Unfortunately, the condo market is saturated in Atlanta right now and there is about 2 years surplus of inventory. That being said, it is a great time to buy, but you must hold onto the condo for a long time. In regards to Atlantic Station, the area held a lot of value in the beginning, but has since lost a lot of its appeal. There are several buildings over there--too much competition--and there is no real way to get there by public transit (unless you take a bus). In theory, Atlantic Station was a great idea, but I do not believe that it is the best area for you to buy.
Twelve Centennial is located in downtown Atlanta, where there has been a lot of efforts to recreate the area. If you are familiar with Atlanta, then you might know that we do not have a true "downtown," like many other large cities. Our downtown lacks the retail and restaurant that many other downtowns offer and has subsequently become an area for tourists or people who work or go to school down there. There have been great efforts to change this and I believe Twelve is in a prime location provided our downtown will eventually turn around. Pricing ranges from low 200's (for a 1BR) to over half a million (2BR penthouse).
For the best value, I would recommend looking at buildings that are hard to replicate. Those tend to hold more value than a lot of highrises that can be produced over and over again.
I love the Atlanta condo market - we get a steady supply of foreclosure/REO appraisals just like clock work every week.
The Atlanta condo market has been expected to bust out since the olympics - it's not going to happen - ever. There is far too much inventory and far too few buyers. Atlanta is not and never will be a city like NYC, Boston, DC, SF....there's nothing in the city past tourist traps and there are too many housing options and areas. From both the realtor and appraiser standpoint I advise my clients to think hard on buying one. If you do - success means breaking even when you decide to sell. There are buys out there - but remember you need an exit strategy.
Lee hit it - do you homework on Atlantic Station, I wouldn't take one for free - nice to look at driving by. Let me know if you need additional advice.
Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
Bee is right on the money and Lee & Hank also make some good points. If you can find a foreclosure or REO that is significantly less ($30k-$100k) than the other units list prices or a new building that has close-out prices (40k+ less than what they were selling for a year ago) then that would be a good purchase. Also, if you can (and you should try) to get a storage unit, extra parking spaces, a year or 6 months of HOAs, new appliances, ALL of your closing costs & repairs, etc... Condo owners, and developers are not in the position to be stingy. If they won't give you everything you want, then move onto another unit in the same building, I'm sure there will be a dozen others available.
I agree with Lee, looking in areas like Inman Park, Glenwood Park, Virginia Highlands, the Fourth Ward, or even Poncey Highlands where it isn't "condo central" where you won't be one of millions would be a better investment. All Atlantic Station is, is condos and townhomes. Make sure you hire a Realtor who is 100% familiar and comfortable with all of the Intown neighborhoods who will guide you toward a place that will hold value.
Terry, have you considered single-family? If there's even an inkling to buy single-family, go with that feeling. A much more solid investment.
Good Luck & if you have any additional questions or concerns please don't hesitate to contact me personally!
Sarah Turner, Realtor
Sanctuary Real Estate
Also, keep in mind that the ones in newer ones in midtown or Buckhead are very small. Depending on your life style and where you will be working, if you can go a little outside of Buckhead, you can get a much larger place with lower monthly fees.
I agree with earlier comments about Atlantic Station. It has become more difficult to get there with the current bridge construction. Last time I showed the Twelve buiding we learned from residents that we talked to that parking is an issue. Everyone has to park under the street level. When you have guests, you have to physically go down yourself to let them in rather than just buzzing them in. That is a nuisance.
Do you know the history of Atlantic Station? Before you buy there, you should.
Have you seen Glenwood Park, or Inman Park Village?
How many months is a few months? There are some cool new live/work/play properties coming in different areas.
Identify a talented real estate agent with a hyper-local presence in Intown Atlanta and get your real estate on.
If you are looking for intown condo's or high rises the I reccomend talking to Ian Marshall.
I've worked with Ian in the past and his team knows the Atlanta intown market when it comes to these type properties.
You can visit his website at http://www.ianmarshall.com
Be sure to let him know who sent you!
Everyone has their biases apparently. For reference, I live outside the perimeter and am not tied personally to any specific area. Buckhead is very nice but it's also the area I think is the most over saturated with listings. In addition, there's so much in that particular area that is the "SAME."
I hated the idea of Atlantic Station because I had heard the rumors like Brent pointed out. That it was crime infested and would not hold it's value. However, I think Twelve in particular is one of the better high rises and have found that it always has a great atmosphere.
As for condos holding their value. A purchase right now should hold you steady, but the condo market is the most saturated right now.
Hope this helps.
The Atlantic Station Development is really amazing with the convenience of downtown living and having some of the best shops and restaurants at your fingertips. Having said that, the condo market is really saturated, not only with foreclosures, but with Sellers struggling to sell in the current market.
Twelve Atlantic has about 45 to 45 units for sale ranging anywhere from the high 100's up to a Million. Twelve Centennial has units in the high 100's up to mid 500's. Take a look on my website: http://www.atlantaavenues.com/condosandtownhomes.html You can also do a custom search.
A couple things to remember Terry, is that some of these highrise developments have pretty high HOA fees, some in excess of $400 depending on the square footage of the unit. I tend to think midtown and buckhead are better investments when buying a condo. The Atlantic Station area has seen some unfortunate incidents of violent crime over the past year or so making it a little unfavorable for me.
Nevertheless Terry, if you are sold on the area and development then a deal is most certainly to be found somewhere within the Atlantic Station.
Remax Around Atlanta