Home Buying in Atlanta>Question Details

MU, Home Buyer in 30032

Is buying a home in the Georgetown of Atlanta Community at Colonial Way Chamblee GA 30341 a good idea?

Asked by MU, 30032 Thu Aug 20, 2009

Is buying a home in the Georgetown of Atlanta Community Colonial Way Chamblee GA 30341 a good idea if I am looking for a returned investment in the next 5 years? What are some best ways to figure out if this area is a good invest?

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You might be better off going to Vegas if you want better odds at a return on your investment in 5 years. The real estate market is going to be down for a while so pricing is at all time low, however there is no hope of prices to climb by any significant amount in the next 5 years. If anyone could answer that question, they would be rich. There is no crystal ball to predict the real estate future. It's a gamble. Buy right and hope for the best.
1 vote Thank Flag Link Thu Aug 20, 2009
Having lived in Georgetown for over eight years, my advice is Yes.
However there are certain units I wouldn't touch; such as unit 3091. It underwent a fire in 2001, while I lived there. I moved back into another unit in 2005 and suffered with severe cases of German cockroaches that came with all the water that the bldg incurred during the fire.
The units in 3099 have some sewer back-up problems. There have been murders, deaths and FBI investigations that have occurred there, but it's one of the safest places I've ever lived. Other bldgs and units have sewer problems too, such as the front units in 3125, those 1 bedrooms along the outside pathway, around the curve.
I must say that Georgetown has seen better days, but the units are a worthwhile investment. Multiple times I tried to buy a unit there, primarily being a city planning Graduate student, understanding the growth movement undergoing in the greater Atlanta area. This area is 'prime' now and in the near future because its inside the Perimeter, and the population is moving in, despite any recession, and now more than ever with gas prices increasing.

The two best assets Georgetown are its swimming pool. Its actually 9ft deep, you don't find pools that deep any longer, all they are producing these days are wading pools. The 2nd best asset is the wetlands located immediately outside the complex. The wildlife it avows to is utterly amazing.

It worst asset are the Gay homeowners who run out single mothers or parents with children. They go to extreme lengths to push renters out of the complex; thus no support will be given to homeowners that do want investment versus ownership. Multiple attempts have been made by the board to eliminate renting and stick with owners only, however the economy has not complied. In the past there were attempts to create a Gay-only resident ordinance, but it never succeeded.

Hope this helped.
0 votes Thank Flag Link Tue Feb 2, 2010
I have lived in Georgetown for several years and served on the board of directors. There has never been an initive to remove renters or make it a gay only community. That is just not true. This is a very diverse community and all are welcome.
Flag Sun Dec 1, 2013

Since you clarified this as an investment rental property, then of course. Buying anything right now anywhere is a good idea. Everything is on sale and so long as you are prepared to hold it for a Loooooooong time and if history repeats itself (which it usually does), you will have a property someone else has been paying for and now worth more money. Even if not, you had cash flow from your money. If you have money and it's in a CD or Bank you are lucky to be getting 1% return. I'm assuming you have cash.

Problem with seeking FREE advice and leaving out all the details you just can't get the best advice. Your best option is to have someone on your team who can answer all the questions you have after first asking you all the right questions. Cash vs. borrowing for investment property is a big difference. It doesn't sound like you've done this before so you should really consider having a professional realtor who is committed to your best interest provide you with advice. My philosophy when it comes to investors is that I feel its my job to ask them the tough questions to make sure we are purchasing a property that will make them money not lose it. I want you to be successful so you keep doing it again and again, and hopefully you will be loyal and see the value in having someone who works for you continue to work for you.. if that makes sense.

The problem with wanna be investors.. they want free advice and don't seem to get that all their agent wants in return is loyalty. We don't get paid by spending time on the phone with investors offering free advice or constantly looking up "comps" for people who can't seem to find just the right property with just the right profit margin. I have some books I would suggest for you to read if you want to learn how to figure out how to make a "good investment" in the real estate market. It's not a quick easy answer you will find for free on Trulia. You will have to make an investment of time and money - and I'm not talking about some lame webinar or seminar from a guru who's made millions flipping foreclosures. Most of them are ridiculous.

If you are serious about making money in real estate and have some serious money to invest, and want a realtor on your team to go to for advice and will use their skills and expertise when acquiring your properties, please give me a call. Best of luck to you if not.

David Brower, Associate Broker
Crye-Leike Realtors
0 votes Thank Flag Link Sat Aug 22, 2009
Ok I guess I should have clarified. I am planning on renting the place out.
0 votes Thank Flag Link Thu Aug 20, 2009
Your agent should be able to advise you. Dependant on what price you paid and what the economy does...it may be a good decision. But, as already stated, nobody has a crystal ball.

Trust your agent. If you do not, you do not have the right agent.
0 votes Thank Flag Link Thu Aug 20, 2009
I recently showed an invstor in there.... two things: 1. there are some units that are just very low priced.... no real reason for it, just low priced. 2. Be aware if the units have laundry or not, many do not.

If you can get the lower priced ones and don't mind replacing carpet and painting..... aside from the laundry issue.... not a bad place to live and renting is fairly easy if that is your purpose for buyint it...... your return all depends on how good of a deal you get.
0 votes Thank Flag Link Thu Aug 20, 2009
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