to Convert to Condos
1065 Midtown Atlanta, aptly named because its address is 1065 Peachtree Street and sits atop the Loews’ Midtown Atlanta Hotel, are going condo!
The condominiums were turned rental when the market went South. Now that prices are rebounding, the current owner of the apartments, TriBridge Residential are going to put the homes up For Sale. It’s reported prices will start in the $600,000 range and head up to $1M plus.
In an article in the Atlanta Business Chronicle, Douglas Sams’ article has an interesting statement:
TriBridge’s move will also be closely watched. Multifamily analysts are waiting to see whether renters will start to buy condos again now that the economy has improved and banks have started to loosen their lending requirements.
Now yes, there are some pretty high rents in Midtown Atlanta. You can easily shell out $3000 a month for a 2-bedroom. But will those renters have down payments ready? And keep in mind, a renter does not pay the monthly HOA fees, or property taxes. Their landlord does that. I think there are good many renters that will be priced out of a building like 1065 Midtown Atlanta, but on the other hand, there ARE buyers out there looking for the next new shiny condominium to move to….and this just could be it!
We will be touring the building in the coming weeks and will have a new community page built for MyMidtownMojo.com after that!