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Old 10-18-2007, 01:50 PM
 
15 posts, read 74,391 times
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Hello! I have worked in Midtown Atlanta for 8 years. Presently I have a house in Grant Park that I've owned for 3 years. When I purchased the house, I was in a longterm relationship that ended 1 year after buying the house. In other words, the man of the house has left. I have maintained the house and have hired necessary maintenance and renovations myself, but I have grown weary of home ownership. Even though GP is very commutable to Midtown, I have found myself really liking the new highrises going up along Peachtree and lately have begun seriously thinking of selling the house and moving to a 2/2 in Midtown with my two chihuahuas.

Anyone have any positives or negatives about these new buildings? Mainly Spire or Viewpoint. 1010 is out of price range.

Thanks for any input.
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Old 10-18-2007, 02:04 PM
 
Location: Atlanta/Decatur/Emory area
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Your home in Grant Park is a much better investment (both short and long term). Do not expect the value of a Midtown condo to increase and if you need to get out of it, it is likely that you will lose money. A single family home is far more likely to maintain and increase in value. Of course, the lifestyle might be worth the cost, but if you consider your home an investment, you're far less likely to hold the value (and much more likely to lose value) in a Midtown condo than a house in Grant Park (or pretty much any other intown neighborhood).
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Old 10-18-2007, 03:09 PM
 
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Default Thanks for your response!

Yeah, I know the GP SFH is a better investment appreciation-wise. I was hoping to make a lifestyle change, downsize and simplify. I'd much rather go to the pool or fitness center on Saturday morning than Home Depot. A vintage house has all kinds of quirks and it almost takes a crew to maintain it if I want to leave it for a few days. Also the heating and cooling bills for one person for a house this size are pricey.

But I hear what you're saying about the condo appreciation. I guess they're not appreciating at all because of all the new ones under construction and so many on the market.
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Old 10-18-2007, 03:37 PM
 
Location: Atlanta/Decatur/Emory area
1,320 posts, read 3,937,308 times
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Quote:
Originally Posted by nu2u View Post
But I hear what you're saying about the condo appreciation. I guess they're not appreciating at all because of all the new ones under construction and so many on the market.
Yes. Not only are they not appreciating but many people are losing a LOT of money to get out of their mortgages. I know of sellers who have had to bring $40-60k to the closing table for 1 and 2 bedroom condos (not the mac daddy units, just the regular ones) in order to get them sold. That's not likely to change any time soon. As each new building comes online it generally sells well but all other condos around it tend to lose market share and the prices keep sliding. Things won't change until demand exceeds supply and that's a long, long way off.

If the lifestyle is worth it to you, then you might be willing to take the risk, but just go into the transaction with the realization that your investment could be worth tens of thousands of dollars less when you go to sell it than it was when you bought it.

Of course some condo buildings in Midtown have been better at holding their value than others -- The DaKota for example -- and there are certainly some excellent deals to be had -- lots of short sales if banks will accept a low offer to keep the owner out of foreclosure. But the glass tower buildings along Peachtree are all so similar that they have a very hard time maintaining their value as each new building comes along.
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Old 10-18-2007, 03:41 PM
 
Location: ga
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Or OP can just rent a condo in midtown for now until the real estate condo market settle down.
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Old 10-18-2007, 03:41 PM
 
Location: Atlanta/Decatur/Emory area
1,320 posts, read 3,937,308 times
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BTW, if you have the stomach for it, you might consider renting your home and then in turn renting a condo. If the numbers work for you, that might allow you to have the lifestyle you want while maintaining your investment (and having a failsafe in case the tower lifestyle doesn't turn out to be what you really want).
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Old 10-18-2007, 03:55 PM
 
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Thanks for the suggestions. I don't think I would rent the house. Too many variables.

What is a mac daddy unit?
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Old 10-18-2007, 04:14 PM
 
Location: Atlanta/Decatur/Emory area
1,320 posts, read 3,937,308 times
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Quote:
Originally Posted by nu2u View Post
What is a mac daddy unit?
"Mac Daddy" = loaded with upgrades
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Old 10-18-2007, 04:32 PM
 
15 posts, read 74,391 times
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Could you give me the names of some other Midtown condo buildings that are considered worthwhile. Other than the Dakota? I would greatly appreciate it.
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Old 10-18-2007, 04:51 PM
 
Location: Atlanta/Decatur/Emory area
1,320 posts, read 3,937,308 times
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Sorry. The Midtown condo market is a very precise specialty. You need to speak with an agent who routinely follows the prices of buildings in the neighborhood. I don't follow it closely enough to be able to give you that information off the top of my head.
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