Blue sky condos (Atlanta, Decatur: real estate, apartments, foreclosure)

[212team]

im thinking about buying a place at blue sky condos (3106 memorial drive se ) maybe one day if i decide to move to the atl i can use it as residence , how safe is this place as a residence ? any advice will be appreciated .thanks

[George Chong]

To my knowledge, the entire complex has been foreclosed upon and they are all banked owned. I have never been in a unit but am amazed (in a bad way) that they are not selling even at $4,999 (yes under $5K) for a 2 bedroom 1 bath.

In my opinion, it may not be the best of investments as who is running the home owner's association, the banks have cut their losses and are dumping the units, they were probably not the best apartment to condominium conversion and not in the best part of Atlanta.

To give you an idea on prices, an additional parking space, when available in a high rise in Midtown may cost you between $5K - 20K.

There are good bargains to be had in real estate in Atlanta but you get what you pay for.

[212team]

thanks george , anybody else have anything good or bad to say about this place ?

[BobKovacs]

What more is there to say? If it's in foreclosure and avaiable for $5k/unit, it's obviously not a place anyone wants to be- whether rental, live-in, or whatever.

[CityFan]

^ Do you mean it's ghetto? High crime place? I have never heard that a two bed room apartment is less than $5k. It's insane. Any one have any pics to post? Thanks.

[gumboula]

There are pics on realtor.com (Condo/Townhouse/Co-Op - 3106 MEMORIAL DR SE, ATLANTA, GA, 30317 - Realtor.com (http://www.realtor.com/realestate/atlanta-ga-30317-1099864080/ - broken link)). I gather this was an apartment to condo conversion that tanked? It really isn't a horrible area. Unincorporated Dekalb County, just south of the city of Decatur and just east of the city of Atlanta. I would estimate less than 1/2 mile from either. Now here is an interesting rub... I have a friend who lives very close to there who keeps saying that the rumors about city of Decatur annexing down to Memorial are true. If that were to happen, this would be city of Decatur. Hmmm...

[atlantagreg30127]

Let's put it this way - if you have $5,000 to BURN, can do much of the renovations yourself, then don't mind the extreme hassles of renting it out for a while (a while as in potentially YEARS) until that area reaches the "up and coming" stages - then I wouldn't touch it. If you do fit the description above, sure, it might be a good long term investment. But no.. I would'nt live there now.

[George Chong]

Originally Posted by gumboula

There are pics on realtor.com (Condo/Townhouse/Co-Op - 3106 MEMORIAL DR SE, ATLANTA, GA, 30317 - Realtor.com (http://www.realtor.com/realestate/atlanta-ga-30317-1099864080/ - broken link)). I gather this was an apartment to condo conversion that tanked? It really isn't a horrible area. Unincorporated Dekalb County, just south of the city of Decatur and just east of the city of Atlanta. I would estimate less than 1/2 mile from either. Now here is an interesting rub... I have a friend who lives very close to there who keeps saying that the rumors about city of Decatur annexing down to Memorial are true. If that were to happen, this would be city of Decatur. Hmmm...

According to the proposed annexation of the City of Decatur, I don't think it will stretch that far. Here is the proposed map from the City's website.

http://www.decaturga.com/client_resources/cgs/annexation_version_i.pdf (broken link)

[g1investments]

I bought two condos there last year and I will not suggest that you live there. There was alot of mortgage fraud and scams associated with the entire project and the FBI is currently on the case. Seven arrests have been made. I lost a lot of money dealing with this.

There are "squatters" living in the vacant units and drug/gang activity there. The "entire" complex WAS NOT seized by the gov't. If that were true, I wouldn't still own mine! It is the type of complex that someone could buy at $5k and hold for a couple of years until a developer comes in and clean everything up. DON'T MOVE IN THERE!!! Unless, you are ready to get robbed, lose you car and possibly get your place broken into.

Originally Posted by 212team

thanks george , anybody else have anything good or bad to say about this place ?

[equityforyou]

Originally Posted by g1investments

I bought two condos there last year and I will not suggest that you live there. There was alot of mortgage fraud and scams associated with the entire project and the FBI is currently on the case. Seven arrests have been made. I lost a lot of money dealing with this.

There are "squatters" living in the vacant units and drug/gang activity there. The "entire" complex WAS NOT seized by the gov't. If that were true, I wouldn't still own mine! It is the type of complex that someone could buy at $5k and hold for a couple of years until a developer comes in and clean everything up. DON'T MOVE IN THERE!!! Unless, you are ready to get robbed, lose you car and possibly get your place broken into.

Thanks for the post about Blue Sky. My business partner is really interested in investing in some of the units, even after I've passed your experience & feedback to her regarding the investing aspect.

Is there any way that we can further discuss this offline via email or phone? We want to be sure that we are making the right decision. We stopped by yesterday and had the opportunity to check out the inside. From a cosmetic aspect, the apartments look pretty good, aside from the missing fixtures and appliances etc. So we are thinking that there might be some ray of hope of getting these things worked out. We are really needing some honest input here. Thanks!