Buckhead/Midtown high rises (Gordon: HOA fees, lofts, condo)

[Vate1]

There is a reason high rise condos are affordable. There are too many units, and probably will be for years. And if there is ever a shortage, they'll just build more. Many are being turned into rentals by their desperate developers. Only 66 new condos were sold in Atlanta in the entire last half of 2008. I would not buy a high rise unit in Atlanta to live in or for an investment.

Optimists would say to "buy at the bottom". But how will you ever sell a condo that is just another compartment in the hive of a large building? And you will probably be competing with many other units for sale, and possibly the developer still selling new units 5 years from now?

[srnyong]

Originally Posted by From239to404

My questions are basically focused on 1280 West. What general information can you provide about this building?

Hello! Apparently I am in the same condo hunt as you. I have looked at condos in the same buildings as you. I did very seriously consider 1280 West, but I ended up not putting in an offer for a number of reasons.

There was a 2/2 foreclosure available on the 21st floor. I had been watching this unit since October 08 when it was listed for $250K. The bank eventually dropped the price from $250K to $169K!!! And I still didn't buy! Why not?
1. The HOA fees are outrageous. HOA fees for a 2/2 is $482/month and it doesn't include any utilities or DSL. All other buildings I looked at had lower HOA fees and included at minimum DSL.
2. Mr. Donald Trump is building his monstrosity Trump Tower Atlanta right next door. I didn't want to live next to construction for the next couple of years and the unit I was looking at - the view will be completely obstructed by Mr. Trumps monstrosity.
3. 1280 West was originally an apartment complex.
4. 1280 West is one of the older high rise condo buildings around (at least 1998 or older) - compared to Spire, Midtown Plaza, etc.

[noah]

This seems to be a commom sentiment on here. The same argument can be said for the SFH that keep being build further and further out except that the location is worse. On the other side the fact that it is a single family and not a condo is a major draw but many of homes built in subdivisions are the same. Midtown will continue to develop into a dense urban area, although this downturn will hurt just like everywhere else. Long term I think you will still see a trend towards city centers and people wanting to live where the activity is. I have met many people who live in the suburbs but want to live intown.

Originally Posted by Vate1

There is a reason high rise condos are affordable. There are too many units, and probably will be for years. And if there is ever a shortage, they'll just build more. Many are being turned into rentals by their desperate developers. Only 66 new condos were sold in Atlanta in the entire last half of 2008. I would not buy a high rise unit in Atlanta to live in or for an investment.

Optimists would say to "buy at the bottom". But how will you ever sell a condo that is just another compartment in the hive of a large building? And you will probably be competing with many other units for sale, and possibly the developer still selling new units 5 years from now?

[cocopuffy]

If you really want to buy I say look at older buildings with less floors, bigger units, cheaper HOA fees, and more unique floor types. Peachtree lofts is a GREAT building-I personally wanted to buy there but they didn't have a large enough unit in my price range available at the time. One bedrooms in that building over 700sf in size still sell faily quickly. Cornerstone village has 4 buildings with all different types of condos-from an historic 1920's building to a converted 1950's office building and 2 newer buildings. Both of these communities have low HOAs.

[Tristan840]

On the 1280 West building, wasnt it originally built as apartments? Plus I think its quite a bit older than the glass tower condos that are up now.
I would go with Viewpoint over Spire, much nicer and newer building, especially their amenities, they are very awesome! Just my opinion!

[PeteyNice]

Did Viewpoint get its issues straightened out? When I was looking at places, there were problems with debt and unsold units.

I was scared off of the giant glass towers as there are so many and they are so similar. What's "hot" (relatively) now will probably not be so when you are looking to sell.

Older buildings are not always the way to go. I looked at a couple of units in Phelan & Palmer (Peachtree Pl & Peachtree St) and their HOA fees were stupid high because of all of the maintenance. The buildings were very cool and the location is fantastic but the fees were a deal breaker.

I agree with the idea of looking for something unique. It can be hard but there are places out there.

[Tristan840]

I know with Viewpoint they were talking about the second tower that was to follow, which I guess they probably wont or may not build for a while due to the over abundance of condos, but I know there were alot of unsold units when I was lookin to buy back in the summer. I wouldnt doubt they were having other issues as well. Im thinking I just read an article in the Atlanta Business Chronicle on the Novarre Group having some problems, it was a quick read in the bathroom, lol. Either way, that building is super nice and I thought the ammenties beat out Spire and the other similar towers.

[jjordan]

Originally Posted by Vate1

There is a reason high rise condos are affordable. There are too many units, and probably will be for years. And if there is ever a shortage, they'll just build more. Many are being turned into rentals by their desperate developers...

Optimists would say to "buy at the bottom". But how will you ever sell a condo that is just another compartment in the hive of a large building? And you will probably be competing with many other units for sale, and possibly the developer still selling new units 5 years from now?

This is exactly why I would never buy a house outside the Perimeter. The only thing I'd ever buy in Atlanta is a SFH in a desirable area of the city. No condos. No townhomes. Just too risky in Atlanta's barely appreciating market.

[Tristan840]

Well, guess it depends on what type of lifestyle you want too. Alot of people dont want to have to deal with yard maintenence or having to drive to a gym, when they can have it all in one place at a highrise or regular condo community. If your looking to buy a condo or townhome for an investment in Atlanta, obviously this wouldnt be the best time for that, but if your looking to make it your home and stay there for a while, then that it wouldnt be an issue. Funny how everyone is trying to do the whole "investment property" "investment condo" thing, and that is too risky nowadays in the terrible economy and flooded condo market.

[noah]

Good point. Or drive an hour to work. I know a lot of people who live in the burbs but drive into town when you want to go out to eat etc. Of course with any real estate, from an investment standpoint, your time horizon should be long term and if it is then now could be a great time to buy, much better then a year or two ago.

Originally Posted by Highriser987

Well, guess it depends on what type of lifestyle you want too. Alot of people dont want to have to deal with yard maintenence or having to drive to a gym, when they can have it all in one place at a highrise or regular condo community. If your looking to buy a condo or townhome for an investment in Atlanta, obviously this wouldnt be the best time for that, but if your looking to make it your home and stay there for a while, then that it wouldnt be an issue. Funny how everyone is trying to do the whole "investment property" "investment condo" thing, and that is too risky nowadays in the terrible economy and flooded condo market.