buy a condo in midtown or va highlands? (Atlanta, Decatur: apartment complex, rental) - Georgia (GA) - Page 2 - City-Data Forum

evanharrison · 03-18-2008, 05:40 PM

I'm a 31 year old single prof. who is tired of living in the suburbs with all the families.

plessthanpointohfive · 03-18-2008, 06:21 PM

I think what IntownHomes means is that there are more neighborhoods in Atlanta for young single professionals than Midtown or VaHi...such as the Little 5 Points area, Grant Park, Cabbagetown, Decatur, Buckhead, and many here swear by Vinings/Smyrna for young single professionals... And this being so why are you focusing on only those 2 neighborhoods?

IntownHomes247 · 03-18-2008, 07:18 PM

Actually, I was wondering if there was a particular attraction to those 2 neighborhoods, since there are other neighborhoods with condos and townhomes that might be a better investment.

Between Midtown and Va-Hi, if you buy a condo, I'd look at Va-Hi instead of Midtown (which is already over-built and still building, whereas Va-Hi has fewer condos).

I still think you might like Decatur. There are fewer condos there and they seem to be holding their value better than comparable Midtown properties. Decatur also has great elementary schools, if you're planning to teaching close to where you live. While the residential areas of Decatur have plenty of families, the Downtown condos might suit you very well. Just a thought. If you haven't considered Decatur, you might consider it.

When you start looking at particular buildings, make sure your agent brings up comparable sales for the past 2 years so you can get a feeling for how the property is holding its value and the relative ease or difficulty people are having with selling units. For instance, some buildings rarely have condos for sale and they disappear quickly when the come on the market while others have dozens of units available at any given time and they may sit for a year (or even significantly longer).

As an example, I know of a seller at Metropolis whose condo was on the market for about a year and she finally had to sell for $60k less than she owed on it in order to get out of it (she had relocated). So she had to bring $60k to the closing in order to sell. I know of another Metropolis owner who has had his condo on the market for close to 3 years (he won't sell unless he gets his price). And Metropolis is a GREAT building in a GREAT location in the Midtown Mile. It's just there are lots of similar units in a very small area and only so many buyers out there.

If a condo on the Midtown Mile is what you have your heart set on, you'll certainly be able to find a good deal, and if you plan to stay for a good long time, it may work out financially over the long run. Just go into it with your eyes open. And if you're not set on the Midtown Mile, take time to look around to see if there are other areas with better investment potential that you might like just as well (or even better!).

Good luck!

CityFan · 03-18-2008, 09:46 PM

^that was very bad. It seems like there isn't a market for sellers. How can builders sell their units? They should stop building the condos which have flooded the market. It's definitely an over supply situation. How is condo in downtown area? Do condos at or around Centennial Olympic Park hold value?

IntownHomes247 · 03-19-2008, 08:14 AM

Quote:

Originally Posted by CityFan

^that was very bad. It seems like there isn't a market for sellers. How can builders sell their units? They should stop building the condos which have flooded the market. It's definitely an over supply situation. How is condo in downtown area? Do condos at or around Centennial Olympic Park hold value?

Developers in Midtown don't have much problem selling out because they can lower their prices and offer great incentives, and it seems that people moving into Midtown tend to want the newest condo they can get anyway. That's a big reason why resales are so difficult. How do you compete with virtually identical new construction priced lower than a resale? It's tough.

The Centennial Park area is an even harder sell because there are fewer buyers looking there than in Midtown. Even the developers can't sell out their buildings there. They're having to come up with really creative ways to unload their remaining units.

Things will turn around eventually for condo owners -- quite a few projects have been put on hold because of the softening market, although there are still new buildings underway -- but unless you plan to hold on to your condo for at least 5 years (and possibly longer), it's a risky investment right now. You may find, when you decide to sell, that it's worth less than you paid for it. Still, some people really want that condo lifestyle and really want to live in Midtown. So you find the best investment you can and figure that anything you lose money-wise you make up for in having the lifestyle you want.

evanharrison · 03-19-2008, 05:21 PM

I'm focused on those 2 areas because they are the only 2 that offer anything different than what I have here in the suburbs of Charleston. After visitng I fell in love with the atmosphere in both Midtown/VAHI that you can't find in Decatur/Vinings.

plessthanpointohfive · 03-19-2008, 06:11 PM

Quote:

only 2 that offer anything different than what I have here in the suburbs of Charleston.

I have to say that you're just wrong, there. But, you don't live here so you can't possibly know all the areas. However, you should admit that your knowledge is very limited when it comes to Atlanta.

That being said, you won't be unhappy in either place. Only, after you move here you WILL find out how wrong you are in making that statement. But that will be a delight because you will find so many other places for you to go for a night out, or even where your new friends will be living.

Just be aware that the natives know you are unnecessarily limiting yourself.

IntownHomes247 · 03-19-2008, 07:31 PM

Quote:

Originally Posted by evanharrison

I'm focused on those 2 areas because they are the only 2 that offer anything different than what I have here in the suburbs of Charleston. After visitng I fell in love with the atmosphere in both Midtown/VAHI that you can't find in Decatur/Vinings.

Well you seem pretty clear about what you want. To answer your original question, if I were you I'd rent instead of buying, at least for the first year. That will give you the opportunity to test out the city, the neighborhoods, and the market. While this is a pretty epic buyer's market right now, condos are continuing to de-valuate, so I don't think you'd gain any equity over the course of a year. And since you might find that you don't necessarily want to make a very long term commitment to a property, it's probably safer just to rent until you're settled in the city.

In either case, good luck to you!

Tristan840 · 03-19-2008, 10:02 PM

Good post! I think VaHis has some decent priced rennovated condos, ya gotta look really well. Midtown as mentioned has an overflow of condos, so you know they will always be there, and lots to choose from, but if you look closely in the Highlands you can find a gem of a place if you dont mind it being an older building. Most of these places have alot of character compared to your basic new apartment style condos. The Edgewood district is a pretty cool spot as well, my friend has a loft there, and she really likes it. Definitely a more artsy kinda area if thats your thing and good restaurants there as well! Brookhaven is another cool place for young professionals, lots of old homes that are fixer uppers and even some cool condos there too.

Hopefully this gives ya some food for thought!

cty1225 · 03-21-2008, 09:34 AM

After a wonderful 3 year stay in the Nicest City in the South to attend the College of Charleston, I moved back home to Atlanta and set up roots in the Highlands. I rented homes and apartments for a number of years before purchasing a condo, where I lived for 3 years - I am now in a house (4 years). North Highland Ave. is becoming more and more like King St. with the mom and pop shops giving way to fancy boutiques and higher end stores (Half-Moon Outfitters is coming soon!) You can walk end-to-end and see some of the best retail, dining and bar establishments in the city. Condos in the Highlands, like the rest of the city, are in great supply but I have always said that when you are purchasing a condo you are buying a life-style not an investment. If you want to make an true investment, a house is the way to go - a condo is still a great tax benefit but the chances of making a significant profit is smaller givent the number of new condos that a continuosly popping up in the city. Keep that in mind as you make your way through the decision process. Best of luck!