Georgia Tech Archives

Georgia Tech Off Campus Housing — Cornerstone Village

October 15, 2014 by Thom Abbott

The real estate market in Midtown Atlanta has certainly changed in the past year! And so have the prices. As I work with parents of Georgia Tech students looking for Off Campus Housing, the options are still many, but the price is another story.

Georgia Tech Off Campus Housing — Cornerstone Village

Enter Cornerstone Village! Conveniently located on Peachtree Street, between 5th and 6th Street, it’s an easy walk to Tech Square where students can catch the Tech Trolley for access further onto the campus if they don’t want to walk!

What does Cornerstone Village offer the Georgia Tech student AND parent? First off, Location! As I just said, easy to walk to campus. Secondly, location! CVS Health is across the street from the community, and Einstein Bros Bagels JUST opened right in the building….convenient for the busy student to grab breakfast or lunch on the way to campus! There is also Big Peach Running if they are a runner, and El Escorpion restaurant for dinner right in the building.

Thirdly, but most importantly is VALUE FOR THE PRICE! Cornerstone has always been a value on Peachtree Street. Why you ask? Well, it’s NOT the shiny, 28 story high rise that you find in it’s neighbor, Spire Midtown. You don’t have a 24-hour Concierge, but does a student need that? The community has a resort-styled pool and grilling area, perfect for your student to entertain friends. A fitness center (yes, the Campus Recreation Center is a killer fitness center for students) but this is perfect if they want to catch that 12 midnight work out and not be on campus! There is a movie room, perfect for watching a DVD related to a class project!

And values have gone up at Cornerstone Village! Two years ago, I sold a home to parents of Georgia Tech students and they paid $170,000 of the very same floor plan as listed below!

If you are looking for Georgia Tech Off Campus Housing — Cornerstone Village is one of your best options! Let me help you get a great condo for your students!

We're sorry, but we couldn't find MLS # 5338889 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Cornerstone Village | Midtown Atlanta Market Report | July, 2014

August 23, 2014 by Thom Abbott

Cornerstone Village has always been the Midtown Mile “value” condominium building for buyers looking in Midtown Atlanta. And while it still is, you can quickly see from this Market Report that prices, especially for a two-bedroom home has climbed dramatically in the last year!

Cornerstone Village | Midtown Atlanta Market Report | July, 2014

There has been minimal inventory at Cornerstone Village over the past few months, and it’s kept the activity to a minimum as well.

Let’s take a closer look at the activity…

ACTIVE LISTINGS (4)

3 One bedrooms listed at $124,900 to $157,500
1 Two Bedroom listed at $250,000 (This number will be important when we look at 2013 sales!)

PENDING LISTINGS (UNDER CONTRACT) (7)

4 One Bedrooms ranging from $101,000 to $159,900 (The $101 is a Short Sale Pending Lender Approval)
3 Two Bedrooms ranging from $210,000 to $237,900

SOLD

There were no homes sold (closed) in July of this year

Now, for a comparison sake, in July 2013, there was 1 one-bedroom at $124,000 and one 2-bedroom that sold at $172,000!! Here is where I mentioned the numbers would be important. Look at the prices of two bedrooms currently listed and what is Pending…..a jump from $172,000 to $237,900!!! This is one of the most dramatic price increases we have seen in ANY Midtown Atlanta condo building!

Cornerstone Village has been very popular with parents of students attending Georgia Tech. By making a real estate investment in their son or daughter’s future, they have been purchasing a condo that their kid could share with 2-3 other students. With the price increases, this is a bit more challenging. But even to purchase now, if prices continue to go up, you should see a return on your investment, and saved all the money from the cost of on-campus housing.

Georgia Tech Off Campus Housing | Cornerstone Village

June 6, 2014 by Thom Abbott

As a parent of a GATech student, you may be wondering about what the options are for Georgia Tech Off Campus Housing.

An you may especially be wondering if purchasing a condo for your student is a wise decision. Hmmm….

Georgia Tech Off Campus Housing | Cornerstone Village

Cornerstone Village is the best, and most affordable location for parents looking to purchase a condo for their son or daughter to live in while attending Georgia Tech. It’s an easy walk to Tech Square (where the Business School is) or access further onto the main campus (across the Downtown Connector) can be done by walking, or taking the Tech Trolley or Stinger Bus.

And if you are wondering how prices are doing at Cornerstone Village, just look at past sales prices for two-bedroom homes. In 2012, a 2 bedroom condo sold for $173,500. In 2014, just two years later, a similar floor plan sold for $193,500. A $20,000 increase in prices in just two years! Will that trend continue? Most likely with the limited inventory available in Midtown Atlanta in general, and certainly at Cornerstone Village.

As a comparison of what you might pay, step into the next block and look at Spire Midtown Atlanta where 2 bedroom homes are selling around $340,000.

If you are thinking long term investment (like renting the condo when your student is finished) just know that the wait list to get a leasing permit (you have to have an HOA approved leasing permit to lease almost ANY condo) at Cornerstone Village is right around 5 years. So, if you purchased now for your incoming Freshman, or even Sophmore, and they finish up in 4 years (or and extended plan of longer) then you might clear that waiting list. Now you in turn, can rent your condo out to other GATech parents that were not able to purchase when you did, but are still looking for that Georgia Tech Off Campus Housing.

Buying a 2 bedroom gives your son/daughter the option to have a room-mate (or 2) to help with the overall costs of the condo.

Buying a Midtown Atlanta condo as an option for your student to live in Georgia Tech Off Campus Housing is worth of consideration. Just look at this great new listing for a 2 bedroom that just came on the market. Perfect timing for the upcoming Fall Semester, don’t you think?

We're sorry, but we couldn't find MLS # 5299548 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Georgia Tech Off Campus Housing – Cornerstone Village Condominiums

May 1, 2014 by Thom Abbott

As students prepare to finish up the Spring Semester at Georgia Tech, they will be thinking about their housing options for the coming Fall semester. And so will their parents. As I’ve talked before, many Georgia Tech parents will be looking at the housing options, and costs for their son or daughter.

One option might be Georgia Tech Off Campus Housing. Now first off, let me say, there are no condominiums ON the Georgia Tech Campus. However, there are many Midtown Atlanta condominium communities that are within walking distance of the campus. If you are a Georgia Tech parent, and are looking for housing options for your kids, maybe you ought to think about investing in real estate as well as your child’s higher education.

In the next few posts, I’ll highlight several of the Midtown Atlanta Condominium buildings that are the most convenient to the campus. Today, lets start with the popular and very affordable Cornerstone Village.

Cornerstone Village Condominiums – Midtown Atlanta

This map shows the Georgia Tech Campus to the left. The gold arrow indicates where

Cornerstone Village Condominiums are located in reference to the campus.

Located on Peachtree Street, between 5th and 6th Streets, this Georgia Tech off campus housing option is the second closest to campus. (Note 5th Street, which runs right through Technology Square, across the Downtown Connector and into the Main Campus! Convenient indeed!) This community is made up of 4 separate buildings an occupies an entire city block!

The Landmark Building sits on the corner of 5th and Peachtree Streets. Built in the 1940’s as an office building, it was converted to condominiums in 1999 when the Cornerstone Village project began. Homes in this building range from smaller 1 bedroom floor plans to larger 2 bedroom homes. All of them have exposed brick walls and open duct work, giving them a “loft feel.” Most of the 2 bedroom floor plans in this building are not completely closed off from the living space, but this can be done with some minor remodeling.

Next, we have the historic Manor House, located on the corner of 6th and Peachtree. This famed building was designed by the noted architect, Neil Reed, who has designed numerous buildings around Midtown Atlanta. Most all of the homes in this building are 1 bedroom floor plans, but are quite spacious and were nicely upgraded when the building was incorporated into Cornerstone Village in 1999. This building houses the fitness center, a laundry room (from it’s past days as an apartment building) a movie theater and the property management office.

Lastly we have the Gallery Buildings, often called the 100 and 200 Buildings. These newer buildings were new construction between 1999 -2001, and surround the pool and grilling areas. These two buildings offer the most variety of floor plans, from 1 bedroom, 1 bedroom den to full 2 bedroom homes.

A concern I know of any parent is safety, so I will also touch on safety and security of each community I review. As for Cornerstone Village, they do not have a 24-hour Concierge, or actual lobby. Each building does offer a secured entrance with key cards and call boxes. Homes can have individual alarm systems connected for added security. The property, including the garage is well lit. There are security cameras throughout the community that video record, but are not monitored in a security office.

Cornerstone Village offers the parent looking to make a real estate investment in Georgia Tech off campus housing some great opportunities! As of this writing, there are only 1 bedroom condos listed from the low $100,000 range. Purchasing at such prices should offer an opportunity to see some price appreciation in the years ahead. Keep in mind, just 2-3 years ago, you could of purchased the same condos for $50-70,000!!!!

One note of caution, and I will note this on every condominium community that I review. Cornerstone Village is currently capped out on rental permits. What does this mean to the parent looking for Georgia Tech Off Campus Housing? You must be purchasing for your family member to live in the home (again, the great option with the FHA Kiddie Condo Loan) and it can not be rented out. You could certainly add your name to the rental waiting list, but be cautioned…they are often very long in most Midtown Atlanta condo buildings.

You can Search Cornerstone Village Homes for Sale Here!

In my next post, I’ll review MidCity Lofts, THE closest Midtown Atlanta condominium building to the Georgia Tech Campus!

Midtown Atlanta Condos | How Long Do We Have To Pay The HOA Fee?

April 1, 2014 by Thom Abbott

Blog post topics often come from questions that I get from a Buyer during the process of looking at Midtown Atlanta condos. Today’s topic is not so much a question as a statement made by a Buyer. So it got me to thinking….

How long do you need to put gas in your car?
How long to you have to keep insurance on your home?
How many days can you stay up before you need sleep?

Ok, the last was a stretch…but the point being, if you want your car to keep running, you will keep putting gas in it.

In the case of a Midtown Atlanta condominium, How Long Do We Have To Pay The HOA Fee?

How long do you want the elevator to get you to the 30th floor?
How clean do you want the hallways, lobby,pool, fitness center, club room?
Do you want the 150+ security cameras to work and keep and “eye” on the building?
When you get a package, well do you want to get a package?

Those are just some of the services or necessities (elevator I think!) that you may use when you live in a condominium. And someone has to pay for the upkeep of all these services or amenities.

Enter your homeowners association (HOA). It is the responsibility of the HOA, along with the Board of Directors and the Property/Association Manager to make sure all of the above happens, or is working. But let’s relate this to a single family home for a moment.

Do you have a pool? A fully equipped fitness center in your garage or basement? Ok, you have a treadmill. What happens when it breaks? Ah, you gotta call somebody. Y-O-U have to call someone. In a condominium, when the treadmill stops working, you call the Concierge, who in turn reports it to the Property Manager and a service call is placed. This is often referred to as…convenience.

How much do you spend on a pool service? A do-it-yourselfer? How much time and what’s the cost of the chemicals to keep the pool clean and healthy?

See where I’m going? You may pay an association fee of $200-$450 a month (or even higher depending on the building and the square footage of your condo) EVERY month, but you also have all these services and amenities….every month to use. Now, if you don’t ever plan to use any of these kinds of amenities, then yes, condo living may not be for you.

Another factor could be your commuting costs. Do you live way OTP (Outside the Perimeter) and commute to Midtown or Downtown every day? How much time do you spend in your car morning and night? Gas? Wear and tear on the car? Imagine leaving your car parked all weekend as you walk to festivals, restaurants or just lounge on your balcony and take in the city sights and sounds?

Yes, you will pay your HOA fee as long as you live in your condo. But just look at all you are going to enjoy!

Keeping GATech safe

March 6, 2014 by Thom Abbott

See on Scoop.it – Georgia Tech News Events

Images flashed across 10 screens on the front wall.
There’s video of street action both in and around Georgia Tech’s campus. Take a look over there and you’ll see people walking along Fowler Street. Another screen shows action at the intersection of 10th Street and Hemphill Avenue.
Although the room feels like an air traffic control center, it’s really an enhanced operation center at the Georgia Tech Police Department (GTPD).

Thom Abbott‘s insight:

“The department installed 26 cameras along the major arteries leading into campus. This creates a video fence around the perimeter of campus and allows for a broader view of what’s going on in real-time, Deputy Chief Rob Connolly said.

“This is just another tool for us to keep the campus safe,” Connolly said.

In deciding where to place the cameras, GTPD reviewed prior incidents and access points to determine which locations would have the most impact. The department already has the ability to patrol more than 600 fixed building cameras scattered around campus.”

See on www.ecnmag.com

Georgia Tech Off Campus Housing — Cornerstone Village

Cornerstone Village | Midtown Atlanta Market Report | July, 2014

Georgia Tech Off Campus Housing | Cornerstone Village

Cornerstone Village Condominiums – Midtown Atlanta

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