Atlanta Condos For Sale

Can I Buy A Midtown Atlanta Condo For Under $100,000?

by

Well, I’m here to tell you (unless there is something I don’t know about…)  unfortunately….NO!

Every day, I’m asked through various channels about the prices of real estate in Midtown Atlanta. “What’s the market like?” Are prices going up?” “I’m thinking I’ll wait another year to buy.”

Well, wait you may, but pay more you will. Can I Buy A Midtown Atlanta Condo for Under $100,000?

I just did a search on the MLS, and found 1, 2, 3. That’s it. THREE condos for sale under $100,000. Have the prices gone up?

Let’s have a look at a Midtown condo building, popular with parents of students attending Georgia Tech, just to see what has happened… Cornerstone Village.

Georgia Tech Off Campus Housing

 

 

2010    6 Homes Sold Under $100,000

2011  20 Homes Sold Under $100,000

2012  12 Homes Sold Under $100,000

2013    6 Homes Sold Under $100,000

 

 

So, what do YOU think is happening to the prices, especially in THIS Midtown building? They are moving on up!

If you were looking for that deal, you just may have missed it!!

Midtown Atlanta Market Report | February, 2013

by

 

I produce a good 80% of the content on this site. It’s a-l-o-t of work, let me tell you! But I enjoy it. Market reports, while a vital part of sharing the status of the Midtown Atlanta Market with you, take even more time! Due to the number of communities in Midtown (condominium buildings being a community) I’m going to do an overview of the Midtown market every other month, and then the other month will be a detailed review of the major buildings that I track.

Midtown Atlanta Market Report | February, 2013

 

Midtown Atlanta with Spire Midtown and Viewpoint MidtownActive Listings

Total Listings : 110

Price ranges from $54,900 at Glendale Condominiums to $1,750,000 at Above The Four Seasons

The Average List price is $349,680

Contingent Listings (Due Diligence or other)

Total Listings: 10

Price ranges from $65,000 at the Massellton to $364,000 at Viewpoint

Pending Listings

Total Listings: 40

Price ranges from $59,900 at 1280 West to $1,380,000 at 1010 Midtown

The Average List Price is $250.602

Pending Offer Approval (Lender or other Type of Approval)

Total Listings: 22

Price ranges from $55,000 at Melrose Park to $499,900 for a Penthouse home at Metropolis Midtown

The Average List Price is $143,641.  (NOTE: 18 of the 22 listings are under $200,000.)

Sold

Total Listings: 35

Prices range from $39,900 at Melrose Park to $570,000 at 1010 Midtown

The Original Average List Price was $202,120, but the Average List Price at closing was $196,230. As you can see, Seller’s did not have to discount much off of their List Price to sell their home!

Of the 35 Sales, only 4 were ABOVE $300,000, 9 were between $200-300,000 and 22 were below $200,000

 

Shipping Container Construction Makes it to Atlanta | Yumbii to Launch Midtown Restaurant

by

I love creativity. I love “out-of-the-box” thinking. And quite frankly we need more of it in Midtown Atlanta. When we do finally get a great idea, it’s only because somebody else has done it. Shipping container construction is a perfect example. But alas, we are catching up to other cities like San Francisco!

Yumbii To Launch Midtown Restaurant in Shipping Container

Shipping Container Stores In AtlantaYumbii, who also helped launch the food truck industry in Atlanta (another one that has taken off in other cities LONG before it started in the ATL) will now be the pioneer in using a unique form of construction for a restaurant at 10th and Peachtree Streets…a shipping container.

As I mentioned, the trend is well underway in cities like San Francisco, New York and London. this picture shows an amazing use of three containers for the Aether’s high-end apparel store in San Francisco! I mean, how cool looking is that space!!!

Yumbii’s restaurant is proposed for the 10th and Peachtree corner where a new pocket park has just been developed on the mostly empty lot owned by Dewberry Capital. The plan is to expand their food truck menu and have breakfast, lunch and dinner. In an article in the Atlanta Business Chronicle, Yumbii owner Carson Young said the concept is a “natural fit” for the Atlanta BeltLine, since the restaurants can be placed on unusal pieces of land, that might not work for a bricks-and-mortar building, or not be accessible by food trucks.

Indeed, this type of construction could really add a cool, hip edge to the Atlanta Beltline, and also give anyone from restaurants to small retailers a much less expensive way to open small stores.

Come on Atlanta (meaning developers, zoning people and such) let’s catch up and BE the cool place we long to be…..I hope we see more and more of these unique containers appearing around Intown Atlanta and Midtown West!

(Photo Courtesy of Proxy SF)

Spring Selling Season Is Here….And So Are the Cocktails!

by

Midtown Atlanta Spring Selling SeasonYeah, we are really stretching the topic on this one. Sort of. Actually they do have something in common, the Spring Selling Season Is Here…and So Are the Cocktails! 

First off, it’s almost April, and the Spring home selling season is upon us! Now, it’s not like the market has been in ANY kind of winter hibernation…quite the opposite has been happening in Midtown Atlanta! Sales have been rocking and rolling since before the holidays, and don’t show any signs of letting grass grow under their feet this Spring.

The Spring Selling Season Is Here … And Buyer’s Best Be Prepared!!

So how DOES a Buyer Be Prepared? Well if you are here at MyMidtownMojo, we hope you’ve made the decision on the real estate agent you are going to use to help y0u find your Midtown Atlanta condo! Now, our next step is to get you pre-approved with one of your Lender Partners! Why? The market is on a fast track with limited inventory! You need to be ready to pounce when we find you the right condo, and that pounce includes a pre-approval from a lender. (NOT a pre-qualification and I’ll explain the difference in a moment) When you submit that offer to the Seller, we want them to know you have done the leg work and the steps needed to have a pre-approval. It will make your offer look better knowing you have your financing in place.

In a pre-approval, you’ve submitted documents like your tax returns, bank statements, W-2”s and such so the lender can have all this information verified. Here’s a perfect example. I’m working with a Buyer right now that just had a $93,000 deposit made into her checking account.  Can you say BIG RED FLAG to an Underwriter for her loan approval? YOU BET!  Well, in the pre-approval process, she can submit the documentation necessary NOW as to what that deposit is for. (It happens to be the proceeds of her half of the sale of  a home with her husband.) Well, she will need to provide documentation as to where it came from.

And So Are the Cocktails!

What do cocktails have to do with the Spring Selling Season? Well, for one…it’s Spring! You’ll soon be hitting the pool or club room at your condo building, or opening up those balcony doors and enjoying the sunshine. And why not with a great new Spring Cocktail you’ve learned about here and can share with your friends!

Plus, we’ll want to celebrate when YOU buy YOUR Midtown Atlanta Condo!

Here’s some great Cocktail Recipes from Southern Living Magazine! Let’s sample a few of these!

Spring Selling Season Is Here….And So Are the Cocktails!

 

Is The Atlanta Real Estate Market Hot?

by

When you market and sell real estate, you can’t walk into a restaurant, get your car serviced, or even go for an evening walk without being asked the question, How’s the real estate market? Is the Atlanta real estate market hot?

Well, the answer is pretty much…yes, yes and….YES!

I’ve placed condos on the market at 9am and had them Under Contract at 9pm! I’ve had Buyers make offers on multiple properties before finally getting one. we’ve not paid over list price….yet….but that could soon happen!

Don’t be surprised if you are home shopping in Atlanta, and a Seller does NOT allow you to have an appraisal contingency on your contract. In other words, if you offer to pay $275,000, and the condo appraises for $270,000, the Seller is expecting you to come to the table with the extra money. That would, sort of be like paying more than list price, but not really.

But if you need some more credibility about the Atlanta real Estate market, here you are…

 

Thom Abbott

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

 
 
 
 
 
 
 
 
 
 

HomeSmart