Condo in Midtown? (apartment, renters, HOA)

[cocopuffy]

AFter renting for 2 years in Midtown I am looking to buy a condo...unfortunately I am limited by my income in what units I can look at but I found one that I like in Cornerstone Village. I am aware of the problems that they had with the parking garage and the assessments that were made because of it. I am concerned because I have looked at a couple of units that I like but they are on the first floor! Has anyone heard of breakins through windows in these units? What about the building itself? Will I have a hard time selling my unit down road. I realize I'm never going to get 200k for it but I would atleast like to break even when I move...

[wxjay]

Bottom floor units are really not that popular for resale except for folks who are limited in mobility or are just too lazy. In the city especially, I believe that upper floor units are much more desirable.

I suggest you first (if you haven't done so already) narrow down a radius of where to live, the size of the place you need, any amenities, etc. You can definitely get more for your money in certain Midtown neighborhoods or further out from there.

[noah]

If a specific area of midtown is important that may help you decide. We bought a unit at the Windsor. While it is not a new highrise it is quite affordable yet still has all the amentities and a good location along with good views.

[cocopuffy]

Yeah...I live across the street from the Cornerstone..I've very specific about where I want to live-between North Ave and 15 street. I love living in Midtown and don't want to leave! Because I AM aware of my neighborhood and how 'colorful' it can be at times that is why I am so bothered by the first units. Besides possible crime its just loud at times-especially on this street.

I looked at Windsor but I didn't like how none of the units i looked at had washer and dryer hookups. The same with Piedmont Park...a lot of the older buildings did not have washer/dryer hookups. The units further away from peachtree looked to have too many renters for my taste. I don't want to be the only owner actually living in the building!

[tetucker65]

Have you looked at Peachtree Walk (11th and West Peachtree)? Great location and affordable....for Midtown.

[cocopuffy]

I looked at Peachtree walk but I decided that I wanted to be that far away from where I currently live. Also, the ones I looked at in my price range I didn't like as much as the Cornerstone and they were also on the ground floor. I decided after a few more looks to get the unit in Cornerstone Village. It was elevated off of the ground and it was the nicest of the units that looked at and its exactly at the location I want. The seller is willing to pay the assessment for the garage as well so when I am ready to move thats about 10k that I don't have to pass off to the buyer (unlike everyone else in the building).

[goozer]

If you are looking to buy a condo, always always always consider what the condo fees are. It's crazy, but you might find a $250,000 condo in one building with a $150 monthly fee and a similarly priced condo in another building could have a $400 monthly fee. Also, condo fees are not tax deductible (as mortgage interest payments are), so it definitely takes a big bite from your paycheck. Finally, before you buy, make sure you ask about whether the condo association has any major expenditures it anticipates in the near future. On top of regular condo fees, a condo association might impose a special assessment for a major repair or improvement.

[cocopuffy]

Most of the buildings I looked at in midtown ranged from 200 to like 600! Most of them had the same amenities (pool, gym, etc). Cornerstone did have the big thing with the parking garage...but now its fixed (I watched some cars drive over it and it didn't shake or anything!) and since the seller is going to pay that wont be tacked on to my HOA.

[IntownHomes247]

I actually consider Cornerstone one of the more reasonable investments in Midtown condos at the moment. It has been severely devalued over the last few years because of all the bruhaha over the garage. Now that that has been dealt with (and the enormous assessments were intended to fund a tidy surplus in the reserve fund for the HOA in addition to the garage reconstruction) I think that this is one building that is actually poised to increase in value. If you can get a good deal (and absolutely the seller must pay the entire outstanding assessment at closing), and you are planning to stay put for several years, I think this building is more likely to hold its value (or even increase in value) in the next 3-5 years than the comparable glass tower condos in the Midtown Mile area where you're looking.

[IntownHomes247]

I should add, I generally advise people against buying a condo in Midtown at the moment. However, you appear to be the exception. You already live in Midtown and know that you love it and want to be here for a while. And you're now renting, which means you currently have no possibility of building equity or ever getting your money back. To me, buying a condo in a place you love and intend to stay for at least 3-5 years is better than renting an apartment. Condos are over-built in Midtown and much more subject to the vagaries of the market than single family homes but they are better than renting (again, assuming you plan to stay put for a while) because the odds are good that you will at least get some of the money that you put into them back. Also, there's so much inventory on the market and listings are sitting for such a long time you should be able to get a great deal. If you get a good deal on a basic unit and while you're there you can do smart improvements to it, the odds are quite good that you can increase the value enough to make money when you sell.