Well, I’m here to tell you (unless there is something I don’t know about…) unfortunately….NO!
Every day, I’m asked through various channels about the prices of real estate in Midtown Atlanta. “What’s the market like?” Are prices going up?” “I’m thinking I’ll wait another year to buy.”
Well, wait you may, but pay more you will. Can I Buy A Midtown Atlanta Condo for Under $100,000?
I just did a search on the MLS, and found 1, 2, 3. That’s it. THREE condos for sale under $100,000. Have the prices gone up?
Let’s have a look at a Midtown condo building, popular with parents of students attending Georgia Tech, just to see what has happened… Cornerstone Village.
2010 6 Homes Sold Under $100,000
2011 20 Homes Sold Under $100,000
2012 12 Homes Sold Under $100,000
2013 6 Homes Sold Under $100,000
So, what do YOU think is happening to the prices, especially in THIS Midtown building? They are moving on up!
If you were looking for that deal, you just may have missed it!!
Thom Abbott
I'm a real estate broker living and selling the City lifestyle of Intown Atlanta Communities. From the high rise condominiums of Midtown and Buckhead to the bungalows and traditional homes of Chamblee, Brookhaven and Doraville, I enjoy introducing people to parts of Atlanta and everything they have to offer. I'll help you find the right home in any of these or other exciting Intown Atlanta communities that border Midtown Atlanta and The Gold Line!!
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Thom, it’s only April and they’ve sold 6 condos under $100,000.00. Seems like it’s too soon to tell what will happen from your ‘data.’ I suspect values will go back down once all of these condo developments are completed and dumped on the market. But, I guess we will have to wait and see.
Kevin, it’s not that it’s April and they have already sold 6, but that there are not 20 or 12 to sell anymore. Also, all the new construction you see is apartments, NOT condo buildings. Whether they can be “flipped” to condos depends on the construction financing they got, and whether the terms of their loan allow such a thing. They could have clauses they have to remain rentals for 3,5 or more years before the current lender would allow a re-fi to a loan that could then be sold.
Thom,
We have seen the same thing here – a few years ago you could buy Clearwater beach condos cheap – now many buyers who waited are finding themselves priced out of their budget
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