Home Buying in 30329>Question Details

Kl, Home Buyer in Atlanta, GA

It is crazy to buy a condo built in the 1980's in Druid Hills Area...

Asked by Kl, Atlanta, GA Fri May 16, 2008

...when so many new buildings are coming up in the area? I like the subdivision, residential feel and low HOA. It's close to Target, highways, etc.

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12
Condo popularity depends on a lot of things. First, and most important, is location. If it's a great location where people want to live, it tends to hold its value. Second, is quality. There is an extraordinary diversity in the quality of construction from one development to the next. For instance, in Midtown, The Dakota is recognized as being well-built whereas condos built as apartments during the Olympics were cheaply made and that shows. So while The Dakota has held its value and units in it still tend to sell quickly, other buildings have tons of units for sale that sit on the market. If the condo you're looking at was built well, that's another point in its favor. Third, you have floorplan and amenities. People want certain things when they are buying a home -- kitchens and baths are very important, a master suite is very important, closet space is very important. Amenities -- if they are of high quality and good design -- are also important, as is parking. Just because something is 20-30 years old doesn't mean that it's worse than something that's newly built. You need to evaluate each property to determine its strengths and weaknesses. Things to look for before you buy -- how many units in this complex are currently for sale? What's the average days on market for a unit in this complex to sell? Are prices staying level, trending upward, or trending downward? What other options are available in the same price range in that neighborhood? How are these other options selling in relation to the complex you're looking at? If you don't already have one, find a really good buyer's agent who can help you assess all the variables and assist you in the process to get the best deal possible. Good luck!
2 votes Thank Flag Link Sat May 17, 2008
Joan, very true. And since prices have dropped so much since then I bet they have figured out by now it would have been crazy to buy then.
1 vote Thank Flag Link Wed Mar 10, 2010
When you say Druid Hills are you asking about the area known as historic Druid Hills or are you talking about the area around the Target at North Druid Hills and Briarcliff. Most of the replies here are talking about the historic Druid Hills area which is between Emory University and Ponce DeLeon. There really isn't a Target near historic Druid Hills.

Whichever you are talking about, I would say that although nobody has a crystal ball, the price of gas is going to insure that the homes or condo's in close in Atlanta will probably hold there value pretty well over the long run.

In terms of a condo built in the 1980's there are several things to watch out for. There were some issues with siding with homes built in the mid eighties. Louisiana Pacific and some Georgia Pacific sidings were a composite board that had a glue that did not hold up to any kind of water penetration and would swell and de-laminate if there were any kinds of leaks. There was also quite a bit of synthetic stucco which has it's own set of problems. So an inspection with a qualified inspector is important. Also with a property of that age the roofs are coming to an age where they will need to be replaced, so looking at the condominium's budget and financial statements is crucial in deciding if you should buy. Make sure that there is enough cash reserves and find out if the roofs have ever been replaced.

The other issue to check in owner vs renter ratio. This affects the types of loans that are available which may or may not affect you, but will affect the marketability of the property if you ever need to sell!
1 vote Thank Flag Link Sun May 18, 2008
Ki,

I usually don't reccomend buying condo's because of the difficult resale. Druid Hills is an exception. There are many older condo's in that area so be picky about the condition, location, & overall status of the complex.

I worked in the Druid Hills area for many years and know the area well and the potential for resale there.

Let me know if I can help you in any way or give you my opinon on the development you are considering.

James Dudley
ERA Sunrise Realty
678-781-7418
james.dudley@era.com
1 vote Thank Flag Link Fri May 16, 2008
sounds like it's perfect for you and I don't think it's crazy at all.
0 votes Thank Flag Link Thu Mar 11, 2010
Funny thing though Joan, it seems to have been pulled from the archives a few weeks ago on Feb 25 LOL....see we get the date thing now;-0
0 votes Thank Flag Link Wed Mar 10, 2010
Hmm, almost 2 years later, I'm pretty sure Kl has already decided, one way or another.
0 votes Thank Flag Link Wed Mar 10, 2010
Great spot to live, as Im long time res. Single family is much easier to sell and start low 200s. Condo is ok if you love it and will be in it forever. My 2c is only buy condos that are FHA approved and using FHA financing which make them assumable and you can always sell them to occupying buyers that qualify. If your rates 5% and market is 8% in the future that will be a big advantage. You could end up taking no money down and get out without a deeper loss. Best value IMO is likely past Clairmont in 30033;-)
0 votes Thank Flag Link Wed Mar 10, 2010
Now is a great time to buy that condo. Prices have dived and you could get and amazing deal. The locations are convenient to Emory, Midtown, CDC and major employers. I would urge all buyers to get moving while the deals are still to be had.
Web Reference: http://www.englishteam.com
0 votes Thank Flag Link Thu Feb 25, 2010
Condo, loft and townhome living is a lifestyle choice much moreso than a real estate investment.

There are many advantages over being tenant - being a tenant in a buyer's market is what is crazy!

Close to Target...cool.

Get your real estate on.
Web Reference: http://intowninsider.com/
0 votes Thank Flag Link Sat May 17, 2008
I don't think it is crazy at all. A good market research comp will be able to tell you how to structure your offer.

I will provide you a link to my award winning website http://dwellatlanta.com/. Feel free to browse around. If you have any questions or want detailed market data, please don't hesitate to contact me.

Jason + Associates
404.895.9618
0 votes Thank Flag Link Fri May 16, 2008
It really depends on the price. Let me know if you have any questions, feel free to call anytime.

Alex Wilkinson
Phone: 678-776-0135
0 votes Thank Flag Link Fri May 16, 2008
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