Considering buying...where...when...why? (Atlanta, Dunwoody: for sale, apartment complex, lease)

[ironchefyogurt]

Been lurking this forum forever, and finally registered!

Let's get the standard questions out of the way, with the situation explanation below.

1. Budget - ~ $500k
2. House/Condo/Townhome? - Townhome/home, then Condo
3. Employment Status(commute/work from home) - Commute is important (we both work in Midtown), but we also telecommute frequently.
4. Children(public school vs. private) - no kids
5. Suburban or Urban lifestyle preference or a mix of the two - urban, walkable (ideally close to beltline/parks/restaurants/etcs)
6. Easy access to public transit, important or not? - Access to Marta isn't important, but being close by to the beltline, street car, etc would be nice
7. Preferable demographics of desired neighborhood - As long as it's safe and diverse, we don't care.

So, the GF and I are currently renting in the Brookhaven area, and by September we have to make a decision whether we want to re-up the lease or not.

Because of that we got to thinking about going the purchase route since rent rates are becoming ridiculous.

No plans for any kids, so something smallish (2/2 and ~1300 sq ft) is plenty enough for us. In fact I wish I could find a condo with the current layout of our apartment, it's perfect, unfortunately no luck there.

Our first thought was to look into condos. I had previously owned a condo at TCP, which was nice enough I guess (since I was younger and didn't really know much better), though still left a bit to be desired. I know Viewpoint, Spire, Plaza? and Metropolis were all Novare properties so I don't know if we want anything in any one of those. The reason being is that they just feel cheap and not the best of construction. Though we haven't seen a 2 bedroom in Viewpoint yet for comparison. We do like 1010 and Terminus more for sure. Though the availability at Terminus is pretty slim.

We like the lock and leave lifestyle, so that's why we turned to condos first. But, when you're getting into 2/2s at condos, you're looking at $400+ monthly HoA, which I just can't justify (it's like an $80k mortgage by itself). Not that we can't afford it, but it seems like a waste.

So, that leaves town-homes and homes. Ideally we would like as easy of a lifestyle as possible, so I guess newer construction with a warranty would be preferable. For these two choices something like a 3/2 with < 2000 sq ft is more than plenty. We're also kind of sticklers for having modern design.

If we had our way, we'd be buying this, 543 Elmwood Dr NE, Atlanta, GA 30306 - Zillow, but we're about $2 million short .

So, the question is, can we find a modern 3/2 town home or home thats reasonably newer, close to the beltline/parks, $500k or less, and in a relatively nice location? If so, where should we look?

Also, if anyone has any good buying agent recommendations we would appreciate it.

[ATLTJL]

If I were you, I would consider my favorite condo in Atlanta: Luxe.

Everything about its construction is high quality and you can afford it. I don't know what the HOAs are, but I would imagine they are at least $400. I would still consider it.

[ironchefyogurt]

I'd love to consider it as well, but it's pricey. Currently the cheapest listing I see is $639k and HoA fees of $565/month.

[vince217]

Why not stay within Brookhaven?

[ATLTJL]

Wow, I had no idea the prices had gone up so much.

You might look at the Park at East Paces. Those are townhomes (they also have flats) where East Paces Ferry dead-ends into Roxboro Road. When they were built a few years ago, they were starting in the 600s I think for the townhomes, but during the bust they went down to the 3s. I would imagine that there are some still available for the 4s or 5s.

I wasn't nuts about the flats, but I didn't even look at the townhomes because they were so far out of my range at the time. I happen to think that it's the best location in all of Atlanta because you can walk to Lenox, walk to MARTA, and you can easily get to Peachtree and head north where traffic isn't bad to get to all the things you would need in daily life, such as Kroger, Lowes, and the new development in Brookhaven with the Costco, LA Fitness, etc. Since you live in Brookhaven, you know how easy it is to shoot up to Perimeter on Peachtree Dunwoody or Ashford Dunwoody. It's also a fairly quick shot to midtown, VaHi, etc. If I'm not mistaken, this development is on the Fulton county side, which means it's districted for Sarah Smith elementary, which may not matter to you now, but I promise will matter when it's time for you to sell. This development is not technically in Lenox Park, but it's an easy walk and there is nobody there to tell you that you can't use it.

I would look at it. If there was something there that I could afford, I would buy it without even blinking.

[ironchefyogurt]

Originally Posted by vince217

Why not stay within Brookhaven?

Not against it, but we would prefer beltline access and living closer to Midtown for days we don't telecommute. Prices in Brookhaven are soaring though.

Originally Posted by ATLTJL

Wow, I had no idea the prices had gone up so much.

You might look at the Park at East Paces. Those are townhomes (they also have flats) where East Paces Ferry dead-ends into Roxboro Road. When they were built a few years ago, they were starting in the 600s I think for the townhomes, but during the bust they went down to the 3s. I would imagine that there are some still available for the 4s or 5s.

I wasn't nuts about the flats, but I didn't even look at the townhomes because they were so far out of my range at the time. I happen to think that it's the best location in all of Atlanta because you can walk to Lenox, walk to MARTA, and you can easily get to Peachtree and head north where traffic isn't bad to get to all the things you would need in daily life, such as Kroger, Lowes, and the new development in Brookhaven with the Costco, LA Fitness, etc. Since you live in Brookhaven, you know how easy it is to shoot up to Perimeter on Peachtree Dunwoody or Ashford Dunwoody. It's also a fairly quick shot to midtown, VaHi, etc. If I'm not mistaken, this development is on the Fulton county side, which means it's districted for Sarah Smith elementary, which may not matter to you now, but I promise will matter when it's time for you to sell. This development is not technically in Lenox Park, but it's an easy walk and there is nobody there to tell you that you can't use it.

I would look at it. If there was something there that I could afford, I would buy it without even blinking.

Yea, I used to live in an apartment complex @ Lenox Park. It's a nice little area, but not much really walkable there besides the Target/Publix plaza and the two malls. We're not huge on shopping so we could care less about malls and such.

I saw a little bit about the Skyhill Townhomes being built on North Ave close to the beltline and PCM. Those seem like they would be ideal, but they're pricey too.

[netsirk]

You might want to look in Inman Park. There are a couple of condos available at 870 Inman now, and there are also townhomes here. The townhomes are in the $500s to 600s, as far as I know. I, too, will be looking to buy, soon, so I'm interested in what else you hear about.

If you can get into a condo or townhome here, you've got all the stuff you're looking for--walkability, I can see the beltline from my window, parks galore.

[ironchefyogurt]

Originally Posted by netsirk

You might want to look in Inman Park. There are a couple of condos available at 870 Inman now, and there are also townhomes here. The townhomes are in the $500s to 600s, as far as I know. I, too, will be looking to buy, soon, so I'm interested in what else you hear about.

If you can get into a condo or townhome here, you've got all the stuff you're looking for--walkability, I can see the beltline from my window, parks galore.

Are you renting there now?

The John Wieland Townhomes @ Highland Park look the business, however it seems everything that was under $500k is now under contract, I guess one of those could fall through.

[netsirk]

Originally Posted by ironchefyogurt

Are you renting there now?

The John Wieland Townhomes @ Highland Park look the business, however it seems everything that was under $500k is now under contract, I guess one of those could fall through.

Yeah, I rent at the Mariposa Lofts and love the location and my place. I actually wish that these units were condos and not apartments, because I'd buy right here without a second thought. (Well, slight amendment--I'm in a one-bedroom now, and if I were buying, I'd get a two-bed.)

870 Inman is right next to me. I know there are two for sale (2/2) right now because I just looked at the listings last night. One is in the high $200s, I think, and the other in the low $300s. I relocated here from Jersey eight months ago and I need to buy in the next four months to take full advantage of my company's relocation deal. Time to start looking in earnest, but still need to finish up the sale of my place up there, and everything takes more time when you're selling in one place and living in another.

Yes, I'd heard that all the townhomes you reference are under contract. But there are others right on Montag Circle. Now, most of them are into the $500s, I believe. But it still might be worth looking at. If I can find links to some of those listings, I'll post them.

Okay, here's the 870 Inman listing that's left. The other one is now under contract. UGH. http://www.intownelite.com/idx/mls-5...lanta_ga_30307

[ATL Golfer]

Check out Aqua.

You may not like HOA fees of that amount, but they do pay for a lot...bulk of insurance, water most cases, trash most cases, and in other cases majority of the utilities.

You buy a 500k house and you're paying $100 per month in insurance + water + sewer. Watering a yard can be $250+ a month alone in Fulton Co.