Buyers Archives - MyMidtownMojo.com

Last updated by Thom Abbott at July 6, 2018.

MyMidtownMojo Makes for a Happy Seller

July 6, 2018 by Thom Abbott Leave a Comment

Just as important as it is to find the right agent when you BUY a Midtown Atlanta condominium, so is it true that you need to have the right person to help you SELL!

Often times we hear of Sellers that choose to work with “well my wife’s co-worker’s husband is a real estate agent” or “there is this girl in our church that we feel we need to help” and while that may sound all fine and well on the outside, you have to know who you choose will get your condo sold…and know the right things to do, at the right time. Or have the right connection.

In working with Jacob, at the last minute, the Buyer’s lender requested a document that really none of us had ever had requested. When I reached out to the HOA of the building, they questioned why the lender need the said document. But, my relationship with the HOA helped us get it to the lender, and keep the closing on track! Whew…..disaster averted! One has to wonder if the “girl in our church” would of had that relationship to help get through a tight spot.

We had the pleasure of working with Jacob when he first moved to Atlanta from Boston in 2016. He found MyMidtownMojo.com and knew he wanted to live in Midtown Atlanta. His job in the medical field required extensive traveling, and the access to MARTA was also a major plus for him. He also had a unique requirement to find a condo home that would accommodate a family heirloom…a pool table that belonged to his father. Not all condos meet that requirement, but we found him the perfect space at Spire Midtown.

Fast forward a short two years to 2018, and a company promotion sent Jacob to Tampa. We again helped him sell his Midtown condo, at a great price, and Under Contract after just 6 days on the market!!

“Thom was great, his local knowledge helped me quickly find what I was looking for to buy, as well as sell a couple years later! When inventory is low, you need someone who will be responsive and timely to act on the market.”

Thanks for allowing us to help you Jacob!!

If you’d like to read more great reviews about our work with both Buyers and Sellers, please visit our Testimonial Page!

And we are ready to help YOU have an incredible real estate experience!

Thom Abbott

I'm a real estate broker living and selling the City lifestyle of Intown Atlanta Communities. From the high rise condominiums of Midtown and Buckhead to the bungalows and traditional homes of Chamblee, Brookhaven and Doraville, I enjoy introducing people to parts of Atlanta and everything they have to offer. I'll help you find the right home in any of these or other exciting Intown Atlanta communities that border Midtown Atlanta and The Gold Line!!

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Juniper and 5th Condos Become J5

June 20, 2018 by Thom Abbott Leave a Comment

We had an opportunity to attend a broker event for the new condominium building being built at Juniper and 5th. J5 is what the building will now be known as!

Juniper and 5th Condos Become J5

In the real estate world, it’s been quite a few years since we’ve had a new building to talk about, and show potential Midtown Atlanta condo buyers! But last night, all was abuzz at a preview event, held at the Lawrence Restaurant at 905 Juniper. 905 Juniper happens to be the same building where MyMidtownMojo.com has our office!

So What will J5 Offer?

Sales representatives did not have a ton of information but we can share the following:

1 Bedroom homes will range from approx. 600 sq. ft. to 1100 sq.ft. (That will be a large one bedroom by Midtown condo standards!)
2 Bedroom homes will range from approx. 1100 sq. ft. to 1500 sq. ft.
150 homes in the building

Pricing is currently estimated to be $300-400,000 for the 1 Bedrooms and $500-800,000 for two-bedroom homes. The building should break down to about 20% 1 bedroom and the remainder 2 bedroom homes. Indeed, an affordable option, considering we have seen Buckhead new buildings reference pricing well over $1M for the larger homes.

J5 Amenities

There will be two amenity courtyards…one featuring a pool and the other a garden area. The homes will wrap around three sides of the amenity courtyards. A clubroom will have access to the pool courtyard and initial drawings also show a fitness center.

Floor plans are not yet available, but if you’d like to have MyMidtownMojo and Palmer House Properties be your Buyers’ Agent, contact us and we will be sure to get you on the pre-sale list. Representatives at the event said they should start taking contracts on homes in mid-July.

Thom Abbott

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FHA Approved Condos Midtown Atlanta GA

June 18, 2018 by Thom Abbott Leave a Comment

What Midtown Atlanta Condos are FHA Approved?

UPDATE – JUNE 18, 2018

We first wrote about FHA Approved Condos in December, 2010! WOW! That was EIGHT years ago! We were coming out of the real estate “mess” and FHA was one way many Buyers were working to get into a condo. Well, the list of FHA Approved Condos is a far cry from what it was back then. We left the original list at the bottom of this post, and wanted to provide you with an updated list. This is for Zip Code 30308 and 30309 and we are only showing Midtown condos buildings that have an FHA Approval good into next year or beyond. There were some other buildings, but their approval is set to expire within a couple months or no more than 6 months.

We can always help you with an updated list if there are not options in Midtown Atlanta. You can Contact Us for more information and we can see what other buildings may be an option for you if you are considering FHA financing.

June, 2018 Midtown Atlanta Condos with FHA Approval

(Those buildings that we have a specific page built for will be a link to that page for more information about that particular condo building)

MidCity Lofts

The Dakota Condominiums

Enclave at Renaissance

The Reynolds

1280 West

Ansley Terrace

City Park Townhomes

Collier House

Colony House

Colony Park Citihomes II

Mayfair Renaissance Note: This Page DOES include information/listings in the Mayfair Tower which is NOT FHA Approved.

We went from 33 approved buildings in 2010, to just 15 buildings that are approved now. Many buildings (HOA’s) have elected not to renew their FHA approval. Most feel it has not affected the sales in the building, although some have simply let it expire, and may not even know it.

But, we can help you find options if FHA approved condos are what you need!

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In today’s real estate market, most buyers are now using FHA financing for their Midtown Atlanta Condo purchase. While the credit score requirement has gone up, what remains most attractive is the down payment amount of 3.5% of the purchase price. But another important factor you have to consider when using FHA financing is whether the condominium community you are buying in is FHA Approved. Ahhh….you say.

In Midtown Atlanta, our primary zip codes are 30308 and 30309 so this list reflects the buildings that are in that part of Midtown Atlanta. It also lists the date that their approval is good through.

Midtown Atlanta GA FHA Approved Condominium Buildings

ZIP CODE 30308

795 Myrtle Street Condominiums 7/31/2011

Glendale Heights Condominiums             10/5/2012
Melrose Park (Phase 1)                             10/5/2012
Palisades By The Park                               11/8/2012
Renaissance Lofts                                   06/17/2012
Renaissance Park                                     08/02/2012
Renaissance Park II                                 05/31/2011
Sienna at Renissance Park                    05/31/2011
Spire Midtown Atlanta                             11/26/2012
Cornerstone Village                                04/12/2012
Dakota Condominiums                             08/11/2012
The Reynolds                                            03/31/2011
The Tyree Condominiums                       07/31/2011
Troy Peerless Lofts                                12/07/2011
Viewpoint Midtown Tower 1                   12/07/2011ZIP CODE 30309

1010 Midtown Condominiums                    12/15/2011
1280 West Condominiums                        12/07/2011
905 Juniper                                               04/19/2012
Ansley Terrace Condominums                   05/04/2012
Aqua Condominiums                                    12/07/2011
City Park Townhomes                                03/31/2011
Colony Park Citihomes                               05/31/2011
Cotting Court                                                05/06/2012
Luxe Condominiums                                    02/10/2012
Mayfair Renaissance                                    11/22/2012
Mayfair Tower                                            05/04/2012
Metropolis North Condominiums            09/30/2011
Parc Vue Condominiums                             07/31/2011
Park Central Condominiums                      07/01/2012
Peachtree Lofts                                             12/07/2011
Peachtree Walk Condominiums                 04/08/2012
Piedmont Park West                                    02/28/2012
Plaza Midtown                                           12/07/2011

If you are interested in a FHA Approved Condo in Midtown Atlanta, I would be happy to help you with your home purchase. If there is a building that is NOT on this list, please let me know and I will be happy to help you find out the status of the building. Most of your major communities are listed here. For more information about purchasing your Midtown Atlanta condo, give me a call!

Thom Abbott

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How’s The Atlanta Real Estate Market?

June 15, 2018 by Thom Abbott Leave a Comment

How’s The Atlanta Real Estate Market?

I wanted to share some information regarding the Atlanta real estate market from the recent Case-Shiller Real Estate Report.

The entry-level market has strong demand and very low inventory. There are many multiple offers and values rose faster than other segments.
The luxury market is a buyer’s market with buyers negotiating better pricing and terms.

Mortgage rates are rising slowly which will impact affordability. Metro Atlanta continues to be very affordable relative to other metro areas around the country.

May pending contracts were up .6% from April and up 8.6% from the prior year. May closings were up 11.7% from April and down 1.3% from the prior year.
Year-to-date pending sales units were up 6.5% versus the prior year. Year-to-date closings were up 2.8% versus the prior year.

The Average Sales Price for May was $322,000 – up 3.2% from April and up 6.6% from last year. 2018 is on track to be the highest annual ASP on record.

Inventory for May was up 5.3% from April and down 8.8% from last year.

Overall Months of Supply for May was 2.4 months. Six months is considered normal. Luxury properties took longer with homes above $1 million averaging 10 months and properties over $2 million averaging 16 months to close. The luxury market remains a buyer’s market in many areas.

The Average List-to-Sale Price Ratio was 97% for all price points. Many properties in high-demand areas are selling above list.

The latest Case-Shiller Index for Atlanta (5/29/18) was up .8% compared to the previous month. Metro Atlanta home values are up 73% from the bottom of March 2012. Increased home values are building equity and getting sellers back into the market.

I always, repeat, ALWAYS tell my clients, whether you are a Buyer or a Seller, that the real estate market will be different for you depending on your real estate plan. Are you looking to refinance? Are you looking to purchase an investment property? We look at your specific real estate needs and goals, and then we talk about the market and what will work best for you. This, coupled with a great lender from our Team Lenders, and we will all work together to make your real estate experience a great one!

Let’s sit down over coffee (or an adult beverage) and talk about location, location, location…and how important that is in real estate.

Thom Abbott

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Home Warranty vs Home Inspection – What’s the Difference?

June 4, 2018 by Thom Abbott Leave a Comment

We’ve talked about both of these subjects in the past, so we won’t beat them to death here, but will point you to the past posts. They are still relevant and will give you more information about a home warranty vs a home inspection.

Home Warranty vs Home Inspection – What’s the Difference?

A home warranty is an insurance policy (of sorts) on your home for a certain period of time, usually one year. You may get a home warranty as part of your negotiation process with your initial contract, or after you have had a home inspection completed. A home warranty covers most major systems in the home for repair or “replacement.” (Each warranty company is different, but most will work very hard to REPAIR an item before they will replace it.) Even still, the cost of the repair will be much less via the service call fee on a home warranty vs. calling a specific trade person (plumber, electrician, appliance repair, etc.)

We did a detailed post about What is A Home Warranty, and you can get more information there.

A home inspection is much like a snapshot look at a home at a certain time. When you make an offer on a home or condominium, and it’s accepted, you have negotiated a Due Diligence period. It is during this time you have the property inspected. The purpose of this 3rd party inspection (done by a home inspection company, not your Brother or Father!) is to get an opinion of the condition of the home. An inspection will look at systems (HVAC, plumbing, electrical) as well as things like flooring (say cracked tiles or damaged wood flooring) windows (have they been painted shut, do they work) and other aspects of the home. This helps you determine the condition of the home in more detail than when you just walked through it with your real estate agent.

Once this inspection is completed, you will review it with your agent and determine what actions you want to take next. This can vary from asking for no repairs, to an extensive list of repairs, to deciding you may not want to purchase the home at all. You can learn more about the home inspection process from one of our Team Members, National Property Inspections.

We did a post, Do I Need a Home Inspection on a Midtown Atlanta Condo, which talks about the importance of getting an inspection done on a condominium. They will just vary as the inspector is not checking for structural or roofing items…those are related to the building. But you will find an informative short video on that post about the home inspection.

Home Warranty vs Home Inspection – What’s the Difference?

If you have further questions about the home warranty or inspection, we are always ready to help our Buyers or Sellers with this part of the home buying and selling process!

Thom Abbott

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Price of Home	$
Down Payment		%
Mortgage Term		yrs
Interest Rate		%
Monthly Payment	$

Monthly Gross Income	$
Monthly Debt Expenses ^[?] Monthly Debt and Obligations Should Include: Monthly Credit Card Payments Monthly Auto Payments Monthly Child Support Monthly Association Fees Other Monthly Obligations, but NOT utility bills.	$
Down Payment:	$
Interest Rate:	%

MyMidtownMojo Makes for a Happy Seller

Thom Abbott

Juniper and 5th Condos Become J5

Juniper and 5th Condos Become J5

So What will J5 Offer?

J5 Amenities

Thom Abbott

FHA Approved Condos Midtown Atlanta GA

UPDATE – JUNE 18, 2018

June, 2018 Midtown Atlanta Condos with FHA Approval

Thom Abbott

How’s The Atlanta Real Estate Market?

How’s The Atlanta Real Estate Market?

Thom Abbott

Home Warranty vs Home Inspection – What’s the Difference?

Home Warranty vs Home Inspection – What’s the Difference?

Home Warranty vs Home Inspection – What’s the Difference?

Thom Abbott

Monthly Debt and Obligations Should Include:

Thom Abbott

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