I seriously regret not buying my old condo in Midtown (Atlanta: sales, rentals)

[MrJones17]

Originally Posted by Iconographer

My instincts are to look to the south and west as well. For years I-20 seemed to form an invisible barrier to gentrification, but that has changed due to several factors:

The Beltline.
The imminent opening of Bellwood Park.
The resurgence of Downtown.
A large segment of potential buyers being priced out of the fashionable neighborhoods to the north and east.
A growing desire to be located close to the city center.

I'd call it a well-placed bet.

I consider just about anything ITB to be a safe bet if you're looking for long term buy and hold.

[stoxdiamond]

Yep, those people that scoffed at others for buying places in "bad areas" are now complaining that they cannot afford to buy anything in those same areas years later. Don't be one of those guys.

[Iconographer]

Originally Posted by MrJones17

I consider just about anything ITB to be a safe bet if you're looking for long term buy and hold.

This house is a five minute walk from a MARTA rail station.

https://www.redfin.com/GA/Atlanta/13.../home/24862061

A situation like this no longer exists in the other three quadrants of the city, nor will it ever again.

[cwkimbro]

Don't feel too bad.

People always forget about opportunity costs in discussions about property. They also forget about it in rent vs. buy discussions.

The S&P 500 in the last 5 years has doubled. If you had the $100k and kept it invested instead of in Real Estate it would be worth over $200k now.

Even if you just held onto the downpayment for that condo and kept your savings rate slightly higher and kept that invested, you would have outpaced the gains of the cost of that unit, especially given other condo expenses.

Buying property is usually best when you have the abilities to make a short-term positive improvement for gain or when you want to buy it for yourself and own needs and sink your personal housing expenses into it, while trying to make some gains.

[WanderingImport]

Originally Posted by stoxdiamond

Maybe considering taking a leap of faith and buying in a "less desirable" part in town (west side?). Those who bought cheap in midtown, etc, before all the development are reaping the rewards right now.

If you wait until an area becomes desirable, you're going to have to pay a premium for it. Up and coming areas can be had for a more affordable price right now.

I’m in the market for a high-rise. I’ll probably end up downtown as it’s obviously cheaper than red hot midtown. Only so many high rises in the ATL.

[Mossberg]

Originally Posted by Iconographer

My instincts are to look to the south and west as well. For years I-20 seemed to form an invisible barrier to gentrification, but that has changed due to several factors:

The Beltline.
The imminent opening of Bellwood Park.
The resurgence of Downtown.
A large segment of potential buyers being priced out of the fashionable neighborhoods to the north and east.
A growing desire to be located close to the city center.

I'd call it a well-placed bet.

Exactly. Mechanicsville and Summerhill are starting to catch fire right now. There are $300-$400k townhomes being built in these neighborhoods right now. Pretty soon, they will be out of reach too.

[ATL Golfer]

I buy and flip condos (among other property types). Started in 2011. Right place, right time (right time to be laid off).

I've flipped about 100 properties.

If I had just held onto about 10-15 of them I would have made roughly the same money without all the work.

[tikigod311]

The housing I'm looking at right now is completely absurd. I don't know what to do.

I'm no real estate expert, but forking out money for a house that was worth 50% less 3 years ago just makes me want to hold off on buying. That just doesn't seem like it will hold up. I wish Amazon would hurry up and say no to Atlanta. I want to buy a house at a relatively reasonable price and that just isn't possible right now.

[MrJones17]

Originally Posted by tikigod311

The housing I'm looking at right now is completely absurd. I don't know what to do.

I'm no real estate expert, but forking out money for a house that was worth 50% less 3 years ago just makes me want to hold off on buying. That just doesn't seem like it will hold up. I wish Amazon would hurry up and say no to Atlanta. I want to buy a house at a relatively reasonable price and that just isn't possible right now.

Didn't they already say no? I thought the second HQ is gonna be in Austin.

[jhtrico1850]

If it's a house you like, that's reasonably affordable (not too high debt to income), just go for it. You may wait for a crash that will never come. 50% means it was either undervalued or the area became more desirable.

https://www.washingtonpost.com/graph...using/atlanta/
Some areas are structurally on the upswing. My grandma's house in Stone Mountain has barely appreciated since 1997, while my mom's house in Suwanee is Atlanta is up 25% since 2004. Areas in town are going up crazier because people want to live where the jobs are.