Atlanta Condos For Sale

The 203k Renovation Loan – Loans for Fixer-Uppers

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Rehab loans, FHA 203kSee on Scoop.it – Midtown Atlanta Conversations and Condos

A government financing program covers both purchase and renovation costs for single-family houses and multifamilies up to four units.

 

Thom Abbott‘s insight:

The FHA 203K loan is a great opportunity for all Buyers to pick up a home that needs work, and they can finance that work into the purchase price. INDEED, you want to plan for a longer time in your Purchase and Sale Agreement to close due to the additional steps needed in getting this type of loan. You will have to have estimates done as to the cost of the renovations, and make sure that those costs will help the property appraise once the work is finished.

See on www.nytimes.com

I’m Not Your Attorney or Accountant, I’m Your Real Estate Agent!

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During the real estate process, I get asked all kinds of questions. Some of them relate to real estate, but others don’t.

“Can I write off my marketing fees and closing costs on my taxes?”

“How much will my credit score drop when I do a short sale?”

“Can the Lender come after me for the difference of the balance of my loan if my home is foreclosed on?”

I'm Not Your Attorney or your Accountant, I'm Your Real Estate AgentThose are NOT real estate questions, as much as they may sound like it. They are related to the sale of your home, but they require a different interpretation! And a professional, based on what the question is about…be it a legal matter or a tax matter.

Also, you should not rely on information from someone that is not in the same state you are (especially for legal questions) as laws vary from state to state. Take a look at this question that appeared on a national real estate website today…. the question is asked about real estate in Georgia. The owner lives in California. The person answering the question is from…..NEW HAMPSHIRE!!!

And just as I went to get the question and the answer, the person has removed the discussion! How funny. It was a question about being foreclosed on in Georgia and the HOA still going after delinquent dues. The person from New Hampshire said they have to go to court. Now that may be true for the HOA fees, but not for the foreclosure, and the answer was not really clear.

Here in Georgia, you don’t go to court for foreclosure…we are a non-judicial state. At the closing and purchase of your home or condo, you sign a document that gives the lender the power to take your property if you do not pay your mortgage. We often joke at the closing table that this is referred to the “You don’t Pay, You don’t Stay” clause of your mortgage. They can send you notice, then publish notice in the ocal paper that serves as public record for 4 weeks, and sell you home on the courthouse steps.

Moral to the story…get professional advise from the RIGHT professional in the RIGHT state!

Midtown Atlanta Condominium Sales for 2012

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We recently published our Top Ten Selling Midtown Atlanta Condominiums for 2012. These are not the only Midtown Atlanta condo buildings, and we wanted to share the sales in the other buildings.

The fact that these buildings were not on the Top Ten list certainly have NOTHING to do with the community itself. It’s primarily due to the fact they are smaller communities with less homes so not as many to sell!  Most of these Midtown Atlanta condominium buildings are very popular and desirable buildings.

Midtown Atlanta Condominium Sales for 2012

NOTE: When we completed our Top Ten Selling list, we did not include 1280 West Condominiums. It actually (based on number of homes sold) would the the second highest in sales at 39 homes sold in 2012.

 

Midtown Atlanta Condo Sales for 2012

What Are Interest Rates To Buy a Midtown Atlanta Condo?

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We’ve gone through some turbulent times in real estate, no doubts there! Many people purchased when the market was hot, hot, hot and are now faced with challenges to sell based on the current market value of their condominium.

But for the Buyer, this means the values are much lower than they were in the past, and afford you the opportunity to purchase at a lower price than others may have in the past!  So there is the first part of the Buying equation — Low Prices +.

What Are Interest Rates To Buy a Midtown Atlanta Condo?

The second part of the equation, or cost to buying a Midtown Atlanta condo is your loan, and especially your interest rate, the “cost” of borrowing that money. If interest rates are low, you may be able to afford more in the purchase price of your condo because of that low rate. Well….

 

 

Less than T-H-R-E-E percent for a 15 year mortgage and 3.5% for a 30-year! That is simply amazing. Want a comparison? My own home loan is at 5.5% and my equity line at 6.5%. If ONLY I could refinance!!! But the point here is —

Low Prices + Amazing Interest Rates = Time To Buy A Midtown Atlanta Condo!!

Of course, you need to keep other factors in mind. Some of those are your personal lifestyle. Is your job secure and no foreseeable transfer coming? 99% of the Midtown Atlanta condo buildings are capped on on leasing permits, so you would not be able to rent out your condo if you had to make a job move.

You also want to “buy smart” in a building that is seeing price appreciation and is in a desirable location. That is where your real estate agent comes in!

Step Number One is to get you Pre-Approved for your mortgage, and the we can go shopping for the right Midtown Atlanta condominium for you! Give Michelle a call today and let’s put that equation to work for you!  And of course, call me at 770-713-1505 so we can talk about what you are looking for in your new home!!

Midtown Atlanta Condos Under $100,000

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Midtown Atlanta Condos Under $100,000

Intown Atlanta Real Estate Under $100,000Why Do People Live in Midtown Atlanta?

Midtown Atlanta is a central location in the metro Atlanta area, and the walkability of the area is a key factor in why people live in Midtown Atlanta. Also, often called the “Heart of the Arts,” Midtown features the High Museum, Woodruff Arts Center and the Fox Theater, just to name a few. Step out the front door of your condominium and a host of dining options await you. From a walk in Piedmont Park to afternoon cocktails at Gordon Biersch Brewery on Peachtree Street, Midtown Atlanta is all about getting out on the streets and leaving your car in the garage. From most of the major condominium buildings you are walking distance to the CVS Pharmacy on 6th and Peachtree and the Publix Urban Market locate in the Plaza Midtown condominium building at West Peachtree and 8th Streets. All over Midtown Atlanta you’ll find restaurants serving up everything from salads to sushi.

Looking for a Condo in Midtown Atlanta?

Interested in Condos For Sale In Midtown Atlanta Under $100,000? Click that link to find all the currently available condos for sale in this area of Atlanta.

What’s the Neighborhood Like?

There is a variety of condominium homes to choose from in Midtown Atlanta. Finding one under $100,000 will certainly limit you to the buildings you can look at, but in that price range, you should be able to find a 1 bedroom ranging in size from 600-800 sq. ft. Most likely y0u won’t find your home in a high-rise building, but more so in the mid-rise condo buildings. Your condo may, or may not offer a balcony to take in the sights and sounds of Midtown. In smaller buildings located in the Historic Midtown area you may also have on-street parking rather than a garage or even a parking lot.

What’s Going on Nearby Midtown Atlanta?

Atlantic StationMidtown still has some work to do when it comes to the shopper….but never fear, you have options. Atlantic Station is located across the Downtown Connector at 17th Street.  It’s just far enough, you will have to break your car, or bike out to visit this one. Lenox Mall and Phipps Plaza are located in Buckhead, and you can use the MARTA train to get to and from there if you wish. Midtown West is an up and coming area with shops and restaurants. And you are within walking (or a MARTA train ride) from Downtown Atlanta where you will find the Georgia Dome (Home of the Atlanta Falcons football team) the Phillips Arena (concert and basketball central) and just on the other side of Downtown Atlanta is Turner Field, home of the Atlanta Braves baseball team.

What Schools will the Kids Attend?

If you have school age children, Midtown is served by Springdale Park Elementary, Inman Middle School and Grady High School. There are also some private schools, such as The Children’s School.

Now You Really Want to Find a Condo Here, Right?

If you are interested in the current Condominiums For Sale Under $100,000 in Midtown Atlanta, click on the link! My For Sale property information is a direct feed from the First Multiple Listing Service (FMLS) and us updated multiple times per day.

Lake Sinclair Blog: One more time why buyers should use the tried and true loan officers on my list

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This blog post comes from a fellow broker and good friend, Tammy Lankford Baker who is located on Lake Sinclair. There are many times when we are working with a Buyer that comes to us with “their lender” and want to work with them. I’ll ask what is the relationship, and why do you need to work with that individual? It’s not that their lender may not know what they are doing, but sometimes…..they don’t. They may be with a major bank and underwriting (loan approval) is done in another state. That’s a problem just waiting to happen. As a Buyer, your goal is to buy a new home or condominium. Let a TEAM of people we have put together that we KNOW will make it happen work for you! 

 

See on Scoop.it – Midtown Atlanta Conversations and Condos

I wrote a couple of contracts within a day of each other earlier this month.  Both buyers were pre-approved with the same lender.  One used a loan officer I’ve done business with time and time again.  The other used their local branch.  I have the…

See on www.lakesinclairblog.com

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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