Home Buying in Midtown>Question Details

Jake, Home Buyer in Atlanta, GA

Young professional interested in buying either a condo or a house in midtown or surrounding areas. Advice?

Asked by Jake, Atlanta, GA Tue Jun 17, 2008

I would greatly appreciate any advice I can get on buying either a condo or a house that would not only serve as a convenient place to live given my job in midtown, but also a good investment for the future. I was always in favor of buying a house because I feel that it is a solid investment if purchased in the right area. However, I have recently began considering condos due to the lower pricing and availabilty of nice condos in the heart of midtown.

I just graduated from school and will be starting a job in the midtown area. This would be my first home purchase. I am considering paying up to 500k but would love to pay considerably less given the economy and ease of losing a job. I would appreciate any insight and direction on where I should start and what I should be looking for. Thank you all in advance!

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Answers

10
Lise Desormeaux’s answer
Great question considering the options. It doesn't sound like you know how long your going to live in the home however, knowing this would contribute greatly to the answer.

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.

Good luck!
Web Reference: http://www.rmr-usa.com
0 votes Thank Flag Link Wed Jun 18, 2008
There is a trend in Metro-Atlanta to move intown due to traffic gridlock and walkability to restaurants and shopping. Because no new ground has been broken for new high rise condos, this presents a great opportunity to buy, especially foreclosed newer complexes, where you may experience appreciation in the years to come. The suburbs have a glut of inventory and deteriorating values. I would be happy to show you some great opportunities in the market.
0 votes Thank Flag Link Thu Apr 12, 2012
Jeff- thanks for pimping your site to a 2008 buyer. I'm sure he's all over it.
Web Reference: http://intowninsider.com
0 votes Thank Flag Link Thu Apr 12, 2012
http://www.AboveAtlanta.com has all the listings for condos, specifically high rise condos.

Thanks,

Jeff Johnson
404-226-5158
0 votes Thank Flag Link Thu Apr 12, 2012
I say house all the way! While there are great opportunties to pick up a condo at a great deal, you will most likely have to wait years (I say at the minimum 5) before the condo market picks up and turns around. Most likely, you will be more restricted in terms of selling if you say, start a family or need more space or relocate whereas with a single family house, if you buy at the right price, your home will appreciate yearly if the Atlanta market remains the same (or gets even better).

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.
Web Reference: http://www.leaveittobee.com
0 votes Thank Flag Link Wed Jun 25, 2008
Jake,
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
0 votes Thank Flag Link Fri Jun 20, 2008
Lee,

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.

Jake,

There are great deals out there! I'm sure you will find what you are looking for.
0 votes Thank Flag Link Thu Jun 19, 2008
James Dudley - I let the cat out the bag on that auction two weeks ago. See the web reference.

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.
0 votes Thank Flag Link Thu Jun 19, 2008
Jake,

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!

James Dudley
ERA Sunrise Realty
678-781-7418
james.dudley@era.com
0 votes Thank Flag Link Wed Jun 18, 2008
House. To make a solid, safe, and invest --- you're going to see the most appreciation in a single-family home. If a home can fit into your lifestyle, then there's really no question in my mind: buy a house! Resale value, time on market, and % of asking price on homes, far exceeds that of condos, and I don't see that changing anytime soon. Besides a home being a more sound investment, you also have control over where your money goes into improving your home, instead of blindly handing over hundreds of dollars each month to a Homeowners Association.

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!


Sarah Turner
Realtor
sarah.turner@yourownsanctuary.com

Sanctuary Real Estate, Inc.
300 North Highland Avenue Suite B | Atlanta, GA 30307
T: (404) 688-3363 | F: (404) 688-3372 | M: (404) 323-9976
http://www.yourownsanctuary.com
0 votes Thank Flag Link Wed Jun 18, 2008
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