Is investing within a 1 mile radius of Ben Carter's "New Streets of Buckhead" development project a good idea?

Asked by CK, Atlanta, GA Sat Dec 20, 2008

Is investing within a 1 mile radius of Ben Carter's "New Streets of Buckhead" development project a good idea?

http://www.thestreetsofbuckhead.com

Do you think that property values will soar upon the culmination of the project construction? Also, when purchasing condos in the Buckhead area, which building (close to the development) are the best in which to invest?

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9
Lee Taylor, Agent, Decatur, GA
Wed Dec 24, 2008
BEST ANSWER
Mike,

Luxury developments nearby will not be key drivers for "soaring" appreciation at buildings like Ovation and Eclipse, which are not good financially appreciative "investments."

These buildings, just like every condo, loft or townhome in metropolitan Atlanta are lifestyle choices and may be remarkable lifestyle "investments," but that concept is in the eyes of the beholder, Mike.

Any purchase of a condo, loft or townhome is better than making a landlord rich, at least that is solid.

Just don't count on appreciation. Don't speculate. Don't get your hopes up and count on any appreciation in a condo, loft or townhome anywhere in Atlanta.

Hope is not a strategy.

Base your decision on probability, not possibility.

Ask the 2003-2007 purchasers of Atlantic Station's condos, lofts and townhomes...

I have a personal example: back in 1999, the sexy 2828 Peachtree was being sold by the blueprints. My Mother In Law, a successful Realtor, bought there.

That building is one block down from the "Streets of Buckhead," but at the time it was a block down from Makos, Tongue and Groove and Uranus. I can smell the cheap cologne and Pina Colada spillage just thinking about those filth-holes...but I digress.

The condo market was supposed to "soar." Many people thought that 2828 was a smart "investment" and it was 75% sold, pre-construction. Banks love that! 2828 was hot property. She closed on a sweet 14th floor 2/2 in 2002.

She tried to sell the property through 2004-2006. She lost money at the eventual sale.

2828 is a sexy building and the amenities in 1999 were state of the art, but, the trend for all condos, lofts and townhomes is flat, declining, and anemic. Look back at the trend. Flat average prices across all of Intown Atlanta for over 10 years. Flat in just about every submarket.

With a savvy Realtor helping you, you can obtain this data on reliable, well-researched charts and graphs. Monthly. Hyperlocally.

Just pick a savvy Realtor.

If condo living is your best lifestyle choice, then go for it.

Just don't count on the unit being worth more than you paid for it in 2009, at any point in the future.

That way, you'll never have to say that you are sorry, and you may just get pleasantly surprised.
3 votes
Hank Miller, Agent, Alpharetta, GA
Sat Jan 2, 2010
I would let the situation shake out - this project is getting hammered. You should run, not walk, from Atlanta condos. Atlanta isn't a major city like NYC, Chicago, DC, Boston...that can support this much inventory.

Hank
1 vote
Erika Eaton, Agent, Atlanta, GA
Sun Mar 15, 2009
There are two issues at hand. Should you "invest" the area around "Streets of Buckhead" and should you "invest" in a condo. In the Buckhead area #21, there are 266 new construction condo units on the market, but only 67 sold in the last 12 months, which is 4 years worth of new construction condo inventory currently in Buckhead. If you want to look at the official numbers, or look at the resale condo numbers for area 21, you can look at the monthly reports on my website.

Regarding the Streets of Buckhead, I'm very bullish on it. Yes the construction has slowed a bit, but this project is going to do great things for Buckhead. I've written about the Streets of Buckhead on my blog.
1 vote
Bee Nguyen, , Atlanta, GA
Wed Jan 7, 2009
The words "investment" and "condo" generally do not go hand-in-hand and this case is no exception: I agree with everything that Lee has said about our condo market. Unless you want to purchase a condo because you love the amenities and do not want to take care of a yard, I would suggest that single family (or multi) is the way to go if your priority is investment. The other trend that I have noticed in Atlanta is that most people are obsessed with the newest, latest, hottest, and trendiest developments. One season it was the Metropolis and the next year it was the Spire...and then it was Twelve at Atlantic Station...and then it was 905 Juniper--all similar, flashy replicas of each other with one fabulous amenity after another. But it all gets old and has gotten old. And Atlanta keeps building more and more and more...too much competition, too much inventory, and not enough value.
Web Reference:  http://www.leaveittobee.com
1 vote
Thom Abbott, Agent, Atlanta, GA
Tue Dec 23, 2008
Mike: The Streets of Buckhead has slowed to a crawl, as you may be aware. That said, the two buildings you mentioned, Ovation and Eclipse are more geared to the "entry level" condo buyer. I think it depends on what your objective is with the investment property. Are you trying to target someown who will be working at "The Streets" and need a place to rent? Are you looking for yoru self? If a rental, I would suspect BOTH of these buildings are at their rental caps, and you could not rent out the unit you bought. The Gallery would be a good building, but again, you would want to check the availability to rent if that is what you are planning.
If you have any other questions, or we can help you, just give us a call. The Thom And Ray Team 770-713-1505
1 vote
Tony Teixeira, Agent, Atlanta, GA
Sat Dec 20, 2008
Mike,

Regardless of the neighborhood, any investment can be a bad one.
Speaking for myself, I can't see property values "soaring" as you put it.
But, I would expect they will climb again.

I would help you myself but will not be available until 2009.
I think you should talk to my teammate.
We are the #1 Keller Williams team in Atlanta and Buckhead is one of the areas we specialize in.

If you want someone that knows what they are talking about, call Mikel Muffley at 404-273-3186.

Again, sorry that I personally can't help you, but Mikel will tell you all you need to know about Buckhead and surrounding areas. Our office is in Buckhead.

Good Luck to you Mike.
I hope the rest of the year proves to be enriching, both emotionally and financially and I hope 2009 is even better!!!!!!!!
1 vote
Strom Thurman, Agent, Alpharetta, GA
Sat Dec 20, 2008
Mike,
Investing in this area could be a good idea if you find the right property/properties to invest in. The market is full of options but if you’re focusing on the type of clientele that will be attracted to "The Streets of Buckhead" you’re looking at higher end investments. Some of the properties that come to mind are The Peachtree Residences, 58 Sheridan, Paces 325, Gallery, and Park Place. With so many options, the key is to find out what your definition of a good investment is and then begin narrowing down the properties that would fit into your investment plan. I would be happy to sit down with you to discuss the many options you have.
1 vote
Randall Sand…, Agent, Charleston, SC
Sat Dec 20, 2008
Hey Mike - I am an agent in Charleston SC but know a great agent in your area that can help you out. Please contact Jen Bowman with Success Realty at (404) 456-5024

One of her websites is http://activerain.com/blogs/jenbowman

She can help you out!

Happy Holidays,

Randall Sandin, 843-209-9667, rsandin@carolinaone.com
1 vote
CK, Both Buyer And Seller, Atlanta, GA
Sun Dec 21, 2008
The answers to my original question have been very general. Does anyone have insight into this project and what impact the project may have on the 30305 zip code? Also, please provide thoughts regarding buying in two buildings that are adjacent to the project (The Eclipse) and across the street (The Ovation). Thanks.
0 votes
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