You are asking about Cross Creek, right?
After a decade or so of whipsawed ownership in a country club, Cross Creek is stabilizing - it's a terrific location with unique amenities, and I'm sure that the majority of units are renovated, cash reserves for the HOA are better and yes, landlords are getting more for their spaces in the notable elementary school district, Morris Brandon ESD....
As sales prices in Atlanta are down anywhere from 25-75% percent from 2006/2007 peak depending on location and condition, and investors make up roughly 40% of all sales there is a flood of new rental properties to the market. These new owners can afford to lease at substantially lower rates and make a huge cash on cash return, often 8 to 10 times the 10 year US Treasury rate. In addition to new investors, existing investors are seeing substantial reductions in interest rates either through refinancing, or modification. Several of my clients have been contacted by their lender and offered substantial reductions in interest rates where they are current in the payments and have not requested a modification. They happily accepted. This allows them to hold or lower their rental rates to keep or attract tenants. Add to this group of investors, many upside down owners that do not qualify for a short sale are leasing their old homes when they move to a new one.
I manage 100+ homes and as renewals are coming up, many tenants have the option of moving across the street to a newly renovated investor property at 15% below their current rental rate established one to two years ago. In those circumstances we cannot increase rental rates and occasionally owners agree to a reduction to keep the tenant.
A general answer to your question does not apply to a specific property or location. We provide rental market surveys for specific properties at no charge. If you have a specific property we will be happy to provide a no obligation analysis.
RE/MAX Greater Atlanta
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Chapman Hall Realty