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Old 06-04-2015, 11:12 AM
 
989 posts, read 1,742,818 times
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Quote:
Originally Posted by travbo View Post
If they are banking on rising rents on the residential portion they are waaaay more optimistic about Atlanta's economic conditions than most. I can imagine 10-15% appreciation from current prices but not much more than that for rentals. The traffic congestion in Inman Park is and is becoming an even greater turn off for the very demographic they are trying to reach. However, I imagine they'll be turning them into Condos sooner rather than later.
Think about it, rentals increase 3% annually over 10 years is a 34% increase. That's not including the land value which will skyrocket with the continued expansion of the beltline. Turning rentals into condos is a very hard process. They won't convert these until new condo buildings go up citywide.
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Old 06-04-2015, 11:16 AM
 
32,025 posts, read 36,788,671 times
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Haven't some other intown apartment complexes gone for more per unit than this? It still seems like a reasonable price to me.
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Old 06-04-2015, 12:46 PM
 
Location: Kirkwood
23,726 posts, read 24,866,786 times
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Quote:
Originally Posted by travbo View Post
If they are banking on rising rents on the residential portion they are waaaay more optimistic about Atlanta's economic conditions than most. I can imagine 10-15% appreciation from current prices but not much more than that for rentals. The traffic congestion in Inman Park is and is becoming an even greater turn off for the very demographic they are trying to reach. However, I imagine they'll be turning them into Condos sooner rather than later.
That area of Inman Park is served by the BeltLine, bus route, a short distance from a MARTA station, and soon to be Streetcar. The area provides options for residents and visitors to take advantage of other than driving.
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Old 06-04-2015, 06:11 PM
 
Location: Atlanta, GA
298 posts, read 373,878 times
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I'm not sure why people think it's so easy to turn apartments into condos. It's not. The majority of these apartments being built will not be turned into condos anytime soon.

Some things to consider: you will even need to upgrade the nicest of apartments if you want to sell them as condos. The financing these companies are getting for building and purchasing apartments are based on specific conditions. No banks want to lend for condos and anyone trying to flip profitable apartments to condos would have trouble finding financing. Even if they could find financing, it would not make very much economical sense. There will be condos in the future, but they will be built as condos.
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Old 06-04-2015, 06:15 PM
 
7,132 posts, read 9,136,869 times
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Quote:
Originally Posted by ATLJR View Post
I'm not sure why people think it's so easy to turn apartments into condos. It's not. The majority of these apartments being built will not be turned into condos anytime soon.

Some things to consider: you will even need to upgrade the nicest of apartments if you want to sell them as condos. The financing these companies are getting for building and purchasing apartments are based on specific conditions. No banks want to lend for condos and anyone trying to flip profitable apartments to condos would have trouble finding financing. Even if they could find financing, it would not make very much economical sense. There will be condos in the future, but they will be built as condos.
With the extreme rent growth going on, there's no point in turning them into condos anyway at the moment.
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