Thoughts on Plaza Midtown Condos? (Atlanta: apartments, foreclosures, renters)

[Julie34]

I am looking to rent an apartment at Plaza Midtown.

What are your thoughts on:

1. Being close to interstate?
2. How safe is the area?
3. Any crime?
4. Have a dog and want to know if safe walking dog late at night?
5. Ages of tenants in Building?
6. General quality of the building? Staff? Repairs? etc.
7. What percentage of tenants rent vs. own?

7. If you live there what do you like about living there? What do you not like about living there?

8. How do you compare the building to Viewpoint? and Spire? ( other bldgs I am looking at.

Thank you so much.

[arjay57]

Sorry I don't know the answer to your questions, but I was just wondering if it is common practice for condos to be rented out as apartments these days. Do the homeowners have any say in that sort of thing? Or maybe it doesn't matter to them?

[mike7586]

Originally Posted by arjay57

Sorry I don't know the answer to your questions, but I was just wondering if it is common practice for condos to be rented out as apartments these days. Do the homeowners have any say in that sort of thing? Or maybe it doesn't matter to them?

More owners are renting out their apartments because they can't sell. Some buildings have a limit on how many condos can be rented out, some don't. It's not all that uncommon to put your condo up for lease, especially if you have a second home or you can't sell.

I don't live in that building, but I do live in Midtown and I've never felt unsafe. I've walked to the Publix there several times, during the day and late at night, and it was fine.

[leydenhouse]

1. Being close to the interstate is good for access purposes, but I would not want a unit facing it, period.
2,3,&4. The area is generally safe, but I would use caution really late at night. Petty crime happens all over Midtown.
5. The glass towers tend to skew younger, but it's a mix.
6. Quality at Plaza Midtown didn't impress me too much, but everyone loves that there is a grocery store at the bottom.
7. I don't know what the % of lease vs own is but, I imagine it would be maxed out at whatever the limit is considering the number of foreclosures that building has had.

[Somoso]

Atlanta is full of condos both new and old. There are excellent deals to be had though consider that selling down the road will be challenging. Also insure that the HOA has specific bylaws governing the percentage of rental units. In my opinion this is the most important determinant of quality of living in a condo. With the market being so bad for condos many are desperate to rent out their units to whomever they can many times to the negative impact on the community. At least in apartments there is a landlord/caretaker who fields complaints. In my previous condo complex there were renters who treated the units poorly (noise, car breakins, trash in the parking lot, junk/imobile cars).

Absentee and out of state landlords didn't care about these problems and the HOA was slow in responding and applying penalties. The HOA did have bylaws specifying maximum rental units but they were largely ignored - owners just rented out the units without informing the HOA and securing the necessary permission leaving the HOA with the task of going after owners in court (which they never did). They sent out letters threatening action but that was about it. Before buying check with the HOA or attend one of their meetings to see if they are serious about enforcement.

Another thing that is helpful is to walk around the property (you can gain access with an agent if its gated) to see how many residents keep trash on their front stoop. This is almost always forbidden by all condo HOAs though its one of the more common violations. Some people will always do this but if you see lots of this then you know the HOA doesn't care or enforce. Aside from being unsightly it also attracts vermin , which the condo owner winds up paying for eventually. Some of my nighbors would leave their trash out on their front stoop for the entire week before taking it to the dumpster and my condo complex was supposed to be "upscale".

Take your time with the condo market. The deals are only getting better. Just make sure you are moving into a place where owners are actively involved and concerned about the property and that the HOA has the funding and enthusiasm to enforce bylaws. Also I'm sure you don't need to be told but I'll say it anyway - the days of buying a condo as an investment are long gone. Don't buy one if you aren't planning on staying with it for a while.

[KLM14]

Agree with leydennhouse on 1-5
6. Publix, several restaurants, close to Marta, close to I-state, well run board and assoc with reasonable cost management and does not let place turn into a frat house = great place to live
7. Limit is carefully held to no more than 25% rental - waiting list goes back 5 years.