Midtown Atlanta - condo advice needed (Buckhead: hardwood floors, fit in, HOA fees)

[Ethan]

New member here. I live outside of Atlanta and want to buy a 2BR condo in Midtown area of Atlanta. Specifically, I am interested in the part along Piedmont Park. Doesn't have to be on Piedmont St. -- could be a block or two off.

Any recommendations? My target price is $150k to $200k.

What is the best way to find out about each condo HOA's finances? Such as their reserves. Reading the minutes of HOA meetings would reveal problems perhaps.

In that right now this is a buyer's market for the Atlanta condo market, I want to get a 2BR/2 bath condo that is going to hold it's value for the next 5 years and hopefully appreciate. I want something I will be happy with for the next 10 to 20 years.

[Figment 07]

Have you looked at Piedmont Crescent? I think one of those would appreciate faster than something like Piedmont Arbors, street parking at Crescent notwithstanding. I like those 1920s brick buildings even if the units are a bit small. Good school district.

[noah]

My wife and I are looking at relocating to Atlanta and would also like a condo in that area and price range. Is a 2 bedroom possible? Seems a lot of them are higher priced.

[Ethan]

I have done a lot more research on Midtown condos and have narrowed my choice down to several places. What do you all think of these which are close to Piedmont Park --- pros and cons:

Park Central, 1101 Juniper St.
Parc Vue, 275 13th St.
Lofts at the Park, 1058 Piedmont Ave.

Also, further away, but interesting:

Siena, 220 Renaissance Pkwy.

I would like to have a 2BR unit, but the high costs may force me into a 1BR.

[Figment 07]

If you find a 2BR at Loft or even Park Vue for $200K, you'd better grab it. Actually that goes for Park Central as well. It probably has the better parking situation, though, and parking is very TIGHT all around the Piedmont Park area. You pay a premium for any residence in Midtown with off-street covered parking and that might make the difference in a few years at resale time.

[Ethan]

If I could find a 2BR for 200k at Park Central or Parc Vue --- I would buy 3 of them! There's no such thing.

I am looking at 2BR at Park Central for $250+k and the other one for $270+k.

It concerns me though that Luxe will be built on 12th and Piedmont which will in essence block the view of a good many east viewers from Park Central. I think that should bring down some prices there when that realization sets in.

Here's a pic attached I found elsewhere of where the Luxe will fit in behind Park Central.

[Ethan]

After further research on the Siena Renaissance website and looking through their meeting minutes it appears that the complex has lots of problems. The main problems I saw evidence of was:

1) Crime in the area due to close proximity to public parks which have homeless people (Renaissance Park and Central Park)
2) Break-in's and also in the garages
3) Significant uncollected HOA fees which has contributed toward shortfalls on budgets and has resulted in frequent special assessments. I think the assessments will continue frequently.
4) Problems with the plumbing. Condo owners have no recourse against HOA and have to join a class action lawsuit (nationwide) against the plumbing pipe manufacturer.
5) HOA cannot afford earthquake insurance.
6) Security is a joke because gates are left open during morning and afternoon rush hours.

Seina units look very good inside though. Pricing is low for 2BR / 2 Bath units ($215k). HOA dues are not too high, but in view of the problems they should be higher.

A better choice in the area would perhaps be McGill Place. $180+k for 2BR / 2 bath units.

But I want to be more central to Piedmont Park. I am looking closely at Parc Vue and Park Central. I think Mayfair is inferior.

[noah]

Hi Ethan
Thanks for your posts. Sounds like you have learned a lot. I am curious as to the range of dues you are finding at these places. What is average? Most the places I assume have a pool/work out facility etc on the higher end but perhaps not on the lower end priced condos.

Square feet. What size are you finded for one/two bedrooms?

Have you found out how many units some of these condos have, especially Siena given the problems there.

We are coming to Atlanta to visit next month and may check out a few of these.

[Ethan]

Hi Noah. I am finding that pricing is rather high in Midtown, but lower in Buckhead. Are you sure you want to be in Midtown and not Buckhead?

I have concentrated on Midtown because I see my whole social life in that area. My friends live there too. I think 5 years down the road Midtown will be the spot. The sacrifice for that is less space. A one bedroom will have about 750-850 sq. ft. and a 2BR will have 1,000-1,150 sq ft. in Midtown. In Buckhead, probably the same, but probably a tad bit more.

Also, bear in mind that buying a condo in Midtown particularly will not return very much appreciation unless you buy something at a bargain or one that needs repair or upgrades and do that work yourself. On the other hand, the Midtown Mile and other enthusiasm could drive prices up. I myself am not looking at it as an investment for significant appreciation. I am looking for a nice place to be in the center of things and to appreciate slowly. But if it appreciates significantly, then I will be glad. But I am not wanting to buy and flip.

HOA dues vary. I think generally the older the facility is the more the HOA will be. And that stands to reason, right? Older is deteriorating. Newer is hopefully built with quality long lasting and maintenance free materials. Park Central and Parc Vue HOA's for 1BR are $240-$300 and 2BR $296-$375.

Siena I think the HOA was in the $375 to $400 range for 2BR.

Park Central just assessed everyone about $3,000+ for improvements in the common areas. Watch out for purchases there and make sure the seller is paying that assessment. Otherwise, the buyer will get stuck with it. Park Central condos are older. If I bought there I would likely have to replace the kitchen appliances and counters as well as bathroom tile and sink. I would replace carpet in LR/DR with hardwood floors too. Sometimes you will find units in which all this has already been done, but may not be to your tastes. I am sort of picky and so I would prefer that I do it myself --- that way I get what I want.

[noah]

Ethan: Thanks for your reply and info. Its nice to hear from someone looking for the condo lifestyle. To be honest we have yet to check out the different areas(We are visiting Atlanta in April) but I have in my head that I'd like a cosmopolitan neighborhood feel in the city somewhere, perhaps with MARTA close by and I've heard that Buckhead is more expensive.

Are you working with a realtor? Are there any websites you would recommend for looking at condos in the area? How are the views in the price range you are looking at?