What You Get for $200,000 in Atlanta Real Estate

May 19, 2016 by Thom Abbott

What You Get for $200,000 in Atlanta Real Estate

You can search for real estate here on my website, and really look at specific areas, prices, bedrooms, etc. But, there is a certain newspaper from a major city that has a weekly feature about real estate prices around the country. I just wanted to bring it closer to home, and give you real estate prices around Atlanta!~

To continue on, today we are looking at homes listed at $200,000 (or as close to $200,000 as we could get) in Tyrone (Fayette County – South of Atlanta), Chamblee and Alpharetta.

320 Millbrook Village Drive, Tyrone, GA 30290 (MLS#5680195)

This charming ranch home is located in the Millbrook Subdivision off of Highway 74 in Tyrone…a town in Fayette County. The home has 4 bedrooms and 2 full baths and a double car garage. The Master Suite has a walk-in closet and a separate garden tub and shower. This would be an idea home/location for anyone working at Pinewood Atlanta Studios!

List Price: $209,900

Taxes: $1,932 (2015)

HOA Fee: $150 per year

Search All Homes in Fayette County $200,000 or Less

5300 Peachtree Road, #4308, Chamblee, GA 30341 (MLS # 5692728)

Located in the city of Chamblee (North of Midtown, Buckhead, Brookhaven…then Chamblee) the Lofts at 5300 or 5300 Lofts were built in 2005 and has 242 homes in the building. Since then, the area around this community has seen, and is seeing a huge growth spurt. Just down the street the new Peachtree Crossing Shopping Center is coming in with a Whole Foods Market. The other direction, walking from the building will take you to Historic Downtown Chamblee with restaurants and coming soon retail shops!

This 2 bedroom, 2 bath condo is a top floor unit (no neighbors above you!) with approx. 1,178 sq. ft. The home has hardwood floors in the main living area, granite counters and stainless appliances. It also comes with a wonderful option…a storage unit! 5300 Lofts has a pool, rooftop pavilion, tennis courts and a fitness center. The Chamblee MARTA station is just two blocks from the building.

List Price: $199,900

Taxes: $2,802 (2015)

HOA Fee: $311 per month (Exterior Fire/Liability Ins, Ext. Maintenance, Garbage, Pest Control, Reserve Fund

SEARCH ALL HOMES FOR SALE IN CHAMBLEE UNDER $200,000

11185 Rotherick Drive, Alpharetta, GA 30022 (MLS# 5693366)

Located in the Hunters Forest subdivision off of Jones Bridge Road, this split-level home was built in 1985. It features 3 bedrooms, 2 full baths and 1 half bath. A lower level room could serve as a 4th bedroom, game room or office. Located in an area with great schools, you are convenient to Northpoint Mall as well as the new Avalon development.

List Price: $200,000

Taxes: $1,653

HOA Fee: None

SEARCH ALL HOMES FOR SALE IN ALPHARETTA UNDER $200,000

What you Get for $200,000 in Atlanta (or less) is getting harder to find, but there are still some options!

Real Estate FAQ’s | How Many Parking Spaces Will I Have?

May 18, 2016 by Thom Abbott

A question I’m often asked by condominium buyers is How Many Parking Spaces Will I Have?

It has been a “standard” and a building code in the Atlanta Condo Market to have one parking space per bedroom. In other words, buy a 1-bedroom condo, get 1 parking space. Buy a 2-bedroom, get TWO parking spaces. Needless to say, for a couple, this could be a problem.

If you purchase a 1-bedroom and you BOTH have cars, you will need to look for an additional parking space. Where? Here are some options:

Other Condo Owners — There may be an owner of a 2-bedroom that only has one car. They might be willing to rent out their other parking space on a monthly basis. Check with the HOA Property Manager, or if the building has a website, or bulletin board where such information can be found.
Purchase an Additional Space — Some new construction condominiums will offer extra parking spaces For Sale during the early sales period. This may, or may not be a wise investment. You should not expect to ever get back what you pay for an extra parking space. I purchased one for $15,000 in 2007 when I bought my condo. I sold it in 2010 for $5,000. OUCH! But, if there is someone in the building that purchased like I did, and then wants to sell, this can be a great (and as my experience will tell you, cheap) way to get another parking space.
Lease a space off-site — Depending on where your condo building is located, there may be surface parking lots, or even parking garages where spaces could be leased. There is some serious lost revenue opportunities in Midtown Atlanta for the renting of parking spaces. Here is a photo that includes the top floor of the AT&T Parking garage on 5th and West Peachtree Streets. I’ve only ONCE ever seen a car on that top floor. There has to be a few thousand dollars in lost revenue there!

When purchasing an Intown Atlanta Real Estate condominium, always be sure to ask How Many Parking Spaces Will I Have?

Midtown Atlanta Market Report May 2016

May 17, 2016 by Thom Abbott

Midtown Atlanta Market Report May, 2016

Not your typical Midtown Atlanta Market Report. I was just curious….how many condominiums have gone Under Contract in the Midtown area (Area 23 according to the FMLS stats) in the last 60 days?

Not sure if you would consider this a high number or a low number…but given the fact of the minimal new construction, most of the sale have to be resales, with the exception of some higher price points which take you into some new townhome developments in Old Fourth Ward, the number is….

187

In the last 60 days, 187 condos/townhomes have gone Under Contract, ranging in price from a high of $1,190,000 for Unit #2402 at Aqua Midtown, and $1,100,000 for #3003 at 1065 Midtown Loews to the lowest point of $84,900 and $97,900 for two 1 bedrooms at City Heights on Ralph McGill Blvd. (also Old Fourth Ward area)

How many of those condos sold for less than $100,000? The two I just listed were the ONLY two under $100,000.

And here’s the breakdown of the rest by dollar amount:

$100,000	$200,000	61
$201,000	$300,000	60
$301,000	$400,000	27
$401,000	$500,000	12
$501,000	$600,000	4
$600,000	+	21

Of interesting note…over 50% of the sales have been in the $300,000 or less price range!

Then you look at the number of sales that are OVER $600,000. 21 homes may seem like a large number in 60 days, but several of these sales were in new construction communities like Highland Park, Square at Glen Iris and The Edge on Lucy Street. The Edge only has 4 units, and 3 of them went Under Contract in the last 60 days! Interesting!

How long were these homes on the market? Again, today is May 17th, 2016 (in case you find this report at a later date!) and we see listing dates as far back as September, 2015. But then others have late April listing dates.

Location, location, location still plays a major factor in real estate. We are in a hot Seller’s market with limited inventory, so the Seller is in the driver’s seat on many fronts. Yet, you can find listings that have been on the market for as long as last August. but the majority of them have gone Under Contract in 30-60 days from the listing date.

To see the complete report of the Midtown Atlanta Market Report, May 2016, click here.

Mailing Avenue Stageworks Expands to Conyers

May 17, 2016 by Thom Abbott

Mailing Avenue Stageworks Expands to Conyers

The Atlanta Business Chronicle has reported that the investors behind Mailing Avenue Stageworks, is again expanding. This time they are headed East…to Conyers.

The group, made up of Paul and John Raulet and Tyler Edgarton paid $3.4 million for the 130,738 sq foot building that sits on some 23 acres in Conyers. The site is located at 2030 East Park Drive and will be called Eastside Stageworks. The article reports that the Conyers Rockdale Economic Development Council also helped with the deal.

mailing avenue stageworks eastside stageworks — Location of Eastside Stageworks – Conyers, GA

The purchase, and subsequent signing of a 5-year lease for a TV show, only confirm that the film and television business is full steam ahead in Georgia, and especially the Atlanta area! The ABC article states the partners would not confirm who the lease is with, but Warner Bros. is in the area, with the shooting of “The Originals” and offices nearby.

One has to give this team an A+ for their foresight and what could happen to their properties IF the movie industry were to bail on Georgia. (Only likely if a new Governor or State Legislature tinkered with the tax incentive responsible for the $6 BILLION industry) Rather than build from the ground up, a purpose-built studio (think Pinewood Studios Atlanta or Third Rail Studios) the team looks to buy intown properties in areas that could be revitalized in the years ahead, and the studio space could then be repositioned into other uses, like retail, restaurants, office space, etc.

Mind you, Conyers is not an “intown property” but with 23 acres attached to this site, they certainly have some options available to them.

MyMidtownMojo is familiar with this area in that Sleepy Hollow has filmed in the area, as did Fast And Furious.

Five Tips For Selling Your Condo Quickly

April 23, 2016 by Thom Abbott

With the ever-so-hot Atlanta real estate market, you may think you can just put your condo on the market and ….BAM! It will be Under Contract. That could be true for some of you. But, if you have plans to buy a house, or some other significant reason that has you putting your condo on the market….you might just need…

Five Tips For Selling Your Condo Quickly

Price

I consult with Sellers almost every day. And I totally understand that every dollar you make from your sale of your condo can go towards the purchase of your next home. But when you play the pricing game, you may not win if you are looking for a quick sale. Take a look at the comparative sales (comps) that I (or any agent) will show you. And price your condo there…if not even below that price. A condo that does not have a huge price tag is going to appeal to agents and buyers alike.

No Personal and No Pets

If you have been living in your condo for a few years, you have stuff. (Unless you truly are a minimalist…..and I’ve not seen many.) That stuff is personal items from those wedding photos (maybe THAT is why we are moving?) to the great group shot from that mud run….these things need to go in storage bins…and go to storage. There are numerous storage places around Intown Atlanta where you can get a small storage room for your….stuff.

And pets. Nothing can kill a sale like pet odors. Even if the potential buyer has a pet themselves, no one wants to smell….or “see” them. Make sure you remove pets for showings. If you are at work during the day….doggie day care is a great option. And then tuck pet dishes away.

A 2 Bedroom Looks Like a 2 Bedroom

Now this CAN work both ways. If your second bedroom is a home office, that just might appeal to the buyer who also wants space for a home office. On the other hand, if they are looking for a 2 bedroom condo, and your’s “appears” to be a 1 bedroom with an office, they might not be able to see past this really IS the second bedroom. Again, I realize this could be hard to change in a condo….but make that office as clean and sleek as possible so the Buyer can visualize what they would use the room for.

Update…Not a Full Blown Remodel

Often times, one condo can look like another…and another. That’s because that is how they were built….in “stacks” such that 1504 looks like 1804 that looks like 2104. So if you are 1504….make it stand out above the others! The quickest, easiest thing you can do is paint! You might have a great color scheme or accent wall you just love. But that’s the point….YOU love it and the buyer does not! So THEY are thinking, “Ugh, I’ll have to paint this.” Remove THAT thought from their mind. A fresh neutral color not only gives a fresh, new feel to your condo, it helps that buyer think about their own colors….or not. Do you still happen to have the builder-grade little light fixture on the ceiling? A new ceiling fan/light can make a big difference. Has that kitchen sink taken a real beating? Replacing it could make the kitchen really shine. Think about other simple things like faucets or your cabinet hardware. Anything that makes your condo look unique and different can help lead to that quicker sale.

Technology Sells

Everyday when I search the MLS for properties for clients, I’m blown away at the horrible quality of photographs that are out there trying to sell someone’s home or condo. Seriously….I have to wonder if the Seller knows just how BAD their home is being marketed. Well, if I am looking at those photos, guess who else is. The potential buyer of your condo!!! Make sure your home shines online! This WILL BE the first place your home is shown! Look at the photos your listing agent takes (some of us are good at photography) or that the professional photographer takes. Just make sure they show the good features of your condo.

The days on market your condo faces can be greatly reduced by being aggressive from the moment you leave the starting gate. Also making your home readily available to show (24 hour notice, can only be shown on such and such days, etc) are not flexible to a buyer. In the hot Atlanta market, if your listing goes live this morning….you best be prepared for showings this afternoon.

Get that potential Buyer in your condo….and let’s get it….SOLD!