Atlanta Condos For Sale

What Condos Have Sold in Midtown Atlanta?

by

Midtown Market Report November 2015I was at my desk bright and early this morning (that would be 6:30am for me!) and I had not yet thought of a blog topic for today. So the question came to ME, and then I figured it had to come to you if you were looking to Buy or Sell a Midtown Atlanta Condo….

What Condos Have Sold in Midtown Atlanta?

And we want to keep this information pretty relevant if you are on the edge of getting ready to Buy, or the edge of getting ready to LIST your Midtown Atlanta Condo For Sale, right? So, I did a map search of the MLS (shown at the right) for the last 30 days and came up with the following results:

There were 34 condo sales in the aforementioned map area, ranging in sales price from $74,900 at Melrose Park, to $762,500 at Spire Midtown for a combined condo. (two units combined to one…specifically Number 2305….she was a beauty by the way!)

Some other noteworthy sales include a 1 bedroom at 1010 Midtown for $323,500 and a 1 bedroom at Aqua for $300,000. Y-E-S…I said a 1 bedroom! For you “How Much was that per sq. ft.?” types, 1010 was $371 per sq. ft. and $283 per sq. ft. at Aqua. The 1010 home was 872 sq. ft. vs. 1,060 at Aqua. Was one a better deal than the other? Well you certainly got more square footage for your money at Aqua. But, if you are looking at monthly costs, the HOA at 1010 is $260 per month vs. $527 at Aqua. That’s a bit of a difference on your monthly costs!

I’ve included a list below of all the 34 sales, so you can see the buildings that had sales, and the prices. Another notable fact….over half of the sales were OVER $200,000. Just showing any Buyer sitting on the fence, that waiting will probably only cost you more. Interesting note is the inventory at Cornerstone Village…. some nice options got taken up at a $150-170,000 range, and the current listings in the building ar at $160 and $190,000. Also, there are two 2-bedroom listings that have been on the market for 90 days. Buyers are looking for value, but can’t wrap their heads around the open loft-style of these two listings. (Both have walls that do not go all the way to the ceiling, so privacy in the bedrooms is limited.) Mind you, a creative agent can point out how easy it would be to close off a bedroom with minimal construction and create a totally unique space and condo for the building. But hey, that’s just my salesman mind at work!

 What Condos Have Sold in Midtown Atlanta?

What Midtown Condos Have Sold

Midtown Condo Sales

What Condos Have Sold in Midtown

  • List View
  • Map View
  • Grid View

See all Midtown Atlanta Condos For Sale 30308 30309.
(all data current as of 11/19/2024)


FMLS Logo Listings on this website come from the FMLS IDX Compilation and may be held by brokerage firms other than the owner of this website. The listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. If you believe any FMLS listing contains material that infringes your copyrighted work, please click here to review our DMCA policy and learn how to submit a takedown request. © 2024 FMLS.
Data last updated: 11/19/24 5:12 AM PST.

Walk Score provided by walkscore.com.

 
 

What Are Condo Docs?

by

Declaration of Condominium, condo docsWhenever I work with a condo buyer (and that is pretty much every day!) there are numerous things we do as we purchase a condo. While buying a single family home in a subdivision might have HOA rules, they are usually much more involved when you purchase, and live in a condo.

What Are Condo Docs?

In every condominium purchase contract I write for my clients, I always include this special stipulation:

SELLER TO PROVIDE FULLY RECORDED COPY OF CONDOMINIUM DOCUMENTS, CURRENT ANNUAL BUDGET AND LAST 6 MONTHS HOA BOARD MEETING MINUTES TO BUYER WITHIN THREE DAYS OF BINDING AGREEMENT DATE. IF BUYER FINDS OBJECTION WITH ANY INFORMATION THEREIN, OR THE SELLER FAILS TO DELIVER SAID DOCUMENTS WITHIN THREE DAYS, THE BUYER MAY CHOOSE TO VOID THIS CONTRACT WITH WRITTEN NOTICE TO THE SELLER WITHIN 4 DAYS OF BINDING AGREEMENT DATE AND WILL BE ENTITLED TO A FULL REFUND OF ALL EARNEST MONEY.

The condominium documents included the Declaration of Condominium and The Association By-Laws. As you can see above, I additionally request a copy of the HOA Budget and the last 6 months of HOA minutes.

What’s IN the Declaration of Condominium? Here’s a sample Table of Contents:

  • Definitions
  • Location, Property Description, Plats and Plans
  • Units and Boundaries
  • Common Elements
  • Limited Common Elements
  • Association Membership and Allocation of Votes
  • Allocation of Liability for Common Expenses
  • Association Rights and Restrictions
  • Assessments
  • Insurance
  • Repair and Reconstruction
  • Architectural Controls
  • Use Restrictions
  • Leasing
  • Sale of Units
  • Maintenance Responsibility
  • Mortgagee’s Rights
  • General Provisions

Condominium Rules and RegulationsThis particular condominium Declaration is about 70 or more pages. Your newer buildings will have much longer condo docs. But you can see there is a wide variety of things that are cover. I mean, I could do a blog post series on every topic. (Hmmmm, there’s a thought?)

It’s important for you to review this document, no matter the length. SERIOUSLY!  You may not read it in depth, but by scanning the Table of Contents and then each section, you will have a better understanding of the “Rules of the Road” for living in that condo building.

The Declaration of Condominium is filed by the Developer when the Condominium is created. You are provided a copy (especially in new construction) by the sales representative for the Developer. But in any re-sale, you must obtain a copy from the Seller. If you note in my special contract stipulation, I underlined the words FULLY RECORDED COPY OF CONDOMINIUM DOCUMENTS.   What THAT means, is over the course of years, the owners can have voted to amend, or change the condo docs. They could have agreed to change anything from a pet policy, to leasing terms to parking assignments. Each time the condo docs are changed, they must be legally recorded in with the Clerk of Superior Court in the County where the building is located. Of course, all of Midtown Atlanta will be Fulton County.

We want to see ALL the changes to the original Declaration, to make sure there is not some material change that could affect you, and how you live and enjoy your home.

The Association By-Laws are simply the rules and make up of the Homeowners Association, or HOA. Equally Important, as they will spell out the makeup of the Board of Directors, Meetings, and the Powers and Duties of the Board. (Yeah, this is important!)

As we obtain, and review these documents, I’m here to answer any questions you may have. Your lender, if you are obtaining financing, will certainly review the budget to look for things like reserve fund balances and the income and expenses of the association.

It’s all good…and certainly nothing that should “scare you” when you look at these documents. When you live in close proximity to your neighbors, and share common things (walls, hallways, club rooms, etc.) you need to have “rules of the road”  to guide everyone!

5 Things Home Buyers Should NOT Do

by

As a real estate broker, I’ve been helping Buyers buy homes and condos for over 10 years now. And I love what I do.  But because I do it every day of the week, much of the process is second nature to me. Ah…but that does not mean it is to you….The Buyer. And even if this is your 1st or your 5th home, you might even forget a step along the way.

Your home or condo search might be as short as 30 or 60 days, or it could take a year. It depends on when you start looking, and what you are looking for. But during that time period, there are some things you should not do!!!!

  • Don’t Buy A “Big Ticket” Item —  That can be anything from a refrigerator to a big vacation! Large purchases are not a good thing for your lender to find on, or in your financials! “Honey, we are getting a new house, and look at this 52″ on sale at Costco for only $2,000!” Ah…NO! STOP! Wait till AFTER you have closed to make that purchase addition to your new home! And, this includes a NEW CAR! Suppose you have a lease car, and your lease will be up shortly before you buy your home. This NEW lease will be a new debt and could throw you loan right under that new car!
  • Moving Money— Now, if you are planning to use money from a 401K for your down payment, consult with your lender about WHEN and HOW you should move that money. They will be the best person to tell you to have it in your savings account 6 months or 6 weeks before you close. But any large financial deposit in and out of your accounts will require an explanation, and it could too derail your loan process. Here is another time for me to stress why I have all of my Buyers pre-approved with a lender BEFORE we start home or condo shopping.  This way, we have no surprises, and it is a good time for me, and your lender to remind you of all of these things!
  • Keep Your Job!! — Well, this would sound pretty obvious, right? But it has happened on more than one occasion. All of the sudden, a great opportunity presents itself at another company. If you are in the middle of the home buying process….it just might come to a screeching halt. And if you have changed jobs in the last 6 months, this too could set you back a few months until you are “seasoned” in that new position. A lender wants to know that new job is as secure as YOU think it is, before they give you a mortgage and the keys to a new home.
  • Know Your NEEDS and Your WANTS — Another one that might sound obvious, but when we are out looking at homes or condos, and you have gasp as you take in the view from the 25th floor, don’t let that overshadow something like closet space, or parking spaces! It’s a big one-bedroom, and you are sure you will fit, but it only has 1 parking space…and we have 2 cars. Same challenge can happen with a single family home! It has a “to die for” kitchen and bath remodel, but there is only 3 bedrooms. Wait, we need a Master, a room for Johnny, a room for Suzie, a guest room, a home office….and suddenly you’ve outgrown the home you love before you even move in. Make that list, and by all means….share it with me!  This way, I can help keep you on track!
  • And Speaking Of…Have A Real Estate Agent! — You might start your home search here at MyMidtownMojo.com or any of the other few thousand websites where you can search for homes, but don’t go it alone! Remember, I do this every day. I know the challenges, and the pitfalls, and the landmines we need to watch out for. I’m here to help guide you through the process. It has been proven time and time again, that having an agent by your side will lead you to a much smoother buying and closing process.

Is Buying a Condo a Wise Investment?

by

Plaza Midtown Atlanta Condos For SaleMaking a home purchase is the single biggest investment you will ever make….well, unless you are already a millionaire. In my years of selling real estate, I’m helping you make that decision on that investment. We work together to find a house or condo that fits your needs, and your budget, and soon, you call it home. I specialize in condominiums and I’m often asked…

Is Buying a Condo a Wise Investment?

Well, you can actually ask the same question about a single family home, depending on where you are buying!

But, let’s look at buying a condo in Midtown Atlanta. When you walk the streets, and see all those cranes, you might not think so. But 99% of those cranes are building FOR RENT apartment buildings, NOT FOR SALE condominiums. So right now, you have to look at re-sale condos if you are looking to purchase. (The exception is One Museum Place, starting at $800,000 and Seventh Midtown, starting at $740,000 …price points that are not for every buyer!)

So I’m asked, “What will happen when any of these apartment buildings convert to condos?” Good question, and not so easy to answer. But based on the current construction costs, if any of these buildings were to convert, their sales prices would most likely be much higher than any of the current resale buildings. So, the demand for condos in Midtown will most likely remain fairly strong, given the limited inventory of both resale and new construction.

After taking a hit in the housing downturn, condos in many major cities are seeing some great price appreciation, Atlanta included. A report for Zillow (hey, you know I don’t always trust what comes from Zillow…..) shows that the stigma against buying a condo has changed, and the appeal is back, especially amongst younger buyers. The chart below gives you an indication of the appreciation in Atlanta and other major cities!

But there are other factors to consider. If you think you job might have you headed to another city in the next couple years, buying might not be the right choice for you. If you purchased a $250,000 condo today, I’m not 100% sure it would be worth $270,000 in just a year. And remember, when you sell, you may be looking to pay those closing costs YOU asked for when you bought, along with the marketing fees.

But I tell all my clients that buying long term, is a much better decision than renting and tossing that money out the window each month. I’ve seen many Midtown Atlanta condos go up in value in the past few years. The increase in value has slowed somewhat from what it was, but the prices are still going up. I’ve had a buyer pay $170,000 in 2013 and the same condo is now selling in 2015 for around $240,000.

I’d still say that buying is a wise investment.

 

A Focus On Credit History in Your Future Real Estate Purchase

by

Ever contacted a real estate agent and one of the first questions they ask you are, “Are you pre-approved for a mortgage or will you be a cash buyer?” And has that kind of ticked you off? I mean we have barely spoken, and you are asking me such a direct question!!!!

Well, there are many reasons we ask that question, and sure, HOW we ask it can be phrased any number of ways. But, keep in mind, that a real estate agent never gets paid until you close on a home or condo. So if we are out showing you homes, and THEN you go to get your approval on a mortgage, the process may get derailed by something…..and those somethings can be anything. Income, length of time on your job, and of course your credit. Now, you don’t get to buy the home, and we don’t get paid. Now, I’m not trying to say that the agent’s interest comes first, but we do run a business, and we have to make business decisions to work with Buyers that are qualified to buy.

I also like to tell my Buyers, that the last thing I want to do is show you a $250,000 condo when you can only afford a $200,000 condo. You will now have your heart set on the one you found, but through the loan approval process it’s determined you can’t afford that much, or you decide you don’t want to SPEND that much.  There certainly IS a difference between the two.

Now, I’m not a loan officer or lender. Let me be very clear!!! I’m here to help you FIND the right home, PAY the right price, and help you through all the steps along the way. It is your loan officer that will be the one to assist you in getting your financing. So, this is why I want you to have this process well under way (that is another way of saying having your pre-approval letter) BEFORE you start looking at homes. Would you buy a car, if you did not have a driver’s license?

Today, I read an article in the New York Times (I’ll link to it below, but you may have to have an online subscription to read it) that Fannie Mae is going to start taking a longer view (look) at your credit history when looking at your mortgage application! What does that mean? Right now, Fannie Mae require a “tri-merge” credit report that takes information from all three credit bureaus….TransUnion, Equifax and Experian. But, when they do that, it’s a “snapshot” at that moment when your credit is pulled.

This new process, or trended data product, will go back some 30 months, showing your payment history, if payments were made on time, and whether borrowers tend to carry balances, or pay off balances in full.

So, it’s going to be important for you to have that pre-approval in place and your loan officer has all the documents they need for that approval. A Focus On Credit History in Your Future Real Estate Purchase is going to be very important!

Then, we will be able to look at homes, knowing you are comfortable with what you can spend, and, have a pre-approval letter to attach to your offer, giving the Seller confidence that you are in fact, ready, willing and able to buy their home!

New York Times Article, A Focus on Credit History for Mortgage Approvals

Changes Are Coming to the Closing Process!! TRID

by

Closing Changes When Buying a Home September 30, 2015
If you are purchasing a home or condominium, and you will be making your LOAN APPLICATION AFTER Saturday, October 3rd, the process is changing! And could be a bit complicated if you don’t work VERY CLOSELY with your real estate agent, your lender and your closing attorney!!

If you have purchased in the past, maybe you remember last minute amendments to your Purchase and Sale Agreement? Maybe they were to correct a name, or an address, or clarify a special stipulation in the Agreement? Ah, not so fast now!!!!

The new TILA-RESPA Integrated Disclosure Rule (TRID) is going to make follow up ever so important! NOW, when you receive something from your agent, your lender or the closing attorney, it will require your IMMEDIATE and FULL attention. Due to new disclosure time lines, everything must be in place at least 10 days before the closing (to assure that everything moves on schedule!)

Every purchased a home or condominium with a “back-to-back” closing? Where you needed to close on your first residence so you could buy your next home? These types of closings will be even more difficult to manage, because if anything goes wrong on the first closing, that messes up the days needed for the disclosure, it will in turn delay your next closing.

In a nutshell, what does this all mean? It means you need to have YOUR TEAM in place, and have your real estate agent as your Quarterback to make sure the process is moving along. Anytime you are sent something that requires you read and sign, you need to give it you immediate attention, so it can be handled accordingly!

Changes like this can be challenging, but I’m here to help you through, every step of the way!

For More Information about the new Process and understanding it, CLICK HERE for the Consumer Protection Financial Bureau and helpful information about the new forms.

 

 

Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

HomeSmart