This picture reminds me of that movie…..just behind these poppies is where my family home once stood…until it was destroyed by fire in 2005….
….blogging has made me try and capture more moments via my camera…since you don’t have to wait for the film, and you can take a trip down memory lane anytime you want.
I just need to remember to take even MORE pictures than I do…..
The Real Estate Gold Rush? Has It Come and Gone?
Well, if you read the New York Times, you might get that impression. And it does make you stop and think for a moment…..Has the real estate gold rush come and gone?
Today’s issue of the NYTimes has an articled titled, “Housing Fades As A Means To Build Wealth,” and it talks about the future of real estate as a means for accumulating wealth my be and era that is gone.
“There is no iron law that real estate must appreciate,” said Stan Humphries, chief economist for the real estate site Zillow. “All those theories advanced during the boom about why housing is special — that more people are choosing to spend more on housing, that more people are moving to the coasts, that we were running out of usable land — didn’t hold up.”
It gives one the idea that we should still buy real estate. Afterall, we DO have to have a place to live, right? But it just may not provide the wealth it once did.
Some interesting food for thought. I look at my home as a place where I will be able to spend my later years. I am hopeful it will rise in value. (It did, but it kind went in reverse as many homeowners have experienced) And yes, I did use an equity line for other things, and so I’ll be working my ass off to pay that off and get back to more solid ground. I’d like to think I’ll be able to sell it one day, net some money and move onto something different.
But as I get older, my values are certainly changing. I have a friend that will know exactly what I am talking about when I think of the simplicity of my life if I had a home like this…..
Richard hit the best points in his blog, and I certainly wanted to share the 10 Questions You and Your Buyers Must Ask Before Purchasing a Condominium Unit.
Here in Georgia, most of our condo developments and condo docs have strict limits on how many homes can be rented at anyone time. And fines can range from $25-50 PER DAY if you are caught renting your home without a permit! So, if you working with a Buyer, be sure they are not buying as an investment because they most likely WILL NOT be able to rent the unit.
Most Midtown Atlanta Condo buildings are at their rental caps.
Be sure you have an agent that understands condo living and the questions to ask!
Buying a condominium unit can be more involved than buying a single family home. T
his is because you have to worry about both the unit itself and the condominium project as a whole.
10 Questions You Must Ask Before Purchasing A Condominium Unit
To borrow from a famous phrase, not all condominiums are created equally. Some condominiums are very well run; some are quite poorly run and underfunded. Buyers interested in purchasing a condominium unit must do their homework: not only about the condition of the individual unit they are interested in purchasing, but on the financial health and governance of the condominium as a whole. Remember, you are buying into the entire project as much as you are the unit, and your decision will impact your daily living and your ability to re-sell.
Here are the 10 questions buyers should ask when deciding to purchase a condominium unit:
- What is the monthly condominium fee and what does it pay for? The monthly condominium fee can range quite dramatically from condominium to condominium. The fee is a by-product of the number of units, the annual expenses to maintain the common area, whether the condo is professionally managed or self-managed, the age and condition of the project, and other variables such as litigation. For budgeting and financing you need to know the monthly fee and exactly what you are getting for it.
- What are the condominium rules & regulations? Condominium rules can prohibit pets, your ability to rent out the unit, and perform renovations. Make sure you carefully review the rules and regulations before buying. Needless to say, the buyer’s attorney should review and approval all condominium documents, including the master deed, declaration of trust/by-laws, covenants, unit deed and floor plans to ensure compliance with state condominium laws as well as Fannie Mae and FHA guidelines, as necessary.
- How much money is in the capital reserve account and how much is funded annually? The capital reserve fund is like an insurance policy for the inevitable capital repairs every building requires. As a general rule, the fund should contain at least 10% of the annual revenue budget, and in the case of older projects, even more. If the capital reserve account is poorly funded, there is a higher risk of a special assessment. Get a copy of the last 2 years budget, the current reserve account funding level and any capital reserve study.
- Are there any contemplated or pending special assessments? Special assessments are one time fees for capital improvements payable by every unit owner. Some special assessments can run in the thousands, others like the Boston Harbor Towers $75 Million renovation project, in the millions. You need to be aware if you are buying a special assessment along with your unit. It’s a good idea to ask for the last 2 years of condominium meeting minutes to check what’s been going on with the condomininium.
Is there a professional management company or is the association self-managed? A professional management company, while an added cost, can add great value to a condominium with well run governance and management of common areas.
- Is the condominium involved in any pending legal actions? Legal disputes between owners, with developers or with the association can signal trouble and a poorly run organization. Legal action equals attorneys’ fees which are payable out of the condominium budget and could result in a special assessment. In most states, you can run a search of the condominium association in the court database to check if they’ve been involved in recent lawsuits.
- How many units are owner occupied? A large percentage of renters can create unwanted noise and neighbor issues. It can also raise re-sale and financing issues with the new Fannie Mae and FHA condominium regulations which limit owner-occupancy rates. If your buyer is using conventional financing, check if it is a Fannie Mae approved condo. If FHA financing, check if it’s an FHA approved condo. (Thanks Lou Corcoran for the links)
- What is the condominium fee delinquency rate? Again, a signal of financial trouble, and Fannie Mae and FHA want to see the rate at 15% or less.
- Do unit owners have exclusive easements or right to use certain common areas such as porches, decks, storage spaces and parking spaces? Condominiums differ as to how they structure the “ownership” of certain amenities such as roof decks, porches, storage spaces and parking spaces. Sometimes, they are truly “deeded” with the unit, so the unit owner has sole responsibility for maintenance and repairs. Sometimes, they are common areas in which the unit owner has the exclusive right to use, but the maintenance and repair is left with the association. Review the Master Deed and Unit Deed on this one.
- What Does The Master Insurance Policy Cover? The condominium should have up to $1M or more in coverage under their master condominium policy. For buyer’s own protection, they should always buy an individual HO-6 policy covering the interior and contents of the unit, because the master policy and condo by-laws may not cover all damage to their personal possessions and interior damage in case of a roof leak, water pipe burst or other problem arising from a common area element. Ask for a copy of the master insurance policy and don’t forget to check the fine print of the by-laws. Sometimes, there’s language that would hurt a unit owner in case of a common area casualty. Condominiums over 20 units should also have fidelity insurance to protect against embezzlement.
Often a standard condominium questionnaire will answer all or most of these questions. In Mass., where I practice, this isn’t required by law, nor is a seller disclosure. If not, be prepared to generate this list and incorporate it into your Offer to Purchase or Purchase and Sale Agreement, as the case may be in your home state.
Either way, do not have your buyer put earnest money down until satisfactory answers are received. Good luck and happy condo hunting to you and your buyers!
For more great checklists and legal content, check out my main blog, The Massachusetts Real Estate Law Blog (www.massrealestatelawblog.com)
Buying A Midtown Atlanta Condo
Buying a Midtown Atlanta Condo can be a overwhelming experience. How do you find the right building, or floor plan? What about the view? There are quite a few things you should think about when buying a condo. That’s where I come in! Let’s talk about some of the things you should consider.
Location, Location…..well, you get that one! We’ve already decided on Midtown!
*The location of the building can still make a difference.
*What else is conveniently located to your building? (restaurants, grocery, dry cleaners, coffee shop?)
Building Size
A large high-rise gives you options to be up high for views. But maybe you’d prefer a more intimate, smaller building where you get to know more people.
Amenities
There are many things to consider as to what your future home may offer. The amenities in Midtown Atlanta Condo buildings can vary. Does the building have:
*Secured Access
*24 hour Concierge
*Fitness Center
*Pool
*Club Room (and what does it offer…movie theater, catering kitchen, internet access)
*Dog Walk
*Any retail space in the building to provide services like we mentioned above?
Interior Features
Are you looking for a traditional feel, modern, loft? Other features to look for include:
*Laundry hook up in your home vs a common laundry area
*Kitchen size (cabinets, counter space, pantry)
*Bathroom (Again, cabinets, counter space, bath tub or shower only)
*View! (What is it now, and could it change in 3-5 years)
*Closet/Storage space in the condo (and is there an option for additional storage?)
*Can you fit your furniture in the space? (You might have a family heirloom to keep with you)
Parking
Recently, the City of Atlanta has stepped up its parking enforcement for street parking meters. Does your Midtown Atlanta Condo building offer off-street parking? Is it covered? Gated? Secured? How many spaces come with your home? Is there guest parking available?
Home Owners Association (HOA)
This can be a completely new experience for a home buyer looking at condominium living. While you may or may not have experienced and HOA if you are moving from a suburban neighborhood, it’s something you need to be aware of in condo living.
*What is the monthly HOA fee?
*What is included in this fee?
These are two very important questions to ask. Fees, and what is included, can vary widely from building to building. Some will include water and sewer, some will not. Others might have gas cooking which is added to your fee. This fee also covers the maintenance of common areas such as a pool, club room, lobby, etc.
*What is the financial condition of the community?
We work on your behalf to obtain this information as well as know what is happening in the various Midtown Atlanta Condo buildings.
Living in a condo building involves rules and regulations. What are they? Many don’t allow for grills on balconies, or plants. You are in close proximity to your neighbors and a noisy neighbor can be a challenge. How are these issues handled?
Financing
In today’s real estate market, this is an important question. If you are buying using a FHA mortgage, the condo community must be FHA approved. Make sure you know if the building you might be interested in IS approved! If not, it would require additional money for your down payment, something you may not be in a position to do.
Also, you want to know about past sales, prices, and time on the market. Are homes in this building moving quickly? You want to think re-sale in the future, although we don’t know what the future may hold!
Speaking of re-sale, how long do you plan to be in this home? What is in the area that could impact your sale in the future? New construction either finished and not sold, or proposed for the future?
Can you rent your home if you need to move and can’t sell it? Most all Midtown Atlanta Condos have rental caps on the number of homes that can be rented at anytime. What is the wait time on the rental list?
Also, many of the items listed above can impact your re-sale potential. A building with a pool might not be as desirable as one with. Even if YOU don’t think you will use the pool, you what to think re-sale.
Sound intimidating? Don’t let it be! We are here to help you through each and every one of these considerations and help you make the best buying decision possible, based on what you are looking for.
If you have other questions about buying a Midtown Atlanta Condo, just contact me and I’ll be happy to help you work through all the steps and decisions and find you the perfect place to call home in Midtown Atlanta.
Margaret Cho Calls Midtown Atlanta Home!
I’m still working on a blog post (or series) about my recent adventures called working as an extra on various film and TV productions that are happening in Atlanta. But I’ll fill in with tidbits as they come along.
I’ve had the opportunity to work numerous times on the Lifetime TV series, Drop Dead Diva. Depending on the specific set, you may, or may not have much interaction with the actual stars of the show.
Two weeks ago, I was on set with the infamous Margaret Cho, who stars as Terri Lee, the assistant of Jane Bingum, played by Brooke Elliott. At one point I wanted to poke my head in the office where she was sitting and tell her how fantastic she was when she was the star entertainer on an Atlantis Cruise I was on a few years ago. Turns out my partner, Ray Benitez DID talk to her when he was on set and she remember the cruise well!
Margaret took time out to talk with Fenuxe Magazine here in Atlanta. She mentioned that she has moved from Peachtree City to Midtown Atlanta. Well of course, MY first question is why she did not call ME to be her REALTOR!! Second Question….What Midtown Atlanta Condo building did she select? Hmmmm…I don’t have the answer for that own.
But, if Margaret Cho calls Midtown Atlanta home, shouldn’t you?
Let me show you why I love Midtown Atlanta, call it my home, and now, so does Margaret!
This post also appeared at MyMidtownMojo.com
NOTE: This post was published earlier this year, but not on this site! Wanted to share it with you!
What You Can Learn From Taylor Swift About Becoming an Entrepreneur
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Determination can start at any age
When Taylor was 11 she would go up and down Music Row knocking on producers doors tell thing them “Hi, I’m Taylor and you should listen to me sing. Call me!” And of course nobody ever did. Without getting discouraged she used that rejection as rocket fuel and was determined to turn some heads.
Starting out you have to know that you are going to get rejected by some or maybe everyone but don’t think for a second that it means you don’t have something that’s worth taking a look at. Just imagine how many of those people that turned her down are now thinking to themselves “why did I not give her the time of day?”
Stand out from others and find your niche.
After Taylor came back from knocking on everyone’s door without anyone even giving her a first chance she decided that she had to do something different from everyone else. When she turned 12, she picked up a 12 string guitar and started teaching herself how to play even until her fingers were covered in calluses and blood. Taylor also started writing her own songs. She returned to Nashville with having a few songs under her belt and people started to take notice in this young musician.
You may have a great idea for a startup or business but think about how many others you’re competing against in that same field. Some have more than others of course but ultimately you are going up against even some big fish that have been swimming in that sea for a while. That’s where you have to figure out how you can stand out from the crowd and create your niche. What is it that makes your business, startup, service or product unique? Why is it better or the best out there? You also have to believe in what you do for others to take notice too.
Knowing what’s best for you and what direction you want to go
After Taylor went to Nashville and people took notice at her she signed a deal with RCA Records getting to work with some great names and other artists in her field. But when the renewal time came up for the deal she decided not to go with that label because she didn’t think she would truly be able to do the music she wanted to or play her songs that she had written.
When you run a business or startup you have to know what’s going to be best for you and your business. If you don’t that’s where you can get lost and others start to walk all over you or take it over and tell you how to run it. You may get offered some great things but in the end will it work for the goal you’re trying to accomplish? It’s okay to say no when you don’t think it fits.
Putting in the effort and making sacrifices
While Taylor was busy writing songs all of her friends were out doing things with school, hanging out and partying. She missed out on a lot of stuff that normal kids do but she was determined and dedicated to writing songs.
You’re going to miss out on many things as an entrepreneur or business owner because you’re the one that’s there 24/7 while the others go home. But how great is it that you are your own boss and make your own schedule? Sacrifices happen when you’re trying to accomplish something and push yourself above the rest.
Sometimes you have to take chances
Taylor thought at one point she was being signed with Universal but turns out the guy was leaving Universal to start his own company and wanted to sign her. Taylor took a leap of faith and agreed to sign with the new indie label. Even though she took a chance she knew it was right for her and also knew that with it being a smaller company that she would be able to really work with them. Taylor and her mom even helped stuff the cds into envelopes that would be sent out to radio stations.
Taking chances doesn’t mean you’re going to fail. If you don’t take a chance with things you might be missing out on a huge opportunity that may not come around again. If you see potential in something and have a gut feeling it’s going to work out then you should just go with it. Sure, it may not work out but nothing ever always goes according to plan so we have to take chances. Hope for the best, plan for the worst.
Be who you are and let your it shine through what you do
Taylor’s parents helped her with her marketing and myspace page but she wrote her bio information and always had a hand in anything that was written or said. She writes her music so what you see is what you get with her. She truly loves what she does and it shows when she steps out on the stage and picks up a guitar. But one of the real reasons she shines is because she really wants to reach out to those who listen to her music and connect with everyone. She’s a class act.
Don’t be afraid to show your personality and let others get to know you through your brand or company. People want to learn about who is behind something and why you believe in it like you do. When people feel like they know you they feel that they can trust you. If you love what you do it will shine through and others can always see that. Don’t try and be someone else, be you.
Never give up
Taylor has created a great name for herself not only as a great artist but also as a great role model and person. She knew what she wanted to do and went after it. It wasn’t for fame or the money it was because she had such a passion for music that she wanted to share it with anyone who wanted to listen. Sure she hit some bumps along the way with people or things she had to overcome but if you ever told her the words “can’t or never” she would do anything and everything to prove it wrong. She now sings to sold out crowds everywhere and is at the top in country music.
Being an entrepreneur is going to have it’s ups and downs but you can never give up no matter what. The bumps in the road are what make you stronger and it gives you the chance to prove others wrong when they tell you something can’t be done. It doesn’t matter how old you are when you want to start creating your idea or run a business, if you believe in it then go for it. When people turn you down let that be your rocket fuel that makes you work that much harder. Giving up is not an option.
Ashley Bodi founder of Business Beware
If this information helped you, sign-up to get our 5 day e-course on Starting Your Business with Less Money and Fewer Mistakes!
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Filed Under: Expert Advice • Featured
Tags: ashley bodi • business beware • taylor swift
WOW! What an incredible, motivating article! Be sure to share it with anyone you can!
