Atlantic Station is a relatively good value right now. I have a client purchasing in Art Foundry - multiple offer situation - fortunately we won. We offered more than recent sales just to get the unit. The next higher priced unit had multiple offers in 3 days on market.
Does that mean prices have definitely rebounded? Not completely... Does it mean prices will continue to rise? Nobody knows. However, current sales are higher than 6 months ago.
I have no idea where "ME" is getting data. The condo complexes in AS are not 85% rentals. (I'm not 100% sure about ATL lofts, but there are apartment communities there.) Most, if not all, of the condo complexes have rental caps at/about 20%.
I also don't know why Hank says the business (I assume "retail") is "finished". I was there last weekend and the retail district had tons of people walking around, going to restaurants, etc. As Lee stated new management is moving the district more toward a "family" atmosphere - replacing bar/restaurants with restaurants that serve.
Parking is free for 2 hours and easy.
Overall it's a great place to shop. I would imagine live as well.
Keller Williams Realty Metro Atlanta
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Atlanta market dropped 12.5% last year. This year, it'll be worse (election year). The condo's are almost empty with rentals causing lenders the inability to lend due to the condo questionnaire. By the way, US Bank doesn't require a questionnaire.
So, yes...now is the time to buy. Buy low, sell high.
Just make sure you low ball the offer by about 20%.
Hank's speculations and rumors do give you a resason to pause - the EPA's regulations were relaxed and the developer layered parking lots over the poison, then stacked towers up.
So, I'm not a scientist, but yeah - I think I would order a radon test before I bought there.
I know several commercial brokers that deal with clients that on paper are a perfect fit for that project and none want to get anywhere near it. There were also recent departures by a few major organizations that couldn't make things work. I'm not a commercial guy so I don't have the nitty gritty.
I do however now it from the residential side and the foreclosure appraisal side. I've also heard word of mouth from inspectors and folks in the area about radon running high and possible issues with the site prep - that maybe the enviiromental cleanup was lacking. Again, I'm not running a lab but this is what I've heard.
As far as the value drop, sure, if I'm paying 10 cents on the dollar I'll listen but even then, it's still a headache. As far as that being "family firendly"....really? Is that the new angle since the "young and mingle" flopped? Or maybe because it didn't???
let me know which unit you buy -
please let me know what details you are looking for, condo sometimes are very hard to resale, I just had a problem with a client who wanted to purchase in the LEXNOX GREEN, and the HOA's are $274000 in the rear, that means over 50% of the people are behind on their HOA, my client can not close on deal unless he pay cash, Lenders WILL not finance. So you really have be careful with HOA complexes.
Per square foot, AS is hard to beat. Dollar for dollar - I can compare it all day long to alternatives.
My client wants a 2/2 at Twelve - he loves that for a second property. We bid on a $149,900 2/2 last month and we competed with 27 other buyers - we lost. He wasn't willing to pay more than his highest bid (which was well over the asking price) because he prefers the eastern view - I do think that in general, AS prices have temporarily stabilized and should flatten, because funny money speculators drove it to stupid prices back in 2005-2007.
However, each community - Element, Art Foundry, the townhouses, the Beazer tract houses, the mega-failure ATL Lofts (Thanks AIG) and of course the mega-mega failure The Atlantic - each community has it's own merits or demerits for purchasers, or in the case of ATL Lofts and The Atlantic, their renters.
Just don't expect any condo in any part of our city to go up in value in the next twenty years with some sort of natural, inflationary curve.
And, what happens in the next two decades if ATL Lofts and The Atlantic come back up for the purchase market once again - a purchase market driven by increasing urban density and a likely real estate demand for condos?
Do you want to be the one who is wondering "why didn't my condo go up in value?"
Condos are a lifestyle choice first and foremost and do not perform well as "real estate investments" - investments with upside equity.
Someone in property management at Twelve told me that the landlord list - the waiting list to become a landlord - is 8 years long.
SO...A smart buyer could live there for 8 years and enjoy the well run, year by year improvements that the new managers are delivering at AS. Just get on the landlord list at purchase and wait your turn - by that point, when you become a landlord, the Atlanta condo rent vs. buy ratios will likely be even better than they are now - and landlord privileges should turn into a profitable, cash flow positive month to month return because rental demand will always be up for a sexy building like Twelve - and renting will always be more expensive there than amortizing ownership.
You following me?
Do you need an agent? If so, please call me.
And I say that as an active foreclosure appraiser and broker - no dog in the fight - just the data.
Unfortunately we REALTORSÂ® are not able to really know when prices and the market will be 100% better again. So to say prices will start to increase again now would be very pre-mature.
As an investment however it depends on what your goals are. Would you be living in the property yourself or would you be renting it out? Also what are your goals in terms or ROI? Depending on the price it could be a great investment for rent. And possibly a great investment even if you choose to live there.
When I work with clients who want to buy a condo I usually ask if they plan to stay for 5 years and then sell to move on to something bigger, or do they plan on staying for at least ten years. The reason for that is because if they only want to stay 5 years and resell then to be safe buying a home (depending on the budget) may be better in terms of selling quicker so that they may move on. That is just a personal opinion.
If you would like a free consultation when you begin to interview REALTORSÂ® to assist you in the process I would be happy to be one you choose. It would really give insight into what your wants and needs are.
Tyler Willis, REALTORÂ®
Keller Williams Realty Intown Atlanta