Atlanta Condos For Sale

Coworking Spaces in Midtown and Downtown Atlanta

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You’ve probably noticed the rise in Atlanta of co-working spaces. The names We Work and Industrious might most ring a bell, but there are many other options in Midtown and Downtown Atlanta….even I was surprised!

Coworking Spaces in Midtown and Downtown Atlanta

Midtown Coworking SpacesAs the article link below mentions, coworking has become very popular all over the country, but most recently we have seen quite the boom of these kinds of spaces all over Atlanta. While the article focuses on the Midtown and Downtown Atlanta areas, I know that We Work is opening at the Perimeter and Industrious has a Buckhead location. 

Whether you are a single person looking to have an “office space” outside of your condo, to a startup company, these flexible work spaces can offer you much of what a normal office might offer, but for far less money because of the sharing of resources. 

If you are considering a coworking space, be sure to check them out  in person, and see what they are like. If you may need to meet clients, how accessible is the space for your guests? I know I looked at space in the Industrious offices at Ponce City Market before we opened our Midtown Atlanta office on Juniper Street. There were a few to many layers of security (at least at that location) that would have not made it user friendly for a real estate office. (And now we have a storefront anyways…so much better!) 

But if you are considering living in Midtown or Downtown, and need office space not provided by your company, or your start-up NEEDS office space, check out the list in this article!

Coworking Spaces in Midtown and Downtown Atlanta

North American Properties Mark Toro

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North American Properties Mark ToroAtlanta certainly has numerous “movers and shakers” when it comes to real estate development. My good friend Scott Selig, who recently passed, is one of them. Steve Baile, also with Selig Enterprises is another. But one individual that I have always been impressed with is Mark Toro from North American Properties. 

If you’ve not seen Avalon in Alpharetta….hope in the car and go. A development that barely got started, and then the market crashed. North American Properties came in and it’s amazing what is there now. 

Come a little bit closer to “home” and North American Properties successfully repositioned Atlantic Station, and has since sold the retail development to another group. Now, Mark and his team are working to transform Colony Square into the next great Midtown place to be! 

Atlanta Magazine, in 2015, named Mark Toro as one of the “55 Most Influential Atlantans.” 

Additionally, North American Properties has been tapped to develop a mixed-used project around the Infinite Energy Center in Gwinnett County, some 30 miles from Midtown Atlanta. This is a unique public/private project, being built on land Gwinnett County owns. (The parking lots around the Arena will become garages and mixed-use buildings!

Mark is a Midtown Atlanta resident, and serves on the Midtown Alliance’s Executive Committee. 

Bisnow, a business publication recently published an interview with Mark Toro, which you can find HERE.

Thanks Mark, for all that you have done, and are doing for Midtown Atlanta and beyond!

The Georgia Real Estate Contract for 2018

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Georgia Real Estate ContractThe process to purchase a home or condominium in the Metro Atlanta area has remained much the same over the years. (The process can be much different if you are buying property on Lake Sinclair, or if you are buying in Savannah, so we will focus on the Atlanta area, where we work!) But it helps to know about the Georgia Real Estate Contract. 

Some changes have come from the lending side, certainly, and those changes do affect most all buyers. But over the years, the Georgia Association of REALTORS (GAR) has made changes to the Purchase and Sale Agreement and other exhibits we use to buy real estate. At one point, the contract had areas where you had blanks to fill in on each page, and it made it difficult or both they Buyer and the Seller to really understand the terms of the offer. Fast forward to 2018, where the contract has been designed to have the key elements of the offer on Page One, and the supporting paragraphs for each item on Page One on the following pages. While those “following pages” get into the contract details, the key points such as the Property Description, Purchase Price, Closing Costs, Earnest Money and Due Diligence are all located on that first page. 

The agreement is written such that it is pretty fair in representing BOTH parties in the real estate process. It can become a “one-sided” document if special stipulations are added, or if any of the Page One items are slanted towards one side or the other. An example would be a long Due Diligence Period (say 15 days or more). During the Due Diligence Period, the Buyer may terminate the agreement or any reason, or no reason at all. This puts the Seller at a disadvantage by having their home/condo off the market with this lengthy time where the Buyer can walk away. 

As part of our Buyer Consultation, we provide you a copy of the Purchase and Sale Agreement along with the most likely Exhibits or Amendments you would use during your purchase. This helps our Buyers get to know the documents and ask any questions prior to us being in the middle of making an offer. 

If you are relocating to the Atlanta area, this gives you an opportunity to learn about the process (at least the forms used) in purchasing a home here, versus what it may have been in the city or state where you are moving from. 

You can find our 2018 Contract Package HERE. 

We are here to help our Buyers and Sellers understand all the terms of the agreement, as well as answer questions and make sure you are being represented. 

Your 2017 Fulton County Tax Bill

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Your 2017 Fulton County Tax BillBy now, your early Christmas present has arrived….Your 2017 Fulton County Tax Bill!

Along with the tax bill came some information about the 2017 tax rate. I’m not going to dive into all the numbers and millage rates….just some of the other information that was there. This can be useful to you if you are a new home owner, or perhaps looking to relocate to Atlanta. This will help you learn about the tax expense and benefit of owning a home (subject to any current tax plan under consideration by Congress)

2017 Tax Rate

Under Georgia Law, the Board of Tax Assessors determines the ‘Fair Market Value’ of your property, then ‘assesses’ it at 40% for tax purposes. Each year, Fulton County Government, the school boards, and each municipality set their respective budgets and millage rates. The following charts provide information concerning the financing of these services, including credits for sales tax. The Tax Bill was designed to serve the billing needs for both the Unincorporated area and Incorporated Cities within Fulton County. Your bill may also may include a rate for a Community Improvement District. 

You’ll find the aforementioned charts at the bottom of this post! 

Basic Homestead Exemption 

To qualify for basic Homestead Exemption you must own and occupy the property as your legal residence as of January 1 of the current tax year. So if you purchased in 2017, you will BE the owner as of January 1, 2018 and can file for the Exemption on your 2018 tax bill. You must file for this exemption by April 1, 2018 to receive it for the 2018 Tax Year. You can file your Homestead Exemption at any time, but, you must file by April 1.

Once you receive the Exemption, it is automatically renewed each year as long as you continuously occupy the home under the same ownership. 

Property Tax Returns

If you feel your property value is not reflective of fair market value, you should file a Property Tax Return requesting a change in the assessment between January 1 and April 1. If your Return is not accepted, you will receive your assessment notice, and then you have 45 days to file a formal appeal.  (See Below)

Payment of Taxes on Property Under Appeal (Don’t Pay, Don’t Stay….sort of)

When you signed your mortgage paperwork at closing (unless you paid cash) you heard me mention the phrase “If you don’t pay, you don’t stay” as it relates to your lender being able to foreclose on your home if you don’t make your payments. In this case, if you file an appeal, your taxes will still be paid by your lender out of your escrow account. If you are successful in your appeal, and your tax bill is reduced, you would see a credit (or refund) back to you from your lender when they review your escrow account. 

But, if you did pay cash, you still have to pay the tax bill you received to avoid interest, penalty, and/or foreclosure. 

Assessment Appeals

The Board of Tax Assessors is required to issue a notice of assessment for taxable tangible real and personal property. Once you receive this notice, you have 45 days to appeal said assessment. You can appeal based on taxability, value, uniformity, and/or the denial of an exemption.  When you make this appeal, it must be written and you must declare your chosen method of appeal…..

Three Methods of Appeal

Board of Equalization:  The appeal is filed by the property owners and reviewed by the Board of Assessors. The Board may change assessment and sena new notice. You may appeal THIS assessment in the amended notice within 30 days. The second appeal made by the property owner or any initial appeal which is not amended by the Board of Assessors is automatically forwarded to the Board of Equalization. A hearing is then scheduled and the Board renders its decision. A further appeal would be to Superior Court. 

Hearing Officer: The taxpayer may appeal to a Hearing Officer, who is a certified appraiser, when the issue of the appeal is the value of non-homestead real property, but only when the value is equal to or greater than $1M. Not satisfied here….Superior Court. 

Arbitration: An Arbitration appeal is filed with the Board of Assessors who must notify the taxpayer of the receipt of said appeal within 45 days. The taxpayer must submit a certified appraisal of the subject property. It may be accepted…or rejected. Rejected….the Board of Assessors must certify the appeal to the County Clerk of Superior Court for arbitration. Arbitration is authorized by the judge and a hearing is scheduled within 30 days. 

The arbitrator will issue a decision at the conclusion of the hearing, which is final and which may not be appealed further. 

(Now you know why you see arbitration in many real estate contracts (say a new home builder) as you can’t drag out an issue with multiple appeals or a law suit.)

If you have more questions about your tax bill, I am a real estate broker, not an accountant and I can’t speak for the Tax Assessor. I can help you get competitive market information to assist you in your appeal. But you can contact the Tax Assessors Office at (404) 613-6100 or online at FultonCountyTaxes.org

Downsizing Your Home? Consider These 5 Questions

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If you’ve landed on this post, or our website, chances are good you are looking to move into a condo. And possibly considering Downsizing Your Home!  Awesome! Here are 5 Questions to think about! (And we’ll throw in a bonus one too!)

Downsizing can mean going from that huge 5 bedroom home to a smaller, 3 bedroom home as well. 

Downsizing Your Home? Consider These 5 Questions

  1. 5 Questions to Ask When Downsizing Your HomeDo You Want to Cut Expenses? Living in smaller space can reduce any number of expenses, from electricity and gas to a lower mortgage and insurance payments. But as you make this transition, you want to compare ALL your monthly expenses….such as maintenance costs of a home (be it from larger to smaller) and the monthly HOA fees in a condo. Also, as you move, don’t forget the costs associated with buying and selling, such as realtor marketing fees, closing costs on a new mortgage and moving costs. 
  2. Do You Want More Free Time? Moving into a condo can free up lots of hours to do other things like work out in your new gym, take up a hobby or more traveling. You won’t have the yard to mow, the fence to paint or leaves to rake up. Certainly, you’ll have these if you move to a smaller home, but it may have a smaller yard that requires less time. Some communities might even provide lawn maintenance, such as a 55+ community. 
  3. Does Your Home No Longer Meet Your Needs? Are all three kids off in college? Who needs a 4-5 bedroom house for just two people? Or, maybe you’ve reached the point of not wanting to climb stairs and would like an En-Suite on the main floor? Laundry on the main floor? Maybe it’s a long drive from Cumming to Midtown Atlanta to enjoy plays at the Alliance Theater or exhibits at the High Museum? 
  4. Still Need Room to Host? If you expect your grown family to return often for visits, you may still need an extra bedroom, but 5 of them? So a smaller house could be the right choice. But if those family visits are just at holidays, maybe you get the Midtown condo, and YOU make the trip to visit the family elsewhere! 
  5. Want Better Cash Flow? With the market shift in the past few years, you are probably back to the point you have positive equity in your home. That can be used as a large down payment on the next home or condo, thereby reducing your mortgage payments. This can free up money on a monthly basis for other things! Again, you want to compare all costs of where you live now, and what they might be in a different location. Property taxes on a condo in the city could be higher than what you pay on a house, say in Cherokee County. But what money will you save in commuting expenses if you work in the area, or better yet, retire and can walk to those plays and museums?
  6. BONUS — Do You Want a Lifestyle Change? This applies mostly to going to condo living. It’s very different from all that space in a house! (I’ve done both, and can relate/help you understand the difference!) Being able to leave your car parked and walk, both for leisure and possibly to work, is wonderful. You might not even need a second car. You will also have to give serious consideration to downsizing the “stuff” you have. There is not all these closets and storage nooks in a condo. And if you have a priceless family piece of furniture, be SURE to tell your real estate agent you simply can’t give it up, and there needs to be room for that 12-foot dining room table (yep, had that challenge) or maybe a large desk. 

Downsizing is not a decision you should make in haste. Spend some time talking about it. Looking at the numbers. Another good thing, spend a weekend in a hotel in Midtown Atlanta. While it certainly is NOT like living in a condo, you can get the feel of being able to walk around, shop, dine and learn about city noises that you don’t hear in that John’s Creek subdivision where you are now. 

More questions about Downsizing? Email me or give me a call at 770.713.1505. Let’s meet for coffee in Midtown and chat!

Food Halls and Apartments – Can Atlanta BE Creative?

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NOTE:  This is an editorial-type blog post….with my thoughts. 

Food Halls and Apartments – Can Atlanta BE Creative?

Food Halls in Midtown AtlantaI have numerous sources of information that I review daily. I find articles that I think MY readers will find of interest, and I use social media to share them….Facebook, Facebook Business, Instagram and Twitter. It’s not all about real estate, but about the lifestyle in the markets or communities I serve. I want you to know that I’m knowledgeable, but also that I can share with you the cool things about why you should, or would want, to live there.

Apartment Construction MidtownAnd I look at the big picture. Like the Midtown Skyline with its square buildings. Seriously!! Look at most of the buildings being built now. Square, glass blocks. Nothing creative. Well maybe NCR. But the rest of them. Certainly nothing to drewl over. Gosh, if I was a developer, I’d be asking my architect to design me a building that when people were driving the Downtown Connector and looking at the skyline, they would be saying, “WOW…look at that building!” 

Currently, Atlanta (in general) is all about Food Halls and Apartments. It’s our rage, if you will. A Food Hall will anchor the redevelopment of Colony Square. A Food Hall will be part of the CODA building near GATech. A food hall even way out in Alpharetta at some development who’s name escapes me at the moment. 

Everywhere you look…you see those cranes? 90% of them are building FOR RENT apartments, not anything you can buy. I always wonder what that does to a community? So many residents with no “roots?” Do you HAVE to own a home or condo to have roots in a community? I suppose not, but I certainly think you have a more vested interest in a community when you “own” a part of it. 

So when will Atlanta hit the “apartment crash?” I mean, it really has to be coming. It’s not like we have an Amazon moving to Atlanta every month….and so many jobs to provide the people to fill all these apartments? But, I guess the developers know better than I, right? Ah…not so fast. 

I can remember standing on Peachtree Street looking North and saying, “all this construction is great, but where are all the people coming from to buy all these condos?” And a year or so later…well…you know how that story ended. 

How come we can’t create something unique? I read once that Yumbi was going to open a restaurant in a shipping container....never saw it happen. Are we becoming a boring place to be? I’d like to think not…with all the cool tech start-ups and all that are happening in Midtown. 

I just wonder where the next Food Hall or apartment building will be.

Colony Square Announces Plans for Main and Main

THE COLLECTIVE, ATLANTA’S LATEST FOOD HALL

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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