Atlanta Condos For Sale

Another Happy Georgia Tech Parent!!

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Cornerstone Village Midtown Atlanta GA
Cornerstone Village

 

Another Happy Georgia Tech Parent!

I’ve helped numerous parents purchase Midtown Atlanta condos for their son or daughter to live in while attending school! It’s a great option over on-campus dorm life, and if purchased at the right time and price, can appreciate.

It was a pleasure to help Jim and Carla find a great Cornerstone Village condo for Kara to live in while she attends Georgia Tech. And getting this kind of “thank you” makes it all worth while!

 

Thom Abbott helped us find my daughter, Kara, a great place to live while attending Georgia Tech.

Normally, finding and purchasing a property is stressful and challenging regardless of the circumstance. That stress multiplies when the property is 700 miles away from home and it is for your oldest daughter living away from home for the first time. 

We turned to Thom Abbott as our real estate agent, but his assistance went beyond the typical agent role. He did all the things you would expect from an agent. He knew properties, trends, amenities, and transportation options in Midtown Atlanta. He provided market research and fair market prices and ultimately helped us identify the best property for our budget and needs. 

After the offer was accepted, he provided potential appraisers and home inspectors. Buying for a distance, he accompanied my daughter on the home inspections. In my daughter’s words, “Thom asked the home inspector a lot of questions because he knew my Dad would want answers.” he worked with us to smoothly complete the purchase. 

Once we closed, Thom continued to help. He helped us identify contractors to take care of minor upgrades on the property. We received multiple quotes so we know we got a fair price. Once the contract work started, he stopped in and inspected the work, found potential problems and had the contractor make changes improving the end result. 

He also worked with the condo association to complete our paperwork and helped lease one of our unused parking spaces. Thom Abbott’s assistance made purchasing a condo in Midtown Atlanta a very smooth and easy process. We are very grateful for his help. 

Jim and Carla Boucher

 

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

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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!!

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

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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?

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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…

 

Georgia Tech Student Housing – Will I Get A Room For Fall 2013?

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Buying a Condo for Georgia Tech Student Housing

 

Demand for housing is up…pretty much everywhere in the U.S. Midtown Atlanta is no exception as we see a significant decrease in the number of available condos For Sale, and a marked increase in apartment construction. And the same seems to be true for Georgia Tech Student Housing.

February 5-28 was the sign-up period for On Campus housing for Returning Students. When you look at the Sign Up Instructions, you’ll find the following note:

Due to increased campus enrollment and planned hall renovations, any student who will be an undergraduate for Fall 2013 and  enrolled at Tech before Summer 2010 may not be guaranteed housing. The number of returning students who request a room in the initial  application period (February 5 – 28) will determine whether 5th and 6th year seniors will be placed on the Wait List or be guaranteed housing. Please check your email for a detailed explanation and further information.

So, what happens to Freshman, or even returning students? Where will you live? 

Georgia Tech Student Housing – Will I Get A Room For Fall 2013?

Maybe there is another option? What about a Midtown Atlanta Condo? And instead of renting, why not BUY a Midtown Atlanta condo for your Georgia Tech son or daughter to live in while they attend school? Prices in Midtown Atlanta are on the rise, and now might be the perfect time to make that real estate investment.

Imagine this…you purchase a condo (especially if a 2 bedroom) and your son/daughter has a roommate. Their “rent” is going to cover the cost of your monthly HOA fees, and probably a bit towards the monthly mortgage. While there are no guarantees, if you are able to obtain a leasing permit (*), you could turn the condo into an investment property and rent it out. Or, if you have a student on the “extend plan,” (getting a Master’s degree) they could stay in the condo longer. Maybe another son or daughter coming behind the first one? Housing problem solved.

There are numerous Midtown Atlanta condominium buildings that are perfect for Georgia Tech Off Campus housing. Certainly, a word of caution….two bedroom condos are easily approaching and surpassing the $300,000 price point. So, if there are opportunities below that figure, it could be a good time to capitalize on this upswing in the Midtown Atlanta real estate market.

Georgia Tech Off Campus Housing CostsWhile the inventory of 2 bedroom homes at less expensive prices is a challenge, there ARE still some one bedroom homes that can be found for under $100,000. But, even THOSE are becoming limited. Cornerstone Village has been the best option for this, but even this building now has very limited inventory. (I just put the last 2 bedroom condo Under Contract to…..You Got it! Georgia Tech Parents!)

Here is an example of a mortgage on a $100,000 purchase price. Please note that the taxes and insurance will be higher than what is listed in this example. Please consult with a mortgage lender to get exact figures for your purchase! This amount also does not include your monthly HOA fees.

Certainly, Midtown Atlanta real estate just might be part of your Georgia Tech Experience!

(*) All condominium HOA’s have restrictions on the number of homes that may be leased at any given time. This is strictly enforced by the HOA. If you purchase a Midtown Atlanta Condo, there is NO GUARANTEE you will obtain a leasing permit by the time your son/daughter may have finished school. Once you purchase your condo, you may place your name on the waiting list for a rental permit. This waiting period could be as little as 3 years or 5 or more years. There is a variety of factors that can change the length of time it may take you to clear this list.  

 

Georgia Tech Off Campus Housing – Midtown Atlanta Condo Communities

Cornerstone Village – Peachtree and 5th Streets

MidCity Lofts – Spring Street

Plaza Midtown – Spring and 8th Streets

Spire Midtown – Peachtree and 7th Street

Viewpoint Midtown – Peachtree and 7th Street

Metropolis Midtown – Peachtree and 8th Street

Midtown Atlanta Condos For Sale Under $100,000

 

Need more information about the off campus options and Midtown Atlanta Real Estate? Call me directly at 770.713.1505 or email me at Info@MyMidtownMojo.com, or fill out the form below and I’ll be in touch!

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MyMidtownMojo and Thom Abbott visit Atlanta Real Estate Forum Radio

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I had a great opportunity last week to talk about the real estate market in Atlanta and tell the listeners a bit about myself!

 

It really is amazing to see Atlanta and especially Midtown Atlanta real estate go from 15-20 listings in a particular building to just 2-6 in a building. And then if those listings are NOT what the Buyer is looking for, when a new listing comes on the market, it is most likely to get multiple bids because the demand is exceeding the supply right now.

 

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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