U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-23-2008, 07:05 PM
 
1 posts, read 10,198 times
Reputation: 11

Advertisements

Does anyone know about these condos? I am looking to buy a 1 bedroom one, but I wanted to know a little about the area they are located in/ type of people that live there. Safety is by far the most important aspect to me--which is one of the reasons I didn't want to be right inside the city. They are advertised as being in the Smyrna/ Vinings area, but the mailing address is Atlanta.

Anyways, any input from someone who lives there or knows about them would be appreciated!
Reply With Quote Quick reply to this message

 
Old 12-08-2008, 07:25 PM
 
Location: Washington, DC
23 posts, read 103,439 times
Reputation: 21
I used to work in the office park next door to this property. You might be able to get a steal on one of these units now that it has been foreclosed on, and the bank owns most of the condo units at this point.

See Cobb condos hurt by timing and location - Atlanta Business Chronicle:

Quote:
Cobb condos hurt by timing and location


Atlanta Business Chronicle - by Lisa R. Schoolcraft Staff writer

Byron E. Small



A metro Atlanta condominium developer has had to give 160 units of a Marietta project back to the lender.
Wood Partners LLC says Horizon at Wildwood is a good project, but a victim of poor market timing.
The developer decided to let Corus Bank take back about 160 units of the $65 million, 272-unit luxury project in Cobb County after determining “it did not make financial sense to stay in the deal,” said Mark Randall, managing partner of Wood Partners.
Horizon at Wildwood, positioned at Windy Ridge Parkway and Powers Ferry Road in Marietta, opened in March 2007, about “six months too late” in the condo boom, Randall said.
Since Horizon at Wildwood’s opening, the condo market has deteriorated. Condo prices initially started in the $180,000s, but now start in the $150,000s.
Wood Partners financed the condo deal on the premise that Wood Partners would sell 20 to 30 units a month, but Horizon at Wildwood is only selling four to five units a month, he said.
The $22 million loan still outstanding to Corus Bank is less than 50 percent of the remaining value of the units, said Randall, who expected Corus will get its money back through the sale of the rest of the units.
Wood Partners has a non-recourse loan with Corus Bank, which means Corus takes the asset, but cannot tap the developer for any remaining value of the project.
However, to get a non-recourse loan, Wood Partners paid higher fees and higher interest to Corus Bank, Randall said.
But others don’t think Horizon at Wildwood’s foreclosure is all about the economy.
Condo experts believe its suburban location played a role as well.
“If anything, it was location-challenged,” said Brad Horner, president of Coldwell Banker The Condo Store. “It’s a great project. It’s a concept that worked very well in Midtown and Buckhead, but didn’t work as well in that location.”
Wood Partners had great success with condos it built in joint ventures with The Novare Group Inc., including Metropolis and Spire in Midtown, Realm and Eclipse in Buckhead, and TWELVE Atlantic Station in Atlantic Station.
Cobb County is a condo market, Horner said, but condo dwellers there “are looking for a different style than what Horizon offered. The Novare/Wood formula that worked so well in town didn’t work so well for that buyer in Cobb.”
Cobb condo owners want larger floor plans and proximity — particularly walking proximity — to restaurants, shops and parks, he said.
“Horizon was sort of a fish out of water,” said David Haddow, president of Haddow & Co., which puts out a semi-annual intown condo market report.
It is not in a true walkable community, like Buckhead or Midtown, and Horizon at Wildwood’s one amenity was the view, he said.
“There’s a reason our [market report] focus is on intown,” Haddow said. “That’s where 90 percent of the [condo] activity is.”
Eventually there will be high-rise condos in Cumberland and the Perimeter area, Haddow said. Wood Partners “just got out there a little early.”
Market repricing

Horner said most condo projects in metro Atlanta that are still selling have had to adjust their pricing, and Horizon was no exception.
“Horizon is an incredible value,” especially in the past 12 months after dropping its prices, he said.
But the market continues to struggle, even with lower prices.
Haddow’s mid-year report points out the condo market peaked in Atlanta in 2005 and sales have declined since then. What hasn’t stopped is development.
Wood Partners decided to build Horizon in 2004, after being approached by Atlanta-based Cousins Properties Inc., which developed the Wildwood office buildings.
“At the time, it didn’t make sense to do any more office,” Randall said. “They liked the idea of having a residential product in their project.”
Wood Partners saw the opportunity to tap into a large employee population from Cumberland and Perimeter, and also an empty-nester population, he said.
“The reality is, we got both of those buyers,” Randall said. “It is such a unique location. City living without the city.”
Horizon at Wildwood got very good presales in 2005 and 2006, but could not convert them into buyers when the project finally opened, Horner said.
Horizon might be a warning sign for other late-to-market condo projects.
“There are other buildings that are close to completion that are less than 20 percent under contract,” Horner said. “Those potentially could be in trouble.”
Randall suspects that some condo projects in metro Atlanta could end up in foreclosure as well, particularly if they “got started on the tail end of the cycle.”
But he expects more developers will convert condo projects to rental “to bridge this cycle.”
Tivoli Properties Inc. converted Mezzo in Buckhead to luxury apartments, and Harold A. Dawson Company Inc. and Lane Co. are in the process of converting eon at Lindbergh to apartments.
Wood Partners could not convert Horizon at Wildwood to rental because zoning would not allow it, Randall said.
Wood’s Horizon at Wildwood “was a good decision, but at a bad time,” Randall said, “and we didn’t see that coming.”



Reach Schoolcraft at lschoolcraft@bizjournals.com.


[LEFT][SIZE=-1]All contents of this site © American City Business Journals Inc. All rights reserved.[/SIZE][/LEFT]
Reply With Quote Quick reply to this message
 
Old 04-06-2009, 10:41 AM
 
8 posts, read 22,444 times
Reputation: 15
Default Horizon

Hi Marie,
Horizon is just one of many properties that are in distress in Atlanta. The Element at Atlantic Station did an auction too recently and now has some homes listed at auction pricing, true market value. There are many great values for buyers in Atlanta and with the interest rates down too, which we never see both down at the same time. It is the best time to buy that I have seen in my 13 years in real estate. Personally, I would question the long term advantage of a high rise in that area as intown with the close proximity to shopping/restaurants is the main advantage of hi-rise living. Let me know if you have any additional questions.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top