It’s that time of year that we are working with and being contacted by numerous parents of GATech students looking at the options of where they can live off campus. This process often includes looking at purchasing a Midtown Atlanta condo where they (along with a roommate or two) can live while attending school.
The main factors that all GATech parents are considering are:
- Price (including HOA fees, insurance, etc
- Ability to Rent
- What will I be able to sell it for when they graduate?
All of these are important factors, and something I certainly understand, having been selling Midtown Atlanta since 2004! So let’s look at each one.
Indeed, the closer to campus you can be the better. But with that location comes the second factor we will talk about price. There are several condo buildings within an easy walk of Tech Square. Other options in the Atlantic Station area are not as convenient, and getting to and from campus could be an issue for the student. And that great location now, will be just as important when we talk about re-sale.
Unfortunately, the days of Midtown Atlanta Condos for less than $100,000 are behind us. You may find an occasional “stray” at that price, but more than likely it will either be in a less desirable location, or need some serious renovations. Even finding something in the less that $200,000 range for a 1 bedroom is becoming a challenge. Prices have gone up dramatically since our market crash, so the idea of waiting for better prices is not the best plan.
When we refer to security, we are talking about the specific condo building itself. Midtown Atlanta is an urban, city environment, and students (or ANYONE for that matter) should always be aware of their surroundings. Walking with the headphones in and your head in your phone does not make for a good awareness of what is around you!
As for the condominium buildings, security will vary from building to building. Your newer high-rise buildings have state-of-the-art security that included coded elevators, 24-hour Concierge and extensive camera systems that monitor the public, or common areas of the building. Other buildings may have other security, or not as sophisticated a system.
Ability To Rent
Every Midtown Atlanta condominium building has HOA regulations that limit the number of homes that may be leased at any given time. This is done to protect YOUR investment in a building that is primarily owner-occupied and not like an apartment building. To lease your condo, you must have an HOA-approved leasing permit. Not having one, and renting your condo illegally can net you a $25-50 PER DAY fine until the tenant has moved out, and the HOA can limit access to the common areas of the building, such as the parking garage, club room and fitness center. On average, you can expect a 5-year waiting list in most of the Midtown Atlanta condo buildings! Now, not a bad thing. If your son or daughter is a freshman at GATech, they will have at least 3 years of school left, maybe 4 if they have an extended plan like I did! If they elect to stay in Atlanta for work, here comes another year, and before you know it, you have a leasing permit. Now, you can decide if you want to lease out the condo and turn it into an investment property. You will have anywhere from 90-180 days to decide if you are going to lease your unit, before the permit is revoked.
What Will I Be Able To Sell It For When They Graduate?
Unfortunately, my crystal ball broke. Meaning, it’s nearly impossible to tell you what the real estate market will be like in 2019 or 2020 when they finish school. (I mean it was hard to even type those YEARS!!!)
Prices have risen dramatically in the past few years since our market crash. They have slowed now, which is a good thing. It’s probably safe to say that if any of the new construction apartment buildings would convert to For Sale condominiums, a 1-bedroom is going to start in the mid-upper $200,000 range. 2-Bedrooms will certainly be the high $300’s to $400’s. So, buying that one bedroom now for less than $250,000 could be a good real estate investment.
If you are looking to consider Georgia Tech Off Campus Housing, please feel free to contact me. Just click on the CONTACT tab located above and to the right! I’d be happy to help you explore your options in Condos For Sale Near Georgia Tech!