Atlanta Condos For Sale

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

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Real Estate FAQ at MyMidtownMojo.comA 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 Where Can I Find an Extra Parking Space in Midtown Atlantagarages 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

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Midtown Atlanta Market Report May, 2016

Midtown Market Report May 2016Not 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.

OPEN HOUSE – Sunday 2-5pm The Peachtree Residences $199,000 1BR/1BA

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What Are These “Energy Ratings” on Real Estate Listings?

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Tomorrow is Earth Day! (Click HERE to learn about Earth Day!)

What Are These “Energy Ratings” on Real Estate Listings?

And there is no better time then when we talk about our planet, to also talk about energy, and efficiency when buying a home or condo. You often hear these terms, “LEED Certified” or on a listing you see a “HERS rating.” And then there is “Energy Star.”

What do they all mean?

HERS Index

Energy Rating HERS IndexThe Home Energy Rating System (HERS) Index is the industry standard by which a home’s energy efficiency is measured. It’s also the nationally recognized system for inspecting and calculating a home’s energy performance.

The HERS Index measures how efficient a home’s energy usage is. There are a lot of great reasons to have a home energy rating performed on your house.

It can tell you so much about the home you are going to purchase, like how efficiently it’s operating and where you can make modifications for greater energy savings. When you’re selling your home, a low HERS Index Score can command a higher resale price. And when you’re buying a home you can anticipate the costs of energy bills and efficiency upgrades.

How does the HERS Index work?

A certified Home Energy Rater assesses the energy efficiency of a home, assigning it a relative performance score. The lower the number, the more energy efficient the home.

The U.S. Department of Energy has determined that a typical resale home scores 130 on the HERS Index while a standard new home is awarded a rating of 100.

  • A home with a HERS Index Score of 70 is 30% more energy efficient than a standard new home
  • A home with a HERS Index Score of 130 is 30% less energy efficient than a standard new home

For more information, visit the Residential Energy Services Network (RESNET) website. 

LEED

LEED, or Leadership in Energy and Environmental Design, is a program managed by the US Green Building Council. It is more frequently used in the commercial office environment, but it can also be applicable to residential real estate.

LEED works for all buildings—from homes to corporate headquarters—at all phases of development. Projects pursuing LEED certification earn points across several areas that address sustainability issues. Based on the number of points achieved, a project then receives one of four LEED rating levels: Certified, Silver, Gold and Platinum.

To learn more about LEED for residential construction, visit the LEED for HOMES page of U.S. Green Building Council.

Home energy efficiency Energy Star ENERGY STAR

Created by the U.S. Environmental Protection Agency (EPA), ENERGY STAR is a voluntary program that helps businesses and individuals save money and protect our climate through superior energy efficiency.

Energy Star covers items like sealing and insulating, heating and cooling, as well as products like home appliances, electronics and lighting.

For more information about Energy Star ratings or your home, visit the Energy Star website.

Many of the above ratings may have been accomplished when the home, or condominium building was built. Others, you can change later, such as HVAC or home appliances.

If any of these certifications are important to you in your home search, we encourage you to look at these websites and learn more information about the areas you have a focus on!

Happy Earth Day!

April 22, 2016 Earth Day

Intown Atlanta Real Estate Buyer’s Guide | Your Lender, Your Loan, Don’t Lie

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Real Estate Buyer’s Guide Your Lender Your Loan, Don’t Lie

 

 

 

Earnest Money MyMidtownMojo.com August 14, 2015

 

There are many steps to buying a home and reaching that move in day! Probably the most important one will be to make sure you qualify for a mortgage, and are comfortable with the payments. In this part of the Atlanta Real Estate Buyer’s Guide, we’ll talk about getting your mortgage. Your Lender, Your, Loan, Don’t Lie!

Now the title might sound a bit harsh, but I’ll explain. There are many, many options to you when you look for a lender or mortgage broker to help you with the financing of your new home or condo. Above all else, you want to make sure they can get the job done. So what all is involved?

Selecting The Right Lender or Mortgage Broker

You found me, right? You decided that my knowledge of the Intown Atlanta real estate market was important, and I knew the area you wanted to buy in. You decided I understood what you were looking for. You need the same knowledge and understanding from your mortgage broker. But, they need to KNOW you….in a financial sort of way. They will be asking you lots of questions, and asking you for various documents. Don’t dilly dally in getting them what they need. They need it for a reason! And here’s where the “don’t lie” part comes in. If you missed payments on credit cards, or any other important financial “stuff” has happened to you, bring it up NOW! You can’t hide it…it WILL be found. And the sooner the better, so your mortgage broker can address the issue, and let you know if it IS an issue in your getting your loan.

Disclose, Disclose, Disclose

If you were selling your home, I’d be telling you this for a different reason. But for the purpose of BUYING your Intown Atlanta real estate, you need to disclose things for a different reason. If Grandma Hilma is proud of you and going to give you a gift ot $10,000 to help with your down payment, you need to disclose this. If you already have the money in your account, it will show on a bank statement and believe me, somebody is going to want to know where that came from. You’ll need a gift letter from Grandma. Same applies if the money is coming from your parents.  You’ll disclose your financial situation when your lender gets a copy of your credit report. Credit is crucial to getting your loan as well as getting a better interest rate on your loan.

You’ll need to show proof of income. Bank statements, pay stubs and previous years tax returns are going to be asked for. Gather these documents NOW…don’t wait till you’ve found the home or condo of your dreams, and now you’re trying to find all the paperwork you need for your lender.

Pre-Qualified vs. Pre Approved

This is often a confusing and misused set of terms in real estate financing. When you have been pre-qualified, most likely, your lender or mortgage officer has pulled your credit report, looked at the amount you told them you make and given you an indication you qualify for a certain mortgage amount. This helps you know the amount of Intown Atlanta real estate you can shop for. But by being pre-approved, you’ve provided your lender all the documents we’ve talked about. He’s been able to review all this information in greater detail, know your financial condition, and then just be waiting for you and I to write an offer on your home!

Intown Atlanta Real Estate Team In today’s real estate market, homes are moving quickly. And manytimes, the offer, especially on a foreclosure requires you have a pre approval from a lender. Sometimes it will be a lender other than you have initally choosen, but you can still get your actual loan with the lender you have selected.

During all this process, you may find out that you qualify for MORE than you want to spend. This is an important step for both you and I to take a look at. You might qualify to purchase a $300,000 home, but maybe YOU don’t want the payment that comes with it. After looking at the number, you and your lender might find you are more comfortable with the payment on a $250,000 home. This is important for you and me, so I can make sure we look at the right priced homes, and I don’t show you more of a home that you want to buy!

Your Lender, Your Loan, Don’t Lie leads to another equation….Your Lender, Your Loan = Your New Home!

I’ve got a great team that includes lenders I’ve worked with in the past. They know the Intown Atlanta Real Estate market and will help both you and I get you into your new home!

Looking for a particular article in our Intown Atlanta Real Estate Buyer’s Guide? Here’s the entire series!

Finding the Right Agent

Your Lender, Your Loan, Don’t Lie

Desire vs. Require

Let’s Go Shopping — Looking For Your New Home

Making The Offer (The Contract)

Contingencies In The Contract

Inspections, Oh My!

Walk and Close, Oh Happy Day!

Emerson Buckhead to be “Visually Striking” Building

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It’s no secret that Atlanta condominium construction can often be lack-luster….dare we even say boring to look at from the skyline point of view. The homes may have great floor plans, coupled with awesome amenities…but let’s face it, would you not want to live someplace where people would point and say, “WHAT is THAT building?” Why, that’s Emerson.

Emerson Buckhead to be “Visually Striking” Building

JPX Works, LLC, an Atlanta-based real estate development firm, known for their recent project Inman Quarter, has released plans for its highly-awaited 2520 Peachtree condominium building. It has officially been named Emerson.

Called visually striking, the 21-story building will “serve as Buckhead’s newest skyline jewel.” You be the judge….

Emerson Condos For Sale

As you can see from the photo, the Emerson will offer awe-inspiring views South over Peachtree Battle and beyond to Midtown and Downtown, and the Buckhead area to the North. The design, by ODA-Architecture, is reminiscent of Frank Lloyd Wright’s famous “Fallingwater” with the cascading levels and homes with window walls and expansive terraces. A boutique building, there will be just 44 homes, with one to three homes per floor, served by a private elevator. (Sounds like Aqua Midtown!) Homes are scheduled to start at $1.8 million.

Emerson Buckhead Condos For Sale

The location of Emerson offer the convenience of all that Buckhead has to offer..yet you are moments away from the arts and entertainment of Midtown Atlanta. Publix Markets are just North or South of the building. And, there is a Fresh Market to the South and Whole Foods to the North! And don’t forget restaurants a many!

A sales gallery is expected to open in May, 2016, to begin pre-sales of homes. Groundbreaking is scheduled for Fall, 2016. That will probably equal a completion date of late 2017 or even into 2018. The building will be located at 2520 Peachtree Road. An older condominium building was “bought out” which is an interesting take on Atlanta condo construction.

If you are looking for ultimate Buckhead condo living (and in a NEW building) then I invite you to discover Emerson. 

I’d be delighted to offer you Buyer Representation on your purchase in this exciting new community.

Thom Abbott

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

 
 
 
 
 
 
 
 
 
 

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