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Old 10-26-2009, 08:30 AM
 
5 posts, read 8,523 times
Reputation: 10

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I realize the market is fairly awful. But if I'm bound and determined to buy a condo in a very pedestrian setting like these, how do I minimize my downside risk?

My expectations are somewhat realistic. I'd like to be able to get out and break even in five years.

I've narrowed to these two neighborhoods.

What unit size and price range is least risky?

Should I consider a slightly older condo like Metropolis, since it's already de-valued a little?

Like many of us, I face an uncertain career future but like the idea of buying now, while I know I can qualify for a mortgage. Later if I'm freelance/consultant qualifying may be harder.

Are property taxes lower in downtown Decatur?
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Old 10-26-2009, 08:50 AM
 
1,114 posts, read 2,339,994 times
Reputation: 702
Quote:
Originally Posted by writerguy View Post
I realize the market is fairly awful. But if I'm bound and determined to buy a condo in a very pedestrian setting like these, how do I minimize my downside risk?

My expectations are somewhat realistic. I'd like to be able to get out and break even in five years.

I've narrowed to these two neighborhoods.

What unit size and price range is least risky?

Should I consider a slightly older condo like Metropolis, since it's already de-valued a little?

Like many of us, I face an uncertain career future but like the idea of buying now, while I know I can qualify for a mortgage. Later if I'm freelance/consultant qualifying may be harder.

Are property taxes lower in downtown Decatur?
Metropolis units are devalued from what they were a year or two ago but not really much from what they started at in '02-'03 when they were built. This means that there is the occasional deal to be found b/c some people are wanting to move on and still have equity to sell and get out w/ minimal losses (or small profits). The problem I had w/ Metropolis was it was very difficult to identify unit/floorplans I liked and shop around within the building. The sq ft numbers usually seem off as well making comparison more difficult. There's also the slight issue of more expensive HOA fees for Metropolis when compared to its peer buildings of Viewpoint and Spire (which add high speed internet as part of the amenities). I was tempted to make a bid on a short sale there but I just didn't feel comfortable buying into a place w/ that many obscured views (north tower and 999 Peachtree). Spire and Metropolis have their full floorplans available online so you can pick out stacks of units that you like and shop between them.

Are you looking for a 1 or 2 bedroom? I've seen a lot of units in Spire listing for ~190k and the occasional foreclosure clear out at 150k (usually for the smaller sub 700sq ft units). The 800sq ft units generally list for around 200k or more since people paid between 220-230k for them in '05. Most owners in Spire can't negotiate that much since they haven't built up much equity from their purchase date. I just saw a recently sold notice for Spire at 147k for a 678sq ft foreclosure. I made 5 unsuccessful bids there before I gave up and bought a new unit in Viewpoint. According to the current sign at Viewpoint, they have 1bdr's starting in the 170's and 2bdr's at 260k. I looked at these same units a year ago and they started at 220-230k in the lower floors so it's been fairly significantly discounted.
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Old 10-26-2009, 08:57 AM
 
Location: Inman Park (Atlanta, GA)
21,870 posts, read 15,024,797 times
Reputation: 14326
The taxes in the City of Decatur are about the same as the City of Atlanta. In the City of Atlanta we pay City of Atlanta and Fulton County and The City of Decatur residents pay for City of Decatur and DeKalb County.

I would suggest looking at buildings with fewer units too. That way, hopefully, you will have less competition when it comes to selling when it's your turn.
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Old 10-26-2009, 09:08 AM
 
2,685 posts, read 6,022,642 times
Reputation: 952
If your aim is for a nice unit on the midtown mile or within a few blocks of peachtree but new or newer (such as Metropolis) is Not a must there are many great deals. Do you want a highrise with full amentities like concierge etc.

Quote:
Originally Posted by writerguy View Post
I realize the market is fairly awful. But if I'm bound and determined to buy a condo in a very pedestrian setting like these, how do I minimize my downside risk?

My expectations are somewhat realistic. I'd like to be able to get out and break even in five years.

I've narrowed to these two neighborhoods.

What unit size and price range is least risky?

Should I consider a slightly older condo like Metropolis, since it's already de-valued a little?

Like many of us, I face an uncertain career future but like the idea of buying now, while I know I can qualify for a mortgage. Later if I'm freelance/consultant qualifying may be harder.

Are property taxes lower in downtown Decatur?
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Old 10-26-2009, 09:21 AM
 
Location: Atlanta/Decatur/Emory area
1,320 posts, read 4,258,162 times
Reputation: 501
It's worth factoring in the total number of units available as well -- Decatur has far fewer condos than Midtown and has no high-rises (and zoning on the books to prevent building high-rises), so that builds more scarcity into the mix (at least within the next 5 years) than you're probably going to find in Midtown. Of course, Midtown and City of Decatur are quite different, so if one appeals to you significantly more than the other, just find the best deal you can in the area that will make you happiest.
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