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Old 01-25-2010, 09:01 AM
 
4 posts, read 7,404 times
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My wife and I are looking to buy a new townhome ITP. The two communities we have liked the most are Danbury Parc in Dunwoody by Centex and Overlook at Clairmont near Emory by Pulte.

The prices are very similar for similar sized homes so we are wondering which is the better area from a resale perspective. We plan to live there for about three years (and would consider renting afterward).

Someone mentioned on another thread that one should buy a townhome in an area where single family homes are much more expensive and where new townhomes are unlikely to come up. From that perspective (and others), which is the better option?

Overlook at Clairmont is less than a mile from Emory. I have heard some opinions that there are areas not too far away that are a bit sketchy. Is that true?

Which one should we go for and for what reasons?

Many thanks for your help.
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Old 01-25-2010, 09:10 AM
 
Location: St Simons Island, GA
23,125 posts, read 36,376,608 times
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Quote:
Originally Posted by xzap View Post
My wife and I are looking to buy a new townhome ITP. The two communities we have liked the most are Danbury Parc in Dunwoody by Centex and Overlook at Clairmont near Emory by Pulte.

The prices are very similar for similar sized homes so we are wondering which is the better area from a resale perspective. We plan to live there for about three years (and would consider renting afterward).

Someone mentioned on another thread that one should buy a townhome in an area where single family homes are much more expensive and where new townhomes are unlikely to come up. From that perspective (and others), which is the better option?

Overlook at Clairmont is less than a mile from Emory. I have heard some opinions that there are areas not too far away that are a bit sketchy. Is that true?

Which one should we go for and for what reasons?

Many thanks for your help.
Depends on your situation.
Where is your work?
Do you wish to be closer to Emory, downtown and other intown neighborhoods?
Is access to MARTA important?

And in response to your ? about Emory (which I highlighted), no, it is not true.
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Old 01-25-2010, 09:25 AM
 
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Thank you for your reply.

We both work in midtown. Access to MARTA would be nice but we have lived right next to a MARTA station in the past in midtown and at least there, it seemed to be a factor in increased crime. Maybe this situation varies with different MARTA stations. So at best, we are ambivalent about it.

Danbury may be a slightly longer commute but we are o.k. with that.
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Old 01-25-2010, 09:32 AM
 
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Danbury is technically in unincorporated DeKalb and not Dunwoody. While it shouldn't matter, to some buyers it will. There is also the possibility that area may be annexed by the City of Chamblee. Residents would vote on that and it is a ways away. (Some in the area think Chamblee would provide better services.)

You need to make sure that you understand that there is probably a cap on the number of units in any newer complex that can be rented at one time. You easily could run into this and not be able to rent.

I don't think 3 years, in this market, is enough time to think about buying even a single family home, let alone a townhome or condo, which in Atlanta are known to be much harder to sell.

Are you getting an incredible deal?
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Old 01-25-2010, 09:38 AM
 
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Thank you for your reply lastminutemom.

The cap on renting is 30% of the units which I am told is unlikely to run over. I would appreciate your opinion on that.

You're right, 3 years is not a long time, but the one advantage we have is, if/when we move, we will be moving to a city where we have a house, so we won't be in a hurry to sell. Also not looking to make a profit on this place, just avoid rent.
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Old 01-25-2010, 09:48 AM
 
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Seems like a lot of work and expense just to avoid renting. The risk and expense is higher in buying then renting.

I think if you want to own then go for it but I wouldn't base my decision solely on avoiding rent. When you factor in the cost to buy and the cost to sell on top of the other risks it may not be worth it if your doing it only because you want to avoid paying rent.

You may also want to factor in the fact that your buying townhomes in a SFH area versus a condo area such as Midtown which may make resale tougher.



Quote:
Originally Posted by xzap View Post
Thank you for your reply lastminutemom.

The cap on renting is 30% of the units which I am told is unlikely to run over. I would appreciate your opinion on that.

You're right, 3 years is not a long time, but the one advantage we have is, if/when we move, we will be moving to a city where we have a house, so we won't be in a hurry to sell. Also not looking to make a profit on this place, just avoid rent.
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Old 01-25-2010, 09:48 AM
 
Location: St Simons Island, GA
23,125 posts, read 36,376,608 times
Reputation: 15465
Quote:
Originally Posted by xzap View Post
Thank you for your reply lastminutemom.

The cap on renting is 30% of the units which I am told is unlikely to run over. I would appreciate your opinion on that.

You're right, 3 years is not a long time, but the one advantage we have is, if/when we move, we will be moving to a city where we have a house, so we won't be in a hurry to sell. Also not looking to make a profit on this place, just avoid rent.
That cap does sound pretty liberal to me.
Consider that the proximity to Emory has enormous cachet in most cases, and if you are looking at rental potential, such proximity would give you a large pool of transient would-be tenants.
I placed my house in Decatur up for rental five months ago and had it rented to students within two weeks.
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Old 01-25-2010, 09:57 AM
 
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Thanks LovinDecatur, that definitely helps. For the Emory location, the price is around 300K for a spacious 3/4 bedroom townhome. Do you think this is close enough to SFH prices that resale will be very hard?

noah: True, and I am still thinking about that. But we are also a bit tired of renting (security issues of late, but also moving every few months etc). My wife would be much happier if we have a place of our own, which (if you're married, you know) can't be discounted
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Old 01-25-2010, 10:26 AM
 
Location: St Simons Island, GA
23,125 posts, read 36,376,608 times
Reputation: 15465
Quote:
Originally Posted by xzap View Post
Thanks LovinDecatur, that definitely helps. For the Emory location, the price is around 300K for a spacious 3/4 bedroom townhome. Do you think this is close enough to SFH prices that resale will be very hard?

noah: True, and I am still thinking about that. But we are also a bit tired of renting (security issues of late, but also moving every few months etc). My wife would be much happier if we have a place of our own, which (if you're married, you know) can't be discounted
300K for a 4 BR townhouse sounds pretty fair for the Emory area. Townhouse sales (and prices) took a BIG tumble in the Emory/North Druid Hills area over the last two years, but I have noticed that at the current prices set in the area units have really started to move.
A little history on Overlook at Clairmont: The front left units were originally part of a development that had units priced in the 600's (which I thought was madness in that location even before the Big Bust). I would get to the bottom of that situation, as I'm not altogether sure that they are part of the Pulte plan but rather a bank foreclosure situation. I don't see it as any big detriment in the long run...I just wonder how long it might take to get those particular units finished out and sold relative to the Pulte units.
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Old 01-25-2010, 10:52 AM
 
1,010 posts, read 3,598,452 times
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I live in one of the townhomes at Danbury Parc and really love the community and location. I know there are a couple of other posters here who also live at Danbury. Feel free to PM me if you have any questions.
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