What are your thoughts on 1010 midtown? (Atlanta: real estate, leases, HOA)

[willietoo]

I love the location, the views, the amenities but the building is empty! Will it survived?

[ATLHRLGUY]

I don't know, good question willietoo. It's kinda hard to sell 400 units in this economy. I haven't heard anything, just my opinion but...I see auction in 1010's future to sell some units.

[noah]

It may take an auction/lower prices in the short term along with a few leases but I would bet in 3 years it will be a sought after building and the area will be hot. Its hard to sell anything in real estate more then one here and one there right now but things will change and Midtown is still a very desirable area and its only getting better.

[electricmayhem]

I was told the 2 bedrooms start at 360K there. That is over 100K more than I'm seeing at other Midtown condos. They seem to be sticking to their prices.

[noah]

They were always geared to be a step up/more high end then most the new condos we have seen in midtown. There are other condos in midtown in that price but its no the spire, viewpoint buildings.

Originally Posted by electricmayhem

I was told the 2 bedrooms start at 360K there. That is over 100K more than I'm seeing at other Midtown condos. They seem to be sticking to their prices.

[electricmayhem]

Any idea what makes the 1010 condos more upscale and high end than the others other than the proximity to Piedmont Park? It seems to be that proximity to the park and views of the park are two of the highest price drivers.

[noah]

I assumed it was based on design and features/finishes in the units. The renderings looked higher end then say viewpoint. Maybe someone who has viewed them can chime in.

Originally Posted by electricmayhem

Any idea what makes the 1010 condos more upscale and high end than the others other than the proximity to Piedmont Park? It seems to be that proximity to the park and views of the park are two of the highest price drivers.

[Mishap]

How much of the building still has views of Piedmont? It seems 12th&Midtown + the Loews Hotel blocked at least half the building.

If the pictures are correct, 1010 has a bit nicer bathrooms (glass shower stalls which are only on the bigger Viewpoint units) and standard finished ceilings. The kitchen looks pretty much the same as Viewpoint when compared to an actual high end finish in say Aqua (all Viking). All in all, I'd say maybe a 50k premium max but not 100k.

A friend looked at a 2bdr unit w/ a Peachtree St view about a month ago and was told $400k starting on that floorplan.

[bizchick86]

Proximity to Piedmont is one, but I think also its proximity both to Peachtree St and Crescent Ave up the ante.

That entire location will be a part of the grand "Midtown Mile" scheme by the 1010 developer. I think they're banking on people looking at that Peachtree address as an investment (kind of how the Beltline has upped some housing stock). Plus, it's a great location for nightcrawlers. It's smack dab in the Crescent Ave party/restaurant scene, which is Atlanta's only sort-of centralized nightlife district.

These are probably both draws the developers were considering in their pricing.

[Mishap]

Originally Posted by bizchick86

Proximity to Piedmont is one, but I think also its proximity both to Peachtree St and Crescent Ave up the ante.

That entire location will be a part of the grand "Midtown Mile" scheme by the 1010 developer. I think they're banking on people looking at that Peachtree address as an investment (kind of how the Beltline has upped some housing stock). Plus, it's a great location for nightcrawlers. It's smack dab in the Crescent Ave party/restaurant scene, which is Atlanta's only sort-of centralized nightlife district.

These are probably both draws the developers were considering in their pricing.

I'd argue that locating next to a block full of clubs is a negative the higher the income bracket you're trying to hit. W/ a $350k-$450k+ price point you're looking at people solidly into the six figure income range (or serious delusions of grandeur). About 20% of the population in 30309 fits in the 75k-150k income range which I'd say is slightly below target 1010 income. About 10% makes above 150k but they're also well enough off to afford single family homes in the area.

Even if you're a trust fund baby w/ cash to buy any condo you want, a midrange 2bdr in 1010 probably costs $800+/mon in HOA and property taxes which is more than the avg rent in the city. The overall number of people able to swing 70-80k on a condo down and then still have $1,800-2,000 for a mortgage all to be next to the club district is relatively small.