Downtown outlook (Atlanta, Oliver: fit in, for sale, condos)

[saviboy]

Hello everyone,

I’m relatively new to the city. I am thinking of purchasing a condo in the center of the city...
I like midtown and areas south of it (the area with the Ferris wheel next to cnn is cool)
I was interested in purchasing in an area that would be slightly cheaper but on an upwards trend... could that be downtown ? (Because of the newly approved gulch development?)
I have seen a few nice condos for sale but when I drove around, I saw a lot of homeless people... nothing against them but it makes me wonder about potential property value increase over the next few years....
Is there a homeless center in that area? I read there was one at Peachtree and pines? Has it closed?
If anybody could share some info regarding the outlook of the downtown/5points area, that would be great...
In other words, is downtown/5points the next midtown?

Thanks a lot in advance.

[jsvh]

Yep. Do it.

Nothing is a sure thing. But I am very bullish on the future of downtown. Got great urban bones and is much more affordable than places like Midtown.

[SharenaLoggins]

You are correct there is a homeless shelter on Peachtree & Pine and yes there are a lot of homeless people downtown in general.

Downtown is next to midtown but little 5 points is a little further out but not too far.

Have you already been pre-approved and know what your purchasing power is? That would be your first step in determining what area you can afford. Don't waste your time researching areas until you know if they are in your budget or not!

Market Value and Future Value only depend on what the comparable properties in a 1 mile radius have sold for. The presence of the homeless has no bearing on value, just personal preference/opinion.

If you're looking for rapid appreciation, you want to purchase in an area with a nice amount of new construction. Price increases are built into their development plans which means that folks purchasing at the beginning of a development will most likely have considerable equity within the first year.

[3rdbass]

Originally Posted by SharenaLoggins

You are correct there is a homeless shelter on Peachtree & Pine and yes there are a lot of homeless people downtown in general.

Downtown is next to midtown but little 5 points is a little further out but not too far.

Have you already been pre-approved and know what your purchasing power is? That would be your first step in determining what area you can afford. Don't waste your time researching areas until you know if they are in your budget or not!

Market Value and Future Value only depend on what the comparable properties in a 1 mile radius have sold for. The presence of the homeless has no bearing on value, just personal preference/opinion.

If you're looking for rapid appreciation, you want to purchase in an area with a nice amount of new construction. Price increases are built into their development plans which means that folks purchasing at the beginning of a development will most likely have considerable equity within the first year.

I think the OP was talking about five points which is Downtown. OP you will probably want to live as close to the centennial park side of downtown as you can. There are a lot of development plans on the table but it might take them a while to come to fruition. I know the little 5 points and south part of downtown is still rough.

[cparker73]

Originally Posted by SharenaLoggins

You are correct there is a homeless shelter on Peachtree & Pine and yes there are a lot of homeless people downtown in general.

Actually, the homeless shelter at Peachtree/Pine closed more than a year ago.

[DreamerD]

Originally Posted by saviboy

Hello everyone,

I’m relatively new to the city. I am thinking of purchasing a condo in the center of the city...
I like midtown and areas south of it (the area with the Ferris wheel next to cnn is cool)
I was interested in purchasing in an area that would be slightly cheaper but on an upwards trend... could that be downtown ? (Because of the newly approved gulch development?)
I have seen a few nice condos for sale but when I drove around, I saw a lot of homeless people... nothing against them but it makes me wonder about potential property value increase over the next few years....
Is there a homeless center in that area? I read there was one at Peachtree and pines? Has it closed?
If anybody could share some info regarding the outlook of the downtown/5points area, that would be great...
In other words, is downtown/5points the next midtown?

Thanks a lot in advance.

Hi,



Have you looked at the downtown 500 million investment thread? It's on the first page of the Atlanta forum. If these investments are not potential and are already signed on, maybe you could see where downtown there will be investments and what that will mean for the area/value of your home. Just a thought.

[Be Proud]

Buying downtown is a sure bet.I am looking myself at some condo.Yes there are a lot of homeless but the shelter closed a while ago

[saviboy]

Hi everyone, thank you for all the informative replies...
I did ride my bike through that centennial park area several times and thought it was very nice indeed.
In terms of budget/preaproval, I should have no issues but I didn’t want to send more than 200k for a 1BR or 2Br... it looks like that budget should give me several options in the downtown area...
I saw a few listings in the metropolitan and William Oliver buildings. are those too far from the centennial park? With those buildings, I believe the how fees were quite high which was a little bit on the negative side...

Also to those who say that investing downtown is a sure bet, what makes you think so?
I will be looking for this downtown/500 million investment discussion and hopefully will find some encouraging info...
Thanks again.. very much appreciated...

[AnsleyPark]

I, for one, do not think downtown is a sure bet. I hope it improves and is great. But a sure bet? Hmmm.

[ATLTJL]

Nothing is ever a sure bet. Anyone who says otherwise is a fool. Downtown has a lot of potential, that's for sure. However, it has had this potential for decades. I think your timeframe is essential for knowing whether it is a good bet. Plan to live there 10 years? Risk is probably small. You want to turn a profit in 3 years? That's a much dicier proposition. Downtown will likely overhaul for the better. It's also likely to happen relatively slowly over a fairly long period of time.

Personally, if you like the area, I'd have no problem buying there. However, I'm not going to say it's a sure thing. Be aware that the homeless problem is highly likely to persist in the area for the foreseeable future.