Need Advice about buying condo at Twelve at Atlantic Station!!! (Atlanta: section 8, sublets)

[fedup2008]

I am considering buying a foreclosure at the high rise community in Atlantic Station called Twelve. The condo that I am buying is a 1200 sq ft 2bed/2bath for 249K, it previously sold for 485K in 2007, the HOA's are 398 a month (ouch!!!) and I am sure taxes would be high, but do you think it would be a great investment for me. I am sure the market would rebound in about 5 years, hopefully. I am not to thrilled about Atlantic Station, but I love the fact there is a Publix, Target, and a movie theatre within walking distance, also, I would never need to drive to work, I could walk!!! Help, need advise!!!

Also, I currently rent an apartment, my lease is not up until August 2009, what should I do??? Or should I say, what can I do about my current lease? Would I get in trouble for subletting it?

[wxjay]

$249K is an incredible deal for Twelve Atlantic Station. Is the view from the unit going to be obstructed by The Atlantic? That will make a difference when in the future you decide to sell it.

However, given your lease situation, and the fact that the housing market continues to slide, I don't know if it would be smart for you to take on a mortgage AND have the hassle of potentially breaking your lease and screwing up your credit score because of it. There will be a lot of deals for condos coming up in lots of buildings. So don't rush into this.

[JapaneseInATL]

Originally Posted by wxjay

$249K is an incredible deal for Twelve Atlantic Station. Is the view from the unit going to be obstructed by The Atlantic? That will make a difference when in the future you decide to sell it.

However, given your lease situation, and the fact that the housing market continues to slide, I don't know if it would be smart for you to take on a mortgage AND have the hassle of potentially breaking your lease and screwing up your credit score because of it. There will be a lot of deals for condos coming up in lots of buildings. So don't rush into this.

As far as I know, breaking your lease will not hurt your credit as long as you abide by the apartment's regulation. A lot of apartments that I have lived in required the tenant to pay 2 months worth of rent when breaking a lease, some require you to pay the full length of the lease, so it all depends. The best thing to do is ask your apartment complex manager about your options for breaking the lease, or better yet, subletting your apartment to somebody. When apartment complexes allow sublets, the potential replacement has to go through the same application process that you've gone through when you signed your lease.

As far as buying a condo goes, you have to keep in mind that there is an overabundance of them in Atlanta as we speak. Plus, they are building more of them! So take this fact in consideration. For example, what do you think will happen to the prices of Twelve Atlantic Station when The Atlantic is done? People who buy luxury high rise condos, I think, tend to go for the newest and the best, which lowers the demand for the older ones. Condos also tend to not appreciate as fast as single family homes, so be aware of that as well.

Best of luck in whatever you decide!

[Urbanobserver]

Originally Posted by fedup2008

I am considering buying a foreclosure at the high rise community in Atlantic Station called Twelve. The condo that I am buying is a 1200 sq ft 2bed/2bath for 249K, it previously sold for 485K in 2007, the HOA's are 398 a month (ouch!!!) and I am sure taxes would be high, but do you think it would be a great investment for me. I am sure the market would rebound in about 5 years, hopefully. I am not to thrilled about Atlantic Station, but I love the fact there is a Publix, Target, and a movie theatre within walking distance, also, I would never need to drive to work, I could walk!!! Help, need advise!!!

Also, I currently rent an apartment, my lease is not up until August 2009, what should I do??? Or should I say, what can I do about my current lease? Would I get in trouble for subletting it?

I would check on the Section 8 areas near this place. There are some great places, but in an attempt to create mixed income housing, there is section 8.

So, people who don't really invest in the properties live there, without the motivation to take care of it. It depends on the building. Great area, if you pick the right spot.