If you believe strongly you will live in the property more then 8 years I would most likely purchase a condominium as it may take that long for the great deal you buy (and I'm assuming you will negotiate a great price much lower then value) to provide a terrific return on investment. Homes or single family homes are always a good buy as reselling is this type of property gives you better options and in our current market a return on investment in less time.
I would suggest working with an agent who is familiar with both and the area your desiring. I can recommend Robert Hunter from Keller Williams Realty Intown on North Avenue. I am not an agent and do not earn a fee for the recommendation. Hunter (the name he goes by) is simply one of the most honest, hard working agents I've ever meet. My business allows me to meet agents first hand as well as work with them so, I'm very familiar with a number of agents and with their work ethic. You'd get some real and honest recommendations on all properties not just his listings. He also has a team that works just as hard so you'll get more then your paying for.
If your job is located in Midtown, with a 500K budget and under, you can get into many great neighborhoods with proximity to your job. If you are worried economically, you can still get a great home for around 300K and still be close to your job. Some great neighborhoods; Candler Park, Inman Park, Va Highlands, Midtown, Howell Station, Poncey Highlands, Grant Park. I believe condo living is about lifestyle and budget; if you can afford to buy single family, that is the best way to go.
I've been living in a condo in midtown for 4 years now (on 14th street, a few steps to
Piedmont Park's entry)...it IS a great place to live!! There is a beatiful 1 bedroom/1 bath with a separate dining and breakfast room in my bldg! It is being listed by Keller Williams: 209-14th St NE #312. It is well priced at $220K!!! Our bldg is relatively small with only 59 units - it is lush with trees and mature plantings and has an incredible pool!! Lots of prof. single or couples here...no kids! Good luck finding the right place! Natasha
I was just trying to inform Jake of the auction in case he didn't see your post.
But since your pulling out all the stops to make sure everyone knows your on top of things my company & broker actually were featured in the report on Fox news when the auction story broke.
Check out the link.
There are great deals out there! I'm sure you will find what you are looking for.
Jake - if you are considering an Intown condo, loft or single family home purchase right now, then I would be happy to met you for lunch or coffee one day and we could discuss your goals.
So would 30,000 other metro Atlanta real estate professionals.
Chances are that you can buy undermarket and buy smartly at a few select condo developments that are down on their luck. You would help them immensely, at 30-40% off last year's prices.
If you are seeking a longer term hold, and if you want more flexibility with your first investment, and if you expect to be single for a while, then a multiplex with rental income is a really good consideration. If you are borrowing or paying a sum with immediately available funds of up to $500K, then some nice, close in, Intown properties are within reach.
Before you go buying a condo, think about when you want to resell it, and think about what you want the closing statement to look like at the time of sale, and what you want your lifestyle balance to look like when you are at that point.
Congratulations on being young and smart.
There is an auction coming up soon for a great condo development in downtown atlanta. There are multiple units up for auction well under the original list price and well under what many buyers have already paid to live in this development.
If you are interested get in touch with me and I will provide you with the information. Act fast because the auction will take place this Sunday June 22nd at 1PM. Registration is required to attend the auction & to become eligible to bid.
There are 40 units available for auction in various price ranges. Units listed for up to $415K are available to be sold for as low as 189K. It's a great opportunity!
ERA Sunrise Realty
At $500k you have a lot of great options in some of Atlanta's top, "past transitional," and appreciating neighborhoods. With your job being in Midtown: Inman Park, Midtown, Ansley Park, Candler Park, VA Highlands, Poncey Highlands, Morningside, and Cabbagetown would all be neighborhoods I would consider if I were you. Depending on the size of home you want, consider: Edgewood, Reynoldstown, Grant Park, Kirkwood or Ormewood Park.
I have a first time homeowners packet that I could share with you, that sort of summarizes the buying process to beginners. Plus a book that really helped my Husband and I through the process, and made us think of investment factors that we hadn't considered before is: The Automatic Homeowner Millionaire, by David Bach. We bought our first home before I became a Realtor and this book really educated and put us at ease with the process. Highly recommend it.
If you aren't already working with a Realtor, then I would love to meet with you and discuss what exactly you're looking for in your space, and what I can do for you as your Realtor.
Good Luck & Thanks for the question!
Sanctuary Real Estate, Inc.
300 North Highland Avenue Suite B | Atlanta, GA 30307
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