Real Estate Tips Archives

HOMEOWNERS INSURANCE – Do You Have The Right Policy?

December 1, 2011 by Thom Abbott

There is probably one thing we all kinda sort of hate to pay for and that is insurance. Car Insurance, health insurance, and even homeowners insurance. But when we need it, it’s a pretty hand thing to have. But, PoliHomeowners Insurance – Do You Have The Right Policy?

A perfect example is when my clients don’t realize that they need a landlord policy when they rent their home out. If a tenant burns down their house and they don’t have a landlord policy, they’re out of luck! Or clients buy a house and don’t move because they plan to renovate. The house is vandalized, but the carrier never knew it was a vacant home… Again, they’re out of luck. Let me remind you now to call your insurance agent and get the information you need to have the right policy.

You may pay more, but it will save you thousands if something goes wrong.

Make sure you have the right kind of hazard (homeowner’s) insurance for your property

It is very simple to set up your homeowner’s insurance when you are closing on a new house or condominium and moving in within a day or two, but there are many other situations in which you the buyer and/or seller should confirm that they are protected by insurance:

1. Buyers have sold property in another state and moving belongings here: Are their possessions covered in transport by either the old policy or the new one?

2. Buyers are closing now but not moving in for a few months (e.g. when school is out): Does their policy cover damages or vandalism to a vacant house?

3. Buyers are closing now but doing extensive remodeling work for 3-6 months before moving in: Does their policy cover injuries to contractors (or even nosy neighbors) in the house? Is the house covered while it is still vacant?

4. Sellers are closing but staying in the house for a few months: Does their previous homeowner’s policy protect them or the new owners? Should the buyers have a landlord policy until they actually move in?

5. Sellers allow the buyers to move in prior to closing: Should the sellers convert their policy to a landlord policy? Does it help for the buyers to start coverage on their policy?

These questions can only be answered by the insurance agent who is insuring the property. Make sure you have all questions and answers in writing in case it is necessary to file a claim. Once a claim is made for damage, theft, or injury, it is too late to correct the policy.

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Security Access Codes. Is Your Safety Being “Tweeted?”

November 30, 2011 by Thom Abbott

You learn about news and things happening in the strangest of ways nowdays! I even get news from myself. What, you say?

I’ve created a Twitter “newspaper” if you will, called The Midtown Atlanta Monitor. It is created from various people I follow on Twitter, so the content is determined by what is tweeted out by the people I’ve choosen as contributors. Needless to say, I have a disclaimer as sometimes….well….most of the time it’s all good stuff.

There is another great source for Midtown Atlanta info that I follow closely, called Midtown Patch. Amy Wenk, Editor, does a great job on getting the scoop of what is happening in Midtown. In fact, I think I need to start ~~stalking~~ following her around. So, a Letter to The Editor prompted this post. Here is a portion of that letter:

“I was dismayed this afternoon to see a local catering company tweet four access codes, saying they worked at most gated communities in Atlanta. The tweet also noted he had mentioned it a year ago so this is clearly a continuing “share.”

Holy crap, pardon my French!!! Did I just read what I think I just read? Here is a link to the rest of the letter.

Atlanta condominium communities have varied levels and types of security systems. More modern highrise buildings have security systems and 24-hour Concierge such that access to the building is pretty secure. Even if you lost a key fob or access card, it can be quickly de-activated to keep anyone from using it. Elevators have controlled access, so either a code is needed to ride the elevator or again, a fob or card. Other communities may just have a gate to the parking lot. And some of these gates can have one access code that can easily be passed along….and along….and along.

Such might be the case from this Tweet that passed such access codes along. So, who knows YOUR access codes?

One of the many reasons people choose to live in a gated community or controlled access building is for the added security. But, if residents give out codes to outside service people (like this catering company) you’ve just created a breach in your security. How do you know where all that code is being passed to and to whom?

For your security and safety, you should NOT give out codes to vendors or service people. If you have a cleaning service, pay for, and get them their own access card that will let them in the building, but only to your floor. Or arrange to have a key release with the Concierge for them to have access to your home, and the Concierge will be responsible for letting them into the building.

You pay a monthly home owners association fee of which part goes to pay for the security. Don’t let your safety get “tweeted.”

Midtown Atlanta Condominium Utilities

October 25, 2011 by Thom Abbott

Intown Atlanta Condominiums Unlike living in a single family home, Midtown Atlanta Condominium Utilities are different in how they are aid for.

In many Midtown Atlanta Condominium buildings, part of your monthly homeowner’s association dues (HOA) pay for some of the utilities. Some buildings include the water and sewer charges in the HOA fee, and others do not. This is an important consideration in that the City of Atlanta has some rather high water and sewere charges. When shopping for your Midtown Atlanta Condominium, be sure your real estate agent finds out exactly which utilities are paid for as part of the HOA fee.

Some buildings also sub-meter the electricity. What does that mean? It means the building gets one bill for the entire building, and then it is billed out to each individual unit based on the consumption. It makes it easy for the homeowner in writing one check to the HOA for your fees, including electricity, water and sewer. However, it can put a real strain on the HOA. Why? Well, if a homeowner is delinquent on their HOA fees, the HOA is paying their electric bill. And say the homeowner goes into foreclosure and does not pay 3-4 months of HOA dues, then the HOA has paid that electric bill! Yikes!

It seems that one homeowners association has decided to change that. Earlier this month, the Board of Directors of Spire Midtown voted to move from one Georgia Power Master Electircal meter to individual unit Georgia Power 406 SMART meters for individual units. So, what are some of the benefits that homeowners in Spire Midtown will get from this new change:

Every home will be charged the residential rate vs. the commercial rate. Here is the Georgia Power Pricing Comparison.
The Association will no longer be forced to pay for delinquent homeowners bills.
Residents will get a more accurate bill directly from Georgia Power and will be able to contact them directly regarding billing issues.

It will be interesting to see how this progresses and if we see other Midtown Atlanta Condominium utilities in buildings being changed to an individual billing system in the future.

Condominium Living. Know thy Neighbor…or Not?

October 12, 2011 by Thom Abbott

One of the things I love most about my blogging is that I don’t want to (or I guess HAVE to) always write about real estate. I know the general public is usually looking for two things when they visit my site, or any real estate site. Access to listings of homes For Sale or For Rent and market information like what’s selling, what’s not, etc. But there are all sorts of other things to consider when you purchase a home or condo.

Take Condominium Living. Do you Know thy Neighbor….or Not? Living in a condominium gives one quite a sense of individuality and privacy. It’s pretty easy to come and go, un-noticed by your neighbors. Heck, we all have different types of jobs, work hours, etc. Unless your TV or stereo are cranked a bit to loud, you never really know if your neighbor is home or not, right? If you live in a single family neighborhood, the same can also be true (if you hunker down in your house and close the blinds) but it is pretty easy to see a car come and go out of the driveway or see lights on at night. Such is not the case in a condo building.

In my time living in my condo, I only met 4 of the 18 residents on my floor (there were 18 homes per floor) and one of those was a client and I sold them the condo. And I’m a pretty outgoing kinda person! So, is this a good thing or a bad thing, Know thy neighbor?

This post is inspired by a story that appeared this week about an arrest made in a developer-owned vacant condo last week. First off, let me just say it was NOT in Midtown or Buckhead, two of the primary areas I serve and cover on this site. But, it raises the question of knowing who your neighbors are. In this case, if you live in a community that is not yet sold out, do you know which homes ARE still vacant? In a condominium building, with security and a 24-hour concierge, the chances of this are rather remote. I’m not familar with the community where this happened, but I do know it was gated and had security.

By knowing who your neighbors are, you can report suspicous activity, or if there is a problem, like noise for example, it’s much easier to knock on a door knowing who lives there and having a conversation with them. I recall another condo I lived in. It was a brand new building and we had not moved in yet. We visited one day and our neighbor had the music SO loud you could hardly even be INSIDE of our own home. We had yet to meet, but we quickly did, which lead to a big apology (he knew that no one else had moved in on that end of the hallway) but we never heard his music again, ever).

Maybe your neighbors are just private people, and don’t want to intract with their neighbors. Social events in my building are ALWAYS attended by the same people…it often makes we wonder where all the other people are. But at least if you know who is coming and going, you have a better sense of what is going on around you.

Condominium Progressive Drink Party And for those that DO live in a single family neighborhood, perhaps your neighbors are private people. Maybe you offered up that welcoming plate of cookies and that was all you’ve ever heard from them since. But you can still recognize the car they drive so if you suddenly see totally different cars, you might take notice. Of course, they could of bought a new car but you know what I mean.

In Condominium Living, knowing thy neighbor is not always possible, but it can certainly help break the ice, make your floor an even more enjoyable place to live (think progressive dinner or drink party!) and also give you piece of mind.

Sales of condos, townhomes bounce back | Atlanta INtown Paper

June 2, 2011 by Thom Abbott

Believe it or not, when you look at the current inventory available in Midtown Atlanta, there is not as many options as you might think. The market does have short sales and foreclosure options but some of the most popular buildings do not have a high inventory of homes for sale. ~~~ Thom Abbott

Home » IN Print, Real Estate

Sales of condos, townhomes bounce back

Submitted by collin on Wednesday, 1 June 2011No Comment

By Shandra Hill Smith

Today’s real estate market is shaping up to be a robust one when it comes to sales of condominiums, townhomes and lofts, according to housing professionals.

“We’ve seen a pick–up in traffic at all of our sites, with lots of contract activity,” says Vic Miller, senior vice president of sales/managing broker, The Marketing Directors, LLC (www.themarketingdirectorsinc.com) in Atlanta. “We’re also seeing more buyers able to sell their existing homes and make their move into a new condo, townhome or loft.”

One of The Marketing Directors’ current projects includes a new gated townhome community, Brownstones at Edgewood (www.atlbrownstones.com). The three- and four-bedroom townhomes in the heart of Edgewood feature private two-car garages. As of last month, 18 live/work options were available starting at $199,900.

The townhomes feature expansive living areas with hardwood floors, gourmet kitchens with granite countertops and appliance packages, fireplaces, contemporary light fixtures, spa baths with Jacuzzi tubs and tiled showers and spacious decks with a select number of rooftop terraces.

Just steps from Piedmont Park, Ansley Parkside (ansleyparkside.com) came under new ownership in April and by May had one townhome under contract, with 40 available. Located on Monroe Drive across from the Morningside/Ansley Park neighborhood, the community of three-bedroom, three-and-a-half bath brownstones is convenient to dining and entertainment.

“Buyers are looking to simplify their lives and be centered in a more walkable lifestyle,” says Irene Hall, vice president, marketing for Evolv (evolvre.com), which represents Ansley Parkside. “Intown is still an attractive place for young professionals and those trying to downsize or simplify.”

Ansley Parkside offers two floorplans: the Monroe and the Piedmont. Both have three bedrooms, designer finishes throughout, hardwood floors, gourmet kitchens with granite countertops and a two-car garage. An outdoor pool is slated to open in July. Special financing is available, with prices starting in the $370s.

Sales have been strong at both The Park at East Paces (parkeastpaces.com) and The Stacks at Fulton Cotton Mill, reports Leslie Williamson of Coldwell Banker NRT Development Advisors, which handles sales and marketing for the properties. Just last month, The Park at East Paces had five of 81 homes remaining, while The Stacks at Fulton Cotton Mill (stackslofts.com) was more than 50 percent sold (with 134 homes total in phase two sales).

Located on East Paces Circle at the intersection of Roxboro Road and East Paces Ferry Road in Buckhead, The Park at East Paces offers one- , two- and three-bedroom floor plans, from the $170s to the $320s. Features at The Park at East Paces include elevators to each floor, custom open kitchens, granite counter tops, tile or natural stone back splashes, hardwood floors, garden tubs and separate showers, private balconies and a fitness center.

Floorplans at The Stacks at Fulton Cotton Mill – originally the Fulton Bag & Cotton Mill built in 1881– include one bedrooms, from the $130s, and two bedrooms from the $170s. Minutes from Freedom Park and shopping and dining, the New York-style loft homes, at 170 Boulevard in Atlanta, offer skyline and courtyard views and controlled access entry and parking.

Other features at the pet-friendly property include: loft-style ceilings with exposed wood timbers, European-style vanities and kitchens, quartz countertops in kitchens and baths, concrete floors and a stainless steel appliance package (gas stove, refrigerator, microwave, dishwasher).

Almost as plentiful as the amenities are the number of options on the market today in condos, town homes and lofts – with low interest rates proving just as appealing.

As Williamson points out, “while the past several years have been challenging for real estate, now is a smart time to buy” thanks to those low rates.

“Home ownership is still important to the consumer and is considered a lifestyle investment,” adds Williamson. “With condo, town home, and loft communities that offer a value proposition (competitive price, lifestyle, location) sales are occurring.”

via atlantaintownpaper.com

Finding The Best Buys In Midtown Atlanta Real Estate

May 30, 2011 by Thom Abbott

Finding the Best Buys in Today’s Midtown Atlanta Real Estate Market

Spire Midtown It is still very much a Buyer’s market here in the Midtown Atlanta real estate market. What does that mean to a buyer? Well, it means you can get a good price on a Midtown Atlanta condo. However, if you know what to look for, there are properties on which you can get a great price.

Here are three areas of the Midtown Atlanta Real Estate Market that generally offer the best prices:

Homes that have been on the market for several weeks (or months!) – Have your real estate agent send you homes that have been on the market for several weeks or months. These property owners are generally more motivated to sell than the owners of newly listed homes. They’re more willing to negotiate for lower prices or even give you extras such as paying upfront HOA fees or paying a portion or all of your closing costs.
Bank owned properties – Bank owned properties (also known as Real Estate Owned or REOs) are homes that go back to the mortgage company after an unsuccessful foreclosure auction. Like foreclosures, the savings can be well worth the extra time that it may take to get closed. Your Midtown Atlanta Real Estate agent can help you understand the pro’s and con’s with this type of purchase and guide you through the process.
“As is” properties. A property listed “as is” means the seller is not willing, or possibly able, to fix anything and will not negotiate a price reduction based on needed repairs. However, if you’re willing to put some money and elbow grease into the property, this could be your opportunity to get more home, in a better location and at a price you can afford. Thankfully in the Midtown Atlanta Real Estate market, we find that many of the bank-owned or foreclosed properties are usually in good, if not GREAT condition. There may not be the need for any work, but the Seller is just letting you know that if you find any issues during your inspection, they won’t be paying for the repairs.

A word of caution to the Buyer of a Midtown Atlanta Condo, especially foreclosures! Your competition (other Buyers) can see the values in some of the prices offered, and you may find yourself in a multiple-offer situation. Be prepared to sharpen your pencil on your offer, or even offer over the list price (provide it’s priced right and not OVER priced) if you really find a condo you want.

If you’d like help finding the best buys in today’s Midtown Atlanta Real Estate market, give me a call today or you can contact me here. I’d be happy to help you!

Sales of condos, townhomes bounce back

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