Vinings Main a steal (Atlanta, Smyrna: real estate, apartment complex, foreclosure)

[netdragon]

I thought that I should give you all a heads-up that because the project sponsors ran into some financial problems during the economic crash and the condo glut in metro Atlanta, paired with Cobb County refusing to let them rent out the unsold units: the luxury Vinings Main complex near Vinings Village are giving away what were formerly $500k units for the low $300ks and 1br units in the $130k range to avoid foreclosure. Definitely no opportunity like this again. In fact, if owners haven't already rented 10% of the units I may go and nab one. Leave one for me! :-)



This picture doesn't do it justice. You have to see it in person. It is right next to The Aberdeen.

From SmyrnaVinings: Vinings Main condos feature 897 to 1,868 square feet of living space with amazing features per plan. Homeowners can walk to restaurants including Social Vinings, Noche and enjoy shopping at Banana Republic and Ann Taylor at the Vinings Jubilee.

[BobKovacs]

Too bad. At those prices, the smaller units will attract a different buyer than the complex was originally designed for, and will end up turning to crap. I feel for the folks who dropped $500k for units earlier, since they'll never get their money out, and they'll be stuck living next to people they didn't want as neighbors.

[netdragon]

Originally Posted by BobKovacs

Too bad. At those prices, the smaller units will attract a different buyer than the complex was originally designed for, and will end up turning to crap.

I really doubt that will happen in Vinings. You'll just have bargain-hunters and possibly a lot of flipping.

[BobKovacs]

Originally Posted by netdragon

I really doubt that will happen in Vinings. You'll just have bargain-hunters and possibly a lot of flipping.

Hopefully not, but don't be surprised if it does. Just because Vinings has held up well so far doesn't mean it'll stay that way when the entry point just got cut in half.

[Bullbear]

My realtor and I recently visited Vinings Main. Here is my take:

Decent property, but they may have cut corners here and there
Lack of high end finishes
There are no units with views
Pricing is fair, certainly not "screaming buy"

[floyd242]

Originally Posted by BobKovacs

Too bad. At those prices, the smaller units will attract a different buyer than the complex was originally designed for, and will end up turning to crap. I feel for the folks who dropped $500k for units earlier, since they'll never get their money out, and they'll be stuck living next to people they didn't want as neighbors.

You have been posting some serious crap lately, are you having a bad week?

I understand what you are getting at, but 130k for a 1 bedroom isn't going to attract THAT bad of an element. If they were selling 2brs at that price I might agree with you.

[BobKovacs]

Originally Posted by floyd242

You have been posting some serious crap lately, are you having a bad week?

I understand what you are getting at, but 130k for a 1 bedroom isn't going to attract THAT bad of an element. If they were selling 2brs at that price I might agree with you.

How is what I posted "crap"? When you spend $500k for a condo (or $300k for a 1-bedroom), you expect a certain level of neighbors, which is usually different than the people who buy $130k condos. I'm not saying the place is going to turn into the projects, but it's not going to bode well for the area.

[noah]

If Cobb County is refusing to let them rent out units I'd say don't buy any real estate in Cobb County. Where does this info come from. Does the County own the complex. Only the associaton via the condo docs should be able to regulate that.

[BobKovacs]

Originally Posted by noah

If Cobb County is refusing to let them rent out units I'd say don't buy any real estate in Cobb County. Where does this info come from. Does the County own the complex. Only the associaton via the condo docs should be able to regulate that.

Actually, the county can impose requirements like that when they approve the development. If they don't restrict rentals, the complex could end up becoming a glorified apartment complex, which isn't what the county approves.

[Mishap]

Originally Posted by BobKovacs

How is what I posted "crap"? When you spend $500k for a condo (or $300k for a 1-bedroom), you expect a certain level of neighbors, which is usually different than the people who buy $130k condos. I'm not saying the place is going to turn into the projects, but it's not going to bode well for the area.

Given mortgage requirements these days, you're still going to have more hurdles than in the past. It used to be if you could show a paystub, the lenders would hand you 300k. Now that lenders decided to actually do some underwriting, that same person may only qualify for 130k but honestly are they really different people? At 130k, they're far less likely to default and if they can show decent stable income in this economy, they likely are fairly stable people so I don't think it's that bad.

Now if you replace a middle class person buying w/ a multimillionaire buying up units to rent at $700/mon w/o background check then you may wind up w/ a different outcome but that's up to the HOA to police.