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Old 12-02-2008, 02:53 PM
 
Location: Va Highlands/Emory area
98 posts, read 471,867 times
Reputation: 29

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VIEWPOINT MIDTOWN ATLANTA CONDOS

This is the best building for your criteria (new and modern). It's new and 50% sold. Twelve Centennial Park is way too close to the interstate.

You will pay a premium over resale units in other buildings, but if you're willing to live there for 5-10 years you should be OK.
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Old 12-02-2008, 03:29 PM
VJP
 
Location: Decatur, GA
721 posts, read 1,732,239 times
Reputation: 691
You say it must be a new building...as others have mentioned, keep in mind that your building is no longer new as the next one goes up. There's more coming/slated to be completed. Just lookin out for ya, the decision is yours though.
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Old 12-02-2008, 08:43 PM
 
1,120 posts, read 2,596,406 times
Reputation: 334
Quote:
Originally Posted by VJP View Post
You say it must be a new building...as others have mentioned, keep in mind that your building is no longer new as the next one goes up. .

I assume you're not a condo realtor. I'm not one either, and we both have the same views and interpretations as to what's new.

I had a chuckle the other day. One high-rise condominium advertisement says words along these lines:


Paces325 is a NEW condominium building in the heart of Buckhead.................


Well, I guess some realtors' interpretation of "NEW" is sure different than mine, because Paces325 was built in 2004. In 2008, Paces325 is being advertised on Craigslist as a "NEW" condominium building. I think the advertisement is misleading, because the building is not new.
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Old 12-02-2008, 09:02 PM
 
1,120 posts, read 2,596,406 times
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Quote:
Originally Posted by greg_atlanta View Post
VIEWPOINT MIDTOWN ATLANTA CONDOS

This is the best building for your criteria (new and modern). It's new and 50% sold. Twelve Centennial Park is way too close to the interstate.

You will pay a premium over resale units in other buildings, but if you're willing to live there for 5-10 years you should be OK.


With the way the economy is tanking, half of the condo units are unsold. I think that's kind of a red flag, because it may take years to sell all of the condo units.

The HOA fees may skyrocket because the building maintenance bills have to be paid. Someone has to pay the bills. The condo owners may be stuck with the bills.
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Old 12-03-2008, 10:32 AM
 
340 posts, read 1,578,987 times
Reputation: 90
Quote:
Originally Posted by Zel Ya View Post
The HOA fees may skyrocket because the building maintenance bills have to be paid. Someone has to pay the bills. The condo owners may be stuck with the bills.
The builders are liable for HOA fees and real estate taxes for unsold units. That means owners are not responsible for unsold units.
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Old 12-03-2008, 10:53 AM
 
Location: Norman, OK
3,478 posts, read 7,268,500 times
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Quote:
Originally Posted by CityFan View Post
The builders are liable for HOA fees and real estate taxes for unsold units. That means owners are not responsible for unsold units.
Can't the builders just issue a special assessment?
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Old 12-03-2008, 11:31 AM
 
Location: Inman Park (Atlanta, GA)
21,870 posts, read 15,111,776 times
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Quote:
Originally Posted by wxjay View Post
Can't the builders just issue a special assessment?
If the Association has not been turned over to the homeowners, the developer does not need to put a special assessment up for a vote.

However, if the developer has more unsold units than sold units, the developer would be paying the majority of the special assessment anyway since the developer is responsible for the unsold units HOA dues.

Besides it would look horrible if the developer passes a special assessment just to cover the shortage in the budget because of lack of funding from the developer. News like that travels fast in the real estate community.
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Old 12-03-2008, 01:18 PM
 
340 posts, read 1,578,987 times
Reputation: 90
HOA's accounting records are open to all home owners, plus HOA is not for profit. HOA can't over charge home owners and take profits to somewhere. Overage should remain in HOA. I don't think builders want to inflate HOA and make their sales of properties harder.
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Old 12-03-2008, 08:23 PM
 
1,120 posts, read 2,596,406 times
Reputation: 334
Quote:
Originally Posted by CityFan View Post
The builders are liable for HOA fees and real estate taxes for unsold units. That means owners are not responsible for unsold units.


What happens when the developer declares bankruptcy? If the reserve fund has been depleted, then there's probably a special assessment.
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Old 12-03-2008, 09:05 PM
 
1,120 posts, read 2,596,406 times
Reputation: 334
Quote:
Originally Posted by George Chong View Post
If the Association has not been turned over to the homeowners, the developer does not need to put a special assessment up for a vote.

However, if the developer has more unsold units than sold units, the developer would be paying the majority of the special assessment anyway since the developer is responsible for the unsold units HOA dues.

Besides it would look horrible if the developer passes a special assessment just to cover the shortage in the budget because of lack of funding from the developer. News like that travels fast in the real estate community.


I'm not a lawyer, but bankruptcy would probably change the dynamics. Unsold condo units could remain unsold for years and years.

Hearing HORRIBLE these days? Would that really be a shock and a surprise? After an almost total real-estate meltdown, we're kind of used to hearing about the graft and corruption within the the real-estate sector. Not only the real-estate sector, but many sectors. Many sectors.

Horrible news is traveling very fast these days. Very little good news!

Last edited by Zel Ya; 12-03-2008 at 09:45 PM..
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