Think PCM Rent is bad? Try $5K+ for 1728sq ft at Avalon in Alpharetta (Atlanta: condo, mortgage)

[arjay57]

A rising tide raises all boats.

[ElleKaye]

Originally Posted by AnsleyPark

Folks, why do any of you care what someone else is willing to pay? I just don't get it.

I don't really think that people care what others are willing to pay. The reaction sounds more like what one might think about paying $5K for a pair of Nikes; it's not that you begrudge someone their right to do it or even care that they did it, but that you would not do it yourself.

[PeteATL41]

Originally Posted by bizchick86

Hahahahahha. If I wanted to spend $5k for live-work-play I'd just live in Manhattan, thanks.

$5k doesn't get you that much in Manhattan these days.. Just saying. Although this is a silly figure for Alpharetta.

[No2Monsanto]

Originally Posted by CashmereEsquire

lol @ paying that much and living in Alpharetta

Exactly! If I'm going to pay that kind of money (besides the fact that that could be a mortgage in a VERY nice house, in a VERY nice neighborhood) I'm going to be dead inside the perimeter with every shopping, eating, and entertainment convenience at my fingertips! Even if my job was in the same community as that overpriced apartment, it wouldn't be worth it. Sorry, but that's a LOT of money just for rent; Alpharetta isn't NYC, SF, or Boston. Puh-leez!

[nanhi]

Anyone knows how much is the SFH in Avalon?

[demonta4]

Originally Posted by nanhi

Anyone knows how much is the SFH in Avalon?

Around the 700,000-800,000 range.
Available Homes - Monte Hewett at Avalon

[mattee01]

Originally Posted by CashmereEsquire

lol @ paying that much and living in Alpharetta

Exactly what I was thinking! I wont pay a dime more than 1200 a month for ANYTHING that far out. Good luck...

[netdragon]

1,728 is actually pretty darned big for a rental apartment. The condo I rent out in Smyrna only has about 1200 and it's very comfortable and my Atlanta investment property has two units in about 1800 sq ft, with six bedrooms including two decent sized master suites (at the expense of a small common area). Still, I only expect a small number of those to rent in Alpharetta for $5k, especially when the comparables in Smyrna and Cumberland in new apartments going up will be around $3k.

[J2201987]

That is truly a ridiculous price for rent, arguably even for a corporate business.

As a Grady-baby native whenever I talk to transplants the number one reason why people move to the Atlanta are is because it is cheap. Atlanta (COA/MSA) shouldn't worry about being like any other city but being Atlanta: affordable, lush, sprawled out Atlanta.

I imagine the novelty/feeling of exclusivity will wear off quickly for this one.

[netdragon]

I was just thinking that townhomes in mixed-use like Ivy Walk in unincorporated Smyrna sell for as much as $1 million, and same thing in Vinings Village area, sometimes over a million for a townhome or condo. I think people pay a huge premium to be in really nice mixed-use area. However,
those aforementioned townhomes that sell for $1 million in unincorporated Smyrna's Ivy Walk and Vinings tend to be about 3,000 sq feet with coffered ceilings, marble columns. In comparison, those Avalon apartments look like absolute garbage. I mean, there's no comparison. And here's the kicker... $1 million is less than $5k a month mortgage.

So they may get some renters willing to pay that but I still don't think they'll be able to rent many units at $5k, especially since they don't have marble columns and coffered ceilings. Then there's the market: Bell Vinings (in Cumberland) rents 1200 sq foot 2br/2ba units for the low $2ks and it's higher priced than things in Buckhead right across the river on Northside Pkwy. Sure, there's a difference between 1200 and 1800 sq feet, but it's not $3k worth of difference. Add on a little premium for it being mixed-use, and you don't get to $5k, so I think the market will be small.