Viewpoint vs. Metropolis.... (Atlanta, Stone Mountain, Buckhead: wood floors, short sale, lease)

[bobbydigital11]

I have been looking at condos in the Midtown area and have looked at pretty much every building out there. I have looked into Plaza Midtown, Aqua, 1010, Metropolis, Spire, Mayfair, and Viewpoint.

Of all these, 1010 is my favorite but out of my range somewhat and I cannot wait for prices to come down (if they do).

I have narrowed it down to Viewpoint and Metropolis.

The condo I am looking at in Viewpoint is ~290K, while the condo in Metropolis I can probably get for 260K. What do people think of these two buildings? Is either a better investment or better building? What about safety? Is the Viewpoint almost sold out or is in danger of being sold out?

Any opinions/help is appreciated.....Thanks.

[Mishap]

Originally Posted by bobbydigital11

I have been looking at condos in the Midtown area and have looked at pretty much every building out there. I have looked into Plaza Midtown, Aqua, 1010, Metropolis, Spire, Mayfair, and Viewpoint.

Of all these, 1010 is my favorite but out of my range somewhat and I cannot wait for prices to come down (if they do).

I have narrowed it down to Viewpoint and Metropolis.

The condo I am looking at in Viewpoint is ~290K, while the condo in Metropolis I can probably get for 260K. What do people think of these two buildings? Is either a better investment or better building? What about safety? Is the Viewpoint almost sold out or is in danger of being sold out?

Any opinions/help is appreciated.....Thanks.

I'm living at Viewpoint now and I previously rented at Spire across the street. Personally I like Spire better than Metropolis b/c it's HOA is cheaper per sq ft and includes high speed internet while Metropolis does not. Also a lot of units in Metropolis have obstructed view and exposed vent pipes which I didn't really like. The sq footage numbers also seem off and there's no website to make the comparisons easy.

Viewpoint from what I understand is at least 75% under contract. You're probably not going to completely miss out. Worst case is you make a bid on a resale unit somewhere else in that 3 block area. If the $8,000 tax credit goes away, it's a bit annoying but don't plan on cashing out within 2-3 years at least.

Given your price point, I'd venture you're looking for a 2bdr on a mid to upper floor in Viewpoint which isn't bad given they were probably 400k last year. I'm not terribly optimistic for the next several years as an investment given the level of inventory nearby but you're really not going have a big difference in return between either Viewpoint or Metropolis unless you're getting an amazingly better deal per sq ft on one vs. the other.

I'm personally very happy w/ my choice of building and it appears a lot of people are following suit as I've seen 2-3 move ins per week since I moved in early June.

[bobbydigital11]

Since you have lived in both, how do Spire and Viewpoint compare?

[Mishap]

Originally Posted by bobbydigital11

Since you have lived in both, how do Spire and Viewpoint compare?

Spire has a very nice community feel to it. It was completely sold out from '05 so I found it was always bustling w/ neighbors which is nice (given they care about the building). I probably would have bought there if I could get a unit in a price range I was comfortable with. I initially shopped to buy in July '08 and most 1bdr's were in the 220-230k range w/ 2bdr's hitting 325-350k in Spire. Metropolis was priced similarly but it had some oddities like very tiny/plain bathtubs and the exposed piping. Viewpoint was nice that it was brand new but was just over 50% sold at the time and the unit I eventually bought was listing for about 250k on the floor I wanted making it more expensive. The pool/clubhouse are definitely a bit nicer in Viewpoint and I was a bit happier w/ my floorplan since it includes an actual door on the bedroom and a walk in closet. I was living in the 738sqft 08 stack of Spire which had an annoying concrete pillar in the bedroom that really limited the usability of the place. Plus the layout of the bathroom meant 2 doors and a very tight closet that I tired of quickly. When it was time to buy, I aimed for the 800 sqft 1bdr's that usually had walk in closets and better floorplans.

I actually made 4 bids on units in Spire before Viewpoint dropped their pricing. The problem I ran into at Spire was sellers couldn't do a direct sale for less than they paid (unless they had enough cash to bring to the table). Short sale banks were unresponsive and I just grew very frustrated with the process. I think I looked at over 20-30 units in Spire in total as well as about a dozen in Metropolis before going w/ Viewpoint. I don't know what it was about Metropolis but most of the units I looked at directly faced 999 Peachtree and get almost no natural light and felt like you could throw a rock and hit an office worker across the alley.

If I wasn't dropping almost $20k/yr for my MBA I would have definitely bought one of the 2/2's in Viewpoint or in Spire. You can probably find a few listing in the 275k range and probably make an aggressive offer on. I looked at one short sale at 240k but they had done some really terrible modifications like a walk through shower and demolition of the closets.


Picture taken from the 2nd bdr...

[noah]

Sounds like you have narrowed your seach down to what you want but for others I'd say there are many other options out there besides these buildings. Especially if a high rise or almost brand new are not requirements. There are so many awesome condos in Midtown and right now I am sure the deals are out there.

[electricmayhem]

I thought Viewpoint had really nice amenities. There was a pool table in the club room. The club room and its bar were huge. Didn't see the gym. Outside, there was a fireplace seating area and a garden walk with seats around one side of the building. The theater room was a nice feature, too. I wonder how much residents use these places. Of course, there was the pool (rooftop ones are so pretty).

Mishap, I wanted to follow up on a few things you said. Is it common on the current low price sales on the midtown condos to offer even lower like you would on a house? What's the gym at Viewpoint like--TV's on the ellipticals and such?

Any thoughts on the age demographics on the midtown to centennial condos? We're right at 40. Hope that fits in somewhat.

[Mishap]

A lot of the people I see in the building tend to be late 20's to early 30's but some in their 40's and even an older retired couple. I saw more older couples (straight and gay) at Spire but I assume that is a function of the higher price point that Spire was at when it was built. Most of my neighbors are first time home buyers lured by the credit and lower pricing but all seem to be professionals w/ a few grad students mixed in (rich parents?).

The gym is comparable to Spire but w/ a bit newer equipment but no separate aerobics room. TV's on every piece cardio equipment and plasmas on the weight room side. The layout is better compared to the cardio room in Spire which is a bit cramped and loud when at full bore. You basically look out at Stone Mountain while on the treadmills. The theater room has a 1080p projector vs. the big plasma at Spire.

I don't know if you lowball Novare if they'll take an offer since they've already discounted pretty heavily but the only risk is not closing before Nov 30. I only got a very small amt of movement on my unit (basically they threw in wood floors) and I just wanted to have a contract before my Spire lease ran out. I think I could have gotten a Spire unit for slightly less if I pressed harder on motivated sellers over there. The private sellers tend to move more but some are holding onto pre-crash prices to start from.

[OscarBravo]

Dear Mishap,

Very good points regarding Viewpoint. I agree with all your points. I have a unit at Viewpoint in the high-20s floor. We purchased it in June 08. We were very close to closing a deal at Aqua, but it fell through. We are thankful now that the Aqua deal fell through. Viewpoint has a much better community. BTW, 40s is not too old, its still young!

I do have another question for you...have you received any parcel id from Novare grp, Viewpoint mgmt, or Fulton county? I am wondering about how much the property taxes will be this year. Last year they were coming to $3K for semi-annual period. I know the property values have dropped and so it would be worth contesting such high property taxes that fulton county might hand out.

I am not on-site at Viewpoint right now due to my work. I am out of state, but have family watching over the condo.

Thanks,
OscarBravo

[Mishap]

Originally Posted by OscarBravo

Dear Mishap,

Very good points regarding Viewpoint. I agree with all your points. I have a unit at Viewpoint in the high-20s floor. We purchased it in June 08. We were very close to closing a deal at Aqua, but it fell through. We are thankful now that the Aqua deal fell through. Viewpoint has a much better community. BTW, 40s is not too old, its still young!

I do have another question for you...have you received any parcel id from Novare grp, Viewpoint mgmt, or Fulton county? I am wondering about how much the property taxes will be this year. Last year they were coming to $3K for semi-annual period. I know the property values have dropped and so it would be worth contesting such high property taxes that fulton county might hand out.

I am not on-site at Viewpoint right now due to my work. I am out of state, but have family watching over the condo.

Thanks,
OscarBravo

I got my tax bills from Fulton County mid last month and Novare sent me another copy recently and it was paid by my escrow acct already (still going to cancel that soon). The total wound up being ~$3,500 or so for my 1bdr on the mid 20's and since I bought this year I can't do the homestead exemption until next year. My brother who has a place in Buckhead only got a bill for 85% until they could redo his assessment given how much prices around Atlanta have changed.

[electricmayhem]

Thanks for sharing the tax information!