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Old 01-28-2009, 08:37 PM
 
989 posts, read 1,742,519 times
Reputation: 690

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Quote:
Originally Posted by FromGA View Post
A solution: Encourage rental investment in the condos. Professionals / "solid renters" will rent the condos, and investors will buy em knowing they can be rented out. The caps that builders place on the number of rental units is a discouragement. Where did these rules come from?! Is this common in large cities?!
These rules primarly are formed by the HOA. Owners are reluctant to live amongst residents who have zero interest in the preservation of the long term value of their investment.
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Old 01-29-2009, 07:22 AM
 
Location: Triangle, North Carolina
2,819 posts, read 10,402,127 times
Reputation: 1519
Quote:
Originally Posted by onemanarmy View Post
These rules primarly are formed by the HOA. Owners are reluctant to live amongst residents who have zero interest in the preservation of the long term value of their investment.
Excellent Point
Rental homes are now the cause of some of the plagues out here in the burbs. During the boom we had many of the no money down Carlton Sheets wannabes buying house after house from 200-1M+ and renting them out.
Many getting around the HOA rules with "creative" contracts.
Granted, we cannot generalize and say all renters are bad, but as Army states "long term interest" which does not happen with renters.
Come out to the suburbs and drive through any home development, even those with so called HOA renter clauses, and you will be able to spot the rental property a mile away.
Now, take this and add a 30 story condo building with "connected" homes.At least with the burbs there are yards dividing the homes.
I agree with Army on this one

Last edited by Georgia; 01-30-2009 at 09:07 AM..
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Old 01-29-2009, 02:27 PM
 
Location: Atlanta
54 posts, read 168,426 times
Reputation: 32
Quote:
Originally Posted by FromGA View Post
A solution: Encourage rental investment in the condos. Professionals / "solid renters" will rent the condos, and investors will buy em knowing they can be rented out. The caps that builders place on the number of rental units is a discouragement. Where did these rules come from?! Is this common in large cities?!
This rule came from the associations. At the time home owners did not want to be living around too many renters. Mainly because of turn over and wanting to maintain the integritiy of the community. So the Associations had it written in their protective covenants that only a certain number or precentage of completed homes/units could be rentals, for the protection of the community.

At one time renters were frowned upon...go figure homeowners are begging for us now.
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Old 02-04-2009, 08:19 AM
 
Location: Roswell
11 posts, read 41,184 times
Reputation: 15
Only 66 new condos were sold in the last half of 2008. So while the total of 645 was a big dive, the last half of the year was a wipeout. That's a stunning decline. In 2005, over 4700 were sold. Additional data here:

Developments : In Condo Terms, Atlanta Is the New Miami

The big problem with high-rise condos is that you can always build more. Downtown Atlanta is not like Manhattan - there is still open land (parking lots, etc.). And with the ability of condos and apartments to change places, the supply of condos is very flexible. Even at fire sale prices, it is hard to imagine high rise condos in ATL appreciating in value above inflation.

Single-family homes, on the other hand, will likely recover more robustly from this decline. There's not a lot of space to build new single family houses in Morningside.

Clearly there is still some leftover insanity in the intown market. Craigslist has an Atlantic Station (ATLoft) condo for $740K (PENTHOUSE LOFT (http://atlanta.craigslist.org/reb/992425965.html - broken link)). Lots of concrete and cheap exposed ductwork in this faux-loft abomination. In 10 minutes online you could find 20 nicer condos, townhomes and single family homes, for less money, within a brisk walk of Atlantic Station.
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Old 02-04-2009, 10:24 AM
 
Location: Atlanta
239 posts, read 922,786 times
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Quote:
Originally Posted by coolyfett View Post
I agree with you Bob, what I meant was, the prices for the locations would eventually drop, making them more affordable. How long would these places remain empty, til they figure out a new plan to fill them?
Seems like someone has an idea that i think will work... 40 Midtown condos to be auctioned | ajc.com (http://www.ajc.com/business/content/business/stories/2009/02/03/atlanta_condo_auction.html?cxntlid=homepage_tab_ne wstab - broken link)
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Old 02-04-2009, 11:54 AM
 
Location: West Cobb County, GA (Atlanta metro)
9,191 posts, read 33,880,495 times
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Quote:
Originally Posted by DPAT View Post
Seems like someone has an idea that i think will work... 40 Midtown condos to be auctioned | ajc.com (http://www.ajc.com/business/content/business/stories/2009/02/03/atlanta_condo_auction.html?cxntlid=homepage_tab_ne wstab - broken link)
Good idea, and yeah, it's happening more often. For the average person though it's more of a "good luck getting one" type of thing. Those auctions are usually SWARMED by "investors" with pockets of cash, who have been waiting for these days to arrive. From previous articles, you can more easily get a condo that's in an undesirable downtown location (near Woodruff park for instance), whereas anything in Midtown that gets auctioned gets snagged up quick.
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Old 02-04-2009, 12:52 PM
 
13 posts, read 42,091 times
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Quote:
Originally Posted by atlantagreg30127 View Post
Good idea, and yeah, it's happening more often. For the average person though it's more of a "good luck getting one" type of thing. Those auctions are usually SWARMED by "investors" with pockets of cash, who have been waiting for these days to arrive. From previous articles, you can more easily get a condo that's in an undesirable downtown location (near Woodruff park for instance), whereas anything in Midtown that gets auctioned gets snagged up quick.
Seriously? I must be too naive to think may be I will go and see if I can find something decent that nobody else wanted
So this is not something for an average joe like me wanting to buy his first home?
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Old 02-04-2009, 01:09 PM
 
Location: West Cobb County, GA (Atlanta metro)
9,191 posts, read 33,880,495 times
Reputation: 5311
Quote:
Originally Posted by Condo_Buyer View Post
Seriously? I must be too naive to think may be I will go and see if I can find something decent that nobody else wanted
So this is not something for an average joe like me wanting to buy his first home?
It doesn't hurt to try. You never know. The property or properties in question may not be high on investor's lists to attend. I just knew someone who had gone to a few of these and he said there's usually a lot of pro-investor types who show up at these things to buy up several condos or blocks of them at a time. So, if you have the time it's still worth going I guess, just don't be shocked if you're bidding against people with $$$ to invest in their hands, either.
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Old 02-04-2009, 04:19 PM
 
Location: Metropolis, USA
1,104 posts, read 1,521,573 times
Reputation: 181
greed
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Old 02-04-2009, 04:37 PM
 
Location: Atlanta, GA (Dunwoody)
2,047 posts, read 4,619,592 times
Reputation: 981
Bummer. A girlfriend of mine was interested, but she certainly can't afford to go up against 'investors.'
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