Home Buying in 30313>Question Details

Claude Belli…, Home Buyer in 30313

I'm thinking in buying a two bedroom loft type in castleburry.In the stastics I noticed that there is a major

Asked by Claude Belliveau, 30313 Fri Mar 14, 2008

difference between asking prices and sale prices. Can anybody explain this to me. Also, what can i expect to realisticly pay for a decent loft. Expecting purchase in april-june 08.
Thx! Claude

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The difference in asking prices and sale prices is significant because of the condo market in general. Atanta's condo market is saturated. Sellers are pricing their properties with a cushion since buyers are expecting deals and aren't paying full price these days. Since offer prices are lower then asking prices in this market you will see vast differences.

Your second question is more difficult to answer. Without knowing the size, location and building and many more factors it's not possible to tell you. Have your agent pull comp's for the condo you desire and review them together. This is really the best way to calculate a realistic purchase price.
Web Reference: http://www.rmr-usa.com
0 votes Thank Flag Link Sun Mar 16, 2008
Great answer from Lee Taylor!
I agree that you should select the buildings/locations that appeal to you and then look at everything in that building to draw your own conclusions.
Gosh, walk down memory lane with me...I remember when....I had my first listing when I first was licensed in Castleberry on Mangum. Thats when only artists lived there.
0 votes Thank Flag Link Sun Apr 27, 2008
Also, the statistics you see in "asking price" and "sale price" is based on the original asking price of the home. In this market, Sellers/Agents are tending to over-price homes, and then once seeing the response of Buyers they start reducing the price. A condo may have started out at $299k, reduced to $289k, and close at $278k, and the statistic will still read that it sold for 93% of sale price (b/c it's based on the $299k list price). Are you following me?
Castleburry is a hard neighborhood to price. There are a lot of grand beautiful lofts that have significant square footage, but may only have one-bedroom, and one bathroom.... in these cases you can't solely base your list price on # of bedrooms and bathrooms. For this reason, I find it very important to preview several other Active Listings in order to list at the correct price point.

I hope this helps! Good luck with your search and if you're looking for an Agent to help you find your dream Castleburry Loft, I'd love to work with you!



Sarah Turner
Realtor
sarah.turner@yourownsanctuary.com

Sanctuary Real Estate, Inc.
1031 Juniper Street, NE | Atlanta, GA 30309
T: (404) 888-0833 | F: (404) 888-0863 | M: (404) 323-9976
http://www.yourownsanctuary.com
0 votes Thank Flag Link Fri Mar 21, 2008
Define "major difference."

Each "building" has uniqueness, flair and a certain gravitas. Find the community that you seek first, because this is a lifestyle choice, not a real estate investment.

Claude, Castleberry loft prices require intimate appraisal familiarity and active, immediate competition familiarity. The question is too general.

And, when you put the earnest money down, remember, a Castleberry Hill loft purchase in 2008 is a lifestyle choice first, just like it has been for years, and no grand equity exists without sweat or cash equity.

Do not overpay for a compromise, but enjoy what you purchase!
0 votes Thank Flag Link Sat Mar 15, 2008
The loft market is even more of a niche area as each unit can be so unique! There are so many factors to consider besides just square footage. It's going to take time to do your due-diligence and homework with a qualified intown REALTOR
Web Reference: http://www.DweLLintown.com
0 votes Thank Flag Link Fri Mar 14, 2008
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