Home Buying in Adams Park>Question Details

Dorian, Home Buyer in

Buying an appartment around GA TECH

Asked by Dorian, Mon Aug 4, 2008

I am looking to buy a condo in Midtown-Home Park Atlanta. I am currently a student at GA Tech, and would like a 2 or 3 bedroom condo/house in close proximity to the college (5-10 minute walking distance). Our pricerange is around 150,000 but less is best. Are the neighborhoods arround Ga Tech reliable and safe, and do they show a trend of keeping their value? I am planning on living there for at least 5 years, as my brother will be attending the college next year. We also wanted to get one in arround 2 weeks, so that I could have canceled my dorm at the college and together with my friends live at the appartment, (would have saved us 6,000) however our realtor told us that it would be impossible to move in as a forclosure would take at least 3-7 months. Bassically what I am asking is: Are the two neghborhoods safe, and good prospects? What is a reasonable price for a 2 bedroom appartment in the area? and.....Is there any way we could save that 6,000 dollars?
Thank You.

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Dorian,

You're going to be living in downtown Atlanta, so always being smart and safe about your surroundings is key. It's not an "unsafe area" but how I define unsafe, may be totally different than how you might describe it. For more detailed crime statistics by going to Atlanta PD's Website: http://www.atlantapd.org/ --- Scroll down this page to find city of Atlanta Zones and search by street, zip, etc...

Now, 2+ bedrooms for $150k in the GA Tech/Midtown area is going to be a little difficult, plus consider that you'll be required to pay $100-$500 a month extra in HOA fees - are you prepared to do that? I could probably find a few options for you in that price bracket with two bedrooms, but you're going to have to be a little flexible because of your price point. Also, it will not take you 3-7 months to into a foreclosure. It all depends on the bank that you're dealing with and maybe your Realtor had a bad experience with closing a foreclosure recently and has an unrealistic perspective of the foreclosure market. I would instead say that it will take 30-60 days to get a foreclosure closed, but hopefully more like 30. It sounds like you should either confront your Realtor with this reality or consider working with a different Agent; because there are a lot of great deals out there right now in the foreclosure/short sale market.

OH - and PROMOVE only does rental properties, so I wouldn't contact them unless you're looking for some rental space.

Good Luck & If I can be of any further assistance, please don't hesitate to contact me.
Sarah Turner, Realtor
Sanctuary Real Estate
Inman Park
404-323-9976
sarah.turner@yourownsanctuary.com
0 votes Thank Flag Link Mon Aug 4, 2008
I don't really know apartment costs, but check with PROMOVE, they might be able to help. As far as moving in to something in 2 weeks.... that could be difficult. I would suggest talking to a realtor and seeing if they can find you something that's in your price range that's ready for immediate move-in. It's not impossible but you should get some assistance.
0 votes Thank Flag Link Mon Aug 4, 2008
Hi Dorian,

I agree with Tori...these are questions your agent should be helping you with. In regards to foreclosures, the process is more like 30 to 45 days not 3 to 7 months. Some agents are unfamiliar with foreclosures and may not know the process. Good luck to you and if you need further assistance log on to my website to search foreclosures. Click on the foreclosure search button on the home page. It pulls from most foreclosure websites absolutely FREE!! http://www.LisasHomeListings.com
0 votes Thank Flag Link Mon Aug 4, 2008
I realize that, however I just wanted some perspectives from more than just him. He is busy looking for different appartments in the area. Also...he is not in town untill Wednesday, and I wanted to see if there was any way that I could have saved that 6000 dollars. If there is no way, then there is no need to rush the buying process, and maybe I could find a better deal over the next semester that could maybe save me more money. Thank you for the website! It is very helpful.
0 votes Thank Flag Link Mon Aug 4, 2008
Dorian,
I mean this with the utmost respect, these are questions that your REALTOR should be assisting you with. In reference to area statistics, please check out: http://www.city-data.com.
I wish you the best of luck and please advise if I can be of further assistance.
Have a wonderful week.
Web Reference: http://www.torilawson.com
0 votes Thank Flag Link Mon Aug 4, 2008
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