Intown Atlanta Real Estate Archives

FHA Assumable Mortgage – The Seller’s New Marketing Tool

September 22, 2013 by Thom Abbott

See on Scoop.it – Midtown Atlanta Conversations and Condos

Mortgages from the F.H.A. and Department of Veterans Affairs have a little-known feature: assumability.

Thom Abbott‘s insight:

Homeowners with a mortgage insured by the Federal Housing Administration or the Department of Veterans Affairs should consider using their loan terms as a marketing tool when it comes time to sell. The FHA assumable mortgage may be the best marketing tool for the Seller!

Mortgage loans from both government agencies include a little-known feature known as assumability. In other words, the buyer of a home financed with an existing F.H.A. or V.A. loan may be able to take over, or assume, the seller’s loan, under the same terms, rather than take out a new mortgage.

During periods when interest rates are rising, homes offered for sale with an assumable, lower-rate mortgage may have extra appeal for certain buyers.

See on www.nytimes.com

TIGER V grants announced for Atlanta Beltline

September 4, 2013 by Thom Abbott

Transportation Investment Generating Economic Recovery (TIGER) V grants were announced yesterday for a portion of Atlanta’s proposed Beltline project and a Connecticut rail station.

The city of Atlanta will receive an $10 million grant from the U.S. Department of Transportation (USDOT) to develop 2.5 miles of the Atlanta Beltline in the southwest corridor, according to Atlanta Mayor Kasim Reed.

The grant is a “tremendous step forward” in the Beltline corridor, a former freight-rail line that has been unused for the past 30 years, said Reed in a press release. The project will include construction of shared-use trails, trailheads and access points, and preservation of the future streetcar transit corridor.

“The Atlanta Beltline is one of the most transformative projects ever undertaken in our city’s history,” said Reed.

The TIGER V grant will cover about 42 percent of the project’s $43 million cost.

Rentals, not resells, hot new trend for Atlanta real estate

August 19, 2013 by Thom Abbott

See on Scoop.it – Midtown Atlanta Conversations and Condos

Atlanta Rental Trends…A Connecticut company is raising $100 million to buy up single-family homes in Atlanta. Their goal is not to resell the homes, but to turn them into rental properties.

Thom Abbott‘s insight:

Of course, in the Intown Atlanta real estate market, this will apply to single family homes, but certainly not condominiums and townhomes. These communities have strict leasing guidelines as part of their covenants, and as such buying them for investments, other than to be owner-occupied is not happening.

I think too, you will see HOA’s in some of these subdivisions work to clamp down on all these rental homes. While not all renters are problems, some don’t feel the need to keep up the yard like the neighbors might like it.

See on www.myfoxatlanta.com

SOLD!! MyMidtownMojo Closes Another Viewpoint Midtown Atlanta Condo!

July 2, 2013 by Thom Abbott

Due to scheduling conflicts, my LA buyer was not able to attend his closing on this fabulous Viewpoint Midtown Atlanta condo! But he’s still one happy, happy Buyer!

He’ll enjoy the Million Dollar views from the expansive wall of windows, superb amenities from a roof top garden (which you can see from the living room windows) to a resort-style pool and outdoor living areas and countless restaurants just steps outside his door!

If you’re looking to sell your Viewpoint Midtown Atlanta condo, give me a call! I’d like to have you be a Happy Seller with a equally Happy Buyer!

Looking forward to handing him the keys when he arrives!

Buyers Scramble as Home Prices Rise In Metro Atlanta

June 28, 2013 by Thom Abbott

The Standard & Poor’s Case–Shiller Home Price Indices are constant-quality house price indices for the United States. The indices reflect prices in real terms, which means they are corrected for inflation.

In looking at the report for Metro Atlanta, we note some interesting points….

The Case-Shiller Index reports show that Metro Atlanta home values have increased 19% in the last 12 months. But values remain down 28% from the peak of July 2007.

The available “months of supply” is 3.6 months based upon closed sales and 2.8 months based on pending sales. Six months of supply is considered a normal market. This mean’s a SELLER’s MARKET!!!!

The fallout rates of pending versus closed are higher than normal…. mostly due to low appraisals. Closed units are down for the past four months compared to the same months last year. The pace of short sales and foreclosures coming on the market has slowed considerably. In 2010, over 60% of sales were distressed properties but that is now down to 37%. Resales are the larger mix of sales.

New Homes are making a slow but sure comeback. New home closings are up 55% from last quarter. There are some wonderful new home communities coming online with the latest innovations in smart building. I do want to note that there is currently NO NEW CONDOMINIUM CONSTRUCTION underway in any Intown Atlanta market, including Midtown Atlanta. There are some new town home developments close to Midtown, but no high-rise construction. All the cranes you seen in Midtown Atlanta are for APARTMENTS!!

Home values will continue to rise in 2013 – especially in the lower price points driven by the very low levels of inventory and strong buyer demand.

Appraisals are still a problem. In Intown, Buckheard, East Cobb and North Fulton, where prices are rising fast, appraisers can’t keep up. Sometimes, we can help provide information to the appraiser in the formats they require. If I have your Midtown Atlanta condo listed For Sale, I meet the appraiser at your home to provide information about the market, building and surrounding area. This gives us a better chance to get the highest appraised value for loan approvals.

If you are looking to sell your Midtown Atlanta condo, I’d be happy to meet with you and discuss the market and conditions that may be specific to your building.

athenahealth to Create 500 new jobs at Ponce City Market in Midtown Atlanta

June 24, 2013 by Thom Abbott

ATLANTA (AP) — A health care information technology company is planning to create 500 jobs in Atlanta, officials announced Monday.

Georgia Gov. Nathan Deal said athenahealth is making a $10.8 investment as part of its expansion and plans to occupy 75,000 square feet of Ponce City Market in Midtown Atlanta.

The Watertown, Mass.-based company is the first major office tenant to announce development plans at Ponce City Market — a mixed-use space formerly known as City Hall East.

Founded in 1997, athenahealth specializes in managing cloud-based electronic health records, practice management and care coordination. The company works with more than 40,000 clients across the country and was named by Forbes as one of the country’s 25 fastest-growing technology companies.

The company currently employs more than 140 people in the greater Atlanta suburb of Alpharetta and plans to move those employees to its Atlanta location. The company plans to hire the new employees within the next five years.

“Ponce City Market offers athenahealth everything we could ask for in an office space as we deepen our roots in Atlanta and presents us with the opportunity to provide a daily environment that lives up to the work-life aspirations of our company,” athenahealth CEOJonathan Bush said in a statement. “With hundreds more future athenistas to hire, we believe Ponce City Market will help us attract the best talent metro Atlanta has to offer.”

athenahealth employees that are relocating to the Midtown Atlanta area will have some great living opportunities In Midtown Atlanta and the surrounding area. From high-rise condominiums to bungalows in Virginia-Highlands, homes range from new and modern to classic and historic.

We look forward to welcoming the employees of athenahealth to Midtown Atlanta! If you are looking for a place to call home after work at Ponce City Market, give me a call! I’d be delighted to show you the neighborhood!

The map below shows the location of Ponce City Market in Midtown Atlanta.

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