Time for a condo (?) (Atlanta: sale, apartment complex, lease)

[OldFourthWardFan]

Obviously I'm a little biased (as indicated by my name) but I see condos in Bedford Pines and the Old Fourth Ward selling at a fraction of Buckhead prices. You can get a very cozy 2 BR down here in a good building for $140-165k easy. People are just so obsessed with the Midtown address they forget you can get a lot more for your money by going 5 blocks further south.

[atlantagreg30127]

Originally Posted by OldFourthWardFan

Obviously I'm a little biased (as indicated by my name) but I see condos in Bedford Pines and the Old Fourth Ward selling at a fraction of Buckhead prices. You can get a very cozy 2 BR down here in a good building for $140-165k easy.

Yeah, but what happens to you if you walk OUT of the good building after dark? LOL

[jurban8]

Originally Posted by atlantagreg30127

Yeah, but what happens to you if you walk OUT of the good building after dark? LOL

Yeah I have to sorta agree with you on this one. Even though any part of Midtown is fair game for crime these days, you only have to turn a block for a fairly nice area to turn into a really trashy area. Not only that, and this isn't a personal attack, but Bedford Pine has to be the most soulless place I could think of, and doesn't seem like a wise place to invest in a condo.

[Mishap]

I just dug found somebody's blog about the Aqua auction yesterday. Looks like i was a bit optimistic about the pricing. The avg sqft price was $192/sqft which is pennies on the dollar compared to what they were aiming for. I was guessing $210-$230/sqft so maybe its location on 10th was a negative. That area is kind of packed w/ cars and the HOA is kind of steep.

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Guess the higher price point kept away the bargain hunters. I'm amazed a unit starting at 179k wound up at 187k. That had to make for some immensely slow bidding. If Aqua w/ its premium HOA and features goes for $192/sqft, then what does that mean for areas that are far less ideal like the Old 4th Ward, West Midtown all the way to Marietta St, etc? Aqua for all its flaws was 75% sold out. Does this mean similar places like The Atlantic/Brookwood will have to go for $200/sqft (still mid 200's given their huge size)?

[Mishap]

Originally Posted by sayforee

What do you think about all those condos in Atlantic Station? I'm about to graduate and work full time, so I would only be able to afford condo's that are a real steal (no more than 150K). Do you think condo prices in Atlantic Station will rise? And how long do you think it will take? I'm wondering if Atlantic Station will turn out to be a big flop and the area turn into shambles...I've seen mixed reviews on this

Look into applying for the $8,000 tax credit and applying it toward your down (not sure if GA is allowing that yet) as well as any intown grants. IIRC you asked earlier regarding your lack of down payment as well as no work history(fresh grad) meaning you'll have to throw as much money as you can at a down to convince a bank you're a good candidate for a mortgage. I would scavenge every penny you have from now until ~November to try to see if a bank will give you a reasonable loan.

My bank had me document every penny going into and out of my bank account, review all my student loans (despite their payment being immaterial to my ability to afford the place), 401k statements, and they even wanted statements to some retirement accounts w/ less than 10k in them all on a mortgage that will be sub $800/mon. I have nearly a 4 yr work history averaging 10% annual salary increases but the bank still wanted everything listed and double checked. It's a local Atlanta bank and given Georgia's track record I guess going w/ a national lender may have made the process less invasive.

I don't think the Atlantic Station area will turn into shambles. People laid far too much groundwork into the area and there are too many stakeholders(likely 1,500 -2,000 homeowners in the area that have vested interest in seeing it return) not to mention the Ikea, Target, Publix etc that would all love to see the place thrive. It may not return to boom level prices for years but I don't see the place becoming Downtown's panhandler row unless they turn the Atlantic into a homeless shelter. It does have good location minus the lack of direct Marta access and a fair number of anchor stores that can weather a downturn. The speculators did a lot of damage to what is a decent concept but it didn't work for me despite the lure of high rise condos going for $120k simply b/c I wanted to drive less, have direct access to GT and Marta. The yuppies that haven't fallen out due to the price collapses need to rally their HOA's and crack down on illegal renting, suspicious activity, and just hold the line on keeping their remaining property value.

Now that I've dropped my earnest money and hours of research into a building in Midtown, I'm hoping very strongly for a return to normalcy but I'm a very risk averse individual so I'm not expecting a gold rush.

[terrence81]

I don't know the name of the condo I was originally talking about. I could be wrong maybe everyone was just saving money on electricity (all their money going towards the mortgage) but I still say it looked empty like nobody was living in it. It's not across from a hotel. You might be talking about that condo where Visions nightclub used to be. This place is like two or three doors down from the park.

What I've always liked about Midtown Atlanta versus up here in DC and VA is that the city is affordable for more people. You can make a low wage and live in one of the less desireable apartments right next door to a fancy high rise. It's a nice mixture of course I'm sure this leads to more crime though. I always used to dream about 30309 being my zip code. I know I've seen some cheaper condos in Midtown though like in the $200-$250K range. I have a friend that desperately wants to buy but doesn't have a car. he doesnt' want a car (Yes someone in Atlanta that actually wants to use public transportation) but I've told him that unless he can do a $200K mortgage he might have to get a car and head to the burbs. I dont' know all the answers but yeah back to the original comment I say it's time to buy. Prices are lower, mortgage rates are lower and then there's that tax credit which looks pretty sweet to me. Personally I want to get a fixer upper when I get out of credit card debt (years from now not today). At the same time the hottest areas like Midtown and Buckhead are still too hot to touch it seems. It's like that in DC too. The outer burbs housing prices are super low while inside the Beltway (just like the Perimeter for those that aren't familiar) actually got more expensive especially when the gas prices were $4 a gallon.

[Mishap]

Originally Posted by terrence81

I don't know the name of the condo I was originally talking about. I could be wrong maybe everyone was just saving money on electricity (all their money going towards the mortgage) but I still say it looked empty like nobody was living in it. It's not across from a hotel. You might be talking about that condo where Visions nightclub used to be. This place is like two or three doors down from the park.

What I've always liked about Midtown Atlanta versus up here in DC and VA is that the city is affordable for more people. You can make a low wage and live in one of the less desireable apartments right next door to a fancy high rise. It's a nice mixture of course I'm sure this leads to more crime though. I always used to dream about 30309 being my zip code. I know I've seen some cheaper condos in Midtown though like in the $200-$250K range. I have a friend that desperately wants to buy but doesn't have a car. he doesnt' want a car (Yes someone in Atlanta that actually wants to use public transportation) but I've told him that unless he can do a $200K mortgage he might have to get a car and head to the burbs. I dont' know all the answers but yeah back to the original comment I say it's time to buy. Prices are lower, mortgage rates are lower and then there's that tax credit which looks pretty sweet to me. Personally I want to get a fixer upper when I get out of credit card debt (years from now not today). At the same time the hottest areas like Midtown and Buckhead are still too hot to touch it seems. It's like that in DC too. The outer burbs housing prices are super low while inside the Beltway (just like the Perimeter for those that aren't familiar) actually got more expensive especially when the gas prices were $4 a gallon.

Yeah, I think you were talking about Luxe which has a cylindrical mast kind of on the Southwest corner. It's been finished for a while now I think...not sure if it's just deserted but I haven't gone by there at night to see lately.

If your friend is looking for smaller 1bdr/studio apts, you can find ones in the 150k range these days along w/ various down payment assistance for living in town. Depending on income, there are grants and soft 2nd mortgages that can cover ~10-20%. Buying into an established and stable building w/ at least 75% sold also means he'd qualify for FHA loans which are 3.5% down but require 2 yrs stable work experience. If he's wanting a 2bdr, then 200k is likely the bare minimum in a slightly older building off peachtree.

[Mishap]

sayforee,

You may want to check out Cosmopolitan condos near Lindbergh. I just got an email from Accelerated Marketing Partners following their auction on Sunday. It sounds like the auction went pretty badly given these prices compared to how Element at Atlantic Station looked with prices finishing in the high 150's-160's for 1bdr and 190-220 for 2bdr's with lower staring prices. The 1bdr/1.5BA 852 sqft place is now selling for $125,000, 2bdr/2ba 1061sqft at $175,000 and the 2/2.5 1489sqft at $205,000. The building qualifies for FHA meaning you only have to bring 3.5% down and I think they let you use the $8,000 tax credit toward the down. The fact that it clears FHA means that over 70% of the building should be sold and not rented.

My friend has a 1bdr/1.5ba he bought there in '07 and spent 240k on and put 60k down. He effectively lost 115k this past weekend in equity but his loss is someone else's gain (we all told him it was a bad idea at the time). It is fairly close to Lindbergh station, 400, and 75/85. His place had all hardwoods, granite counter tops, stainless steel appliances, large glassed in shower, separate tub, and walk in closet.

[atlantagreg30127]

Originally Posted by Mishap

My friend has a 1bdr/1.5ba he bought there in '07 and spent 240k on and put 60k down. He effectively lost 115k this past weekend in equity but his loss is someone else's gain (we all told him it was a bad idea at the time). It is fairly close to Lindbergh station, 400, and 75/85. His place had all hardwoods, granite counter tops, stainless steel appliances, large glassed in shower, separate tub, and walk in closet.

Side question: Has your friend ever reported to you as to the quality of sound insulation in those units? People have inquired about them here before and it would be a good bit to know.

[Mishap]

I only went to his housewarming party and he didn't have any neighbors for almost a year so I don't know if he noticed a problem. He mentioned the quiet was nice at the time. He hasn't really complained about the place but I tend not to prod him too much about the place given he was in a bit of a precarious situation w/ such an empty condo. I think his bigger concern at the time was whether or not the nearby decrepit apartments would get torn down and the place would look more like Buckhead and less like Buford Highway. After the failure of Skyline at Lindbergh I think it may stick with the latter a bit longer. Either he could really love the place or he's just not wanting to admit it wasn't the best choice.

Easiest solution for the sound issue would be to go there w/ a realtor and a boombox. Alternately a lot of the units face 400 so you could try listening to hear traffic. I'm fairly comfortable w/ the insulation in my place in Spire but there are some sounds that can clear through the walls including my neighbors morning techno music workout routine or the hired hobo protesters that have been picketing Viewpoint for the last 3 days. You could put in 1' of insulation but as long as there's a shared wall or floor there's really no solution outside strong condo rules and some respect for your neighbors.