Atlanta Condos For Sale

Should I Buy A Midtown Atlanta Condo Now….Or Wait?

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2013 Real Estate PricesAs a real estate professional, I’m asked….almost daily…about the real estate market. What’s going on, what’s happening, and the often big question….Should I Buy A Midtown Atlanta Condo Now…or Wait?

Well, let’s take a look at the numbers from the latest Corelogic Case-Shiller Indexes….

The Atlanta Business Chronicle reported:

Metro Atlanta’s housing market continued to rebound at the end of 2013, posting double-digit growth, according to the CoreLogic Case-Shiller Indexes.

The area’s house prices jumped 17.8 percent in the fourth quarter of 2013, compared with the fourth quarter of 2012. CoreLogic also predicts metro Atlanta’s home prices will increase 2.9 percent in the fourth quarter of 2014.

National home prices rose 11.3 percent in the fourth quarter, compared with the fourth quarter of 2012. Home prices nationwide were 20 percent above the trough reached in the fourth quarter of 2011, but remained 21 percent below the peak reached in the first quarter of 2006.

“Limited construction of new homes and low inventories of existing homes for sale contributed to the jump in prices,” saidDavid Stiff, principal economist for CoreLogic Case-Shiller. “Developers remain cautious about building too many new houses until they see stronger demand in their markets.”

So, if a Midtown Atlanta condo was priced at $150,000 in the third quarter of 2013, a 17.8 percent increase would be a $26,700 price increase compared to the end of 2012.

Really?

Well, no, not really. This is a perfect example of the ever so famous real estate phrase, “location, location, location.” Every area of a city is its own little world. Midtown is not Buckhead, is not Sandy Spring is not Roswell is not Alpharetta. So, what happens in Alpharetta is not the same as what happens in Midtown. We have to look at these numbers on a more local level.

Have prices gone up in Midtown? Yes, they have….yes they are. Maybe not a full 17.8 percent, but just look at our March Midtown Atlanta Market Report and you can see how prices jumped in various Midtown Atlanta Condo buildings!

You can always wait to buy real estate. It just might  will cost you more!

Midtown Atlanta Market Report | March 2014

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Midtown Atlanta Market Report March 2014Midtown Atlanta Market Report | March 2014

It takes time to gather all these numbers indeed~ But it’s still important information for any Buyer or Seller looking or living in Midtown Atlanta!

The Midtown Atlanta Market Report covers 27 major condominium communities located in Midtown and West Midtown! As you can imagine, it takes a moment or two to put this historical picture together of the Midtown Atlanta condominium market. And it is important to remember that this is a snapshot, moment in time look at the market!!!! 

Why do I say that? Literally as I was preparing this report the number of active listings in some buildings would change! Seriously! It might be a new listing, or one just went Under Contract! It’s a busy real estate market in Midtown Atlanta.

If you have any specific questions about this report, or a building in particular, please feel free to call me or complete the contact form below! I’d be happy to assist you.

And now…

Midtown Atlanta Market Report | March 2014

 

Building

SOLD 1BR 2014

 Avg List Price Avg Sold Price SOLD 2BR

Avg List Price

Avg Sold Price

Average SOLD Price 2013 1BR/2BR

#Active Listings
Ansley Above the Park  0 $0 $0 1 $369,000 $362,000 $0/196,500  1
Above 4 Seasons  0 $0 $0  0 $0 $0 $  5
Aqua  0 $ $ 2 $ $ $700,000 (3BR)(2014)  1
Biltmore $ $ $ $ 0
Cornerstone Village 1 $135,000 $130,000 0 $0 $0 $94,667/0  5
Cotting Court  0 $ $  0 $ $ $ 1
Dakota  1 $249,000 $242,000 4 $354,000 $352,000 $0/0  2
Luxe  0 $0 $0 0 $0 $0 $0/553,625  2
M West  0 $ $0 4 $232,000 $230,000 $0/193,030 5
MidCity Lofts  1 $219,000 $195,000 0 $0 $ $165,000/0 5
Metropolis  2 $202,950 $200,000 0 $0 $0 $135,000/262,000  14
Mayfair Ren/Tower 0 $0 $0 0 $0 $0 $0/219,000  9
Park Central 3 $159,900 $158,333 2 $219,500 $214,500 $134,000/212,125  2
Park Vue  1 $159,900 $150,000  0 $ $ $  1
Peachtree Lofts  0 $0 $0 1 $279,000 $279,000 $149,950/0  9
Peachtree Walk  0 $0 $0 0 $0 $0 $0/157,000  2
Plaza Midtown  2 $199,450 $190,750 3 $343,233 $331,533 $168,500/303,333  13
Spire  2 $179,450 $175,300 1 $340,000 $325,000 $179,750/303,000  12
Tuscany  13 $136,500 $125,954 8 $202,975 $192,935 $114,967/197,609  1
Viewpoint 1 $209,000 $205,000 6 $343,066 $333,708 $191,450/355,000   13
White Provision  0 $0 $0 2 $337,500 $322,500 $213,412/314,000  11
Windsor over Peachtree 0 $0 $0 0 $0 $0 $76,000/0   1
805 Peachtree 0 $0 $0 0 $0 $0 $0/0   4
905 Juniper 0 $ $ 0 $0 $0 $0/0  2
1010 Midtown 1 $248,000 $242,000 0 $0 $0 $237,700/536,200   7
1280 West  1 $129,900 $123,000 0 $0 $0 $76,333/136,000  8
 THE REYNOLDS  0 $0 $0 0 $0 $0 $0/0 5
 
 
 
 
 

 

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Midtown Atlanta Condos For Sale Under $250,000

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Midtown Atlanta Condos For Sale Under $250,000

Atlanta Condo Prices Rise 23 Percent
Midtown Atlanta Skyline

Once upon a time, in a real estate market far, far away, I used to write about condos For Sale under $100,000. Times and prices in Midtown Atlanta, they have changed. And along comes Midtown Atlanta Condos For Sale Under $250,000!!

Midtown condo buildings that once had one-bedrooms for sale at $50-60,000 are now selling for $125,000. High-rise 2 bedrooms that could be had for $191,000 in 2010 sold in 2013 for $305,000 and are now pushing $350,000. (The  $191,000 example originally sold for over $300,000!)

I’m always asked about future value when a Buyer is looking to buy a condo. Of course, I don’t have a crystal ball! (And if somebody DID have one we would not have gone through what we did in 2009-2010 as you can see in the prices above.) Probably the big elephant in the room is future construction. There are numerous apartment buildings that are either recently opened, under construction or proposed! If, and when any of these buildings would make a conversion from apartments to condominiums (and how many of them at the same time…a distinct possibility) could have an impact on resale values of the condo you purchase. Then again, if the prices in these new buildings are significantly higher (and all indications are that they would be) then your values will hopefully be equal or better than what you paid.

But the key point here is, prices are NOT going down. In fact, the Midtown condo market is on fire, and homes that are priced right move quickly. Sellers are trying to push the envelope and ask higher prices, but the final price, unfortunately is going to be determined by what the condo will appraise for, and what your lender is going to be willing to loan for.

When you see a 2 bedroom sold on the 18th floor for $325,000, and a new listing on the 14th floor for $370,000, you have to wonder what the Seller may be thinking? I’m certainly going to be questioning whether that new listing will appraise anywhere close to the list price!

Midtown Atlanta Condos For Sale Under $250,000

You still have options, but a 2 bedroom may be hard to find!

Pre Approved Mortgage Loan — A Key to Your Next Midtown Atlanta Condo!

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pre approved mortgageHave you been out looking for a new home or condo recently? Had some sticker shock with prices? Yes, the Atlanta real estate market is out of recovery mode, and is in FULL swing! Couple that with some of the lowest inventory we have seen in years, and you very well may find yourself in a bidding “war” (I had to call it war….) or at best, a multiple offer situation. And you may be faced with a buyer that has a huge advantage on you….C-A-S-H.

Pre-Approved Mortgage Loan — A Key to Your Next Midtown Atlanta Condo!

So, like any player in sports, you need to have a plan, and you need to have an advantage! How do you do that in the process of buying a home or condo? You have a pre approved mortgage loan!! This is not a simple process for either you OR the loan officer you are working with.

When you obtain a mortgage for your Midtown Atlanta condo or home purchase, your loan goes through a process called underwriting. Underwriting is a very detailed process of analyzing your credit before the lender will give you a loan. The process will include the verification of items like your employment history, salary and your credit history, which is detailed in a credit report and the lender’s evaluation of your credit and ability to pay.

While you NEVER skip this process, you can have the majority of it done in advance, and have a pre-approval from your lender. Then, all that is needed is a contract on a property, and an appraisal. A GOOD loan officer can review much of this information in advance, identify potential stumbling blocks or land mines, and have your file in order. Hence, they have done a good portion of this underwriting review and know your  file will clear underwriting without any problems.

Mind you, the underwriter looks at your file with a microscope, so they may still find something to question, say a particular deposit on a bank statement, but it can be minimal.

Having this pre-approval does a couple things for you as a home buyer:

  1. First off, you have a comfort level of what you can afford vs. what you are willing to pay. Just because you can afford a $300,000 home, does not mean you want to PAY for a $300,000 home.
  2. Having a pre-approval letter from your lender shows to the prospective Seller that you are serious about your home purchase and have done much of the leg work needed for your mortgage.

Of course, an appraisal can still be a wrench in the process. If the home or condo you are trying to buy does not appraise for the contract price, the Seller could choose not to move forward with your offer. On the other hand, a cash buyer will usually waive an appraisal and just  move forward.  You could choose to waive the appraisal contingency as part of your offer when obtaining a mortgage. The lender is STILL going to do an appraisal. (They are not writing a loan for more than the property is worth!) So if the appraisal came in under your contract price, you would have to make up the difference in adding to your down payment.

Pre Approved Mortgage Loan — A Key to Your Next Midtown Atlanta Condo!

In a market of low inventory and many buyers looking for a home along with you, do everything you can to best position yourself when you find the right home, and may be faced with a multiple offer situation.

Check out our Lender partners HERE! Any one of them can get the process started for you and, take you through this process and get you to the closing table!

Here’s an interesting story that appeared in the New York Times about this — A New Weapon For Bidding Wars.

Midtown Atlanta Market Report | 1010 Midtown | Year End 2013

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1010 Midtown AtlantaAs we complete our review of the Top Ten Selling Midtown Atlanta condo buildings, it comes as no surprise as to who (or what) was the top selling building….1010 Midtown! 

Midtown Atlanta Market Report | 1010 Midtown | Year End 2013

Considering that 1010 was the only “new construction” building left to buy in Midtown Atlanta, you could say the deck was stacked in their favor! When the market took a nose-dive in 2008-2009, the developers of this building had the deep pockets to just sit on their inventory….and wait. They made only slight reductions in the prices, but otherwise, they just took the “we’ll wait for the rebound” attitude. So, when the market DID rebound in 2012 and 2013, there was but one building to go to for a condo in Midtown if you wanted it brand new.

Needless to say, it is going to be really interesting in 2014 to see who comes out on top, considering the building is now sold out!

But let’s take a look at the sales in 1010 Midtown Atlanta:

In 2013, this building topped the list with 73…yes, SEVENTY-THREE homes sold! This compares to 46 sold in 2012 (it was the #1 for 2012 as well) and 27 in 2011.

 

  • 27  One Bedroom homes sold with an average sales price of $256,997. The Average Sold Price in 2012 was $214,590.

 

  • 39  Two Bedroom homes sold with an average sales price of $507,387. The Average Sold Price in 2012 was $383,615. Are you not wishing NOW you would of bought here in 2012!

 

  • 7   Three Bedroom homes sold with an average sales price of $970,571. They ranged in price from $515,000 to $1.3 million. We did not track 3 bedroom sales in 2012.

1010 Midtown is the center of the 12th & Midtown development. There is the new 77 12th apartment building located behind the building at the corner of Crescent Avenue and 12th Streets. Across Peachtree Street is the Loews’ Atlanta Hotel, and 1075 Peachtree, the office building.

The developers have announced another apartment building next to 7712th at 11th and Crescent Avenue. And, another building is proposed for their now vacant lot at Peachtree, between 12th and 13th Streets. It is calling for 50 stories and will be a combination of apartments and condos. We’ve heard selling prices will start at $800,000! Yikes!

MidCity Lofts |Midtown Atlanta Condos | SOLD in 71Days!

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MidCity Lofts |Midtown Atlanta Condos | SOLD in 71Days!

As a real estate broker, I’m always asked, “How’s the real estate market?” To which I reply, “It’s moving.”

Perfect case in point…we listed this stunning 2 bedroom home at MidCity Lofts on December 11th, 2013. It was Under Contract on January 2, 2014 and closed on February 20, 2014.

71 days, Listing to Closing!

 

MidCity Lofts Midtown Condos For Sale

So, what does that mean to the Midtown Atlanta condo Seller AND Buyer? Simply put, priced right, your home will sell!

One of the biggest challenges we face when discussing marketing strategy and our marketing plan with potential sellers is….PRICE! Of course, every Seller wants the most money that can get for their condo or house. But by pricing your home to high, you are either chasing off potential Buyers who’s savvy agent knows the home is overpriced and does not bother to show it, or you my languish on the market and miss those critical first week to 10 days worth of showings.

Certainly, every selling situation is different. Prices in Midtown Atlanta condominium buildings can vary greatly. Perhaps another Seller had done some modifications to make their home different than others. Location (floor) and view can be another huge factor in your selling price. And there can be specific floor plans that can be harder to sell than others.

If you are considering selling your Midtown Atlanta condo, I’d be happy to meet with you and discuss the market, and how to help you get the top dollar you want, but also get you moving on to your next new home adventure!

Condos For Sale MidCity Lofts Midtown Atlanta

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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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