Thom Abbott

AC/Moxy Hotel Midtown Atlanta Starts Vertical Climb

July 27, 2017 by Thom Abbott

Well gasp! Not EVERY crane in Midtown Atlanta is a rental apartment building. (Mind you that is probably 75-80% of them!) One of those cranes is on 14th Street and belongs to the AC/Moxy Hotel Midtown Atlanta!

AC/Moxy Hotel Midtown Atlanta Starts Vertical Climb

I think I missed getting photos of this parking lot before the construction started on the parking lot between the Four Seasons and the Marriott Suites hotel. But as Curbed Atlanta has reported, we are starting to see columns rise as this hotel gets under way! This unique hotel combo concept is being developed by Noble Investment Group and is a $70 million project!

As reported in the Atlanta Business Chronicle, this will be the first ever combination of the two hotels. The AC Hotel is a contemporary European-inspired property while Moxy is aimed at the Millennial traveler with lower priced rooms and smaller in size. AC will have 155 rooms and Moxy will be 133.

Look to see guests checking into this cool space sometime in 2018.

The hotels will share an amenity deck with a rooftop pool and bar! (I like the sounds of that…’cept for the hotel bar pricing?) Maybe it will be a new hot spot in Midtown!

You can learn more about Moxy Hotels HERE! And you can see the long list of properties scheduled to open, including locations like Minneapolis, Denver, Nashville and Washington, DC…just to name a few!

Check out more information about AC Hotels HERE! Lots of locations in the U.S. including Phipps Plaza Buckhead and Downtown Atlanta for a local view. (Reminds me…I need to pop into one of these and do a follow up report, don’t I?)

15th Street Extension Midtown Atlanta Seeks Engineers

June 16, 2017 by Thom Abbott

As Midtown Atlanta grows, and grows….and grows, it’s a simple fact that not everyone that works in Midtown will LIVE in Midtown. (Sad, but true!) And getting around on the streets is a big factor. Enter the 15th Street Extension.

This gap in the Midtown Street grid from West Peachtree Street to Williams Street might not seem like a big deal..but with all the development happening now along West Peachtree Street, this is a street that is needed!

15th Street Extension

This map does not show the new AMLI Midtown apartment building that is about to open on the parking lot with all the cars in it. (See the star) Overall, this extension will be MOST helpful to many residents and Midtown workers alike to get to Williams Street, an one-way Northbound that helps commuters gain access to I-75 North.

The project will include new traffic signals, sidewalks, streetscaping and bike lanes. You can see the Arts Center MARTA station in the upper right. Also, long, long term plans call for another bridge across the Downtown Connector, with 15th Street adding additional connectivity to West Midtown.

Nothing happens quickly with road construction however. According to Kevin Green, Midtown Alliance President and CEO, the environmental studies for the project could take two years, followed by 12-18 months of construction. That sounds about like 2021, right? Sigh.

While we try to keep up with all that is Midtown Atlanta…and there is plenty happening these days….you might want to check out the Midtown Alliance website for LOTS of things that are Midtown Atlanta!

The Millennial’s Guide to Buying a Home

May 20, 2017 by Thom Abbott

I bought my first home when I was 32 years old. The term “millennial” didn’t exist back then. And nothing like The Millennial’s Guide to Buying a Home existed either. Let me be honest….”www” was not around either! So buying a home was a much different process than it is today.

But if you are buying your FIRST home, then it’s a NEW process for you, and there can be lots and lots of questions! Thankfully, with the help of “www” it is much easier to get or find information online about the home buying process. I mean, we even created the Intown Atlanta Real Estate Buyer’s Guide as a great resource!

But for the Millennial generation, many things in life are different. Starting with…how many of you there are! Like a whole 83.1 Million of you!!!! Then there is the often used phrase of “failed to launch” as many of you have delayed moving our of your family’s home…or maybe even moved BACK there after college because of employment or student debt issues. Experts have looked at your generation and wondered, “Do they even WANT to own a home?” Well in 2016, the buyers in the age group of 25-34 years accounted from some 56 percent of first time home buyers…so I’d say you do!

Now, I understand that Young Millennials (aged 17-25) are different than Older Millennials in the age group of 26-36. Like I mentioned, I was 32 when I bought MY first house. (Should I tell you I got transferred just 3 months AFTER I bought it? Nah…save that for another time! Like when we meet in person!)

So, what might be holding YOU back from making that first home purchase?

The Top 6 Reasons young Renters Delay Buying

Any of these sound or feel familiar to you?

Don’t Get Caught in the Rental Trap

As you will see in our Full Report, The Millennials’ Guide to Home Ownership, rents have been rising consistently over the past 20 years or more! In homeownership, you can protect yourself from rising rents, by locking in your housing costs for the life of your mortgage! (Provided you do not have an adjustable-rate mortgage….and I’d highly advise against this!) Each month, your housing payments go towards owning your own home instead of renting it, and paying someone else’s mortgage.

Now, I completely understand that buying is not always the right option for you. I’m happy to discuss your plans and what you see in your future…and maybe now is the time to buy….and maybe it is not.

You can request your FREE COPY of our Millennials’ Guide to Home Ownership below! We look forward to helping you and if you have any questions, we are always available at 770.713.1505 or email me HERE

What a Atlanta GA Home Buyer Needs To Know

May 19, 2017 by Thom Abbott

Buying a home or condominium in Atlanta GA is not something you should do without knowledge and research. With today’s technology, you can do much of that on your own. But…..BUYER BEWARE!!! There is a lot of information out there, and how do you know what’s right, or maybe wrong? You could even think that when reading this post!

What a Atlanta GA Home Buyer Needs To Know

While you can do this “self-research” I’d strongly suggest you find a real estate agent early in your process. I often start “working” with potential buyers months before they actually make a home purchase. I help them in their research about the home buying process, including meeting with a lender, identifying potential neighborhoods or condominium buildings.

Here are just a few things or tips to keep in mind as you start the home buying process!

In most cases, a home is the largest asset an individual will have, and is considered one of the safest investments.
Property taxes and qualified home loan interest are deductible on an individual’s federal income tax return.
A homeowner can exclude up to $500,000 of capital gains if married and filing jointly, or up to $250,000 if single or married and filing separately. The home must have been the taxpayer’s principal residence for the previous two years. **
A portion of your monthly mortgage payment is applied to the principal…consider this a monthly investment!
You can live in and enjoy your home as an investment..you can’t do that with a mutual fund!
I can show you ANY home listed you find, whether with another real estate company. Even new home construction that you may see when you drive by a new community. Remember, in each of these cases, the SELLER has someone representing them…and you should have someone representing YOU!
Having been pre-approved with a lender will help you know how much house you can purchase and also help in negotiations with a Seller. Having the Seller know you have your mortgage process underway is a great tool in a demanding Seller’s Market.
You have a right to conduct a home/condo inspection as part of your Purchase and Sale Agreement. This gives you the ability to negotiate repairs or compensation once you know all the facts about the property. (In condominiums, this can also be a time for you to review condo docs and budgets to know more about the building)
A Home Protection Plan can offer you “piece of mind” coverage for select items like appliances, central heat/air and water heaters. If the Seller does not provide this during the negotiation process, you can purchase this coverage on your own. (Of course we can help you with various sources!)
In a “Seller’s Market” don’t be looking for “the deal.” Remember, that Seller has an agent working for them, and hopefully they have priced the home accordingly. (Not always the case!) Focus on finding the right home, within your budget, and then let your real estate agent help negotiate the best terms and price.

Whether you are ready to buy a home in the next 30 days, or the next 3 months, we are here to help you through the process, from beginning to your Celebration Day when you get the keys to your new home! And we will be here long after to answer any questions, or help your family or friends when they are ready to Buy or Sell!

Check out our Intown Atlanta Buyer’s Guide for more information! And you can always contact me via email at Thom@MyMidtownMojo.com….by phone or text at 770.713.1505 or with the contact form below. Let’s set a time to meet and I can help YOU with What a Atlanta GA Home Buyer Needs to Know!

Atlanta Georgia Real Estate

Thom Abbott, Associate Broker

Thomas Ramon Realty @ Palmer House Properties

2911 Piedmont Road, Suite B

Atlanta, GA 30305

Direct: 770.713.1505

Office: 404.876.4901

Is Condo Living Maintenance Free?

May 9, 2017 by Thom Abbott

As I work with Buyers everyday, one question often comes up when looking at condominiums….Is Condo Living Maintenance Free? Well yes….sort of.

What Do You Have to Maintain in a Condominium?

Living in a condominium gives you freedom from most outside work associated with a single family home. In other words, no lawn mowing, trimming the shrubs, pressure washing the driveway and such. You also don’t have to worry about the roof since it is on the of the building, and most likely NOT on top of your particular condo (unless you DO live on the top floor) but it still is a responsibility of the home owner’s association. (HOA)

But most of the systems that service your condominium are your responsibility. What are these key systems?

Heating and Air Conditioning System

Newer buildings will have self-contained systems located in your utility closet INSIDE your condo. But most buildings you will have a separate heat-pump or condensing unit. And there is a good chance it is on the roof of the building. You are responsible for the maintenance and operation of this system. Yes, even with your unit on the roof, you have to maintain that. I often find (mainly during a home inspection when working with a Buyer) that the unit on the roof has seen very little attention. While they should not get very dirty with little exposure to dirt, the insulation that wraps the lines is most often found in the condition you see in the photo on the left. And it’s almost always an issue I ask to have addressed by the Seller. (If they have not paid attention to THIS, they have most likely NOT had the HVAC system serviced anytime recently.

And I’ve had the extreme the other way on the INSIDE of a condo. I took over a unit that had been rented and helped an out-of-town seller get the place ready to sell. It was dirty beyond dirty could BE dirty. The photo on the right is the fan from inside the air handler in the condo. It’s amazing the unit could even operate!

Hot Water Heater

Again, when working with Buyer’s, we keep an eye on the age of systems. ( I might note the new Seller’s Disclosure Statement DOES NOT have a blank for the Seller to enter the age of the hot water heater!) Hot water heaters can last a long time….but…10 years is their normal life span….and that is when they are “maintained.” Did you know that you should drain your hot water heater and refill it? Once a year? Who has a garden hose in a condo, right? So this service is never done, and can lead to a shorter life span! And replacing a hot water heater is no cheap trick! So, if you live in a building that is 10 years old….or older, you might want to be on the lookout for a request to pay for a home warranty for the Buyer.

Plumbing

This should be pretty easy, right? Hmmm. I’ve had a rental condo where a tenant did not realize the kitchen sink was leaking until it FINALLY went through the ceiling into the condo below. Not to mention the damage to the kitchen cabinet under the sink, AND the hardwood floors. Moral of that story…look under your kitchen (AND BATHROOM(s) sink every month. Takes you but 5 minutes to make sure all is well, versus hundreds or even thousands of dollars in damage. And make sure if you are ever having any renovations done, that the contractor is insured, the plans have been approved by the Architectural Review Board and you have insurance as well. A water “event” in a condo building is a serious matter!

Appliances

Washer, Dryer, Stove, Dishwasher, Refrigerator, Microwave….these are ALL inside your condominium, and are YOUR responsibility. A leaky connection on a washer can be hard to find in some of the tight laundry closets in most condos, so just keep an eye open. Same goes for a dishwasher that may leak. And a word to the wise….never leave your condo and leave a washer or dishwasher running unattended!!!

Is Condo Living Maintenance Free? So you don’t have a basement, or a garage or all that stuff to worry about. And most of this stuff is pretty simple and easy. Just have an annual maintenance contract on your HVAC, and consider a home warranty that will help defray the costs of repairs/replacement of the other items!

Is Your Tax Return the Ticket to a New Home?

May 5, 2017 by Thom Abbott

Well, tax day has come and gone! April 15th is but a miserable memory as you completed your Federal (and maybe a State) tax return. If you had to pay it was pretty depressing…I know! But, if you have a refund headed your way, stop before you plan that vacation or trade in that 2-year old car for a new one!

Is Your Tax Return the Ticket to a New Home?

Go Banking Rates recently surveyed American’s and asked them what they planned to DO with their refund?

41% — Save It!
38% –Pay off Debt
11% — Go on a Vacation
5% — Major Purchase (Car, home)
5% — Splurge on some other purchase

But wait? Save it yes…but it might just be the push you need for the down payment you have been saving for!

Depending on the size of your refund, the type of home you want to buy, and where you live, a good tax refund just might be the down payment you NEED!

If you are in that 41% that is saving it….maybe you are just not ready to purchase, or want to have a bigger nest egg to rely on. I totally understand that. But you are headed in the right direction, and I’m here to help you when it’s time to begin the search!

If you think about it…in 2016 the average down payment for first-time home buyers was 6%, that tax refund might be a big start on what you need to get into that new home or condo you have been dreaming about!

What’s YOUR tax return plan?

AC/Moxy Hotel Midtown Atlanta Starts Vertical Climb

15th Street Extension

The Top 6 Reasons young Renters Delay Buying

Don’t Get Caught in the Rental Trap

What a Atlanta GA Home Buyer Needs To Know

Atlanta Georgia Real Estate

What Do You Have to Maintain in a Condominium?

Is Your Tax Return the Ticket to a New Home?

Is Your Tax Return the Ticket to a New Home?

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