Atlanta Condos For Sale

How Can I Lease My Midtown Atlanta Condo?

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How Can I Lease My Midtown Atlanta CondoYou’re a real estate investor. The Midtown market is hot, hot. You want to cash in and get an investment property.

You’re already a Midtown condo owner. You just met the guy (or girl) of your dreams and they want a house in the new real estate hot spot of Chamblee. But you want to keep the condo. 

How Can I Lease My Midtown Atlanta Condo?

All of the above are scenarios I encounter on a weekly or monthly basis. Another is that dreaded, ” I got a job in _______ (Fill in the blank) but I want to come back to Atlanta and I still want my condo here. Unfortunately, you may have a problem with what to DO with your condo….be it in Midtown or anywhere in Atlanta.

And this is nothing new, just because of the hot real estate market and limited inventory! I wrote about this very subject in 2012! 

You can’t just up and decide to lease your condo. All condominium buildings (well actually the Homeowner’s Association a.k.a. the HOA) have requirements as to the number of condos that can be rented at any given time. And that number in most buildings is around 25%. But why? It’s MY condo! I’ll do what I want with it!

NOT SO FAST!

When you purchased that condo, you agreed to abide by a set of rules and regulations, also called the Declaration of Condominium. They can also be called the CC & R’s ( Covenants, Conditions and Regulations). When you move into a condo building, you agree to these rules, and there will always be a provision regarding leasing your condo. And in that provision, you must have a leasing permit, issued by the HOA, to lease your condominium. 

And in most communities, certainly Midtown Atlanta, there is a waiting list to get such a permit. A long, long list.

Why Do I Have to Have a Leasing Permit? 

How can i lease my midtown atlanta condoOne primary reason is because of financing. Most lenders require a certain number of the homes in any community be owner-occupied. To get financing for a buyer, the lender will ask for a condo questionnaire to be completed, and the HOA must disclose how many homes are currently leased. If there is too high of a percentage, the lender may feel that a loan in that building is not a sound investment. There is also the un-founded truth that renters are less desirable neighbors, and don’t take care of a home like a homeowner would. (Not true..I’ve seen some pretty scary condos that were owner occupied…and I’ve seen many a owner bang into a wall, or scuff the paint with a suitcase of moving cart!)

Some HOA’s will allow a hardship leasing permit. Like the job example above? Let’s say you DO have to move out-of-state for a job, but want to move back as soon as you find a new job here in Atlanta! These situations are handled on a case-by-case basis, and differently from building to building. 

I’ll Just Rent It “Under The Table” They Will Never Know

Ah, that would be a big….NO! 

Have the HOA (remember that neighbor you never met…but now knows someone ELSE is living in your condo) find out you are renting and  your tenant could face eviction. You will most certainly get a fine…as little as $25 per day to as much as $500 per day. The HOA can turn off access to common areas like the garage where you park, the club room and any other amenities. It can get pretty messy. Probably NOT worth the risk. 

So if you are looking to buy a Midtown Atlanta condo, or a condo anywhere in the Atlanta area, make sure you place your name on the lease waiting list as soon as you close. Some HOA’s have a grace period of 90-120 days before you can, but get it on there when you can. It may take 4-5 years to clear the list, but when you do, it may be perfect timing to THEN turn it into an investment property and rent it! (And I can help you with that process!) 

Or you may have no choice but to sell. I can help you through that process as well. Here are some tips about selling your Midtown Atlanta condo!

Just know that you need to be living in that condo, and don’t think you will be renting it out! 

SLS Atlanta Hotel Residences Moves Forward

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The possibility of another Midtown Atlanta corner changing appears to be one step closer as the SLS Atlanta Hotel Residences moves forward.

Trillist (the developer of Yoo On The Park apartments) appeared before the Midtown Alliance Design Review Committee (DRC) this past week. This was a follow-up presentation to a previous visit.

The building will be located at the corner of 13th and Cypress Streets. NO, NOT the parking lot next to Opera Nightclub, but the low-rise apartment building across the street? I guess we can say Bye Bye! And she will be a skyscraper with a proposed 43-story tower that will contain 214 hotel rooms and 66 condominiums, along with 12 levels of podium parking. (Yes, we still need those garages!!!)

Cypress 13th Street SLS Atlanta

It’s probably pretty safe to say that the condominiums will be on the upper end of the market price! But this will certainly be an exciting addition the area. 60 11th Street apartments recently opened as part of the 12 & Midtown development, and a new dual branded Marriott Hotel product is scheduled to go up on 14th Street between the Four Seasons and the Marriott Suites Hotel.

Depending on how quickly this project moves forward, me may soon see another “Midtown Bird a.k.a. a construction crane” on the skyline.

We will keep you posted on this one!

What’s My Midtown Atlanta Condo Worth | Metropolis Mid Year Market Report

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When you think about selling your Metropolis condo, the first thing you want to know is how much is it worth? And then, how’s the market for Metropolis Midtown Atlanta condos?

What’s My Midtown Atlanta Condo Worth | Metropolis Mid Year Market Report

We’ve not posted any market reports for this year but this will give you an update of what’s happening at Metropolis Midtown Atlanta!

Metropolis Mid Year Market Report

Current Listings

There is currently two 2-bedrooms on the market at $375,000 and $379,000. There are six 1-bedrooms on the market with an average list price of $266,099. (Make note that some 1 bedrooms are actually studio floor plans that have no walls to separate off the bedroom space.)

Mid Year Market Report Metropolis Midtown Atlanta

Midtown Mid Year Market reportSince January 1, 2016, there have been 38 homes sold at Metropolis Midtown!!! That’s pretty awesome!

Some highlights of those sales would be #1031 that was a combined unit with 1,700 square feet that sold for $525,000 and a 2-level Penthouse (#2010) that sold for $650,000.

As for the rest of the building, the lowest price was $165,000 and the highest sale was $375,000. From the active listings we mentioned above, the Sellers are working to push that sales price up!

Metropolis Midtown was the start of the high-rise condo building streak in Midtown! Since it’s construction, we’ve seen the club room be renovated and more recently, all new hallway upgrades including carpet, wall coverings and lighting.

To learn more about this Midtown Atlanta condo building, visit our Metropolis Midtown page! We’d be happy to help you with the sale or purchase of any of the beautiful listings below!

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See all Metropolis Midtown.
(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 6:45 PM PST.

Walk Score provided by walkscore.com.

 
 

Spire Midtown Atlanta For Rent | 2/2 | $3100

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Midtown Atlanta Condos For Sale Mayfair Renaissance Mayfair Tower

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One of the great parts of Midtown Atlanta, is what I like to call our “backyard” and that is Piedmont Park. There are numerous festivals throughout the year (not always to the liking of the nearby residents) but there is also great places to walk, run, bike, a dog park, the Piedmont Park Pool…the list can keep going. And it can be even more enjoyable when you live in a condo building that is really close to the park. Enter Mayfair Renaissance and Mayfair Tower. 

Midtown Atlanta Condos For Sale  Mayfair Renaissance Mayfair Tower

Mayfair Renaissance Tower Midtown AtlantaIn all fairness, I really should write about these two buildings separately, as they are different with totally separate HOA’s. But for the sake of telling you about this community, I will cover both of them here.

Mayfair Tower was built first, in the early 1990’s. The Mayfair Renaissance came some ten years later, hence the two different HOA’s. While the buildings have mostly the same amenities, there ARE differences. One common feature is the signature rooftop cupolas on both buildings, that are easily recognizable from many places in Midtown and beyond.

Midtown Atlanta Condos For Sale Mayfair TowerMayfair Tower has a 24-hour Concierge with controlled access lobby. There is a small club room, but also a library room with books and a quiet place to sit and read, or perhaps conduct a client meeting. There is also a fitness center. Two amenities Mayfair Tower does not have is a swimming pool or a theater room. I am always telling clients to seriously consider the lack of a pool when buying a Midtown Atlanta condo. You may not think you will use a pool, until it is one of those 95 degree July days like we are having now…and then you will wish your building had a pool.

Homes in Mayfair Tower consist of studio, one bedroom, one bedroom plus a den, and two bedroom homes. Since they were built in the early 1990’s, original homes will be missing the construction norm of today consisting of granite and stainless appliances. Over time, many owners have remodeled and upgraded their homes, so it’s something you will want to watch for if you are looking at this building. You may have a chance to do your own thing, or enjoy what someone else has already done.  Parking is provided in an underground garage. Another word of caution…watch for the number of parking spaces assigned to your home. Sometimes, a 2 bedroom will only have one space versus the customary two spaces.

Midtown Atlanta Condos For SaleHeading across the central courtyard driveway, we come to the big sister, Mayfair Renaissance. Here, you will find a larger lobby along with a 24-hour Concierge. The Mayfair Renaissance does have controlled access elevators along with the lobby access. Just off the left of the lobby is the club room, which has been renovated and is much larger. Also on this side of the main floor, you will find access to the POOL as well as the extra large fitness center! On the opposite side of the lobby, you will find another great library room along with a theater room.

Mayfair Renaissance Tower Looking UPThe Mayfair Renaissance recently went through a common hallways renovation that has greatly improved the look and feel of the building. Again, based on this building being built in the 1990’s, you will still find homes that have not been renovated in terms of bathrooms and kitchens, and then again, I have seen some great renovations.

Located on 14th Street, if you are searching on-line for listings in theses buildings, you can tell the difference by the address. Mayfair Tower is 199 14th Street, and Mayfair Renaissance is 195 14th Street. The buildings have a great location for convenience to Piedmont Park, but are just across the street from Colony Square and the W Midtown Hotel. Colony Square was recently purchased by North American Properties (known for the repositioning of Atlantic Station and Avalon in Alpharetta) and have big plans to bring this sleeping giant back to life. Exciting news.

Mayfair Renaissance and Mayfair Tower. Midtown Atlanta condo living with all the conveniences you need.

Midtown Atlanta Condos For Sale Mayfair Renaissance

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See all Mayfair Renaissance and Mayfair Tower.
(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 6:45 PM PST.

Walk Score provided by walkscore.com.

 
 

Midtown Atlanta Market Report May 2016

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Midtown Atlanta Market Report May, 2016

Midtown Market Report May 2016Not your typical Midtown Atlanta Market Report. I was just curious….how many condominiums have gone Under Contract in the Midtown area (Area 23 according to the FMLS stats) in the last 60 days?

Not sure if you would consider this a high number or a low number…but given the fact of the minimal new construction, most of the sale have to be resales, with the exception of some higher price points which take you into some new townhome developments in Old Fourth Ward, the number is….

187

In the last 60 days, 187 condos/townhomes have gone Under Contract, ranging in price from a high of $1,190,000 for Unit #2402 at Aqua Midtown, and $1,100,000 for #3003 at 1065 Midtown Loews to the lowest point of $84,900 and $97,900 for two 1 bedrooms at City Heights on Ralph McGill Blvd. (also Old Fourth Ward area)

How many of those condos sold for less than $100,000? The two I just listed were the ONLY two under $100,000.

And here’s the breakdown of the rest by dollar amount:

$100,000 $200,000 61
$201,000 $300,000 60
$301,000 $400,000 27
$401,000 $500,000 12
$501,000 $600,000 4
$600,000 + 21

Of interesting note…over 50% of the sales have been in the $300,000 or less price range!

Then you look at the number of sales that are OVER $600,000. 21 homes may seem like a large number in 60 days, but several of these sales were in new construction communities like Highland Park, Square at Glen Iris and The Edge on Lucy Street. The Edge only has 4 units, and 3 of them went Under Contract in the last 60 days! Interesting!

How long were these homes on the market? Again, today is May 17th, 2016 (in case you find this report at a later date!) and we see listing dates as far back as September, 2015. But then others have late April listing dates.

Location, location, location still plays a major factor in real estate. We are in a hot Seller’s market with limited inventory, so the Seller is in the driver’s seat on many fronts. Yet, you can find listings that have been on the market for as long as last August. but the majority of them have gone Under Contract in 30-60 days from the listing date.

To see the complete report of the Midtown Atlanta Market Report, May 2016, click here.

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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