhood is OK*

I've been in the area for 1 year but as a new doc student I only know North Decatur and the malls. I've decided to look into purchasing as I'm committed to the area for at least 5 years.

I have about 50k in cash and I'd like to avoid a mortgage. I know this likely limits me to foreclosures and I'm OK with that. I have dealt with a couple of realtors but few are interested in my price point and their responsiveness reflects that. So, I turn to the mighty internet!

It's rather difficult determining the "good" areas from "not-so-good" around here. It seems to all be a mish-mash.

I know I like: North Druid Hills, City of Decatur, Virginia Highland, and Kirkwood. I think that gives you an idea of my criteria. However, I'm realistic about price. So, I will also consider a transitioning neighborhood that is close to the tipping point. I tend to judge that by proximity to a coffee shop but any better metrics are greatly appreciated.*

With 50k, give or take a few thousand I'd like minimum 1.5 baths. I can live with one bedroom if there's office space (loft, sunroom, etc.). An outside area is also ideal. Also, the aforementioned minimum amount of amenities are also nice. If I can walk to coffee ( a mile or two) and a cocktail or sandwich that would be nice.

The other major considerations are safety and access to Emory U. I know safety is relative. I'm not afraid of freaks and geeks (I may be one myself!), brown people, or working class folks. I do prefer to not have bullet holes in the siding or a cage built around my car.*

As far as access to Emory I just want to be able to get there and back without a highway drive and in 15-20 minutes or so in normal traffic?

Schools aren't a concern for me -- no kids -- but I know it matters for resale. I'm actually debating how much I should weigh this since it doesn't matter to me personally. Any thoughts on that are appreciated.

Beyond that I'll take a condo/townhouse/single family that fits most of this criteria.

I'd love some neighborhood suggestions -- both to check out and steer clear off -- and anything else you can think of that a newbie to the city should consider.

Thanks.

[SW30303]

For 50K, even a condo (townhome), in the Decatur area will either be outside the city limits where crime rates tend to be higher, or you get a condo that needs way more work than you probably can afford.

Near Decatur, you have Scottdale and Avondale Estates which are also areas to consider, but most of the condos will be out of your price range, even for 1 to 2 bedrooms.

I would even suggest venturing into Tucker which would be about a 30-40 minute drive to Emory area during rush hour. I know there are more older condos there that are in your price range but I know when they are that cheap, they are distressed properties. I would consider Tucker near the Tucker High School area, north Tucker along Lavista Road area, but then it gets spotty in the other areas that have Tucker zip code: 30084.

To the best of my knowledge, the other areas you mention (ITP) in your post will pretty much be out of your price range in any case.

My question to you is do you think you will live there for at least 5 years? Can you afford a few thousand dollars for unexpected things to break? Usually older condos are the ones in this price range and they often need repairs. I would visit some of these areas of interest at night, too. To see how "safe" or not it might feel to you personally.

You know condos have maintenance fees that can cost anywhere from $50 to $400 a month, so keep that in mind with your budget. If the townhome is fee simple, then you have to pay even more to get the exterior fixed. I would go with a 2 bedroom in case you need a roommate and need to sale more quickly.

[koko339]

2479 Peachtree Road 212, Atlanta, GA - Clickscape Realtors® - This unit is actually in Buckhead in a very safe area. It's right at Lindbergh and Peachtree, so you could jump on Lindbergh which turns into Lavista, take a turn on Briarcliff, turn on Clifton, and bam - Emory. Google Maps has the trip at 15 minutes, of course that's probably with no traffic lol.

2657 Lenox Road NE G94, Atlanta, GA - Clickscape Realtors® - in another area of Buckhead, commute is also put at around 15 minutes.

I'm honestly not too familiar with the Decatur are so I don't want to chance recommending something not good. I do know there's a huge difference between the "good" part of Decatur versus the bad. These two stood out because they were the few in nice areas that look to be in decent condition. Just remember, if it's too good to be true, it probably is. Any "up and coming" areas in Atlanta are not going to have amazing deals; the worst parts of town have housing prices to match.

[loyalcoya]

Koko,

Thanks so much for that! I know it's a stretch which is why I'm soliciting opinions. I've already put out calls to the agent on both of those listings.

[loyalcoya]

Let me also throw this area out there: 32 Peachtree 30303. Safe-ish? http://www.ziprealty.com/property/32...1306561/detail

[koko339]

That is literally the center of downtown Atlanta, which has its plusses and minuses. A lot of people will tell you it's not safe, but downtown has a big perception problem. I went to school there (GSU's campus is throughout downtown) for four years and I never had problems, and I know people that live in that building and others near it and they were fine. It's definitely a more walkable area than the other two condos I linked, but things shut down pretty early there. I checked the commute, and it clocked in around 15 minutes also. If you can deal with the usual urban annoyances (homeless, loud street preachers, sirens, etc) you should be fine. Also, coffee spots are within walking distance .

[koko339]

1639 Briarcliff Road NE 9, Atlanta, GA - Clickscape Realtors® - weird layout but you couldn't get closer to Emory unless you lived on campus and $37k.
Also, gotta love the first line, "Awesome opportunity for Emory student or employee to capitalize on this buyer's market!"

[loyalcoya]

Originally Posted by koko339

1639 Briarcliff Road NE 9, Atlanta, GA - Clickscape Realtors® - weird layout but you couldn't get closer to Emory unless you lived on campus and $37k.
Also, gotta love the first line, "Awesome opportunity for Emory student or employee to capitalize on this buyer's market!"

That's the first property I went to see!!! Ok, so what the pics don't communicate is that those weird columns? Are load-bearing!!! As best as we can figure out the building was sagging at one point and those are holding it up. LOL Live and learn. smh

[koko339]

Ahhh lol I was wondering. Well good thing you got that out of the way .

[ATL_II_DMV]

There are some townhouse foreclosures/condos in Cascade Village, The Cascades, & areas of unincorporated Atlanta for anywhere from 40-80K.

You may not be interested in SW Atl or South Fulton, but those are the only move-in ready townhomes I know of in that price range.

Pretty nice gated communities too

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