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Old 11-05-2006, 11:30 AM
 
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Does anybody know what is happening intown? Are real estate prices expected to go up (specifically condos)? I've been reading about how the population is supposed to increase because people are tired of the 'burbs and the stupid traffic. THe sprawl is out of control. What will happen to the suburbs in the next 10 yrs? I'd really appreciate some serious feedback on this.
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Old 11-05-2006, 04:51 PM
 
Location: Boston
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I thought prices would be leveling lately because of the overall softness in the market. However I track a couple intown condos, (because I have an interest in one) I was surprised to see that prices in those buildings had still been ticking up. Maybe its only a matter of time. Hopefully not. After all it is a major Capital city. Land is scarce in the big cities.
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Old 11-05-2006, 05:37 PM
 
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Quote:
Originally Posted by bricorb View Post
I thought prices would be leveling lately because of the overall softness in the market. However I track a couple intown condos, (because I have an interest in one) I was surprised to see that prices in those buildings had still been ticking up. Maybe its only a matter of time. Hopefully not. After all it is a major Capital city. Land is scarce in the big cities.
My feeling is nice new high rises will go up in prices because there is a demand out there, plus builders will mark up new condos everytime they start a new project due to cost of building goes up, of which land cost is major portion of this increase. Condo flippers will be hard to sell because there are lots of new condos ready to hit the market or in the pipe line. If you find something in a nice location that is close to a Marta Station or convenient to retail and restaurants, it definitely holds the value. As Atlanta city is growing, infrastructure and facilities are improving, and more middle to upper middle class people move in, prices of condos won't come down.
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Old 11-06-2006, 09:24 AM
 
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Default What about Downtown?

I know that downtown is a bit sketchy right now, but what does the future hold for this area? I know it is being revitalized. is now a good time to buy?
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Old 11-06-2006, 04:57 PM
 
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Quote:
Originally Posted by NYLATINQT View Post
I know that downtown is a bit sketchy right now, but what does the future hold for this area? I know it is being revitalized. is now a good time to buy?
It all depends your perception. If you find a nice area and want a brand new condo to move in, you should buy it before some one else gets ahead of you. Every location in town is unique. The new condos around Centennial Olympic Park are very attractive, but there will be more in the pipeline. Each will sell for different prices. Whether it holds value or not in a short term, no one knows, but in long run, prices will be much higher than today. Downtown will have nine blocks in the same area under development. It's exciting.
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Old 11-07-2006, 09:41 PM
 
Location: West Cobb County, GA (Atlanta metro)
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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%.
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Old 11-08-2006, 10:28 AM
 
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Originally Posted by atlantagreg30127 View Post
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%.
Why do you think the investors are building high rise condos in Atlanta like crazy? One of the reasons I can think of is that they see it as a strong market now and in the future. I believe that they have better source of information to predict the market trend. Investors are well informed of market so they can adjust the rate of development. People move in town for various reasons, traffic is only one of them. A lot of people like to live in town, but financially they are not ready. High rise condos are not cheap. They run $300 - 350 / sqt. Just because land is so expensive intown, townhomes are rarely built, let it alone single family house. Intown living is always more expensive than burbs. As more people are moving into Atlanta, the housing market particularly intown housing market will stay strong.
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Old 11-08-2006, 10:59 AM
 
Location: Boston
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Cityfan is right on the money.
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Old 11-08-2006, 02:02 PM
 
Location: Avondale Estates
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Atlanta is growing still and will continue to grow for years to come. Atlanta does not know what controlled growth is, and everyone who lives in the region knows this. New condominiums are being built in Buckhead with prices starting at one million dollars. The same phenomenon is occuring with a couple of condo developmetns in Vinings as well. Atlanta is a city of transplants and it would seem that a sizable number of people who move to Atlanta from other parts of the country have loads of money to spend on their new Georgia dwellings. This is why our home prices keep going up. New residents are not going to stop moving to the Atlanta area any time soon and quite frankly most native Georgians do not want new residents to stop flowing into the region. The expanding population brings in more and more commercial development into the Atlanta area. We have to accept the fact that many new residents are able to afford high priced residential developments and without these new "well-off" translplants Atlanta would not have seen the type of growth in the commercial sector that has risen in the past decade. I think home prices in intown Atlanta will continue to rise as it is a favorite place to dwell by new transplants to the Atlanta area. I predict that soon intown Atlanta will be comparble to Manhattan in New York, in that it will the be the ritziest and most expensive place to live in the Atlanta area. To further make my point Sam Massell has admitted to hoping to one day rid Buckhead of the all the clubs and bars in the Village to make way for a Rodeo Dr. type design of a high end boutique shopping district. Many clubs have already shut up shop. I think Atlanta will soon become the playground for the rich and the middle class normal Atlantans will live mostly in the suburbs in ten years. I would venture to say that Smyrna home prices will skyrocket over the next ten years along with other close in northern Atlanta suburbs. This will occur because of the affluence that Atlanta will soon possess as its image. While the market might be slowing in other parts of the country, Atlanta is still growing rapidly and quite affluently.
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Old 11-08-2006, 02:20 PM
 
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Originally Posted by stvincent View Post
While the market might be slowing in other parts of the country, Atlanta is still growing rapidly and quite affluently.
I totally agree with you. Atlanta's growth has been going through the similar stages that many major cities in U.S. and the world have been going through. If you look at the histories of growth for those cities, you can mirror Atlanta.
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