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Atlanta Condos For Sale

How do Buildings in Midtown Get Developed?

June 15, 2022 by Thom Abbott

Midtown Owners Manual Midtown Alliance

Midtown Owners Manual for Developers

I’ve been selling real estate in Midtown Atlanta since 2004. I’ve seen some pretty dramatic changes to the landscape over those years…and I think there may still be a few exciting new things in the future. As you walk down the street, you might be wondering, how some decisions were made with regard to a particular building. And you are having an interaction with that building as you look at it, or even visit a retail establishment or enter the actual lobby of the building. And it could be a residential (condominium) building, a student-focused apartment building (think University House, SQ5, The Mark) or one of the numerous office towers that dot the skyline. 

Atlanta has not had much of a flair to make their skyline stand out. Sure, you can pick up various buildings in various locations, but that’s the thing…they are all over the place. You have Downtown, Midtown, Buckhead, the Perimeter ( think Perimeter Mall area) and then the Cumberland/Galleria area. If all the buildings from those areas were grouped together say Downtown to Midtown, you could have a pretty cool looking skyline. But developers in Atlanta seem to like the 4 squares of glass. Many of the newer construction buildings are lack-luster…in my opinion. Go to a city like Miami and the skyline will blow you away. It’s like each developer it trying to outdo the last one. Sure, they have oceans and bays for views, so they have amazing balconies on all the buildings. (If you notice, in Atlanta, balconies are often pretty small…almost an after thought. 1010 Midtown and Plaza Midtown are an exception) 

But all of this goes through a pretty extensive design review process through the City of Atlanta, and in Midtown specifically, you have the Midtown Alliance and their Design Review Committee (DRC). And they have a pretty good road map for any developer to follow….but they don’t really say “hey, would you make something that will WOW us?” Mind you, I’m a residential real estate broker, not a developer or builder. So I will be the first to admit I’m lacking in knowledge on this type of construction and all that goes into it. But, I can say, if I was building a building, I’d want it to be one that people driving on the Downtown Connector would go, WOW, WHAT BUILDING IS THAT! 

But to help you understand some of the guidelines that the DRC works with, and expects developers to follow, take a look at the Midtown Owners Manual for Developers. It’s a pretty cool online book that will give you some insight into the design goals for Midtown Atlanta. 

And maybe, just maybe one day, you’ll see that 40 story building go up, be it residential or office…and you will go WOW! I know I’m waiting. 

Filed Under: Atlanta Relocation, Blog, Midtown Atlanta, Midtown Atlanta Apartments, Midtown Atlanta Condos For Rent, Midtown Atlanta News and Events, Midtown Photos, Random Topics Tagged With: Atlanta Condominiums, atlanta relocation, Condominiums, Intown Atlanta Real Estate, midtown atlanta real estate, odds and ends, personal thoughts, So You Know

Interest Rate Update For the October 29, 2021

October 29, 2021 by Thom Abbott

We just wanted to share with you, from one of our Team Lenders, current interest rates. 

Of course, keep in mind that your rate is subject or your personal or specific credit situation, and they could vary. This is why we have all Buyers meet with a lender to have an accurate picture of their financial situation, and their buying power, BEFORE we go shopping for a new home! 

Let us connect you with Kevin, or any of our Team Lenders and get you pre-approved TODAY!

 

Interest Rates for October 29, 2021

Filed Under: Blog, Buyers, Interesting Stories, Random Topics, Real Estate Tips Tagged With: atlanta relocation, Buyers, Condominiums, Intown Atlanta Real Estate Buyers Guide, So You Know

10 Moving Mistakes You Should Not Make

October 10, 2021 by Thom Abbott

Let’s face it….moving….whether across town, or across the country is one heck of a big deal. You’ve landed that new job, or job transfer and it’s time to pack up your home or condo for the move. But it is a little more involved than than! However, if you have a moving plan, then here is a list of 10 Moving Mistakes You Should Not Make! 

Moving Mistakes to AvoidDeclutter

We all have stuff. A LOT of stuff. If you have a big house, you probably have even more stuff. But if you have less stuff to move, you can save not only time, but money. The more boxes or the more your move weighs, the more it can cost you. As you get ready to move, now it the time to clean out the basement, garage and the things in the waaaay back part of your cabinets that you have not used in years!  You can donate them to a local charity that either has a re-sale store or in turn prepares kits of things to help less fortunate people that may just be getting into some kind of housing, and need everything from kitchen tools to linens. O

Once you have completed this step, and have less to move, you can start looking for a moving company. 

Finding the Right Moving Company

When I was in corporate America ( I spent 25 years in the hotel business) I got moved around. In fact, I did 5 “corporate moves.” I say corporate in the sense that their was an management company that coordinated the move, and I did not have to search out the moving company. Of course, I was at the mercy of whomever they selected…and I had some amazing people and moves, and I had a disaster too. If you are moving across town, or maybe from an apartment into your first condo, you might be able to do it yourself…with the help of some football friends to move those bigger pieces of furniture. But, if you decide to use professional movers, make sure you do your research. 

You can easily do a Google search and see what kinds of reviews they have from past clients. You may also find reviews at sites like Facebook or Yelp. Another source can be the Better Business Bureau. 

You should not depend on an on-line estimate. To have a clear picture of what you have to move, the moving company should send a person to your home to do a detailed assessment of what you have to move. (Side note: When I moved from New York back to Atlanta – corporate move – they had someone come look at my stuff. The day of packing, they showed up and literally had 1/3 of the boxes they needed to fit all my “stuff.” It was a struggle the rest of the day until they finally realized I was right, and got someone to arrive with more boxes. THAT is moving stress!) 

And get the estimate in writing. And get more than one estimate. If  you are making a long-distance move, consider selling things and buying new when you get to your new home. Sometimes, this can be cost effective in saving you moving expenses, plus you get new furniture at your new place. 

Will Your Furniture Fit

As you are house hunting, be sure to keep in mind where and how your furniture will fit into your new home. If you have some specific items that you know MUST come with you (think a family heirloom wardrobe or dining room set) you want to know they will fit in your new home. Take those measurement, and store them on your phone in some note-taking app. And when you are out touring new homes, have a tape measure with you. This way you can see if things will fit. This can also be a time where you decide something won’t make the move (see Decluttering above) and you can donate or sell it. 

You can also have overall measurements of rooms. In your current home, your Owner’s suite is 12′ x 14′, so your king-sized bed and two dressers fit nicely. But the new home, the room is much smaller, even though it is still the main bedroom. Is that same furniture going to fit?

Don’t Wait Till The Last Minute (If You Can)

If you have time to plan for your move, and do things like declutter, or organize things to help with how they will get packed, this is the best way. You might have things in a closet in your current home, that can now be in a basement in the new home. So they can be packed and labeled that way. When I moved, my corporate relocations were all done quickly. I literally could be told on a Monday I was getting a transfer and had to be at the new hotel the following Monday. I would make a return trip back to be there for moving day, but I rarely had time to “prepare” for my move. As such, the unpacking at the other end was sometimes a long process because I did not have time to better organize. 

I Can Do This!

This falls under the category of renting a truck yourself, packing your boxes yourself, and moving…..yourself. Ahhhh, not so fast! 

Certainly this is an option if you are making a short move across town. But, who is going to help you with the big furniture? Do you have the equipment (dolly) to help haul boxes from the truck to an elevator? What if there is NO elevator and two flights of stairs to take everything up? 

You can ask friends to help, but maybe last minute they have something come up, and can’t be there? Or you’ve got an awkward piece of furniture to get out of a truck and maybe up a flight of stairs. ( I helped move an upright piano for a friend once…..never again!) Professional movers can have equipment or even “hacks” on how to move something easier than you or I could. 

Also, if you have children, think about how you can include them in the moving process. Maybe they have a box of things they will be taking with them to have on hand before the truck arrives at your new home. And speaking of those items you may need when you first arrive….

Moving Day Care Package

Avoid Moving MistakesBefore you movers arrive, make sure you have a special place for important documents and other things you will need…and that this box (or boxes) are safely tucked in your car so they don’t get packed by mistake. (That New York move….I had a brief case with important documents in the garage next to my car…yet to put it in there. Suddenly, it’s no where to be found. One of the movers randomly picked it up and onto the truck it went. It took 30 minutes and some UN-packing of the truck to find it. Not to mention it got damaged! UGH!) 

Think of important papers such as car registrations, moving documents, medications, cell phone chargers, laptops and their charger. Think anything you use on a daily basis. Furthermore, you should pack a suitcase (or two) just like you are going on a trip. You will need clothes and those that get packed out of your closets and dressers…may not make it to your home for days, or maybe even weeks, if things go into storage for a time. Imagine you pack all your shorts and t-shirts because it’s January in Chicago, and you arrive in Atlanta and it’s in the 70’s, and all you have are sweaters and long pants! 

Saving Money on Your Move

We’ve already talked about the expense of moving, and getting rid of things you won’t need or use in your new home. But other ways you can save on moving? Moving boxes are an expense that can add up really quick!! Put out message via social media or other channels you may have to see who could of just moved and have all their empty boxes they would be happy to have you take off their hands! You can also get boxes from local stores. One thing to note…If you use uniform-sized boxes like those you get from a moving company, your packing of the truck will be much easier. 

But don’t wait till the last minute to start looking for these other sources for boxes….you can flatten the boxes and start stacking them in one room to get ready to pack them. 

Moving and Protecting Valuables

Professional movers are pretty good and wrapping and protecting things. But, you may have special items (family heirlooms, collections) that require special attention. (And my require special insurance to move!) I have an extensive Matchbox car collection that if I was to move again, a moving company would want me to pay special insurance in case of any damages or heaven forbid, they lost them! I had a client with an extensive wine collection and the moving company would not move them. So he rented an SUV and made a special trip to move those to his new home. 

You want to make sure you have insurance with your moving company, as well as with your own insurance company and know how they will protect you in the event of loss or damage. 

Moving Fido or Your Felines

Hey, they are part of the family, but you may not have thought about their special needs. First off, you don’t want them around on moving day. Animals have a keen sense of things going on, and all the boxing, noise from tape dispensers and such could really have them upset. Not to mention, if one of them is an escape artist and darts out an open door. Now you are chasing your dog around the neighborhood while they are packing your house! 

Consider having them stay with a friend or other family member if possible. Have extra food put aside so it does not all get packed! Then you can pick them up for the trip to your new home, be it across town or across the state!

Don’t Forget to Change Your Address

Lastly, but certainly not least, don’t forget to change your mailing address. You need to make sure any bills or statements that come to you via regular mail, will find you. Many of your payments may all be done on line, but you will still need to update those accounts with your new address. One thing I often see is the magazine subscriptions….they will come for weeks and months after you moved. And don’t forget those catalogs if you are one of those! If you depend on receiving that publication vs. it being online, then you need to put in for a change of address. 

You can get a kit from the U.S. Post Office to help you with this process. But the change may not take effect immediately. If you sold your home, you can coordinate with your agent and the Buyer’s agent to get any important mail that shows up at your old home. I have often picked up a stack of mail and then sent it to my clients at their new home. They certainly appreciated that service! 

Last Words

As I mentioned in the beginning, I did 5 corporate moves, but there was at least double that amount of local moves that I did. Thankfully, I avoided most of these moving challenges, but there were still a few. My favorite was not having every single item boxed! How many little trips were made in the car between places to get all those odds and ends that never ended up in a box. 

But if you make a list, and keep these things in mind, hopefully your move won’t be as stressful. Moving IS stressful, so planning can help take some of that stress away!

Filed Under: Atlanta Relocation, Blog, Buyers, Random Topics, Real Estate Tips, Sellers Tagged With: atlanta relocation, Buyers, Seller Tips, Sellers, So You Know

Moving to Atlanta Georgia – Highest and Best Real Estate Offers

August 30, 2021 by Thom Abbott

So, you’ve made an offer on a home (in this crazy market that is 2020-2021) and the Seller and Seller’s agent come back and ask for “highest and best.” What exactly does that mean? This is a term that both Buyers and Sellers need to understand and how it can affect the purchase (or sale if the Seller) of the home. 

“Highest and Best” What Does It Mean?

First off, it means what it says. You may have already submitted an offer on a home, and the Seller has received multiple offers on their property. They are asking you to look at your offer, and submit your “highest and best.” You can also find this term on homes listed, meaning if you still wanted to submit an offer, you better have your pencil sharp! Sometimes, a Seller will just review the offers they have and select the best one (with the help of their agent, of course!) But then others will see if they “can do better” and call for highest and best. 

There are many parts to your offer, and you want to look at all of them to see where you can improve. It’s a common mistake for a buyer to just focus on one part of their offer. Let’s look at some common mistakes Buyers make in this situation.

“Highest and Best” Common Mistakes

Put it in Writing

In Georgia (and probably any state) a verbal offer is not a binding offer. Your agent needs to update your offer you have submitted, and have you sign it. This can be done in person, but with today’s real estate technology, it can be done electronically. Pay particular attention to your pre-approval letter. If you increased the purchase price significantly (or at all) make sure you have an updated pre-approval letter from your lender. 

Finding out What is Important to the Seller

Well, getting the most money for their house, right? Sure, that’s part of it, but there are other factors that could be more important to the Seller. Your agent should have this conversation with the Seller’s agent to learn of any unique situation that the Seller might have. One example is a longer closing date. Maybe the Seller is under contract to purchase a new construction home, but it won’t be finished for 2 more months. Your offer could include a closing date to match the closing date on their new home. Another consideration is to close earlier, but then “lease back” the home to the Seller for those two months. You become a landlord in this situation and would need a lease in place (your agent can help with this as well) and you also have to confirm your lender will allow this. 

Just Changing the Price

As we said earlier, there is more to your offer than just the purchase price. A common mistake is buyers just raise the price, without looking at the other terms of their offer. Other parts to consider: 

  1. Contingencies in the Contract  The most common contingencies in a Georgia real estate contract are the financing and appraisal. In a hectic, seller’s market, it may be a challenge to shorten your appraisal contingency, as a third party does this on behalf of your lender. But a good relationship with your lender will help, as they will know how much time they can work with to get an appraisal back. Your financing contingency is completely up to your lender and where you are in the loan approval process. A good lender can have you fully approved and they just need the purchase contract and the appraisal to finish your loan. This means you have submitted all the required documents to your lender, and they have been able to approve your loan based on all of that information. Here again we refer to the lender you work with and the things you need to do!  
  2. Earnest Money Deposit Earnest money is your good faith deposit attached to your purchase agreement. There is no set amount required in the state of Georgia, but by offering a large earnest money deposit, you are showing to the Seller that you are serious about buying their home, and are willing to put up a larger deposit. This amount can later become an issue if there Buyer cannot close, and the Seller seeks to retain that deposit. 
  3. Due Diligence Period In Georgia, you have an opportunity in a purchase contract to ask for a period of time to complete a home inspection, review condominium or HOA documents and any other information you may want to obtain. This is a negotiable period of time, and can be as short as “0” days to 10 days. During this time, the buyer has the option to terminate their contract and receive a full refund of their earnest money payment. To the Seller, this is a  statement like, “I love your home (submitted an offer) but I’d like to take a second look and make sure I am happy (inspection, etc.)” It also means the Seller could lose valuable marketing time with their home off the market during this due diligence period. 

Due diligence period

Waiting For a Deadline

When the Seller asks for “highest and best” there will be a time limit, or deadline, when your revised offer is due by. First, it might seem like being right at the wire will be the best way to win. (think of an auction when the final bid comes in at the ‘going, going’ and it wins). But just because the Seller provided a deadline, does NOT mean they will honor it. If they receive a really great offer before the deadline, they may choose to move forward with that offer….and it might have been yours if you had already submitted it. It’s easy to get this offer in quickly via the electronic documents and systems that you agent has in place. 

Do You Have the Right Team on Your Side?

When you are buying a home, there are several people involved that help you get to the Celebration Day! Those people make up your real estate team. If you are working with a local lender, they can have better contact with their underwriting department to get you that loan approval we mentioned earlier. If there is a last minute need to update your preapproval letter, you can miss out on that offer when they are an unresponsive, or online lender that is not easily accessible. 

A local lender can also call the listing agent directly to confirm that you are indeed pre-approved (or have that full loan approval) and this could put you at an advantage. Also part of your team is the home inspector. Working with a reputable company that can get your inspection scheduled quickly is important as well. (And that they do a GOOD inspection…it’s not all about how much they charge) 

And the reputation of your agent is important. If they are known for being easy to work with and responsive to emails and phone calls….this can make a difference.

Some Final Thoughts

Who you work with matters! You want to have an agent that can help you understand the market conditions, what’s happening in the particular neighborhood where you are looking and be able to build you a strong offer! If you know there are going to be multiple offers, then you want to have your best foot forward with your first offer. You could be competing with an all-cash buyer with minimal or no contingencies, but cash does not always win! 

Filed Under: Atlanta Real Estate For Sale Or Rent, Atlanta Relocation, Buyers, Sellers Tagged With: atlanta relocation, Buyers, Intown Atlanta Real Estate Buyers Guide, real estate FAQ, Seller Tips, Sellers

Fan Duel to Open $15M Tech Campus in Midtown Atlanta

May 19, 2021 by Thom Abbott

FanDuel Technology Hub MIdtown AtlantaFan Duel to Open $15M Tech Campus in Midtown Atlanta

It’s no secret that Midtown Atlanta is a technology hub. 

Google has leased the majority of 1105 West Peachtree. You have Mail Chimp at Ponce City Market….and then there is Centergy at Tech Square with Georgia Tech. So, no surprise that we have another one coming. 

Bisnow.com reported on May 18th and Governor Brian Kemp announced that FanDuel Group is expected to open a $15 million technology campus in Midtown Atlanta. The campus will eventually employ more than 900 people! FanDuel Group is a division of British Flutter Entertainment PLC and the new campus will focus on product development, tech and IT operations. 

The campus will take up some 68K square feet of space in a yet-to-be-disclosed location. Ponce City Market has been mentioned, but there are certainly some other choice locations in Midtown Atlanta, taking advantage of the talent pool from GATech.

FanDuel to open Midtown Atlanta Tech HubFan Duel to Open $15M Tech Campus in Midtown Atlanta

FanDuel operates a mobile sports betting and fantasy sports betting platform. It is one of the largest daily fantasy sports companies in the world and is the nation’s biggest mobile sportsbook, with online betting sites in 10 states, though Georgia isn’t one of them.Lawmakers in Georgia pushed, but failed, to legalize sports betting in the state this session. FanDuel operates sports betting in 10 U.S. states, including New Jersey, Pennsylvania and Colorado.

FanDuel is one of several companies to announce a major technology hubs in Midtown. Microsoft has acquired some 90 acres on the Westside near Grove Park and the new Westside Park (former Bellwood Quarry) and plans to open additional offices at Atlantic Station.Airbnb announced in February they are putting their East Coast Tech Hub in Atlanta, called the Atlanta Technical Hub. 

FanDuel Chief Product Officer Sarah Butterfass told The Atlanta Journal-Constitution that the company selected Atlanta in part because of its diverse talent pool as well as the proximity to other tech companies and higher education institutions. . The company plans to work with local colleges and universities — including the city’s concentration of Historically Black Colleges and Universities — to create courses to train students for possible careers with FanDuel, according to the release. The firm also plans to offer résumé-building workshops, mentorship programs and mock interviews as part of a community outreach program.

Employees of FanDuel can find some exciting living opportunities in Midtown Atlanta, and depending on the final location of the Tech Hub, could walk to work from many of Midtown’s mid-rise and high-rise condominium communities. 

The Midtown Atlanta location will also offer FanDuel employees access to MARTA for easy access to Hartsfield Jackson International Airport. Midtown Atlanta is also accessible from the Downtown Connector (I-85 and I-75).

Filed Under: Atlanta Relocation, Interesting Stories Tagged With: atlanta relocation, midtown atlanta real estate, News

Sellers Are Returning to the Housing Market

August 25, 2020 by Thom Abbott

Sellers Are Returning to the Housing Market

Sellers Are Returning to the Housing Market | MyKCM

In today’s housing market, it can be a big challenge for buyers to find homes to purchase, as the number of houses for sale is far below the current demand. Now, however, we’re seeing sellers slowly starting to come back into the market, a bright spark for potential buyers. Javier Vivas, Director of Economic Research at realtor.com, explains:

“Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone…After five long months, sellers are back in the housing market; while encouraging, the improvement to new listings is only the first step in the long road to solving low inventory issues keeping many buyers at bay.”

Even with the number of homes coming into the market, the available inventory is well below where it needs to be to satisfy buyer interest. The National Association of Realtors (NAR) reports:

“Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May, but still down 18.2% from one year ago (1.92 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from both 4.8 months in May and from the 4.3-month figure recorded in June 2019.”

Houses today are selling faster than they’re coming to market. That’s why we only have inventory for 4 months at the current sales pace when in reality we need inventory for 6 months to keep up. But, as mentioned above, sellers are starting to return to the game. Realtor.com explains:

“The ‘housing supply’ component – which tracks growth of new listings – reached 101.7, up 4.9 points over the prior week, finally reaching the January growth baseline. The big milestone in new listings growth comes as seller sentiment continues to build momentum…After constant gradual improvements since mid-April, seller confidence appears to be reaching an important milestone. The temporary boost in new listings comes as the summer season replaces the typical spring homebuying season. More homes are entering the market than typical for this time of the year.”

Why is this good for sellers?

A good time to enter the housing market is when the competition in your area is low, meaning there are fewer sellers than interested buyers. You don’t want to wait for all of the other homeowners to list their houses before you do, providing more options for buyers to choose from. With sellers starting to get back into the market after five months of waiting, if you want to sell your house for the best possible price, now is a great time to do so.

Why is this good for buyers?

It can be challenging to find a home in today’s low-inventory environment. If more sellers are starting to put their houses up for sale, there will be more homes for you to choose from, providing a better opportunity to find the home of your dreams while taking advantage of the affordability that comes with historically low mortgage rates.

Bottom Line

While we still have a long way to go to catch up with the current demand, inventory is slowly starting to return to the market. If you’re thinking of moving this year, let’s connect today so you’re ready to make your move when the home of your dreams comes up for sale.

Filed Under: Atlanta Real Estate For Sale Or Rent, Atlanta Relocation, Blog, Interesting Stories, Real Estate Tips Tagged With: atlanta relocation, Buyers, Intown Atlanta Real Estate, midtown atlanta real estate, Sellers

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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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