Foreclosure in Capitol View>Question Details

Househunter, Home Buyer in Baltimore, MD

Is the Capitol View area considered an up and coming area or is that just marketing jive...sorry realtors. I know not all of you employ those tactics.

Asked by Househunter, Baltimore, MD Tue Jul 13, 2010

This area looks a bit sketchy at some places and not so bad in others. Some cute bunglows but a lot of foreclosures, good deals but.....

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9
Hank Miller’s answer
The data doesn't lie, like many areas of Atlanta money and hype continues to pour in and not much changes. At least Fannie Mae is keeping me busy with foreclosure appraisals in these areas! Lots of stubby pencil work is in order before purchasing here.

Hank
1 vote Thank Flag Link Tue Jul 13, 2010
I lived in this neighborhood and had high although temperate hopes. But with the financial crisis/real estate bubble and foreclosures, it is obviously this area artificially escalated in value and has tumbled severely since 2008. Average sales price is about $40K mol. Some newer residents have mortgages !00K plus and now feel trapped. Many have rented out their homes and gone elsewhere.Some have walked away. It seems the area sliding even more and it will take many many years if at all to recover. Part of this is social-political in nature. Most of the houses being picked up in foreclosures are investors and that will create an even more unstable neighborhood with fewer and fewer owner occupied houses. This is a low income black neighborhood and the politicians fear their political power will erode if more neighborhoods like this keep gentrifying. Add to this that southwest Atlanta is the stronghold of black residents. This is an area that they don't want to see whites moving into. I have been involved in this neighborhood and have seen these things first hand. You really never know a neighborhood until you get into the nitty gritty of who, where the power lies. It is sad as this is such a quaint little place. I will that aspect of it but not much else.
0 votes Thank Flag Link Mon May 30, 2011
I appreciate the upbeat view and analysis of capitalviewhome, I hope they check back in a few years. The road is littered with "upstart" communities and "revitalized" areas....it's Groundhog Day.

What were the upstart communities five to ten years ago? How are they doing now? Even better, when the Olympics came in '96, remember all the work going on in anticipation of Atlanta becoming an "international city'? How'd that work out?
0 votes Thank Flag Link Fri Sep 10, 2010
I thought I'd give a reply from someone who lives here for the past 4 years (since 2006) to counter the "professionals." I say this because the professionals generally follow the herd and don't recognize values until others have, then they jump on board for commissions or "their cut". Though the responses I read didn't seem overly dour...I don't think they fully recognize the positives. They use numbers to support their risk assessments and note past negative history (foreclosures) but then don't see any positives beyond "the beltline in 20 years!"

I moved here from an established neighborhood, Candler Park -- craftsman homes (I was in a 2/1), neighborhood feel, park a few steps away....cost 350K. I found Capitol View -- Bungalows & Folk Victorians, neighborhood feel, spectacular park a few steps away...cost 100K. The median (not average) price recently is 100K -- the forclosures pull average down, non-forclosures are listing in 120/130 range. But there has been strength in foreclosure sales with prices getting bid up. I had to twist my realtor's arm to show me these homes and did most of the foot work myself since he dismissed the area...same for the mortgage lender who I had to swear an oath that I was actually going to live here to get a loan.

Housing stock and infrastructure is intact and super (e.g., the park with stone lined creek, towering oaks, playground, 6 lighted tennis courts, baseball fields). More students and young/artist types are moving/renting ...a sign of renewal/discovery. There's so much more to this neighborhood than the impending Beltline...! My theory and observation of development includes natural or manmade barriers that set limits/shelter a community for development. We're Bound on the East by 75/85 corridor plus Technical college + Screen Gems (movie theater has 50 year lease to make films at Lakewood on the other side of 75/85). The main entrance to our community has a Long tract of land (30 acres?) that is owned by the Annie E. Casey foundation who has pledged to find a way for multi-use development. To the West is another major traffic corridor, Murphy/Lee running along side Railroad tracks and some industrial areas & the 488 acre Ft. Mcpherson is being closed and redeveloped on massive scale as a mixed use development. Lakewood Freeway / 166 sets a major boundary to the south as it bisects the SW quadrant inside the Perimeter of the City into north/south areas. So you can see, there is Much more going on to support the development of this community BeFore the Beltline gets here!

There are some "sketchy areas" and there is risk with any investment. I'm convinced this is a good buy and will grow with the neighborhood but I could be wrong. Even if it stays the same, and doesn't change much, I'd be happy I bought here because I have a great quality of life at a low cost. I've invested in the neighborhood by buying a few foreclosures, fixing them up a bit and renting them out. To whom? students and young professionals. One of my renters bought a foreclosure on the same street! Others who live here have also bought investment homes because they too see the potential. If you're looking for short term or to "flip" I think there's too much volatility in the market and too much risk...but I think in several years (3-5) we'll see this time as a nice opportunity.
0 votes Thank Flag Link Fri Sep 3, 2010
By my definition of "up and coming," yes.

What is your definition of "up and coming?"

My idea of marketing jive, as it pertains to Capitol View, is about overpriced properties that are stigmatized for one or more reasons - proximity to busy streets and railroads, dilapidated immediate neighbors, etc.

Otherwise, the Beltline neighborhoods, like Capitol View are "up and coming" - and when the Beltline gets here in 20 years, you can reference my vote of confidence today...

I placed a recent Q&A from Trulia Voices about "emerging neighborhoods in Atlanta" in the web reference. Check out the entire post because I run through a pretty long list of neighborhoods that "Tryska" wanted an opinion about. Here's a cut and paste of my opinion on Capitol View for "Tryska":

"Capitol View - houses that meet your basic criteria, in your price range, many on good streets with good neighbors, from Adair Park I and II, all the way down through Perkerson, over to Sylvan Hills and down to Jefferson Park in East Point - the neighborhoods west of Metropolitan Parkway might be your sweet spot"

How much do you know about Capitol View and AtIanta's other Intown neighborhoods, Househunter?

If you are Intown and want a tour, holla...
0 votes Thank Flag Link Wed Jul 14, 2010
A lot of the marketing hype is from organizations like the Atlanta Developement Authority and other urban renewal organizations - and other entities with a vested interest in promotion. Capitol view started an upswing several years ago and has sort of stagnated - dont be swayed by talk of the beltline making the place more desirable and it will - IF it ever gets built and even if that happens it is expected to take 20+ years to get to Capitol View. There are cute restored and semi restored 1920s bungalows mixed in with a lot of foreclsores and extreme fixer uppers - meaning they need extreme work and or dollars. Dont expect this to blossum into another Grants Park any time soon.

Bottom line - there are better, safer, more sure places to invest your money without waiting a decade or two to see if you made a good bet or a terrible one.

Robert Whitfield
Broker/Owner - Realtor
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678-585-9691
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0 votes Thank Flag Link Tue Jul 13, 2010
It is up and coming area but not up and coming as fast as other areas where in my opinion would be a better option.
Web Reference: http://aemalazimi.com
0 votes Thank Flag Link Tue Jul 13, 2010
In my opinion, when the overall economic climate improves, Capitol View will slowly start to 'improve'. Yes, there are 'good' streets and there are 'bad' streets. The turn-around for the area began 4 years ago, then stopped 2 years ago. Proceed with caution... but some fortunate few will do well in the area, long-term.
0 votes Thank Flag Link Tue Jul 13, 2010
I have no skin in the game as far as knowing the neighborhood because I don't live there but you have to make your own decision.

Yes, there is "Realtor Jive" (I like that and will "steal" it), but you should make your own decision.

Talk to people that live and work in the area. Go visit local stores. Ask the banks in the neighborhood if they are lending to people.

If you decide to live or invest there, then take the step of talking to an agent that you like, can relate to, won't do dual agency and get the stats and go see houses.

Best of luck!

Fred
Web Reference: http://fglick.com
0 votes Thank Flag Link Tue Jul 13, 2010
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