Anyone Familiar with 752 Moreland Ave. Townhomes? (Atlanta: real estate market, lease, condos)

[mibtp]

These are great work/live spaces. Very modern. But I believe there are only 8 units and no one living in any of them. The information I have may be outdated.

Anyone heard of these? Know why they are vacant? How do you consider the neighborhood? (Across from Ormewood square near East Atlanta Village).

I am a single woman who will be walking my dog at night. Hoping for a "walking" neighborhood with a park and shopping near by.

Is this a transitional area?

Any advice on this complex/neighborhood would be appreciated.

Thanks!
Patrice

[lastminutemom]

No idea about most of your questions, but I wouldn't be the first one to buy. Across Metro Atlanta, there are half sold developments. The other day, on my normal route, I drove by one that I have been driving by for 18 months. The sign now said from the 400s, 18 months ago it said from the 550s. The sad thing is that I bet half the homes in there were purchased preconstruction or soon after. Instant devaluation. Keep in mind that the houses are pretty much all built so the new purchasers are getting the same home for far less money.

Near one of my friend's houses is a townhome development were about 1/3 of the units have sold -- they can't give the rest away.

[George Chong]

Lastminutemom is absolutely correct that now is not the time to be the first, or close to the first to move into a condo project, town home or subdivision in terms of investment. Even though you might think it is a good price, depending on how the real estate market goes (or doesn't), you could see the developer slashing prices just to recoup their investment.

I have been amazed at the number of unfinished real estate projects in Atlanta. I have also seen potential Buyers adapt a "wait and see" approach to new condos and subdivisions. It's a big risk and you could lose or you could win. If you have the option to wait it out, why not wait to see if there others will move in first and you might be able to catch even a better deal on the close out.

[mibtp]

Thanks, guys. Actually I am not looking to buy, only lease. There is a unit available for lease at $1400 a month. But I did not want to lease if the rest of the building is empty. Just wanted to know more about the development and area it is in. I should have clarified that. Thank you for your comments.