Atlanta Condominiums Archives

“Do You Know How To Show My Condo?”

December 18, 2011 by Thom Abbott

I was asked that very question when I was scheduling an appointment to show a condo in Viewpoint Midtown yesterday. Well, actually, I set the appointment (that was a bit of a challenge I’ll cover in a minute) and then about 5 minutes later I got a call back from the Seller.

“Do you know how to show my condo? My agent never wants me to be here, and I don’t think agents know how to show my condo or the building.” Seriously? Ok, let’s talk this out for a minute from the eyes of this Seller.

If you are not accustomed to selling high-rise condominiums, it is completely different from a single family home. You have parking (possibly the need to pay for it as well), knowing HOW to get into the building, where are the lock boxes, sign-in/showing policies of the building, location of the amenities and what is covered in the monthly HOA fee. That’s some of the considerations when showing a condo, most of which don’t apply to a single family home.

So, first, we have a Seller who seems to have some issues. The home has been on the market for some 120 days, which means the price is not agreeable to the market. While the price was comparable to other homes we looked at, both in Viewpoint Midtown Atlanta and other buildings, it was the highest priced unit in terms of square footage at $297 per square foot. (Another home, on a lower floor, but with more space is $221 per sq. ft.

Then there was the tone of the Seller with me regarding the showing. First off, we HAD to come after 11am. Ok, no problem I’m capable of adjusting the showing schedule to accommodate this request. But there was the continual questions about amenities, do I know the building, etc, etc. I assured this rather uneasy Seller that I had been selling Viewpoint Midtown Atlanta since pre-construction and was very familiar with ALL the floor plans in the building. Finally, it seemed I had his “blessing” to show his home. Really? THANK YOU!!! You ARE the one selling, correct?

After viewing homes in another building, I arrived with my Buyers at approximately 10:40am. As I picked up keys for a total of 3 homes (including this one) as well as an access card for the building, I see a large note on the lockbox for the aforementioned Seller. It requires ANOTHER phone call before the key can be given out. And so it’s made by the Concierge. Who hands me the phone….

” I thought I made it clear to you that you were NOT to be here before 11am. This home is occupied, we have things to do in the morning and we have a life.” Yes….that is exactly what he said to me. I almost took the home off the list at that very moment, but my head prevailed. I assured Mr. Seller I remembered his request, and had two other homes plus two floors of amenities to show and would arrive in his home well after the 11am time frame.

Dude, I’m thankful my clients did not like your home (to small for them) as I can only imagine a contract negotiation with you.

Perhaps there is more reasons why your home has been on the market for so long than just the price.

Every Buyer or Seller I work with in Midtown Atlanta expresses their amazement at my knowledge of the area, the buildings and the amenities. The answer is YES, I Do Know How To Show Your Condo.”

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.”

Atlanta Condominiums. Will They Rise Again?

November 17, 2011 by Thom Abbott

Whether you are new to the Atlanta condo market, considering a move to Atlanta, or have been here for the “ride” the last few years, you know that our market has suffered all the same troubles taht the other real estate markets have gone through. The question for Atlanta Condominiums…Will They Rise Again?

Atlanta has gone through the less than bright economy, tightened lending, and buyers with Deer Headlight Syndrome(DHS). What is DHS? It’s kind of like a deer in the middle of the highway when the car lights hit it…..they just freeze,blinded by the light and unable to move. We’ve even had some developments go to foreclosure (not a developer issue but a lender issue in this case) and now watched them return to the market.

Atlanta condominium sales are up over last year, but prices are down. So, Atlanta Condominiums, will they rise again?

Take a look at some current inventory numbers. In the Intown Atlanta Markets, there are currently 1,230 listings of attached homes priced at $300,000 or less. (Intown is defined by Areas 21, 22, 23 and 24 in FMLS) The number of unsold units in active condominium communities is at its lowest point since 2003.

New developments are scarce indeed. In the Midtown Atlanta Real Estate Market, you have The Atlantic Residences, 1010 Midtown, White Provisions, Viewpoint Midtown (only about 5 homes remain here) and on the fringe of Midtown, The Brookwood.

2012 very well may be the year that the prices start a climb. Inventory is really low! A search today showed some buildings with as little as 6 homes available! Buyers, once cured of DHS will suddenly realize the options available to them are not as much as they thought.

2012 and Atlanta Condominiums. Perhaps the well know Atlanta phrase says it best….”the Pheonix rising from the ashes.”

How Much Space Do You REALLY Need?

November 14, 2011 by Thom Abbott

We are already starting to see changes in building trends. But, we ARE still building big homes. Sure, if you have 3-5 kids, relatives visiting all the time, etc. you need some space. But, in the United States, we have a tendancy to think big and that we need all this space.

But do we really? If designed properly, how much space COULD you live in? The smallest condo I’ve seen in Midtown Atlanta happens to be one I use to own. At 606 sq. ft. most people found the space way to small to live in. Of course, it was not my full-time home, so I had room in my house to keep my “stuff.” But, along with the size of the house, there IS all that stuff? Do we really need it?

Could you live in 258 square feet? Maybe, if designed right. I know my 606 square feet were certainly not designed to best use of space, but had I lived there full time, I had already discovered ideas of ways I could of made the space work for me.

But, here IS what you can do with 258 square feet!

Mayfair Renaissance 802 – SOLD To Happy Buyers

November 12, 2011 by Thom Abbott

I had the great opportunity to work with some buyers from North Carolina, Marcos and Lauren. They found MyMidtownMojo and decided that I was the one they wanted to work with when they purchased a Midtown Atlanta condominium at Mayfair Renaissance.

We quickly had them a tenant in place (they will not be moving to Atlanta for a few years, but wanted to take advantage of the market) and they were in town last night to again say “thanks” and take Ray and I to dinner at Gordon Biersch Midtown.

Thanks Lauren and Marcos!

Here are the kind words they had to say about Thomas Ramon Realty:

My husband and I recently purchased a condo in Midtown Atlanta, which we plan to eventually move to, but are currently renting out. While researching, we narrowed our search for a place to Midtown and wanted a realtor that knew the area. Thom Abbott is that realtor. His inside knowledge of the area is surpassed only by his dedication to his clients. He worked tirelessly for us through out the buying process, was always responsive, and provided a level of competency we had never seen before from previous realtors.

Once we closed on the condo, Thom immediately went to work getting the unit ready for rent and marketing the property. Since we don’t live in the area, we also needed recommendations for contractors and for someone to be available for deliveries. Thom did all this and more. All in all, the place was refurbished and rented within 2 weeks of closing.

We could go on, but suffice it to say, if you’re looking for a property in Atlanta (and in-town especially), look no further than Thom Abbott for an Atlanta realtor. You will not be disappointed.

Lauren & Marcos Alvarez

Thom Abbott Midtown Atlanta For More Information on how we can best serve your Midtown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

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