Plaza Midtown Atlanta Annual Market Report 2009-2010
It’s time for us to look over our shoulder at 2010 and see how it compared to 2009 for sales at Plaza Midtown.
Sales activity at Plaza Midtown was fairly consistent from 2009 to 2010 with 29 sales and 24 sales respectively. But the Average Sales Price, especially with one bedroom homes. In 2009, 13 – 1 Bedroom homes sold with an Average Sales Price of $170,023, but the number tumbled to $131,631 and 8 homes sold in 2010.
Two Bedroom sales were even at 16 for both 2009 and 2010. The Average Sales Price in 2009 was $227,979 and $214,843 in 2010. Plaza Midtown opened in 2006. I saw a recent foreclosure sale on a 2 bedroom home that originally sold for $319,000 for $192,000.
Metropolis Midtown Atlanta is probably best known as the building that started it all in Midtown Atlanta condominium construction. When first proposed, one tower was to be apartments and one condominiums. The first tower sold so quickly that the developers quickly converted, and sold the second tower as condos as well.
Are you looking for a condo or single-family home foreclosure in Midtown Atlanta, GA? The good news is, if you are looking for a condo, most of them will be in relatively good shape. I’ve not seen to many that required extensive repairs. Even if a condo has been vacant for sometime, it usually still had water service, but the power most likely has been turned off. If you are looking for single-family home foreclosures in Midtown Atlanta, GA you will want to proceed with caution. Many of these homes are much older, and “lack of use” could compound problems they may already have.
Once you find the home or condo in Midtown Atlanta, GA you are looking for, you will need to have a variety of inspections done, depending on whether it is a condo or single family home. The condo will likely require less inspections, but will require more knowledge about the condominium home owners association (HOA) and how financially stable they are. Condo owners pay a monthly maintenance fee to maintain the common elements (those areas of the building shared by everyone such as the pool, garage, lobby, etc) and if the community has not planned for a delinquency in these payments, they could have problems. Especially if it is a smaller community. I can assist you in obtaining that information in the time frame allowed within your contract. This time period, often referred to as the “due diligence” is the time you are allowed to complete inspections, assessments, finalize your financing and any other steps necessary to make sure the home or condo is in good condition and you are ready to move forward towards the purchase.
