Home Buying in Cross Creek>Question Details

C, Home Buyer in Knoxville, TN

I am interested in Cross Creek Condos in Atlanta. Does anyone know why there is such a wide range in asking prices/values of these homes?

Asked by C, Knoxville, TN Sun Jan 15, 2012

I am considering purchasing a property in the Cross Creek community as is appears it may be a good investment. However, I am not from the Atlanta and am not sure about the area. I drove through the community and though on a golf course, the community does not appear to be well maintained. Does anyone have more info on this community? Also does anyone know the HOA fees? Thank you for your time.

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Cross Creek Has had a rash of foreclosures in the last couple of years. That is the primary reason for the broad range in asking prices. The property was built in the sixties and has been condos since the late seventies. HOA fees are assesed generally on a per bedroom basis. $375 for a 1 /1 to about $800 for a 3/2.5 The rental fees also vary broadly. A 1/1 which has not updated the Bath or Kitchens rents for between $650-$800/ month; that includes the HOA fee. Cross Creek is a good community. It is the down sized home for many well to do Buckhead residents who don't want to leave their neighborhood.
1 vote Thank Flag Link Mon Jun 24, 2013
C,

Hank's comment got a thumbs up from me. He says be careful - I say, at Cross Creek, there is a trade off after you make the careful decision to buy there - you may trade something that may be more valuable to you than you want to trade.

What's your trade off?

For most of my clients who have seen the myriad of choices at Cross Creek over the past 8 years, the trade off is usually one of three items:

1. low purchase price BUT, HOA fees and monthly costs are higher than alternatives

2. decent overall community with lots of green space and a classic, mid-century kitsch BUT, some folks don't need golf course, an on site bar / clubhouse or for that matter 24/7 gated security

3. buying here is a long term commitment that could work well for some homeowners who like the country living in the city convenience, BUT buying here with a short term commitment, even for flippers who are buying "as is" vintage units and fixing them up, is fraught with financial imbalances.

Cross Creek has some good real estate fundamentals - Cross Creek also has some bad real estate fundamentals...

Check out the flooding video from 2009.
Web Reference: http://youtu.be/sjqiYoM7ei8
1 vote Thank Flag Link Tue Jan 17, 2012
I've done 5 foreclosure appraisals in there in the last two months, I'm still trying ot think of something good to say about that place. Atlanta is awash in condo disasters - I'd suggest being completely data driven or you will end up losing money and losing your credit rating.

Be very very careful where you buy an condo in Atlanta, this market is saturated and will be for years to come.

Hank
1 vote Thank Flag Link Mon Jan 16, 2012
Wow, there have been many changes at Cross Creek since this question and these responses have been posted. Currently 9/18/2014 Cross Creek is in the process of a major renovation. We are currently well into phase one. The entire project should take around 3 years to complete. Our front entrance has become more secure by offering the convenience of a state of the art gate system, in addition we have a guard that manually enters each visitors tag before allowing entrance. We have a total of three pools, two of the smaller satellite pools have recently been completely been remodeled. We have four tennis courts that have all been resurfaced, The restaurant and bar were refurbished and turned into a non-smoking facility two years ago. We have the only Par 3, 18 hole golf course in Atlanta that is open to the public. Yes, our golf course is designed and operates as a retention pond should we have flooding rains so once every 5 years or so you can take photos of our golf course underwater. This flooding does not affect the condo unit themselves. Cross Creek has survived the economy downturn and now we are making a quick resurgence. Home values are once again coming back up. High rents are assisting in the raising home values with today's interest rates. Currently one bedrooms are renting for $1000 and two bedrooms are renting for as high as $1600. You can purchase a one bedroom from 90K to 130K and two bedrooms for 120K to 150K. On occasion you may find a home that needs work for less. Our HOA is very similar as to what you will find elsewhere in Buckhead with half the amenities. HOA is currently $271 per month for a one bedroom and this covers your water bill, insurance on the exterior shell and garbage pick up. I am a current resident of Cross Creek. If you are interested in looking at some of our units for sale, please give me a call. Tom McCoy at: (404)285-0536
0 votes Thank Flag Link Thu Sep 18, 2014
Cross Creek is a unique community in an unbeatable, close-in location, lots of amenities (golf, tennis, 3 pools, on-site fitness center, cafe and sports bar and more). Located near 75 and Moores Mill, a highly sought after school district, Morris Brandon, Sutton, North Atlanta. It is a true community.

Like many communities and properties, it suffered during the downturn in the real estate and economy. It is also coming back! The foreclosure inventory has been sold. Prices are rising with many well maintained and updated units selling at prices not seen in years with multiple offers. There will still be a wide range in pricing on similarly sized units based on upgrades. Some older units need a good deal of interior and systems updating to command market prices. The community is always in demand, but like anyplace it's important to do your research.

I also own in and sell Cross Creek, feel free to contact me.

Hope that helps!
Stacey Adams
Harry Norman Realtors®
stacey.adams@harrynorman.com
404-851-0752
0 votes Thank Flag Link Sun Apr 13, 2014
Hello C

I was just checking with you to see if you have made an decision on Agent to assist with your purchase in the Cross Creek or any other condos. Please give me a call to if you need assistant.
0 votes Thank Flag Link Wed Jan 25, 2012
I agree to what the agent below is stating, there are the pros and cons of the community, HOA are high, no higher then the other Highrise Condo closer in the city. Ovation on Peachtree want $500 HOA's. You have deal with overwhelm traffic, very few parking for the visitors. Most High rise have 24/7 guards. I think if you looking for a country living in the city, I think this is a Excellent choose. I love the community, I think you have a class of people who want to be able eat, drink and party in their complex and walk home.
0 votes Thank Flag Link Tue Jan 17, 2012
Hi C. if you have not settled on a lender compare current mortgage rates and lenders at http://www.current-mortgage-rates.net good luck.
0 votes Thank Flag Link Mon Jan 16, 2012
C,
I have just sold a property in Cross Creek and have 2 for sale there, so I'm sure I can help you. The residents I know there are very happy with the location and best amenities inside the city. The property I sold was bought by a client who already lives in Cross Creek, and who just wanted a different floor plan.
I hope you contact me right away and I look forward to assisting you in your home buying.

Dora Anne Dennard
Harry Norman, Realtors
404-240-2741 Direct
doraanne.dennard@harrynorman.com
0 votes Thank Flag Link Mon Jan 16, 2012
Hello C,
The difference in the price range is due to some of the units are Townhomes, Flats.
The HOA are appox about $300 to $400. I will double check, I know a very close friend who lives in the complex. I think the complex is well maintain, its offer Golf Course, 3 pools, Gym and Resturant, which the food is excellent. Its older complex. I do not think that you will make a bad choose if you purchase in that complex. C the units are very large. 1bdrm come with a closed in sun room with french doors. My friend has a 2bdrm and she has a living room, dinning, closed in sun room and 2 full bath rooms. Like the fact that the show and stall is separate from the vanity sinks in each bath. While in the shower someone can be brushing their teeth and using the vanity section, while you still have your privacy.

The complex offers great security, you cant not enter the complex without showing id, and telling them what address and person you are visiting.

If you are interested please give me a call Latisha Thompson with PIE Realty, 404-914-6977
0 votes Thank Flag Link Sun Jan 15, 2012
Hi C, thank you for your inquiry. My godmother lives in Knoxville, nice city!

I've shown several homes in Cross Creek, various floor plans, prices and condition. HOA fees vary based on home size, i.e. larger floor plans will have a higher priced HOA. Other communities have same HOA structure regardless of floor plan.

I would be pleased to assist you and can provide additional information if you will call my cell (404 234 9418)
or email me (beppyswalton@gmail.com).

I look forward to your reply and to assisting you.

Sincerely
Elizabeth 'Beppy' Walton
C/404 234 9418
beppyswalton@gmail.com
http://www.beppyshomes.com
0 votes Thank Flag Link Sun Jan 15, 2012
Cross Creek and many current Owners are victims of the mortgage mess. You are seeing prices all over the map due to foreclosures and short sales. Because of the size of this community, it remains a condominium association that will weather the storm of fluctuating prices. This community is a 40+ years old which may be why you peceive it to be less than perfect. This location is very desirable due to the central location it is just minutes from Buckhead, Midtown, and Downtown, the public schools, and the multitude of private schools nearby. In addition, since this community has a semi-private golf club many live here for that feature. If you are looking for a great location for cheap, this is it! This will not remain the case for the distant future but in the meanwhile, Buy!

Need to know more...email me.

Paul Diana
Keller Williams of Buckhead
404-604-3966

Paul@PaulDiana.com
Web Reference: http://www.PaulDiana.com
0 votes Thank Flag Link Sun Jan 15, 2012
I've sold several condos in Cross Creek starting way back in 2006. The reason for the range in prices is probably due to short sales, foreclosures and regular resales. The HOA fees will range based on square footage of the unit.

Please feel free to contact me with any questions.

Jen Bowman
Keller Williams Realty
404-456-5024
Web Reference: http://www.JenBowman.com
0 votes Thank Flag Link Sun Jan 15, 2012
I have helped buyers in that community and the biggest issue that will never go away is the HUGE monthly fees because of all of the amenities and the age of the complex. Many of the units are backed up to Interstate 75 too. For the total monthly cost with your mortgage plus HOA fees, you would probably be better off in some other communities. Feel free to call or email me regarding any property on the market and check out our unique Buyer Rebate program at http://www.duffyrealtyofatlanta.com

Caroline Gamma-Duffy Realty 404-668-9167
0 votes Thank Flag Link Sun Jan 15, 2012
The homes in Cross Creek range from the mid-twenties to $145K, C. Monthly association fee is listed at: $498 per. If you would like for me to send you electronic flyers of these properties, please forward me your email address and I will get them over ASAP. If you'd like to see some today or tomorrow, please call, text or email and I will arrange the viewings. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com
0 votes Thank Flag Link Sun Jan 15, 2012
I know that the HOA was involved in pending litigation as recently as a year ago and that was hindering financing. I have not heard whether or not it was resovled.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Sun Jan 15, 2012
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