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Thom Abbott, GRI
Thomas Ramon Realty
(770) 713-1505 Thom@MyMidtownMojo.com https://MyMidtownMojo.com
Listed by: Thomas Ramon Realty @ Palmer House Properties |
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Thom Abbott, GRI |
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Mayfair Tower 1 Bedroom/Den – 2 Full Baths $1650 Per Month
JUST REDUCED!!! CORNERSTONE VILLAGE MIDTOWN ATLANTA 1 BEDROOM Freedom Heights Spacious Condo For Rent — Direct Access to The Beltline Viewpoint Midtown Atlanta One Bedroom Homes from $209,000 CORNERSTONE VILLAGE CONDOS FOR RENT
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It’s no secret that Atlanta is starting to see new construction again, especially Intown Atlanta New Construction! But if you are waiting for that new condo tower to rise, you might be waiting awhile!
Midtown Atlanta currently has at least 9 apartment buildings in some state of development, including a completed building, Skyhouse at West Peachtree and 11th Streets. True, there has been a lack of quality apartments in the Midtown/Midtown West area for some time. Your options for upgraded apartment living meant you needed to find a condo being leased by a private owner (and making sure they had a leasing permit to go along with it) if you wanted something decent.
And Midtown is not alone! The Atlanta Business Chronicle (February 15-21 issue) reported that a developer has filed a rezoning request for a 6.5 acre site at the corner of Piedmont Road and Lenox Road (also called the Buckhead Loop.) This new project calls for two TOWERS of 26 stories (380 units) and 19 stories with 322 units! It’s expected to take most of the year to get through the re-zoning process. And just down the street, Cousins Properties is building the 355-unit Circle Terminus in the Terminus complex.
But are we now in apartment overkill mode? We are talking some serious apartment construction! And the $50 question is, can, will and when would any of these buildings convert to condominiums? I’m working with a client right now that used to build apartment buildings and I asked him that very question. His response was that the loan on many of these buildings may be structured such that they cannot convert for 5-10 years. This way, the lender realizes the return on that investment (loan) that they planned on. Now, there could be “out clauses” that involve penalties, and then, the developer would need to get NEW financing for the project as a condominium building.
Needless to say, all of this construction will bear watching over the next few years. That said, with no new condominium building construction on the horizon, expect to see Midtown Atlanta condo prices continue their rise! You can see and monitor the market changes in many of the Midtown Atlanta condo buildings at our Midtown Atlanta Market Reports Page.
From a Buyer and Seller perspective, the market is improving. Midtown Atlanta condominiums are getting multiple offers and bidding wars! If you’re a Seller and you want to Sell, and can price it right…it WILL sell!!
But, rewind back to 2007-2008 when there were several new construction projects selling in Midtown Atlanta. As I looked at the skyline grow, it was exciting! But in the back of my mind, I just had to think…
Well, it’s taken us from then, until now to eat up most of that inventory, and give already existing owners a chance to sell their homes! Ah yes, we still have challenges between what they paid and what they can sell for, but at least we know we are headed in the right direction.
I wonder if we can say the same about apartment buildings. I mean it takes one hand to count the projects under construction, or proposed right now…and this is JUST in Midtown/Midtown West:
Are you seeing a pattern here? Once again, I’m asking the question, “Where are all the people coming from to fill all these apartments?” Or, the $100 question, how long will they BE apartments before they are converted to condominiums?
We are either going to have a HUGE glut of apartments, or a bunch of new condominium inventory on our hands in the next 2-3 years. What does that mean for the real estate market? Well for those of you that either own investment property, or are owners that have obtained a leasing permit, you are going to feel some pressure on what you are going to be able to charge for rent. If your place is not the new and shiny penny, the renter’s maybe looking elsewhere. Or it will push down your rental rates if everyone if flocking to the new and shiny penny.
Or, there will be sales……
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Thom Abbott, GRI
Thomas Ramon Realty
(770) 713-1505 Thom@MyMidtownMojo.com https://MyMidtownMojo.com    
Listed by: Thomas Ramon Realty @Palmer House Properties |
| Our recent listings
Mayfair Renaissance 1 Bedroom/2BATHS with Double Balconies
Poolside Perfect At Cornerstone Village CORNSTONE VILLAGE CONDOS FOR RENT Viewpoint Midtown Atlanta GA Viewpoint Midtown 20th Floor Condo For Rent
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See on Scoop.it – Midtown Atlanta Conversations and Condos
Now the second largest source of mortgage money in the country — Freddie Mac — is warning about a troubling new wave of post-crash fraud: scammers who illegally rent out its foreclosed and for-sale homes to unsuspecting consumers shopping for houses to lease. The bogus landlords don’t own the properties — Freddie does — and they have no right to offer them to anyone. But they use Craigslist and other online sites to advertise them to prospective tenants.
Typically the rents are tantalizing — say, $1,200 a month for a three-bedroom home in a neighborhood where similar houses command double that — and the terms are straightforward: Pay us a one-month security deposit and one or two months’ rent upfront — always in cash or money order — and we give you the keys, no questions asked. The fraud promoters sometimes change the locks on the front door, remove the lockbox installed by the realty broker marketing the house for Freddie Mac and tell prospects: Oh, and don’t worry about that real estate sign in the front yard offering the house for sale. We tried to sell the house but it didn’t work out, so now we’re renting it.
See on www.washingtonpost.com
