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Broker for Direct Link Realty, Inc.
July 2004—present
Co-founder and broker of Direct Link Realty.
Co-founder and broker of Direct Link Realty.
Specialties:
Licensed broker in Georgia & Florida. Concentrations include Decatur and Atlanta in town real estate, working with buyers, sellers, and leasing of homes,
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& Awards:
Broker in Georgia
Broker in Florida ... show more
Broker in Florida ... show more
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Working with buyers and sellers of residential and commercial properties. Helping
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About:
Direct Link Realty provides real estate services in Decatur, Ga and throughout the Atlanta in town market. Whether you are looking to buy or sell residential
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Testimonials:
"Highly likely to recommend
Bought a Single Family home in 2008 for approximately $825k in Morningside / Lenox Park, Atlanta, GA. ... show more
Bought a Single Family home in 2008 for approximately $825k in Morningside / Lenox Park, Atlanta, GA. ... show more
Richard Reid answered:
Good questions. Condos in the metro area have been hard hit - both as a result of the overall market conditions, and because builders simply over built here. There are a number of factors playing into why that happened.
In 30030 specifically, the city controlled building much more closely, so most owners are in reasonable shape.
With respect to renting a unit out, almost every condo building and most of the town home developments will have rental caps. The by-laws will state the number or percentage of total units that may be leased at any given time. There are 2 primary factors here: 1) owners care for property better than renters - so they are trying to protect the overall community and 2) lenders have guidelines on how many units can be rented for them to issue a mortgage. Nothing will make a neighborhood tank in price more than buyers not being able to get a mortgage.
Given this scenario, you can't know for certain that an association will or will not be at its cap when you want to move on. The best you can do is inquire about the caps, determine if they are reasonable, ask where they are relative to their caps, and if applicable - ask how many units are on the waiting list.
There is no entry in any of the Atlanta listing services for agents to indicate either cap percentages or where an association is relative to those. It will require your agent contacting the associations of properties you are interested in.
With respect to building, associations will have an architecture committee you will typically need to appear before when you want to make any significant improvements - interior or exterior. If the changes are interior to your unit, there may be some guidelines, but generally associations tend to be agreeable. Exterior changes will come under much more scrutiny, and will be specific to the community, the committee members, and the board of directors.
If you would like to talk further, feel free to contact me. I live in 30030, and I serve on 2 home owner's association boards.
In 30030 specifically, the city controlled building much more closely, so most owners are in reasonable shape.
With respect to renting a unit out, almost every condo building and most of the town home developments will have rental caps. The by-laws will state the number or percentage of total units that may be leased at any given time. There are 2 primary factors here: 1) owners care for property better than renters - so they are trying to protect the overall community and 2) lenders have guidelines on how many units can be rented for them to issue a mortgage. Nothing will make a neighborhood tank in price more than buyers not being able to get a mortgage.
Given this scenario, you can't know for certain that an association will or will not be at its cap when you want to move on. The best you can do is inquire about the caps, determine if they are reasonable, ask where they are relative to their caps, and if applicable - ask how many units are on the waiting list.
There is no entry in any of the Atlanta listing services for agents to indicate either cap percentages or where an association is relative to those. It will require your agent contacting the associations of properties you are interested in.
With respect to building, associations will have an architecture committee you will typically need to appear before when you want to make any significant improvements - interior or exterior. If the changes are interior to your unit, there may be some guidelines, but generally associations tend to be agreeable. Exterior changes will come under much more scrutiny, and will be specific to the community, the committee members, and the board of directors.
If you would like to talk further, feel free to contact me. I live in 30030, and I serve on 2 home owner's association boards.
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