Atlanta Condos For Sale

September Calendar of Events

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There never seems to be a shortage of things to do around Atlanta…..it IS such a large metro area! But…sometimes you have to go OTP (Outside The Perimeter) for some cool things to do. 

Atlanta September 2019 EventsSeptember Calendar of Events

7th — Fall Fest at Babyland General Hospital

Georgia is famous for more than just Peaches and Peanuts! Georgia’s most beloved toy company, Cabbage Patch Kids, was created by Zavier Roberts in Cleveland, north of Atlanta. Come celebrate with food vendors, a slide, dancing and costumed characters. cabbagepatchkids.com 

8th — String Theory Concert

The Sautee Nacoochee Cultural Center — is located way up yonder in the North Georgia mountains, near Helen! But don’t let the location fool you with this hidden gem. Their events list could take up this entire post!!! Even this event on the 8th is part of a series that runs into December. Make a weekend visit to Helen and take in this musical collaboration between domra virtuoso Angelina Galashenkova-Reed and award-winning classical guitarist John Huston! snca.org

21-22 — European Market — Downtown Alpharetta

A bit closer to the Intown peeps…you will find this cool event. For 2 days only you will find some of the best local artisans and gatherers in the area, showcasing an eclectic ensemble of vintage style home decor & furniture, beautiful works of art, handcrafted jewelry, one of a kind finds, fashion (both adult & children’s) clothing & accessories, gifts & unique treasures.

Learn more about it (and lots of other things happening in this city of its own…Alpharetta, by visiting their website … AwesomeAlpharetta.com

Cornelia Big Red Apple Festival

 

28th — Big Red Apple Festival

Another jaunt to the mountains (or really close) will take you to a festival that is all apples! This fall tradition in Downtown Cornelia celebrates the apple and all that goes with it…from arts and crafts vendors, live music and dancing, a kid’s zone and hay rides. Learn more at DiscoverCornelia.com 

Now you know we just scratched the surface of things to do in September. But here is an excellent resource for other things happening in the Metro Atlanta area in September….  ATLANTA SEPTEMBER EVENTS

How Much Do You Know About Down Payments?

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How Much Do You Know About Down Payments?

How Much Do You Know About Down Payments? | MyKCM

Whether you’ve owned a home before, or you’re ready to jump into homeownership for the first time, there are always a lot of questions swirling around about what is truly required for a down payment, and how to best source down payment assistance. Let’s tackle these two today.

1. How much do you really need for a down payment?

There is a long-standing misconception about down payment requirements. A survey from Fannie Mae shows only 17% of consumers know the minimum options are actually between 1 – 5% of the purchase price and 40% don’t know how much they need at all.How Much Do You Know About Down Payments? | MyKCMThere are many mortgage loans available that require as little as 3% down for first-time buyers, and some ask for only 3.5% down from repeat buyers. There are even loans available for Veterans that provide 0% down payment options too.

We’ve mentioned recently that you don’t need to come up with a 20% down payment to buy, and we’ve also shared how quickly you can save for a 3% or 10% down payment, depending on where you live. If you’re planning to put down just 3%, the research shows it may be possible in most states to have enough saved for a down payment in less than a year. That puts homeownership in a much closer reach for many potential buyers, maybe even you!

2. How can I get help with my down payment?

Regardless of the loans available, many buyers still need assistance with a down payment. The great news is, there are a lot of ways to tap into down payment assistance options. Here are just a couple of them:

Assistance from Family Members

The National Association of Realtors (NAR) said, “a third of recent first-time buyers received down payment assistance from family members.” They also mentioned, “the average net worth of those aged 75 and over stands at $264,800…They just might offer the boost the next generation needs to become homeowners.”

That means one of the ways to find help with a down payment is to accept a gift from a family member. If this is an option for you, make sure you talk to your loan officer before you accept the money, to ensure you document the process the way it is required by your loan. This way, it will be received properly and you can still potentially qualify.

Down Payment Assistance Programs

The reality is, not everyone has a loved one or a family member who can provide help with a down payment. There are, however, more than 2,500 down payment assistance programs available (by local areas like city, county, or neighborhood), and some of them are even specifically for first-time buyers.

The gap, as mentioned in the same survey, is “only 23% of consumers are familiar with low down payment programs.”

That’s why it is so important to get familiar with these options by doing your homework before you plan to buy a home. Determine what is available in the area where you ultimately want to live, so you have all the details you need to take advantage of the down payment assistance option that is best for your family.

Bottom Line

If buying a home is one of your long-term goals, you may be able to get there sooner than you think by tapping into one of the many down payment assistance programs available.

Learn more about the home buying process by reviewing the articles in our Real Estate Buyers Guide.

Doraville Georgia Newsletter August 9, 2019

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Doraville Georgia Newsletter August 9, 2019

Doraville is what we like to call the “sleeper cell” in real estate. It’s time is coming, and if you want to capture a part of it now’s the time to do it. You’ll find a link below to reach out to me! Let’s find you a part of the next amazing city to live in! 

That all said, we like to keep you up-to-date on happenings in the Doraville area. That’s easier with the Doraville Georgia Newsletter for August 9th, 2019. Here is a recap of what’s enclosed:

August Qualifying Dates for November General and Special Election

This will be a pretty important election in Doraville politics. Joseph Geierman was on the City Council for 1.5 years and decided to step down from that position to run for Mayor. That now opens up BOTH seats from that District for election this year. Not something you see very often. Additionally, there are two other Council Seats up for election. 

Doraville GA Redevelopment Tilly Mill CrossingRedevelopment of Tilly Mill Crossing

If you have lived in or around Doraville, you may know this location more as Friday’s Plaza. Once upon a time it was a bustling shopping center, but voices claim the introduction of the Peachtree Industrial Blvd limited access sent this shopping center to its demise. Maybe it was just bad management…hey Dunwoody is just over the way there. But that is all about to change as 70% or so of the shopping center will be torn down to make way for 30o new apartments!! This is GREAT news for Doraville that has seen no new apartment construction in…..forever! A portion of the shopping center will remain, including the ever popular PawStand. But let’s hope they get creative with the remaining space. This really could be a “mini-destination” with some coffee shop, restaurant and some small local shops. Time will tell.

New Flooring in Fleming Arena

Not much to say here. Not sure how many residents use this facility, but it needed a new floor. 

Tilly Mill Sidewalks Complete — Well Part of them

Doraville Public Works completed installing new sidewalks from Harper Vally Drive to Mill Court. You can’t do all of the sidewalks all at once, but good to see the city making progress on this. 

There is more in the Newsletter and you can find a copy of it HERE!

 

Rents Are Rising Should I Buy?

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Renting vs buying a homeAll over the country, but certainly in Atlanta, renters should be thinking….Rents Are Rising Should I buy?

But first you have to look at why you may be renting a home or condo in the first place. 

There can be any number of reasons a person chooses to rent vs. own their own home:

  • Freedom to transfer to another city quickly for job opportunities
  • Someone else takes care of all the maintenance
  • Someone else pays the real estate taxes (and gets the deduction)
  • Credit issues or debt issues
  • Living in brand new apartment ( not always the case) 
  • Lack of saved money for down payment  — and mis-information about how much that is

That is just some of the reasons you might want to rent. But every year, you “roll the dice” as to how much your rent may go up. Maybe that increase keeps you from saving for that down payment? Or keeps you from doing other things as you feed more money to your monthly housing costs. 

Rents Are Rising Should I Buy?

But when you purchase and OWN your home, you get lots of benefits as well. 

When you own the home, everytime you write that mortgage payment you are working towards paying off your mortgage and building home equity. Not to mention, you get the tax deductions of the cost of purchasing the home (your first year) as well as the property taxes you pay. (All of these things are subject to regulatory changes, so you always want to know what’s new or changed in tax laws) …..and a conversation with your financial advisor and accountant would be in order. But let’s look at the list above and apply them to home ownership:

Rents are Rising Should I buyFreedom to transfer to another city quickly for Job Opportunities

Ok, there is truth to that, but also in the current (2019) market with limited inventory, you may be able to sell your home quicker than you might think. There may be the possibility of renting your home (a condo will have much more restrictive leasing abilities) in case you think you may move back, or if it does not sell in a time frame you have established. 

Someone Else takes care of all the Maintenance

Well, you do become responsible for the maintenance of your home when you are the owner. But this can be looked at in a different way. First, if you purchase a condominium, your HOA fee covers the maintenance of things like the roof, exterior of the building, and any amenities the building has. (Pool, gym, club room, lobby, concierge, etc) You end up primarily responsible for your appliances, and HVAC within your condo. And the expense of repairing or replacing them can be reduced with a home warranty. Also, if you look for a condo that has had the HVAC recently updated, along with the water heater, your expenses, short term, are going to be reduced. 

Now, if you purchase a single family home, then the roof, lawn maintenance and the exterior of your home ARE your responsibility. But with that comes the “freedom” to have your own yard, space, and the ability to personalize your home. (Even in a single family neighborhood, you may have an HOA that will have guidelines about fencing your yard, paint colors or major landscape projects.)

Someone Else Pays the Real Estate Taxes (and gets the benefit!)

Yes, when you own a home or condo, there are property taxes. But you can usually deduct those when you file your income taxes. (Again, we are not accountants or lawyers so ask THAT professional about the impact of these on you personally…every situation is different) 

Also, the interest you pay on your mortgage is tax-deductible! 

Rents are Rising Should I buyCredit or Debt Issues

This can be a bit more tricky. But it’s not to say you can’t buy a home. Credit can be restored (over time) if you’ve had some tough times in the past. And when you get to a certain point, you can purchase, there just may be added costs like a higher interest rate. Debt issues can sometimes be easily fixed by just paying down, or off one credit account. But this is when, and why, we have you meet with a lender to determine your personal situation. We might learn that now isn’t the time for you to buy, but the lender can help you establish a plan to reduce debt and get you to the point you will qualify for a mortgage! 

Living in a Brand New Apartment

Depending on where you live, this might be a real option. In recent years, and in the current market, there are new apartment communities being built in almost every corner of Metro Atlanta. Now, what that monthly rent is…that’s the other story. So you may be living in an older apartment that has not had any recent renovations. But when you purchase a home or condo, you may find one that has recently had a major renovation or at least have things like all new appliances. Much of this will depend on where you are looking to live, what you can afford, and what is on the market!

Lack of saved Money for a Down Payment

One of the biggest misconceptions for home buyers, be you a first time buyer, or buying  your second or third home is the amount of money needed for a down payment. It is not 20% as many people think!!! Again, your situation will vary based on your credit and your debt to income ratio….but there are loan programs with as little as 3% down payment. So, on a $300,000 home or condo, that is $60,000 at 20% and $9,000 at 3%!!! A huge difference! Again, here is why getting that pre-approval with a lender is so important. By going through the application process, they can see what loan programs are available to you! 

Let’s get you started on the path to home ownership and building personal wealth through real estate! 

If you answered No to this question, Please click on the Preferred Vendor list Above once you have completed this form. There you will find contact information and links to our recommended Mortgage Lenders.
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Baby Boomers are Not Moving

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Baby boomers Not movingWere you born between 1946 and 1964? Then you are a Baby Boomer and Baby Boomers are Not Moving! 

What does that mean? In an article that appeared in Housingwire, and according to the Chicago Tribune, these Baby Boomers are a stick in the spokes of the homeowner cycle. And that clog equals some 1.6 million homes that are NOT coming on the market because they have chosen to “age in place” vs. selling and moving to a retirement community or some other community. As a result, these homes are not coming to market for those first time home buyers that are currently looking in the market. It is a form of housing gridlock if you will. 

Baby Boomers Not Moving

In January, Chase released a study which found that 76% of Baby Boomers own their own homes.  Some 66% of those homeowners think that home values will soon rise and an even greater 88% of them have renovation plans within the next 3 years!  And while Baby Boomers think their home is “just right,” a Millennial might look at an older home as a place to throw money as systems, and more, need updating.

Consider Resale When Remodeling 

And as the Boomers make changes to their home, the need to keep resale in mind for the future. You can affect the market appeal of your home with weird changes you make make, to fit your lifestyle. You may be looking at “undoing” some of those changes when you do look to place your home on the market. That wheelchair ramp from the carport, or a retro-fitted bathroom with grab bars may not be quite what today’s buyer is looking for! But hey….if you have historic details…be sure to keep them and not remove! Millennials will get into history and such and overlook the functional issues a home may have. 

But you also have to think long term in the upkeep and if you can afford it…or afford someone to clean house and mow the lawn. Sure, you might enjoy it when you are 55, but when you are 65, or even 70 it could be a real challenge. At least at the homes where you have a large yard to take care of, or lots of space to air condition that you don’t really need…or can’t physically take care of.

If you have been thinking about “aging in place” or maybe downsizing to a smaller home or even a condominium, why not give us a call and we’d be happy to sit down with you and talk about some of your options. 

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StreetLights Residential Proposes 26-story Tower at Juniper and 5th

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Another corner of Midtown seems to be headed to the winds of change…..StreetLights Residential Proposes 26-story Tower at Juniper and 5th!!

New apartment tower at St. MarksFirst, to give you your bearings as to where we are talking about, take a look at the map to the right….

There may be one house in the blue square (at the bottom) that may not be part of the site. 

This building will rise up some 299 “market-rate” residential units (would this mean a potential change to For Sale inventory would be possible?) over a seven-level parking deck to house some 568 parking spaces. It’s worthy to note that 150 spaces will be assigned to the adjacent St. Mark Church. There will also be a very modest 4,000 sq. ft of retail space.

The project went through the Midtown Alliance’s Midtown Development Review Committee this week. The DRC has some recommendations…

  • Moving the retail space to the corner of Juniper and 5th to take advantage of the pedestrian traffic along 5th Street
  • “strengthening the exterior design features” and work with the Atlanta City Design Studio due to the size of the building and the location next to the church. 

Here is the initial drawing of the building….(dwarfs the church for sure!)

 

Streetlights Midtown Apartment Proposal

 

 

 

 

 

 

 

 

 

 

 

 

 

Currently on the site you will find….

Juniper and 5th Apartment Building

The DRC report indicates the applicant will be back for another review after the above items have been addressed. 

Stay tuned! 

You can read the Midtown DRC report HERE! 

Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

PalmerHouse Properties