Condo in Midtown?

[cocopuffy]

Originally Posted by IntownHomes247

I should add, I generally advise people against buying a condo in Midtown at the moment. However, you appear to be the exception. You already live in Midtown and know that you love it and want to be here for a while. And you're now renting, which means you currently have no possibility of building equity or ever getting your money back. To me, buying a condo in a place you love and intend to stay for at least 3-5 years is better than renting an apartment. Condos are over-built in Midtown and much more subject to the vagaries of the market than single family homes but they are better than renting (again, assuming you plan to stay put for a while) because the odds are good that you will at least get some of the money that you put into them back. Also, there's so much inventory on the market and listings are sitting for such a long time you should be able to get a great deal. If you get a good deal on a basic unit and while you're there you can do smart improvements to it, the odds are quite good that you can increase the value enough to make money when you sell.

Thanks for your comments! I was a little uneasy at first (all of my relatives were encouraging me to get more 'bang for my buck' outside the city) but as a young single professional that just isn't what I want at this time in my life. The rent is getting so expensive in Midtown that it just made sense to try for ownership. The timing was great for me and I think I am making the right decision.

[IntownHomes247]

You seem to have looked at virtually everything in the area so I'm assuming you have also looked at Peachtree Lofts. If the ground floor thing really bothers you, there are studio units at PLofts that can get you up on a higher floor for well under $200k (even very nicely renovated units). I consider Cornerstone to have superior amenities to PLofts but I believe PLofts has higher quality construction and more character than Cornerstone, so if you haven't already ruled the building out, it might be another alternative to consider.

[cocopuffy]

Peachtree Lofts was originally my first choice. I have a couple of friends who live there and I have always loved the building and the units. The ones that were in my price range (which is limited by my student loans-grr!) were smaller than I wanted and the configuration of the space just didn't work with what I own and how I wanted to arrange the space. I thought for the same amount of money I should go with Cornerstone.

[IntownHomes247]

Yes, if size is more important than what floor you're on, then the larger unit at Cornerstone will probably work better for you. But if you really prefer PLofts, take a look at everything available and don't be afraid to make an offer that you can afford if you find a unit that you really like that's a bit out of your price range. The seller might not take it, but there's no harm in trying. ;-)