Central City Condos Midtown (Atlanta: wood floors, bank owned, for sale)

[hapshey_usa]

Does anyone have any information on these condos on ralph mcgill other than what's on the website. Does anyone currently live there? How is the area. How much did they pay for a condo? What sort of incentives are they offereing. If anyone can help me out, i would be thankful. I'm considering moving there.

here is the website

Central City Condos

[hapshey_usa]

Anyone????

[scgraham]

Originally Posted by hapshey_usa

Anyone????

I have never lived there; but, if you are interested, make an aggressive offer.

[atlantagreg30127]

Moving this to the Atlanta room, where you'll get more replies since you had it in the generic Georgia room.

[George Chong]

My concern is that the units have been foreclosed on the builder/developer (at least that is what I gather from their website and the notes on the multiple listing service). I never think that it's good that a new complex was foreclosed upon prior to it being somewhat sold out.

The following things concern me:

1. What are the reserve and operating funds like for the homeowner's association? I doubt that the developer was funding it while having financial trouble selling the units.

2. Why didn't the units sell to start with? It's not the best location but not the worse either. I lived about 10 years ago at McGill Park Condos when they built their last phase that had a tax abatement. The complex is located across the street from the Georgia Power Headquarters. It had great access to the interstate but not much for walking around the neighborhood.

3. Will anyone warrant the work on the building?

Any foreclosure is a gamble and like scgraham stated, you should be able to get a good deal on a unit. I would try to find out how many units have sold and how many units more are up for sale.

What did you think of the neighborhood? Only you can answer the question whether or not you would feel safe in the neighborhood. Even though I sell a lot of condos intown, I have never sold one or previewed the building. It just never hit my radar for some reason.

[hapshey_usa]

Thanks everyone for replying. I think the neighborhood is average. There are some places that I would not walk along (boulevard) and then there's the mcgill park area which is ok. The only reason I was interested in this place is because of the price and since it was foreclosed, i thought there were great opportunity. But you are right about the other points. That is why I am hesitant. I would like to know what incentives anyone has had and the average price that they have paid. My plan is to live here a max of 3 years. Thanks.

[skenworthy]

I went and looked at the condos a few weeks ago, here is what I thought...

Pros:
The condo's are great for the price...both one bedrooms and two bedrooms are pretty spacious
Neighborhood is alright...great access to the highway
Covered parking w/private access
The HOA dues are 267 a month, but that includes gas, water, internet, and cable
Pool area and clud house are nice

Cons:
There was a lot that was finished, but it looked like corners were cut (none of the closet have doors on them...some bedrooms in the 1 bedrooms don't either, laundry rooms were a mess...paint everywhere and not finished, some of the units were in nice enclosed halls, but a lot were open and it felt like you were going to a motel room, not a condo you would want to live in, awkward transition from wood floors to carpet)
Half of the condos have already been purchased and most of the ones that are still available (especially the 2 bedrooms) are on a side of the building that faces a nursing home and are above the dumpsters

In all...if you got one of the available condos in the finished hallways that would be your best bet...they have better views and don't feel like motel rooms. For the price the condo's are nice (but since they are now bank owned I'm not sure you could really negotiate on price since I'm sure they don't want to take too big of a loss). Oh, if you go with one of the property's lenders they will pay 3,000 dollars of the closing costs and taxes are 1.7% of the selling price. I think the decent 1 bedrooms (that aren't over the dumpsters and have a ok view and are in the finished halls) are going from 160 - 180 and the good 2 bedrooms are going for 209 -230) Hope this helps!

[hapshey_usa]

Thanks so much for your valuable input. I went down there to see them myself about a month ago but the agent didn't seem like he wanted to sell anything. He kept giving me prices that were the same as a year ago. He also stated that the bank would not negotiate. I found this to be quite humourous considering that less than 40 percent of the condos have sold, and the remaining are in foreclosure with not many potential buyers out there. I was thinking in my mind, by the end of the year, these guys will become even more desperate. I would appreciate anyone else's input as well. Thanks

[ramblinwreck17]

You need a good buyer's agent representing you it sounds like. Might be worth giving George or scgraham a buzz.

[George Chong]

Originally Posted by ramblinwreck17

You need a good buyer's agent representing you it sounds like. Might be worth giving George or scgraham a buzz.

Awwww...so kind