Home Buying in 30308>Question Details

David Adams, Home Buyer in Atlanta, GA

Where will get the best deal, spending 750 to 800k in atlanta, sandyspring, chastain park buckhead..etc

Asked by David Adams, Atlanta, GA Mon Oct 6, 2008

I am trying to find out where the best deal would be for me i.e. Builder spec home / forclourses or resale.

Help the community by answering this question:

Answers

13
Hi David -

Before a solid recommendation can be given, much more information is needed. I like my buyers to describe in detail what they are looking for; this can be down to the color of the walls. While you aren't likely to find the home described, you will at least give the agent plenty to go on so that the big items can be covered.

Hope that makes sense -

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
REMAX Greater Atlanta
678-428-8276
1 vote Thank Flag Link Tue Oct 7, 2008
In this market, there are neighborhoods that are holding better value then others. You should educate yourself on different neighborhoods inside each city or find yourself an agent that is willing to do the hard research for you. If you don't have an agent, I would be glad to help you. Good Luck
Thanks
Amanda
678.613.0967
0 votes Thank Flag Link Tue Jan 18, 2011
David,

There are wonderful deals all around Atlanta! No one can honestly help you answer this question without first spending time with you and getting to know what your goals are. Start your search on internet but nothing can substitute a good real estate agent that you trust.
0 votes Thank Flag Link Sun Feb 15, 2009
Hi David,

All of the neighborhoods you mentioned are very desirable areas and home values aren't declining at the rates you hear on the local news. As the other agents have mentioned, it is important to define what you would like in your new home (# bedrooms, proximity to work, 3+ car garage, etc) and then work with a real estate agent to get a better view of what is available and what has recently sold in your preferred area. Once you are knowledgeable about the neighborhood or neighborhoods, you will know what a true "deal" looks like!

If you have any specific questions about the area sales figures or if you are interested in a list of foreclosure homes, please call anytime.

Best of luck to you...

Kerry Lucasse
Realtor, Keller Williams
404.432.1844
KerryLucasse@kw.com
0 votes Thank Flag Link Wed Oct 8, 2008
Wait another year to buy, save another 10% on the price. Good Luck
0 votes Thank Flag Link Wed Oct 8, 2008
Best deal = home you can afford.

Now that my smart #$% remark is finished, I can tell you there are deals to be made in every market. If you were to walk in and look for $100 per square foot as a deal, you could overpay for a home in Dahlonega but it would be one hell of a deal for a penthouse condo in downtown*. Write down 20-30 addresses in an area you'd like to buy in and look at the tax assessor records to find out what the cost per square foot those people paid. Find the mean of those and knock off 30% and see if you can find something in that price range. Hell, in the financial industry as it sits today, you could probably knock off 50% and still have an offer accepted by a bank.

*I just looked at a penthouse condo in Buckhead at the new building next to the Flying Biscuit (maybe Terminus? I can't remember) which was 4000 Sq feet and listed for $4,000,000. $1000 per square foot. $24,000 monthly for a 30-yr mortgage. Makes me wonder how long it will take for them to unload. If they lowered that price to $250 a foot, maybe we're talking, but not for the average bear, that's for sure.
0 votes Thank Flag Link Tue Oct 7, 2008
David,

I agree with everyone. The best "deal" might not be the best investment. You can get a mansion with a lot of land in the "Atlanta metro area" for 800k but with a 2-hour commute into the city. You can get a 3 bedroom/2 bath home in Ansley Park for 800k with no commute. Are either of these the BEST investment; in my opinion, no. Can I recommend a few options for your consideration? yes. How? More details...

Let me add a few more questions on top of everyone else’s....
1 - How long are you going to live in the home?
2 - How important is school system to you? For resale value purposes, it should at least be a consideration.
3 - What do you consider a "deal?" Foreclosures aren't always the best "deal" either - they can turn into money pits.

Everyone else covered the rest of my questions... Get back to us, and give us details.
Sarah
0 votes Thank Flag Link Tue Oct 7, 2008
David,

How much cash you bringing to closing to get the "best" deal?

This is about criteria, terms and network.

Network first - who is helping you? With the wrong team, you could get a lousy deal and you may even be led to think that it's a solid proposition...

Terms next - cash is king right now and the best deals go to cash buyers. If you seek to obtain a loan, can your bank fund the loan at a certain date in the future?

Criteria - You have flimsy criteria right now, and a lot of high hopes. Get your network and your terms straight, then you can pick and choose from a wide variety of choices in good North Atlanta and Sandy Springs submarkets.

All of the advice here is solid - hire one of us to help you get your real estate on.
0 votes Thank Flag Link Tue Oct 7, 2008
Hi David,

This is a simple question with a complicated answer. There are great "deals" to be found everywhere right now. For instance, I just helped a buyer purchase a home in Brookhaven that was originally being sold by the builder for $1.3 million and he got it for $850,000. But, several other posters here made a very good point about not overlooking traditional resales. Depending on the circumstances, you may find a great value out there and many times with less work needed.

Please let me know if I can be of any additional help,

Jolie Abreu
Keller Williams Realty Consultants
jolie@helpinghomes.net
(678) 894-4409
Web Reference: http://www.helpinghomes.net
0 votes Thank Flag Link Tue Oct 7, 2008
David,

The best deal for you depends on what you are looking for. There are great deals to be had in all of the areas you mentioned. There are great deals in every corner of our city and the surrounding burbs.

You should outline your needs, wants and must haves. After that is done, start your search. Obviously, a good realtor can help you find what you are looking for.

Figure out what you want, where you want it and how much you are willing to pay then be prepared to adjust everything depending on what you find.

Feel free to call,
--
Tony Teixeira
770-851-5050
tonysellsatlanta@gmail.com
tony@muffleyhomes.com

Muffley & Associates
#1 Selling Keller Williams group in Atlanta 2007
#2 Selling KW group in South East Region 2007
#21 Selling KW group in the Country to date 2008

See My Community!
Earth friendly, sustainable homes...
reduce your carbon footprint ...
guilt-free luxury living:...
http://www.highlandvillageatl.com
Web Reference: http://www.muffleyhomes.com
0 votes Thank Flag Link Tue Oct 7, 2008
David -
We almost have a quorum here - just need Lee Taylor and Deryk Harper...

Getting a deal will only be relative to the resale of the property - and, as stated, we will need more information to even begin giving you specific advice.

Even if you are going in with an investor mindset, it still needs to be a property that is valuable to you first and foremost. My assumption would be that in this price range you are looking for a primary residence - correct me if I'm wrong...

Secondly, each home or subdivision needs to be assessed a value, where properties have been selling so that you can base your "deal" on actual sales, not a percentage of list price as many buyers think. If a home is over priced 10% and you get it 10% off list, you're really no better off.

I would think that you should select the area that most of interest and look specifically for deals there. There are many tools available to the consumer now to help in valuation, but be wary of just using a websites "hot" areas or other valuation tools as they are not always as updated or useful as having someone who knows the market and can pull true comps for you.

There is so much inventory right now that you can drive yourself (or your agent) crazy trying to find them all. I suggest that you find a desireable area, prioritize your top 5-10 features that you are looking for and let someone go to work for you presenting you with facts in order to help you decide which one is the best deal.

Best of luck to you!

Lee
leeadkins@remax.net
Web Reference: http://www.leeadkins.net
0 votes Thank Flag Link Tue Oct 7, 2008
David,

The "best deal" is non-existent. There is no best deal.

On paper a foreclosure may look like the best deal, but it needs work. You might gloss over resells later to find out that one seller would have taken .50 on the dollar. You might scoff at new construction and realize that the builder is down to one home and ready to almost give away the home AND finance it for you.

... and we haven't even started to talk about what you like. Deals look good on paper, but if you want a keeping room and none of these have one, you might not be getting a good deal.

There's more thought to Real Estate than just Cracker Jack advice.
0 votes Thank Flag Link Tue Oct 7, 2008
Joshua Jarvis, Real Estate Pro in Duluth, GA
MVP'08
Contact
Hi David,

I agree with Hank that there is much more information needed in order to lead you in the right direction. One thing you may consider at this time in the market place is combining two of your categories. Perhaps you may be able to luck up on a builder foreclosure. I am seeing more and more of these coming into the market.

Good Luck,
Mack
0 votes Thank Flag Link Tue Oct 7, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer