buy a condo in midtown or va highlands? (Atlanta, Decatur: short sales, real estate) - Georgia (GA) - City-Data Forum

evanharrison · 03-13-2008, 04:57 PM

I own a condo in Charleston SC and am moving to Atlanta. First of all, I am 31 year old single female and want to know which would be better for a single prof.female , Midtown or Va High? Also is there any point in buying right now or should I just rent? Thanks!

plessthanpointohfive · 03-13-2008, 05:01 PM

You can't go wrong with either, really. Midtown is closer to Piedmont Park. Both are happening places.

Also consider the Little 5 Points area. I'd recommend Decatur but that's more for young families, though it's also happening.

Depending on your budget you might want to consider a condo or townhome in Midtown or VaHi, and a small house in the Little 5 area. If your credit is good and you plan to stay through the current downturn in the economy I'd recommend buying. Real estate in the city of Atlanta (and city of Decatur) are relatively stable and I can't imagine that will change. If you're here for ~5 years then you should buy...

Why don't you come down for a visit and check out all these neighborhoods (add East Atlanta and Cabbagetown to your list)?

Figure out which one suits you...

evanharrison · 03-13-2008, 05:17 PM

thanks! I have been a few times and singled out thise two. I really like them both for different reasons. i would rather buy (if i can sell my place in Charleston for a good price) but was concerned about posts I's read on not buying in those areas (esp. Midtown). Thank you for the advice!

plessthanpointohfive · 03-13-2008, 05:34 PM

Condos are in a bit of a glut which is why I suggested getting a small house in the Little 5 area...they're in the same price range as some condos and have better re-sale value.

I don't think there will be a lot of new condos in VaHi but there ARE in Midtown. So, you might want to consider that...

IntownHomes247 · 03-13-2008, 05:36 PM

Virginia-Highland is probably the better investment. There are fewer condos there and fewer likely to be built. Midtown has more condos than it can handle at the moment and new buildings continuing to go up. There are a ton of short sales and foreclosures which is driving down the value of Midtown condos and there's no telling when this is going to stop. Condos are not as good an investment as townhomes or single family homes, but if that's the way you want to go, I'd seriously consider Va-Hi over Midtown unless you plan to hold onto the condo for a very long time.

evanharrison · 03-13-2008, 07:06 PM

I can't afford a town home/single family home (I'm a 2nd grade teacher) and even a condo is pushing my budget.Is the MidTown Mile going to help property values?

plessthanpointohfive · 03-13-2008, 07:12 PM

What's your budget for a condo....not being rude but teacher salaries generally don't allow for Midtown OR VaHi condos...

There are condo conversions in Candler Park, directly across the street from the park and <0.5 miles from Mary Lin Elementary (where you might be able to get a job - it's the APS district and one of the better schools), that probably fit well within a teacher's budget.

Candler Park is in the Little 5 area and only MAYBE 2 miles from VaHi...and 3 from Midtown...

evanharrison · 03-13-2008, 07:14 PM

oh you're not being rude. I have supplemental income from a recently deceased grandparent. Otherwise, I wouldn't even be able to move out of Charleston!

plessthanpointohfive · 03-13-2008, 07:21 PM

OK, that's good. I know condos in Midtown and VaHi can get pretty high...

I always recommend Candler Park, because that's where I live, but if your preference is Midtown or VaHi I stand by my previous recommendation of VaHi for resale value. Also, they have some pretty cool historic condos...if that's your thing. Lots of character.

Good luck in your search!

I am finally leaving work for the night!

IntownHomes247 · 03-13-2008, 08:25 PM

Quote:

Originally Posted by evanharrison

I can't afford a town home/single family home (I'm a 2nd grade teacher) and even a condo is pushing my budget.Is the MidTown Mile going to help property values?

The Midtown Mile is where all the condos are. I definitely wouldn't count on anything there holding it's value in the short term. Maybe (maybe) if you hold it for over 5 years you might possibly get back what you put into it. And there are a few condo developments that are still good investments, but they are generally at the higher end of the price range.

If I were you, I'd look at Virginia-Highland and Decatur instead of Midtown.

Any reason why you're focusing on Va-Hi and Midtown? Those are particularly high-priced neighborhoods. What exactly are you looking for in a neighborhood? There might be better options that would allow you to stretch your budget a bit.