Vinings Main a steal

[floyd242]

Originally Posted by BobKovacs

How is what I posted "crap"? When you spend $500k for a condo (or $300k for a 1-bedroom), you expect a certain level of neighbors,

Really? I guess that's another reason I didn't buy a condo.

And who the hell is going to pay 300k for a 1br condo in vinings anyway? I mean, come on.

[BobKovacs]

Originally Posted by Mishap

Given mortgage requirements these days, you're still going to have more hurdles than in the past. It used to be if you could show a paystub, the lenders would hand you 300k. Now that lenders decided to actually do some underwriting, that same person may only qualify for 130k but honestly are they really different people? At 130k, they're far less likely to default and if they can show decent stable income in this economy, they likely are fairly stable people so I don't think it's that bad.

Now if you replace a middle class person buying w/ a multimillionaire buying up units to rent at $700/mon w/o background check then you may wind up w/ a different outcome but that's up to the HOA to police.

True, it's not as easy to get a mortgage as it was in the past, but to qual for a $130k mortgage, you may only have to show $40k income. Even with the looser regs of the past, you'd still have to show a $75-100k income to get a $300k loan. That's a big difference.

[wxjay]

Originally Posted by floyd242

Really? I guess that's another reason I didn't buy a condo.

And who the hell is going to pay 300k for a 1br condo in vinings anyway? I mean, come on.

Well, I don't know if they had any 1-bedroom units, but One Vinings Mountain had 2/2 condos going for $450-500k (and still going for resale).

[Mishap]

Originally Posted by BobKovacs

True, it's not as easy to get a mortgage as it was in the past, but to qual for a $130k mortgage, you may only have to show $40k income. Even with the looser regs of the past, you'd still have to show a $75-100k income to get a $300k loan. That's a big difference.

Watch an episode of House Hunters from the '06 period...people making 50k would roll up and buy 300k w/ 0 down on an ARM. I would watch that show and just try to do the math to figure out how long until they defaulted. Nothing like seeing people nickel and dime their budget to make a 2.5k mortgage payment fit their meager income w/o considering if they lose income for a month or two.

Given how much some areas around Atlanta are...you see a median household income for the area of $60k and a median home value of 450k and you have to wonder how they got a loan for the homes. These days you at least have to show a year or two of consistent income at a stable job. I brought in 20% down, 3yrs worth of W2's, zero CC debt, 800 FICO, documentation of all my retirement accts and the total cost of my condo is under 2X my annual salary but they still wanted to verify a $130/mon student loan I have is in deferment while I'm still in school. My debt to income is still under 20% including the mortgage so I can say they aren't handing out a ton of mortgages w/o doing their due diligence anymore.

Admittedly, a person who bought at 300k has a different set of values than a person who bought at 130k. Then again the person who valued a 1bdr condo in Vinings at 300k is a bit off anyway. I work just up the hill from there and the place is a few short miles from really crappy areas of town to the south and the virtually unlimited land of Cobb/Marietta to the North. There's really not a ton of need for that level of density and townhouses didn't cost much more just down the road.

[K-SawDude]

I drive past these units on occasion, and it's certainly a nice area. (At the same time, I'm not in love with Vinings like some are. Sure, it's safe, but the vibe is sorta stiff, and the "walkable" parts aren't really all that big.)

Even so, those prices on the 1BRs seem really good to me. The 1BRs over on Powers Ferry at Horizon are going for around $140-$150K resell. Those units have views, but the area doesn't have the same prestige and amenities as Vinings. If I were still on the market, I would absolutely have taken a hard look at those units at Vinings Main. I wonder what the HOAs are like?

[WestCobb]

Originally Posted by Mishap

Given mortgage requirements these days, you're still going to have more hurdles than in the past. It used to be if you could show a paystub, the lenders would hand you 300k. Now that lenders decided to actually do some underwriting, that same person may only qualify for 130k but honestly are they really different people? At 130k, they're far less likely to default and if they can show decent stable income in this economy, they likely are fairly stable people so I don't think it's that bad.

Now if you replace a middle class person buying w/ a multimillionaire buying up units to rent at $700/mon w/o background check then you may wind up w/ a different outcome but that's up to the HOA to police.

I agree. Since these units can't be rented, the real neighborhood destroyers (investors) can't do too much damage here. So you might have the occasional single who only makes 40K a year in a 1 bedrooms. Some of the 300K units will go to the 100K crowd (some of whom may be dual income families) ... not rich folks, but not exactly undesirables either. Perhaps not up to the most exacting standards of the most discriminating buyers (ie those who are willing to pay high premiums to distinguish themselves and satisfy their vanities), but I don't exactly see this place becoming a Section 8 special either.

[Bullbear]

Originally Posted by K-SawDude

I drive past these units on occasion, and it's certainly a nice area. (At the same time, I'm not in love with Vinings like some are. Sure, it's safe, but the vibe is sorta stiff, and the "walkable" parts aren't really all that big.)

Even so, those prices on the 1BRs seem really good to me. The 1BRs over on Powers Ferry at Horizon are going for around $140-$150K resell. Those units have views, but the area doesn't have the same prestige and amenities as Vinings. If I were still on the market, I would absolutely have taken a hard look at those units at Vinings Main. I wonder what the HOAs are like?

HOA fees are reasonable, as I recall, although not a bargain (~$.30/sq ft?)

Doing a drive by doesnt really give a complete picture. Suggest a personal visit before developing a definitve opinion.

Your comments about the Vinings area and Horizon are right on, however.