Adair Park (Atlanta, Pitts: sale, real estate, 2014)

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Article: Enthusiasm for Adair Park is Somewhat Infectious - Park Life - Curbed Atlanta

A welcome to Adair Park – an Atlanta neighborhood that’s a historic gem | SaportaReport

Adair Park

Champions of historic neighborhoods on Atlanta's southwestern flank will find much rah-rah fodder in a Saporta Report story this week that sings the praises of Adair Park while tracing its circa-1890 founding as a "bungalow suburb." The writer's 24-year-old son, like a steady stream of motivated younger Atlantans, found a deal on a rehabbed home too sweet to refuse, closed the sale last month, and is enjoying a strong sense of community and optimism for the area's chances of thriving.

Nestled against Metropolitan Parkway and the Beltline's near-future Southwest Corridor, Adair Park has recently been a topic of discussion on these pages and elsewhere, along with brethren like West End and Westview — places with rough edges but relatively cheap housing stock where many hope a Beltline-spurred resurgence is in the works. As one real estate group billing themselves as "The Beltline Team" once noted, Adair Park enjoys four parks and is slated to share a major greenspace and possible mixed-use node called "Murphy's Crossing" with sister neighborhoods. The Saporta Report article paints enthusiasm for the area as being palpable — if not infectious.

[cqholt]

Its a true jewel.

[netdragon]

Adair Park is shooting up in value right now. I wish I had purchased the Mechanicsville/Pittsburgh area investment property there instead. It would have saved me 1 year of holding and/or renting that property. I don't think I'll be able to sell it until next year. In Adair park, I probably could have sold it this year.

With the amount of tree buffer and parks Adair Park has, it's definitely going to take off. That and Capitol View Manor look primed.

One thing of note: Huge properties are still not doing well, even in Adair Park. There's a beautiful 6br victorian selling for under $100k right on Metropolitan Parkway. If you are a bit of the adventurous type, and wouldn't mind living in Adair Park, and won't mind spending years renovating it, I'd snatch it up. In a few years, it could be worth $500k (but don't quote me on that, nothing is guaranteed in a speculative market)
Edit: Nevermind, it's off the market.

[LovelySummer]

I was just about to ask you to post the link.

How do I locate more of these homes? Did you search by zip code? I'd love to snag one of these large homes for 100K.... I've got a friend who owns a home renovation company and I'm sure he'd love to tackle the project.

Originally Posted by netdragon

Adair Park is shooting up in value right now. I wish I had purchased the Mechanicsville/Pittsburgh area investment property there instead. It would have saved me 1 year of holding and/or renting that property. I don't think I'll be able to sell it until next year. In Adair park, I probably could have sold it this year.

With the amount of tree buffer and parks Adair Park has, it's definitely going to take off. That and Capitol View Manor look primed.

One thing of note: Huge properties are still not doing well, even in Adair Park. There's a beautiful 6br victorian selling for under $100k right on Metropolitan Parkway. If you are a bit of the adventurous type, and wouldn't mind living in Adair Park, and won't mind spending years renovating it, I'd snatch it up. In a few years, it could be worth $500k (but don't quote me on that, nothing is guaranteed in a speculative market)
Edit: Nevermind, it's off the market.

[netdragon]

Originally Posted by LovelySummer

I was just about to ask you to post the link.

How do I locate more of these homes? Did you search by zip code? I'd love to snag one of these large homes for 100K.... I've got a friend who owns a home renovation company and I'm sure he'd love to tackle the project.

You need to buy them wholesale. One way is foreclosure auctions. Otherwise, you can buy from investors who just bought a package from the bank containing multiple properties, who will flip them to you for a profit, but usually still cheaper than retail. Or do things like looking for 'make me move' listings on Zillow (which aren't listed homes) and/or contact the owners. I can get you in contact with an agent that specializes in investment properties but of course you'll need to pay the commission on an investment property if the seller won't.

[BackInATL2011]

Netrdragon can I have their contact information?

[netdragon]

sent

[ATLJR]

Originally Posted by netdragon

sent

Do you mind shooting me that contact as well? Also, does this person have a specific area they specialize in or just Atlanta / metro area in general? Thanks.

[LovelySummer]

Thanks netdragon. These are good tips. I would like to have that information if the offer still stands. I took a look at Adair Park and there are a TON of foreclosures and pre-foreclosures, it seems. What happened to this area? Why are there so many empty homes?

Unfortunately, I only saw about 3-4 homes that were 4 bedrooms +. And then most of them were broken up into smaller units and I'd probably have the headache of pulling kitchens out of several freaking units to put the place all back together. I hate when people break up beautiful homes. They have done this in Chicago also with the old brownstones and greystones. It's a shame.

What is the commission on the investment property to which you are referring? Why would I go through an agent and pay any commission when the properties are all over the internet? Isn't the real issue taking your reno guy to make sure you aren't buying a money pit? Let me know how this goes! Thanks.

Originally Posted by netdragon

You need to buy them wholesale. One way is foreclosure auctions. Otherwise, you can buy from investors who just bought a package from the bank containing multiple properties, who will flip them to you for a profit, but usually still cheaper than retail. Or do things like looking for 'make me move' listings on Zillow (which aren't listed homes) and/or contact the owners. I can get you in contact with an agent that specializes in investment properties but of course you'll need to pay the commission on an investment property if the seller won't.

[netdragon]

Originally Posted by LovelySummer

Thanks netdragon. These are good tips. I would like to have that information if the offer still stands. I took a look at Adair Park and there are a TON of foreclosures and pre-foreclosures, it seems. What happened to this area? Why are there so many empty homes?

Gentrification right before the market crash left things in pretty bad shape. It's actually a lot better now.

Originally Posted by LovelySummer

What is the commission on the investment property to which you are referring? Why would I go through an agent and pay any commission when the properties are all over the internet? Isn't the real issue taking your reno guy to make sure you aren't buying a money pit? Let me know how this goes! Thanks.

If they are retail, you're paying too much usually. You can look for "Make me move" stuff on Zillow. The agent will help you not get ripped off, and find you more investment properties typically. E.g. do you know how to make sure the house is free and clear and do you have the standard forms to protect yourself? He's not your typical agent, but focuses on this stuff. At the price they've already reached, the commission is worth it.