Vinings Area Townhomes--Good Investment? (Atlanta, Smyrna: sales, apartment complexes, foreclosures)

[lawarn]

I am a single mother with a 2yr and looking to buy a townhome in the vinings area. I love the area and right now there are really good deals on townhomes in that area. Do you think that I am making a good investment? Are the schools in that area good to send my daughter to when she gets of age? In the next 5 years would it be really hard to sell?

[atlantagreg30127]

I can't comment on the schools, but Vinings has always been a desirable area - more since the newer developments have sprung up. It's an extremely convenient location with 75/285, the Chattahoochee River Park nearby, and the Cumberland Mall area.

[blackrabbit]

Makes sure its actually Vinnings you mean. Lots of new home builders in Smryna are calling their developments Vinnings. Where exactly do you mean? I think the developments within walking distance of Vinnings village will for sure hold their money and increase.

[lawarn]

It is actually directly across from the Silver Comet Trails

[scgraham]

Originally Posted by lawarn

I am a single mother with a 2yr and looking to buy a townhome in the vinings area. I love the area and right now there are really good deals on townhomes in that area. Do you think that I am making a good investment? Are the schools in that area good to send my daughter to when she gets of age? In the next 5 years would it be really hard to sell?

Based on other schools, the Vinings area is average. However, the location is one of the better ones in Atlanta.

[jillmaican]

About a month ago AJC said that Vinings is the most popular zip code in Atlanta. If that town home is there then it may be a great investment. My husband is a realtor and every one of his clients is trying to move the Smyrna/Vinings area. Mostly for the convenience to the highway and the fact that its close to downtown but still suburban enough.

As for schools....greatshools.net can help with that but I wouldn't expect high marks for the schools there. That is normally one of the only draw backs that i hear about the area.

[Zel Ya]

Originally Posted by lawarn

I am a single mother with a 2yr and looking to buy a townhome in the vinings area. I love the area and right now there are really good deals on townhomes in that area. Do you think that I am making a good investment? Are the schools in that area good to send my daughter to when she gets of age? In the next 5 years would it be really hard to sell?

I'm of the opinion that buying a house/townhouse/condo should not necessarily be viewed as an investment. Buying real-estate today as an investment is risky business for a lot of people.

Real-estate fundamentals, in most regions of the country, have collapsed. We're talking about a real-estate depression--not a recession. In some real-estate markets, 40 percent of the listings are foreclosures. To simply ignore these statistics would be a big mistake and foolhardy.

The Atlanta townhouse and condo market is in a deep depression. Deep! Prices are continuing to head south.

For example, a couple of weeks ago I saw two condo listings at The Oaks, a very upscale high-rise condo in ritzy Buckhead, which is just a block from the posh Phipps Plaza.


The Oaks listing number 1:

$309,000--bank foreclosure. DOUBLE CONDOMINUM UNIT ( two single condo units combined ), 2400 square-feet.


The Oaks listing number 2:

$339,000 ( as I recall that's pretty close to the FSBO asking price--plus or minus $10,000. However, I do remember that the single condo unit listing was selling for more money than the double condo unit listing )--FSBO, SINGLE CONDOMIUM UNIT, 1200 square-feet.


I was really shocked when I saw these two condo listings in the SAME building. You can buy double the square-footage for less money. UNBELIEVABLE!

I think before you buy a townhouse you should really do your homework. Buying a townhouse may be the right decision for you. May? However, I do think many people should continue renting for an indefinite period of time.

[wxjay]

Originally Posted by lawarn

It is actually directly across from the Silver Comet Trails

Vinings proper is primarily in 30339 zip, although a small part is in 30080 (by Log Cabin Road). What you describe sounds like it is off the E/W Connector and so that would not be "Vinings proper". It still is a fabulous area though.

There are some townhomes in Vinings proper (30339) going for $240K - $320K if you are interested in that. Some older, some brand new.

[atlantagreg30127]

Make SURE you're not getting a "conversion", too.

There were some apartment complexes in the Vinings area that were converted to condos and/or townhomes a few years ago. In nearly all cases, a conversion will NOT be built as solidly or sound proofed as well as one that was built to be a condo from the ground up.

One exception is on Paces Mill Road - "Essex House". I used to live there when they were apartments, and they were older brick units that were very solid for apartments. They underwent a condo conversion a while back, and there are flats as well as townhomes there. That's one of the FEW conversions I'd say turned out ok. The rest of the time, make sure with the agent the units you're looking at were designed as, and built as, condos.

[blackrabbit]

Originally Posted by lawarn

It is actually directly across from the Silver Comet Trails

Thats not Vinnings its Smyrna, big difference.............

Its still an OK area but I have 2 friends both trying to sell townhomes in that exact area and both are having to drop a lot with still no sales due to the rampant overbuilding along the east west connector. Resales that were 350k a year ago are now about 300k. The traffic has also go much worse the further out you go along the E/W connector in the last year.