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Old 04-15-2010, 03:46 PM
 
1,120 posts, read 1,555,960 times
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Quote:
Originally Posted by moddestmike View Post
I'm by no means complaining but I'm just curious. Altanta is one of the few places I'm considering moving to. I love Houston but a little bored and graduation is nearing so I would consider purchasing a loft/condo in the ATL and I am pleasantly surprise to find that they are quite reasonable compared to down here.


I don't think the answer to your question is particularly unique to Atlanta. Maybe a little?

Traditionally, Atlanta was never a high-rise condo town. It was more of a mid-rise condo market than a high-rise market.

The high-rise and mid-rise condo market had a mini-boom in the 80s but the bankruptcy of Eastern Airlines really put a big dent into the condo market. And it put a big dent in almost every housing market.

In the late '80s and early '90s condo prices fell like a rock. I think they went from something like a median price of $120,000 to $76,000.

In the early '90s you couldn't give a condo away. The very upscale high-rise Oaks in Buckhead were selling condos for as low as $106,000. And this is the Beverly Hills of Atlanta.

After the 1996 Olympics, the condo market started to change. Slowly but surely. Atlanta experienced tremendous growth.

Eventually condo builder, jim Borders, was initially one of the driving forces in the condo mania. He had great success with a few of his first condo high-rises. Other builders took notice and wanted to emulate his success.

Eventually, Jim Borders' previous business savvy instincts got the better of him. He miscalculated the future condo market. Many movers and shakers tried to tell him, and a few others, that their projections were overinflated and way out of line. Borders didn't want to hear any of it. He was right and they were wrong. He eventually had to eat his words.

High-rise condos, unlike homes, cannot be built in a short period of time. I don't know the exact constuction time frame but it's probably around two-years. Or more? So with these faulty condo market projections, tens, and tens, and tens, and tens, and tens, of condo projects broke ground. By the time many of the projects were finally completed, buyers were scarce.

Now, the condo deals are tremendous. Many high-rise condos are selling .50 on the dollar. And even less.

The deals are good but you must exercise caution. Just because something is in the condo covenants today doesn't mean it's going to be in the condo covenants forever.

Leasing your condo in the near future may be a no-go. Many condo boards are adopting no-lease restrictions.

Other covenants rules can change, too.

Cable TV company bulk billing can be frustrating. A condo board can approve cable TV bulk billing without one vote from the owners. You may not even have time to watch TV, but now you're required to pay $45, or $55 a month for cable TV which you may not want. Cable TV companies offer special deals to condo buildings, BUT ONLY IF EVERY CONDO OWNER IS REQUIRED TO BUY IT.

Pet rules can change. I think the Mayfair Condos changed their covenant rules. Condo owners were suddenly mandated to have dogs only under 20 pounds. It created a big stink.

Good luck!
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Old 04-15-2010, 03:53 PM
 
Location: Houston
876 posts, read 932,010 times
Reputation: 1159
Thanks
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Old 04-15-2010, 04:06 PM
 
Location: Lindbergh (Atlanta, GA)
126 posts, read 194,035 times
Reputation: 63
And really take some time and be patient with everything. Don't rush into buying a condo right away. Your tastes (like mine) might change. When I first moved to Atlanta two years ago (right out of college), I wanted to buy a condo. Thought it was the way to go.

Here I am 2 years later, and I wouldn't even think about buying a condo. As Zel ya pointed out, you really don't have alot of control with condos, and when you start thinking about it and talking to people who own condos, and doing some research, it might make you second guess whether a condo is what you want.

And with the condo market the way it is in Atlanta right now (and for the foreseeable future, IMO), selling a condo (without losing money) could prove to be difficult, if not impossible.

Just take your time, I guess. And do your homework. My two biggest pieces of advice for young people looking to buy real estate.
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Old 04-15-2010, 04:11 PM
 
1,120 posts, read 1,555,960 times
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Quote:
Originally Posted by moddestmike View Post
Sweet, thats plenty of time for me to get things in order, any sites that allow me to FREELY search MLS listings? Most sites I've googled want me to sign up in order to view their listings.

I would highly recomment COLDWELLBANKERATLANTA.

Yeah, you have to register but it only takes a few mintues but everything is free.

So far, I've received no e-mails from Coldwellbankeratlanta. They leave you alone.

I don't know about other real estate Web sites, but it's the best one I've seen for a huge area of North Georgia. It lists homes up in Athens and all over. All over!

One of the best things about the Web site are the foreclosures. It seems to have all of the bases covered. I'm just amazed at how cheap some of the upscale condos are.

Quite a few of the homes and condos have 15 pictures. The pictures are huge and are of excellent quality.
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Old 04-15-2010, 08:03 PM
 
134 posts, read 316,073 times
Reputation: 32
Quote:
Originally Posted by Zel Ya View Post
High-rise condos, unlike homes, cannot be built in a short period of time. I don't know the exact constuction time frame but it's probably around two-years. Or more? So with these faulty condo market projections, tens, and tens, and tens, and tens, and tens, of condo projects broke ground. By the time many of the projects were finally completed, buyers were scarce.
That time easily doubles if you take design into consideration. Not only that, but even if they decide to scrap the project, they still have to pay the architects and engineering consultants. I use to work for a MEP consulting firm while in college. Started in '06 at peak and left in '08 when multi-million dollar projects were being put on hold.
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Old 04-16-2010, 07:56 PM
 
15 posts, read 16,162 times
Reputation: 15
Quote:
Originally Posted by moddestmike View Post
I'm by no means complaining but I'm just curious. Altanta is one of the few places I'm considering moving to. I love Houston but a little bored and graduation is nearing so I would consider purchasing a loft/condo in the ATL and I am pleasantly surprise to find that they are quite reasonable compared to down here.
Basically about 10 years ago, Atlanta was really booming. Businesses rushed here with plenty of jobs. Many businesses were started here. This created a huge demand for homes and condos and what not.

Homes and condos were built fast but since people were buying them, there was no problem.

The problem was when the economy went under and now there are less jobs and a surplus of houses and condos. Also the bank lent out so many bad loans on people who could not pay for the house and a foreclosure problem surfaced as well.

Once the economy gets back on its feet, you better believe those condos will skyrocket in price.

If you get a good job here, you might want to consider getting a condo here. They are a great deal in a great location most of the time.
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Old 04-17-2010, 04:16 PM
 
Location: Houston
876 posts, read 932,010 times
Reputation: 1159
Cool, I'm actually 26 and persuing a second degree and certification. I've been employed in the IT field for a while so hopefully I wont have a problem finding a job.
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Old 04-19-2010, 07:51 PM
 
241 posts, read 212,452 times
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Quote:
Originally Posted by moddestmike View Post
How do you guys see the market faring in the next 2 years?
Are you kidding?

HOUSES won't even be back at their original value in two years. Condos will be a decade before the current owners get their money out of them.

The problem with condos is that the number one thing ANY housing market needs is a great school system. The City of Atlanta has one of the worst in the country. So there's no demand for them other than singles and that's a small market.
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Old 04-19-2010, 10:46 PM
 
2,351 posts, read 3,301,394 times
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Look at the facts. There are some Very good schools in the city of Atlanta. No demand for condos?? I would argue otherwise despite what people like to say here. There is demand from many groups. My condo has everyone from young professionals, young parents to retirees.

If it takes a decade for those that bought in 2006 to get their money back I'll be surprised. The folks saying this are the same folks that were saying the market was just starting to go down a year ago..since then the market is up over 60 percent. When everyone is negative you know things are close to turning. The area I moved here from has seen a big upswing recently with a 90percent increase in sales from Feb to March and 6 months in a row with an increase in the current month over that same month last year.

Quote:
Originally Posted by Jackalope View Post
Are you kidding?

HOUSES won't even be back at their original value in two years. Condos will be a decade before the current owners get their money out of them.

The problem with condos is that the number one thing ANY housing market needs is a great school system. The City of Atlanta has one of the worst in the country. So there's no demand for them other than singles and that's a small market.
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Old 04-21-2010, 10:25 AM
 
Location: GA
401 posts, read 541,215 times
Reputation: 252
This guy has a good site for reference of some better known places.
Atlanta Lofts For Sale

Trulia.com is also useful because it contains some extra data not found in the MLS pages.

Keep in mind that taxes in Atlanta are higher than outside the city. Not sure how it compares to Houston but you can get Altanta City tax on top of county. When I was looking, I found a reasonable place but the taxes worked out to be way higher than I wanted to pay. And your range is still on the lower side for the city. Definitely location plays a big role as well as unsold inventory. Get a job in the burbs and have a reverse commute. Or better yet, work within the perimeter. Well happy hunting.
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