I am considering purchasing a condo at Central City in the Bedford Pines Neighborhood.

Asked by Jeff, 30047 Sat May 24, 2008

I am aware that this is a bank owned condo and know that the foreclosure was partly the result of the builder not being able to make delivery on presold units. I am also aware that the bank is sustaining the HOA (for now until 80% of the units are sold). How many units are still unsold and how is this property doing compared to similar new condo sales in the Bedford Pine area and in the mid-250s and up to 300K? How is this specific neighborhood doing with respect to crime, safety, property price stability and growth? What kind of risks am I assuming in a foreclosure sale like this? Comparatively speaking this property appears at face to be a good value. Agree/Disagree? We are a couple with no children in our early 60s, own our current home in Gwinnette County and are concerned about Fulton County management and taxes. I work at Atlanta Medical Center and the location, from that standpoint, is ideal. Please advise.

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Lee Taylor, Agent, Decatur, GA
Sat May 24, 2008

I like the location of Central City, particularly for your commuting needs - it's on foot, even in bad weather. Very nice. Unless you wanna buy a jet pack and land on top of the Med Center like the helicopters do. That would certainly rock.

You ask a lot of insightful questions. I believe that you know what you are doing and that you already have the answers. If you are looking for validation on the merits of a significantly under market purchase, and a long term hold from what I can tell, then this secure community is a winner for you.

Depending on what you want, you can spend less in other gated communities nearby. You can spend more for less at Tribute and a few others nearby.

We don't call it Bedford-Pine anymore by the way - old Nathan Bedford Forrest was the founder of the KKK, so regardless of his esteemed service to the Confederacy 150 years ago, us Intowners don't cotton to his legacy, ya dig? Therefore, we renamed Bedford to Central and call the park Central Park. We call the general neighborhood the Old Fourth Ward, and if you want direct insight into what's happening around the area, if you want crime statistics, if you want to meet Kwanzaa Hall, the City Councilman for the area, then attend a neighborhood meeting - lots of condo dwellers take part in the greater neighborhood.

Here's their site - http://www.o4watl.com/news.php .

Your risks on purchasing a foreclosure should be clear - hire a great Realtor to mitigate.

Fulton County and Atlanta are rife with overspending, mis-spending and more spending to come. Regardless of efforts to trim the fat, government of this growing city, with weak infrastructure fundamentals, is challenging to even the best talent.

If you have problems with more taxes piling up, then don't move Intown. We live here and pay more to live here because we like living here better than living in the suburbs. I get what I get - it's more expensive, but the quality of life trade-off is nice - we make up for it with affordable real estate, and super cool, unique neighborhoods. We` have safe neighborhoods too, for the most part.

Call me if I can help you further.
Web Reference:  http://intowninsider.com/
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