Condominiums Archives -

Reasons to Consider Condos in Your Home Search

March 31, 2023 by Thom Abbott

Reasons To Consider Condos in Your Home Search

Are you having trouble finding a home that fits your needs and your budget? If so, you should know there’s an option worth considering – condominiums, also known as condos. I have been selling condos since I first became licensed as a real estate agent back in 2004. I’ve seen most of the current condo inventory in the metro Atlanta area be built. And I have owned a few of them as well. There certainly are benefits to condo living. And price can be a big factor, depending on what you are looking for and in what part of the city. Here are some other reasons to consider condos in your home search.

According to Bankrate:

“A condo can be a more affordable entry point to homeownership than a single-family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.”

That’s why expanding your search to include additional housing types, like condominiums, could help you accomplish your homeownership goals this spring, especially if you can be flexible about the space you need. Condos are typically smaller than a single-family home, but that’s part of what can make them more budget-friendly (see graph below):

There is one important part of condo ownership you have to keep in mind, and that is the monthly HOA (homeowners association) fee you have to pay. This fee covers a variety of things, and can vary from building to building as to exactly what is covered in that fee. Normal items include exterior maintenance, fire and liability insurance, and some type of security, depending on the design of the community. When you are looking at overall affordability, and your mortgage payment, you (and your lender) need to consider how much the monthly HOA fee is. As part of your loan pre-approval, have your lender figure how much you can have in a monthly HOA fee…and this will also help me as we search for potential condos and knowing where we need to be with that fee.

In addition to providing more options in your home search and possibly your price point, there are several other benefits to condo living. They tend to require less upkeep and lower maintenance – and that can give you more time to spend doing the things you enjoy. Plus, since many condos are in or near city centers, they offer the added benefit of being in close proximity to work and leisure. Sometimes you will hear the phrase, “lock and leave” meaning that it is very convenient to just lock the door and take a trip…no need to have anyone water the lawn or mow the grass!!

Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner so you can start building wealth in the form of home equity. In time, the equity you develop can fuel a future purchase if your needs change.

Ultimately, owning and living in a condo can be a lifestyle choice. And if that appeals to you, they could provide the added options you need in today’s market.

Bottom Line

It could make a lot of sense to add condos to your home search. Let’s connect today if you’re ready to check out the options in our area.

How do Buildings in Midtown Get Developed?

June 15, 2022 by Thom Abbott

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.

It’s a Great Feeling to Have Happy Clients!

June 11, 2022 by Thom Abbott

It’s a great feeling to have happy clients! I so enjoy working in real estate and helping people realize their “real estate goals” in the way of buying and selling. Real estate, the buying and selling of, is a complex process with many moving parts. It can be a very stressful time for either a Buyer or a Seller. But my role, is to absorb as much of that stress away from my clients as I can, and with my knowledge and my team, be able to create a memorable real estate experience that is positive.

Dave and Adam found me online back in 2017 when they were looking to buy their first home. They worked for a major cruise line, and had literally lived out of suitcases for years! How crazy is that! They settled on Atlanta as a place to call home (Dave is originally from South Georgia). We looked at several condominium complexes and finally found just the perfect one for them. They had a great lender with Michele Wentworth with Silverton Mortgage. She was even able to attend the closing with Dave and Adam as I was already scheduled to be out of the country on a trip. We became great friends and I always looked forward to their return to Atlanta from the high seas! Of course, the pandemic turned the cruise industry upside down…and they were able to ride it out with their company. A great land-based opportunity became available for Adam in Los Angeles, and so the Atlanta chapter of their lives came to a close! We were able to work through an appraisal issue, and get them to their Celebration Day! Here’s what they had to say about their selling experience:

“This is our second opportunity working with Thom. He has guided us through the purchase and now the sale of our first property. If we were not leaving the State, Thom is the ONLY person we would work with in real estate. His knowledge is so vast and his guidance is invaluable. Thom sets clear expectations on the ever changing market and remains in constant communication. You always feel like a priority when you work with Thom and his support, kindness and attention to detail is like no other.
Whether you are a first-time homebuyer or a seasoned real estate investor, Thom should be the person you choose to work with!”

My best wishes to Adam and Dave on this next part of their life journey! I know we will remain friends, and our paths will cross again! Thanks for your trust and your friendship!

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!

Brookhaven GA 2018 Year End Real Estate Market Report

March 3, 2019 by Thom Abbott

Brookhaven, GA has always been a desirable location to live, ever since I’ve live in Atlanta! And when it became a city, I think that desirability grew even more as they looked to make things better like zoning and parks.

In this post, we want to focus on the 2018 real estate year in Brookhaven and what the real estate market was like. You can find more information about Brookhaven here.

Brookhaven GA 2018 Year End Real Estate Market Report

Disclaimer: As we do this “15,000 ft overview” of the Brookhaven market, please keep in mind many factors come into play as we pull market numbers. Some homes listed as Brookhaven, are not actually IN the city limits of Brookhaven. Ashford Park is a prime example…parts of it are actually in Chamblee, so some homes will get listed in Chamblee and some get listed in Brookhaven. But this overview will give you a good idea of what’s happening in the Brookhaven area.

Single Family Homes

We had to break down the single family home sales into three categories: Homes sold over $1m, homes sold $500,000 -$999,000 and finally homes sold for $499,999 or less. In 2018, those numbers look like this:

Over $1 Million — There were 49 sales in 2018, ranging from several at $1M to a high of $2,600,000 for 2799 Mabry Road.

$500,000 – $999,000 — A whooping 335 homes sold in this price range in 2018, ranging from $502,000 to $993,000

$500,000 or less — And there was an impressive 169 homes sold in this price range, from a low of $215,000 to a high of $495,000. There is a good chance than many of these homes in the lower price range were torn down to make way for the higher priced new construction that Brookhaven is seeing. On some streets in Brookhaven, we would not be surprised if in a few years there will be no original homes left…having all been torn down and replaced with new construction. It’s pretty amazing.

Brookhaven has a MARTA station on Peachtree Road, and another, just outside its city limits with the Medical Center station on the North side. Town Brookhaven has been the city’s “downtown” of sorts, and now a new development, including a hotel has been proposed right in front of Town Brookhaven,.

CLICK HERE to see the Complete 2018 Market Report – $1 Million

CLICK HERE to see the Complete 2018 Market Report – $500,000 – $999,000

CLICK HERE to see the Complete 2018 Market Report – $500,000 or less

Condominiums/Townhomes

Brookhaven has a variety of condominium and townhome communities. Surprisingly enough, there were like 60-some sales of condominium homes that were in the range of $205,000 or less….making Brookhaven still an affordable location for first time buyers. We do expect, however, to see those prices continue to rise in the coming years as the city works on making changes to areas like Buford Highway where any new construction will be way above these kinds of prices.

In 2018, there 380 sales, ranging in price from $106,000 at Keys Lake Condominiums (off Buford Highway) to a very impressive $1,350,000 for a home at The Aldredge. In looking at the report, you can see a majority of the sales were in the $400-600,000 range.

CLICK HERE to see the Complete 2018 Market Report

What’s The Real Estate Market Like in Brookhaven?

As we said earlier in this report….the housing boom of “tear-down and build new” will most likely continue into the future. We suspect it won’t be long any many streets will no longer have any of the older homes left…all having been torn down and replaced with the much larger $1m+ homes!

Townhomes and condominiums are still affordable in many areas of Brookhaven, but land prices and new construction will surely change that. There are numerous large, older apartment complexes that are more than likely going to get bought up and torn down to make way for new construction. It’s a challenge the city is looking to deal with to include affordable housing requirements for new construction. How that all plays out remains to be seen.

If you are looking to Buy or Sell a home in Brookhaven, MyMidtownMojo.com can help!

Selling? Do you want to sell your Brookhaven single family home or condominium? Call us today at 770.713.1505 to schedule a free market analysis of your home. Or, complete our Seller Information Form and we will be in touch with you!

Buying? Are you looking to buy a Brookhaven home, condo or townhome? We can set up specific searches for you based on price, community or other specifics you may be looking for. In a competitive Seller’s Market, we can alert you of new listings within minutes of them hitting the market! Just complete out Buyer Information Form, or let’s schedule a time to talk about what you are looking for!

Contact MyMidtownMojo and Thomas Ramon Realty@Palmer House Properties at 770.713.1505 or Info@MyMidtownMojo.com for all your Brookhaven real estate needs!

Park Modern Midtown Atlanta

August 23, 2018 by Thom Abbott

If you are a home buyer looking for new construction in Midtown Atlanta, you know it pretty much does not exist. But the frozen new construction market seems to be thawing…and Park Modern Midtown Atlanta is one of those options.

Park Modern Midtown Atlanta

This new 18-home community will not be for the faint of wallet, however. Located on 14th Street and 14th Place, home prices will most likely be in the high 900’s and the prime front corner home on 14th Street may hit around $1.5M.

The new 4-story townhomes will feature 3- 4 bedrooms, 2-car garages and rooftop decks. Community amenities will include a lap pool, park area and a dog run.

The community has grown in size from its original presentation with the addition of the “leg” of property fronting 14th Street. This was where The Dowling condo building had been proposed, but never got out of the ground. It’s that front corner where the most expensive home will be located.

We learned about this project at the DRC Meeting with Midtown Alliance. So we did not have a copy of the plans, and tried to capture some photos as the presentation was being made. We’ll keep an eye out for more information and floor plans, and you’ll find a page here at MyMidtownMojo.com once it becomes available and we can share it.

After the meeting, we passed by the site. You really forgot about these apartments tucked back on 14th Place, and know that this will in one sense be a blow to the affordable rental opportunities in Midtown Atlanta.

Reasons To Consider Condos in Your Home Search

Bottom Line

Midtown Owners Manual for Developers

Brookhaven GA 2018 Year End Real Estate Market Report

Single Family Homes

Condominiums/Townhomes

What’s The Real Estate Market Like in Brookhaven?

Contact MyMidtownMojo and Thomas Ramon Realty@Palmer House Properties at 770.713.1505 or Info@MyMidtownMojo.com for all your Brookhaven real estate needs!

Park Modern Midtown Atlanta

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