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Old 01-23-2008, 10:10 AM
 
Location: Midtown
177 posts, read 697,881 times
Reputation: 99

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Even though I bought my condo I'm still obsessed with looking at them and I have noticed that there seems to be a LOT of for sales and foreclosures in the Ponce condo building on Peachtree and Ponce. Even that are regular for sales are a whole lot cheaper than I would have expected. I mean nice corner units with a private balcony going for under 150k I know the HOA fees are high but I was under the impression that they covered every utility including cable and internet. I mean...does anyone know what's going on here? Mortgage fraud, assessments that are causing people to just walk? What?
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Old 01-23-2008, 10:39 AM
 
Location: West Cobb County, GA (Atlanta metro)
9,127 posts, read 21,481,237 times
Reputation: 4728
Well, the Ponce area has never been known for being Mayberryish when it comes to crime. I'm not sure what it's like exactly today, but in the past it always had a lot of petty crime like the smash-and-grab car break ins and stuff like that. Could be a reason, even though they've cleaned the area up at least some in recent times.
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Old 01-23-2008, 11:09 AM
 
Location: Inman Park (Atlanta, GA)
19,793 posts, read 8,060,019 times
Reputation: 10490
The Ponce is a great old building. It was originally built as the first luxury apartment building in Atlanta. The architecture is just wonderful. There are several things that make the Ponce a hard sell unless you have a passion for Atlanta history and its architecture:

1. You are correct the HOA fees are high. The HOA fee is just under $500 for most of the one bedroom units. Even though it does cover most of your utilities, it is high and the building is not getting any younger.
2. I know in the past that there was a very high special assessment for the units with the balconies on the front side of the building.
3. If the project ever gets built behind them - you can forget your view of Stone Mountain.
4. Most units have built-ins as the elevators are tiny and there is no freight elevator. In other words, do not order a California King bed for your new unit.
5. Most times when I would visit a residence there - one of the elevators would be out of commission.
6. Walking from the residents parking deck to the elevator is not a pretty sight.
7. Guest parking is always a challenge as the building only has a few guest spots.

I don't think that it is a case of mortgage fraud. I just think that there are a lot of options out there in the market. The staircase in the middle of the building is just stunning.
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Old 01-23-2008, 12:40 PM
 
Location: SOBU
117 posts, read 457,291 times
Reputation: 35
$500 a month assoc fees? Wow! that better cover everything.
I have a 1 bdrm condo in south Buckhead midrise and fees are $350 a month and it covers electric, gas, water, cable, insurance, building maintenace...really all the other condo stuff too. I even feel this $350 a month is just a little high. Having said that, the Ponce is a somewhat nicer place but, having to pay this every month is a pain if you are the only one living in this type of unit.

Personally I pass this area all the time going to work and lunch, but would not like to live around there.
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Old 01-23-2008, 01:01 PM
 
Location: Atlanta/Decatur/Emory area
1,320 posts, read 2,707,177 times
Reputation: 474
For 1 bedroom condos in Midtown in particular there is just so much on the market that people have plenty of options. That being the case, a lot of units just won't sell. The Ponce is a beautiful and interesting building but it has a lot of quirks that aren't particularly endearing and it gets looked over more often than other buildings with fewer quirks.
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Old 01-23-2008, 01:21 PM
 
Location: Midtown
177 posts, read 697,881 times
Reputation: 99
Quote:
Originally Posted by George Chong View Post
The Ponce is a great old building. It was originally built as the first luxury apartment building in Atlanta. The architecture is just wonderful. There are several things that make the Ponce a hard sell unless you have a passion for Atlanta history and its architecture:

1. You are correct the HOA fees are high. The HOA fee is just under $500 for most of the one bedroom units. Even though it does cover most of your utilities, it is high and the building is not getting any younger.
2. I know in the past that there was a very high special assessment for the units with the balconies on the front side of the building.
3. If the project ever gets built behind them - you can forget your view of Stone Mountain.
4. Most units have built-ins as the elevators are tiny and there is no freight elevator. In other words, do not order a California King bed for your new unit.
5. Most times when I would visit a residence there - one of the elevators would be out of commission.
6. Walking from the residents parking deck to the elevator is not a pretty sight.
7. Guest parking is always a challenge as the building only has a few guest spots.

I don't think that it is a case of mortgage fraud. I just think that there are a lot of options out there in the market. The staircase in the middle of the building is just stunning.
Now that you mention it I remember reading an article a couple of years ago about some 15k assessment per unit for the building and the residents being really upset about it.
I was just wondering because I was looking at some foreclosure site and there were 4 or 5 units all next to each other. It is a nice looking building but it is aging a bit and i wouldn't want to buy into that.
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Old 07-03-2008, 12:41 PM
 
Location: Atlanta
1 posts, read 6,541 times
Reputation: 15
Default What I Love About Living At the Ponce

What we love about our home:

We walk to restaurants for breakfast, lunch or dinner. We walk to theaters, museums, and professional sports (either direction--downtown or midtown). We walk to the doctor and to the dentist. No traffic, no parking problems. When we go to San Francisco to visit our son, we push our wheelie suitcases down the front steps and I say to my husband, Im walking to San Francisco. --Marta to the airport. I walk to work at Georgia Tech. We often walk to the supermarket with our cart. Sometimes we come home from the Fox at intermission for a glass of wine. We take the advice of Emerson: Simplify, simplify, simplify.

We love the solid feel of the building with no skimping on the architecture. Its about enclosing space in beauty, not in practicality. We live with history and cant enter without saying, If walls could talk...

We like to hang out on the roof whether it be for sun, work related gatherings, spotting landmarks, roller skating (we did that once) or bringing in the new year at midnight.

Theres more light in here than any apartment could ever ask for.

We skip down the stairs to watch a parade or run go by.

Its fun to say to people, I live in the Ponce, on the best corner in the city of Atlanta.

Its got the best of the old and the best of the new. Its the best kept secret in the city.

Shhh,
Lance and Ellen
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