More Midtown High-Rise Apt's Coming! (sales, foreclosures, HOA)

[ja1myn]

Originally Posted by red92s

Empty condos, yes. Apartments, not so much. There are not many high-rise apartment complexes.

Many of the condo complexes have limitation on what percentage of the building can be rented. There may be owners that would love to rent their units out, but can't because the rental cap has been met.

Ah gotchya. Makes sense now. Why's there a rental cap? That doesn't make any sense to me.

[erick295]

Man, I know Novare development is better than no development, but if they keep putting up that same building Midtown is going to start looking like the Soviet Union.

[K-SawDude]

Originally Posted by red92s

Empty condos, yes. Apartments, not so much. There are not many high-rise apartment complexes.

Many of the condo complexes have limitation on what percentage of the building can be rented. There may be owners that would love to rent their units out, but can't because the rental cap has been met.

Can someone provide evidence that there are lots of empty condos in Atlanta still? I keep hearing this on this forum, yet I keep seeing reports that condo inventory is dropping lower and lower intown.

Here's a Plaza Midtown update from this month, for example, which states that there are only 5 units currently for sale:

Midtown Atlanta Market Report | Plaza Midtown Atlanta May 2012

Especially after the Atlantic shifted from condo to apartments earlier this year, condo inventory has been drying up at a faster pace.

[bryantm3]

Originally Posted by ja1myn

Ah gotchya. Makes sense now. Why's there a rental cap? That doesn't make any sense to me.

not a how-many-condos-can-be-occupied cap, but a rental cap— if all the units were rented it would essentially be an apartment building, except the individual owners would be doing the renting, meaning the building owners would lose money and the value of the condos would go down, affecting the owners of the condos.

[UrbanConquistador]

Originally Posted by red92s

Empty condos, yes. Apartments, not so much.

Actually, the inventory of condos in midtown has gone down consideraby. It seems that most purchases turn into a bidding war.

[UrbanConquistador]

Originally Posted by Nanosolar

Keep 'em coming!




Novare files plans for new Midtown high-rise - Atlanta Business Chronicle

Always good to see new buildings go up in Midtown. Now if they could just get the adjacent surface lot between 6th and 5th, that would be real nice

[noah]

Yep, and even the condo market has picked up substantially with many units selling fast this year. Buildings are not empty, there might be a few empty units for sale but not like a few years ago -- the only buildings that stayed empty were brand new that couldnt sell and held out -- now those buildings are turning into apartments...for example - http://midtown.patch.com/articles/lo...eeking-tenants

Originally Posted by red92s

Empty condos, yes. Apartments, not so much. There are not many high-rise apartment complexes.

Many of the condo complexes have limitation on what percentage of the building can be rented. There may be owners that would love to rent their units out, but can't because the rental cap has been met.

[red92s]

Originally Posted by K-SawDude

Can someone provide evidence that there are lots of empty condos in Atlanta still? I keep hearing this on this forum, yet I keep seeing reports that condo inventory is dropping lower and lower intown.

Here's a Plaza Midtown update from this month, for example, which states that there are only 5 units currently for sale:

Midtown Atlanta Market Report | Plaza Midtown Atlanta May 2012

Especially after the Atlantic shifted from condo to apartments earlier this year, condo inventory has been drying up at a faster pace.

A blog run buy a guy who is an agent primarily selling condos in midtown has an interest in painting a picture that now is the time to buy, buy, buy. Maybe it is, I've really got no clue. Just because the inventory gap is finally beginning to narrow does not mean it's a healthy market.

I think a lot of that inventory finally hit prices where it was really attractive, after buildings were on their 2nd or 3rd developers because nobody could make a profit. I know two people that have lost condo lease renewals on condos in atanta because their landlord-owners couldn't get approval to lease the unit another year due to caps. I've heard there are multi-year waiting lists at a lot of buildings to rent out your unit. The Atlantic took 300+ never-occupied units off the market earlier this year, and decided to rent them instead. The rental market is so strong right now, condos included.

[koko339]

Originally Posted by K-SawDude

Can someone provide evidence that there are lots of empty condos in Atlanta still? I keep hearing this on this forum, yet I keep seeing reports that condo inventory is dropping lower and lower intown.

Here's a Plaza Midtown update from this month, for example, which states that there are only 5 units currently for sale:

Midtown Atlanta Market Report | Plaza Midtown Atlanta May 2012

Especially after the Atlantic shifted from condo to apartments earlier this year, condo inventory has been drying up at a faster pace.

Thank you! I'm not saying it's time to throw up more condo towers just yet, but this perception that everything built in the last 5 years is just sitting empty simply isn't true.

[cqholt]

If development could move south, around SoNo, and east along juniper and piedmont.