Atlanta Condos For Sale

Midtown Atlanta Condos For Sale Under $250,000

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Midtown Atlanta Condos For Sale Under $250,000

Atlanta Condo Prices Rise 23 Percent
Midtown Atlanta Skyline

Once upon a time, in a real estate market far, far away, I used to write about condos For Sale under $100,000. Times and prices in Midtown Atlanta, they have changed. And along comes Midtown Atlanta Condos For Sale Under $250,000!!

Midtown condo buildings that once had one-bedrooms for sale at $50-60,000 are now selling for $125,000. High-rise 2 bedrooms that could be had for $191,000 in 2010 sold in 2013 for $305,000 and are now pushing $350,000. (The  $191,000 example originally sold for over $300,000!)

I’m always asked about future value when a Buyer is looking to buy a condo. Of course, I don’t have a crystal ball! (And if somebody DID have one we would not have gone through what we did in 2009-2010 as you can see in the prices above.) Probably the big elephant in the room is future construction. There are numerous apartment buildings that are either recently opened, under construction or proposed! If, and when any of these buildings would make a conversion from apartments to condominiums (and how many of them at the same time…a distinct possibility) could have an impact on resale values of the condo you purchase. Then again, if the prices in these new buildings are significantly higher (and all indications are that they would be) then your values will hopefully be equal or better than what you paid.

But the key point here is, prices are NOT going down. In fact, the Midtown condo market is on fire, and homes that are priced right move quickly. Sellers are trying to push the envelope and ask higher prices, but the final price, unfortunately is going to be determined by what the condo will appraise for, and what your lender is going to be willing to loan for.

When you see a 2 bedroom sold on the 18th floor for $325,000, and a new listing on the 14th floor for $370,000, you have to wonder what the Seller may be thinking? I’m certainly going to be questioning whether that new listing will appraise anywhere close to the list price!

Midtown Atlanta Condos For Sale Under $250,000

You still have options, but a 2 bedroom may be hard to find!

One Museum Tower – A Midtown Atlanta Condo Building Reborn!

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Museum Tower SiteBack before the market crash, I think I had a bit of a “crystal ball” moment. I used to look at all the new buildings going up (and proposed) and said, “This is awesome, all this new construction, but who is going to fill all these buildings?” Well, we know what happened in Midtown Atlanta, and many other cities as well.  But times, they do change, right?

One Museum Tower – A Midtown Atlanta Condo Building Reborn!

An article in the Atlanta Business Chronicle states the longtime Atlanta developer John Wieland has brought back One Museum Tower to Peachtree Street, across from the High Museum. On the right is actually a photo I took from INSIDE the High Museum, looking across Peachtree Street to the then vacant site back in 2007. At that time, the site had already been sitting there for well over a year.

At Midtown Alliance’s Development Review Committee last week, the building was introduced again, in a much smaller version. The original plans were for a 23-story building with some 90+ homes starting around $2 Million! (I wondered THEN where THOSE kinds of buyers were coming from?)

One Museum Tower 2013

(Drawing/photo compliments of Midtown Patch/ABC)

Fast forward to this week, and we now have a very scaled down One Museum Tower… FIVE story building with only 48 homes, ranging in price from $700,000 to $2.5M. (I again have to wonder, are there that many condo buyers out there for this price point of a condo? Another building, Seventh Midtown has also been announced, pricing to start at $600,000 and go to $1M)

While it’s great to see the wheels of construction begin to turn, I hate to see a prime piece of Peachtree Street not see it’s potential when it comes to a high-rise building. Mind you, I’m sure the residents of Ansley Park (just behind this site) are jumping for joy at a smaller project with out the height!
Let’s see what happens with the new and improved One Museum Tower!
Below is the building proposed about 7 years ago!

One Museum Tower Original Design

Midtown Atlanta Condos For Sale | Ansley Above The Park Condominiums

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Midtown Atlanta Condos For Sale Ansley Above The ParkAnsley Above The Park Condominiums is THE closest high rise condominium building to Piedmont Park!  (Yes there are other buildings closer, but NOT a high rise!

Although Ansley Above The Park was built in 1988, don’t let that keep you from experiencing what is unique about this building.

Eleven different floor plans combine for a total of 127 homes. Of course, since the building was built in 1988, the best option is to find a home that has been renovated or it will be dated in finishes. On the flip side of that, a home that has not been renovated will give the buyer more flexibility in remodeling and creating the home they desire!

Each home has a private balcony with electricity, not found in many condominium buildings. I’ve often said this is such an overlooked, but awesome PLUS in a condominium building. You can have a water feature and along with a variety of potted plants….create your own “garden in the sky.” Pretty cool.

Ansley Above The Park amenities include a swimming pool and deck on the 4th Floor, a roof top terrace on the 11th Floor, as well as a club room and exercise room.

Ansley Above The Park also has a guest suite with separate entrance to the pool, full kitchen and washer/dryer. It can be reserved by the residents for up to 7 days at a time.

Underground parking, a 24-hour concierge and newly renovated lobby and elevator foyers complete Ansley Above The Park.

Search Ansley Above The Park Homes For Sale Here! 
If you have any questions about this unique Midtown Atlanta living opportunity, call me at 770-713-1505!

 

Midtown Atlanta Condo Buyer Tips | What Happens When Repairs Are Not Completed?

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As part of the Midtown Atlanta Condo buying process, you will have an inspection done. You want to know if there are any issues with systems such as the HVAC, as well as knowing that all appliances are working. Once you determine there are items that need to be fixed, an Amendment to Address Concerns With Property is completed and the repairs are negotiated out.

Sometimes, it may be easier to get a credit off the originally agreed upon Sales Price of the condo. This may be ok, your loan is still in the underwriting process. But let’s say, it’s day of closing (or day before) and you do your final walk through. The repairs have NOT been made….

Do NOT adjust the sales price for last-minute repairs

Condominium Maintenance TipsMost buyers will have a list of desired repairs based on their home inspection report, and the sellers are expected to complete these repairs prior to closing.

On the final walk-through, many buyers will discover that everything on the “punch list” has not been done, and they will want a reduction in the sales price or another type of credit.

Try NOT to adjust the sales price:

1.    Buyers’ loan amount will probably change, especially if it is 80% or more of the sales price (such as FHA), and this could even trigger PMI (private mortgage insurance);

2.    Buyers’ loan must go through underwriting again;

3.    Commissions are reduced if based on a % of the sales price;

4.    Entire contract may need to be re-written.

 

Better ways to handle the credit (always subject to lender approval) for the Midtown Atlanta Condo Buyer:

1.    Increase seller-paid closing costs;

2.    Have sellers provide a home warranty or extend it for an additional year;

3.    Have sellers provide a termite bond (or extend it);

4.    Have sellers waive reimbursements of prorated property taxes or HOA assessments;

5.    Have sellers pay for the HOA letter (if not already paying).

This yet another point and time in the home buying process when you want to have a great lender working with you to make sure there are no last minute hangups with things like this!

 

OPEN HOUSE Sunday 3-5pm | Viewpoint Midtown Atlanta

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OPEN HOUSE – SUNDAY 3-5PM

 


OPEN HOUSE SUNDAY, NOVEMBER 11 3-5PM –Viewpoint Midtown 1 Bedroom +DEN For Lease
OverviewMaps

Photos

Description
$1,800
Residential Rental
Main Features
1 Bedroom
1 Bathroom
Interior: 861 sqft
Location
855 Peachtree Street
1410
Atlanta, GA 30309
USA

To get updates on open home dates and other property events, please click the “Like” button below:
Thom Abbott, GRI 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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The Atlantic At Atlantic Station Goes…..Rental!

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The Atlantic Offers 324 Homes For Rent

UPDATE — APRIL 9, 2014

The Atlantic has announced they will begin converting leased units back to condominiums FOR SALE! As of this date, they have released floors 7-20 and 41 to 47 which include some incredible penthouse homes! 

For MORE INFORMATION about The Atlantic Residences, please visit:

The Atlantic Residences at Atlantic Station

 

We’ve heard this was coming, and now it’s official! 324 homes in the tallest residential building in Atlantic Station are now available for immediate lease in The Atlantic!  WOW! In fact before ST Residential sold the building, I reported they were moving some 80 homes to rentals in December, 2011.

This news had been circulating for some time, but the website is up and the Leasing Office is OPEN! And it’s actually a pretty interesting site as you can search for specific rental units based on a move in date, and your preferred rental rate. And the rental rates just may shock you Midtown Atlanta renters!

After numerous searchs on the site, for a May 1, 2012 move-in date, the least expensive 1 Bedroom Condo (apartment) is on the 9th floor at a whopping $1649 per month! A May 1 move-in date search for a 2 bedroom/ 2.5 bath apartment found a home on the 6th floor at $2197 per month! So, that’s pretty low considering the building is 47 stories tall. So what would it take to be up in the sky I asked?

The Atlantic offers two 2 bedroom/2.5 bath apartments on the 38th Floor —- at a pricy $2883 per month! A jump to the 45th floor took the rental rate up to $3,591!! So that almost Penthouse view will set you back a few pennies! I was going to post a floor plan for a reference, but the above 45th Floor rental is shown to have 2200+ sq. ft. but the available floor plans for a 2/2.5 only go to 1,830 sq. ft. I’d say we best do some homework on these floor plans and rates.

The arrival of The Atlantic with 324 available homes comes at a time when two other luxury apartment buildings are under construction on 12th Street in Midtown Atlanta.  So over the next 12-18 months, the Midtown rental market is certainly going to see some competition. The question remains is if these buildings, The Atlantic included, will be able to maintain these rental rates, or if we will see some “fire sales” in rental rates. In my history of working with many, many potential tenants, I’ve not had ANY willing to pay these kinds of rental rates in buildings like Viewpoint or Spire.

I’ll be off to check out these homes and will post a follow up in the coming days!

Thom Abbott

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

 
 
 
 
 
 
 
 
 
 

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