Am considering buying a condo in midtown as a 2nd home. Debating btw 1 or 2 BR. Focusing on Viewpoint/Spire/Metropolis. Advice on maximizing my value

Asked by Vincent Cirillo, Atlanta, GA Tue Jan 18, 2011

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14
Lee Taylor, Agent, Decatur, GA
Tue Jan 18, 2011
All good advice - 3 thumbs up.

2 bedrooms makes more sense as a general rule, but square footage, amenities and view make the value difference. Kitchens and baths sell houses. Kitchens, baths, floor plans, dollar for dollar value of amenities and a great view (if available) sell condos...particularly in the buildings that interest you.

If I wanted what you wanted, then I would take a hard look at 805 Peachtree, and other older Midtown buildings that have solvent HOAs and good neighbors and sweet amenities, and make a value comparison with your cookie-cutter mid-2000's built garden variety Midtown skyrise condos.

I like Aqua. I like 1010.

If I wanted a 2/1 with a skyline view for $75K, then I would be trolling Ralph McGill...

Finally, go west, young man - White Provision is the category killer in my opinion...
2 votes
Hank Miller, Agent, Alpharetta, GA
Tue Jan 18, 2011
Wow - I might go to Vegas and laying all on the Jets this weekend. You're bold Vincent, the condo market is like catching a falling knife and doing it as a second home.....but that said -

You maximize value by being an SOB when it comes to research and negotiating. This is ALL BUSINESS and unless the numbers work and you steal the deal, you move on. You align yourself with a number crunching boots on the ground "geek"...and Lee Taylor is that guy. He's a "blues brother" fashion plate that knows the market intimately; I have and will continue to give him my buyers looking for something like you described. He is absolutely trustworthy and reliable.

Like me, he has zero time for the nonsense, if you want to throughly shake this idea out then get a hold of him.

Hank
Web Reference:  http://www.hrmiller.com
1 vote
Ken Guillen, Agent, Duluth, GA
Tue Jan 18, 2011
Dear Vincent,

Although you may only need One Bedroom, it is typically a better idea to get a Two Bedroom as that is what most buyers choose. It is not just about now but the future re-sale as well.

Keep in mind also that it is currently more difficult to get a mortgage on a Condo/Townhome.

Have an agent be sure the complex is approved for a mortgage before you spend your time in a search
Also, be careful about Association Fees. this is an indication of maintenace required as well as services you get in paying the fee. (water, garbage, security, maintenance, etc.) If the units are forclosed on in the complex the fees must still be paid. Be sure the Association is not passing on too much of the vacant fees to the Occupying Owners.

Let me know if you have any further questions.

Ken Guillen, Associate Broker
klguillen@comcast.net
1 vote
David Bottom…, Agent, Atlanta, GA
Tue Jan 18, 2011
I agree with John. As cheap as they are now, go for the 2 bedroom plus 2 bath if it's in your price range. I just closed a 2 bedroom 2 bath on one of the highest floors in a great Midtown building for $158k to give you an idea for value.
1 vote
John Reinhar…, Agent, Atlanta, GA
Tue Jan 18, 2011
Vincent

When buying a condo in the midtown market going with a two bedroom is a better choice.

I would be more than happy to look the condo up for you. If your already working with a agent have them do it for you.

John J. Reinhardt
REALTOR
Residential, Commercial, and Land

T 770.475.1130 Ext. 6806 http://www.infrontmarketing.com
1 vote
Wanda Couch, Agent, Buford, GA
Tue Jan 25, 2011
As you see, everyone agrees on the 2 bedroom. You can use one for an office if you want. I suggest getting one on the highest floor possible. This way, if someone builds a new complex in the area, you'll have a better chance of not getting your view blocked. Ask what the HOA says about renting your unit out. I came across one complex that allows it if you have a hardship. They believe that would be better than having a foreclosure. Your agent can get you a copy of the HOA rules and regulations. Read it to avoid any surprises later on.

Wanda Couch
Keller Williams Realty Atlanta Partners-Buford.
678-614-5883
0 votes
Andrew Doyle, Agent, Atlanta, GA
Sat Jan 22, 2011
Hi Vincent I am a Midtown-focused Agent who purchased a 25th floor unit at The Viewpoint as a 2nd home. I have also helped five Buyers purchase here. Just last week I was orking with some clients tour all of the values between $180-270k in these buildings you mentioned. Currently Metroplois has some interesting 2 bedrooms in the $210-250k range. My clients last week decided to go with a new Viewpoint 1 plus den in the end.

The 1 bed plus den options are nice since they give you that little bit of extra space without the full price of a 2 bedroom in terms of sales price, real estate taxes and the larger HOA that comes with 2 bedrooms.

If you have a minute please see my website/blog listed below. I think you will find it quite informative. If you are still seeking a Buyer's Agent I would be happy to work with you to apply my knowledge of the market to your purchase.
0 votes
Chris Yates, Agent, Atlanta, GA
Wed Jan 19, 2011
I, too, agree with Hank - Lee Taylor isn't called the Intown Insider for nothing! Buying a condo in today's market is indeed a slippery slope, but as a second home, it can be even more dangerous! There is roughly a 16+ months supply of condos in the Metro area just in the $100-199K price range so you have to do the research, or have the agent that does it for you, in order to make the best decision for YOU. Stick with 2 bedroom units with desirable floorplans and amenities, look for older buildings that are a bit different from all the boutiquey places that are all the rage.
Be careful out there, Vincent - there are 7500 condo units to choose from...

Chris Yates
Keller Williams Realty First Atlanta
404.234.1764
Twitter: @IntownATLRep
chris.yates@kw.com
Web Reference:  http://www.intownrep.com
0 votes
John Sabic, Agent, Atlanta, GA
Tue Jan 18, 2011
I would go with two bedroom condo.
Web Reference:  http://www.atlantamyhome.com
0 votes
Stewart Hamm…, Agent, Atlanta, GA
Tue Jan 18, 2011
Vincent - a 2 bdrm condo is the way to go for resell value.

I have one in Conrerstone Village LOfts at 800 Peachtree that's $159K - great deal

Stewart Hammond

Beacham & Co.
404-451-4602
Web Reference:  http://www.beacham.com
0 votes
Kevin A. Jon…, , Atlanta, GA
Tue Jan 18, 2011
I am a lender with Southeast Mortgage. I would HIGHLY recommend a 2br condo. It's a lot better re-sale. As for a 1br you might never be able to sell in today's markets. If you have any financing questions feel free
to call me at my office at 770-279-0222 ext. 718 OR on my cell at 404-579-9802. Have a super day!
0 votes
Thom Abbott, Agent, Atlanta, GA
Tue Jan 18, 2011
Vincent:
Indeed, there are some tremendous values on 2 bedrooms in the Midtown Market place. Not so much at Viewpoint since it is a new building. You MAY still be able to get a 2 bedroom from the developer, but they are about sold out. They have 1 bedroom and 1 bedroom+den available.

Metropolis is the oldest of the 3 buildings, and Viewpoint the newest. All are built by the same developer, and they "kicked it up a notch" for each building.

The potential drawback to a 2 bedroom is you will pay higher monthly HOA fees, because of the square footage. On the flip side, a 2 bedroom comes with two parking spaces, and considering all street parking in Midtown is now PAY parking, that extra spot could be handy for you OR your guests. You will have more space in a 2 bedroom, should you have guests, or perhaps work from home.

All 3 buildings are in a great location on Peachtree Street. Viewpoint was to originally have 3 towers, and plans for the other two have been scrapped. So it remains to be seen what will happen with the vacant lots that adjoin this building.

Let me know if I can assist you with any other questions or information. If you need floor plans for any unit in any of the 3 buildings, I have all of them.

Thom Abbott
Associate Broker
Thomas Ramon Realty @Palmer House Properties
Web Reference:  http://MyMidtownMojo.com
0 votes
Top Atlanta, Agent, Atlanta, GA
Tue Jan 18, 2011
Vincent - There are some great deals and values to be had. Stay away from 1 bedrooms, very hard to resell. Keep in mind that investment properties are harder to finance and some of these buildings have long waitlists for rentals. I'll help you stay far away from these pitfalls. Call me at 404-234-1196 as this is my specialty area.
best,
Karen Smyth http://www.teamsmythrealestate.com
0 votes
Amanda McMah…, , Atlanta, GA
Tue Jan 18, 2011
Actually, it depends on the condos surrounding the ones you are looking at whether you should scale up or down for value. Have your agent run a CMA for you on both condos and then check the area for foreclosures and short sales. You should have an educated answer when you have an idea of homes that have sold around the ones you are looking to buy. Call me if you need help.
Amanda
678.613.0967
0 votes
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