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Old 11-08-2006, 09:46 PM
 
Location: West Cobb County, GA (Atlanta metro)
9,188 posts, read 30,229,109 times
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I would suggest browsing the condo listings on Craigs List sometimes. A good number of the $225,000+ priced condos have been up for sale for some time in some buildings.

While the overall condo market may remain relatively strong, the developers need to focus on more affordable mid-rise units and not as much on the top $$$ high-rise buildings as they are now. Yes, those units will bottom out.
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Old 11-09-2006, 08:02 AM
 
340 posts, read 1,437,245 times
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Quote:
Originally Posted by atlantagreg30127 View Post
I would suggest browsing the condo listings on Craigs List sometimes. A good number of the $225,000+ priced condos have been up for sale for some time in some buildings.

While the overall condo market may remain relatively strong, the developers need to focus on more affordable mid-rise units and not as much on the top $$$ high-rise buildings as they are now. Yes, those units will bottom out.
I agree with you on affordable units. I have been checking intown condo market for awhile. Most existing condos up for sale for some time are not in prime locations, not in good shape (old and out of style), or marked up big dollars comparing to their original purchase prices. Owners want to upgrade their condos or make profits on them, but they are not in a hurry to sell their properties due to the fact that original mortgage payments are low or no mortgage on the properties. Again in prime locations, such as close to Marta station, prices on land are increasing so sharply that there is no chance to build cheap condos anymore. People want to live intown for its location and convenience.
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Old 11-10-2006, 07:25 PM
 
431 posts, read 1,977,619 times
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Default Oh i hope you are right

Quote:
Originally Posted by atlantagreg30127 View Post
Give it 2-3 years. They're oversaturating the market with too many high-rise condo buildings. Only a small percentage of people are moving back intown due to traffic reasons, and those people do not want 900 square foot condos - they're looking for townhomes and single family homes in neighborhoods like Grant Park.

The condo buyers are usually first time home buyers getting their feet in the door, single professionals who work 70 hours a week and don't want to maintain a home, or, transplants from other areas of the country like NYC who are used to living in smaller and more expensive spaces. There are only so many of these people, so in those 2-3 years you'll see more condos built than there are those folks to buy them. Prices will drop 20-25%.
Yeah well i'm from NYC so a condo would suit me just fine! But as for condos being for 1st time buyers, no way. Have you seen the price tags on the condos in the city lately? The nice ones go for $300k+ for 2 bdrms! My house costs half that in the 'burbs. But seriously, in about 3 yrs i want to move and i don't want to be looking at a $500k pricetag so i'm trying to figure out what's happening with this particular market. Oh if only i had a magical crystal ball.
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Old 11-10-2006, 07:32 PM
 
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The way things are looking, i don't think i could afford to go back to NY. I couldn't even rent a pot to **** in at this point over there. So that being the case, at least i'd like to live intown if i'll be here in Atlanta. I would be absolutely devastated if i could not afford anything in the city in the next 3 yrs. It's looking a bit bleak but still a bit of hope. There's a "downtown development" meeting going on this Wednesday. I'm going to go and check it out. Very informative. Lots of info on future development projects, etc..
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Old 11-11-2006, 10:25 PM
 
340 posts, read 1,437,245 times
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Quote:
Originally Posted by NYLATINQT View Post
Yeah well i'm from NYC so a condo would suit me just fine! But as for condos being for 1st time buyers, no way. Have you seen the price tags on the condos in the city lately? The nice ones go for $300k+ for 2 bdrms! My house costs half that in the 'burbs. But seriously, in about 3 yrs i want to move and i don't want to be looking at a $500k pricetag so i'm trying to figure out what's happening with this particular market. Oh if only i had a magical crystal ball.
I don't know if the price on a 2 bdrms will shoot up to 1/2 million. I am looking at 6% - 8 % increase every year. It's probably will go as high as $400K on average normal increase. Some good location like midtown mile area can be even higher. Let's cross our fingers.
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Old 11-12-2006, 06:05 AM
 
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I live in the suburbs amd I bought my house for $95.000 in 1985 (they wanted $122,000 originally). We got transferred here because of my husbands job and agreed to do a lease purchase and close within a year. My house was 8 years old when I bought it and we had 2 acres of land. It sits right in the middle of all the growth in Kennesaw. We were able to remodel, put a pool in, add an addition and recently we had the house appraised for $225,000...We live in a nice older neighborhood, with nice families and neighbors and see what is happening in Atlanta and the suburbs. If you can find a house in a nice area that needs some work, it seems to be a good investment.

As far as condo's....there is Cross Creek that was built in the 70's and at that time was THE place to live. It is in one of the nicer areas of town and close to just about everything. My son is leasing there while he is attending GA Tech. There are condo's there going for very good prices from what I've read on the Cross Creek website.
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Old 11-12-2006, 09:51 PM
 
Location: West Cobb County, GA (Atlanta metro)
9,188 posts, read 30,229,109 times
Reputation: 5131
I think you'll see the L.A. hobby of "flipping" coming to Atlanta before long as prices increase.

Flipping: You can't afford a mid-cost home in a city. So you buy a dump. You fix it up, doing all of the work yourself, using salvage yard items, or items from discount home supply warehouses. You landcape nicely. You then sell the home for anywhere from 50% to 150% more than you paid for it.

You take that money, and buy another dump. Do the same as above, sell it, making another similar profit.

There are now TV shows about this but not long ago it was a new phrase that was pretty much started in L.A. called "flipping". People would "flip" one home into another, and once they flipped 2-3 homes and made the profits from each, they would then have enough money built up in order to buy the home they really WANT in the market area (city) they are living in.

I have no motivation to flip. I'm flipped out. I'm where I'm going to be until my home is a 6ft box ($1,200).
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