midtown atlanta real estate Archives

Miami’s Crescent Heights to buy unsold Atlantic Residences condos

January 21, 2012 by Thom Abbott

An affiliate of a Miami real estate company has reached an agreement to purchase the remaining unsold condos in Midtown’s 401-unit The Atlantic Residences, according to sources familiar with the transaction.

An affiliate of Crescent Heights is the buyer, according to sources. The company could not comment, said Roman Speron, operations manager at Crescent Heights. The company is known for intown Atlanta projects, including the 34-story Mayfair Renaissance.

It’s unclear whether it will keep The Atlantic units as condos or convert them to rentals. The 47-story building rises over Atlantic Station and is one of the most visible towers on the Midtown skyline.

WOW…..if they all become apartments…..imagine the 73 owners and what they will be able to do, (or NOT) with their condo.

On the flip side of this….this will take a HUGE chunk of inventory out of the market if in fact they convert them to rentals. For Sellers, less competition. For Buyers…less to choose from? What will the outcome be for the market?
Via www.bizjournals.com

Atlanta’s Lockhart Says Urban Neighborhoods Can Thrive Amid Weak Economy

January 21, 2012 by Thom Abbott

Via Scoop.it – Midtown Atlanta Condos

Federal Reserve Bank of Atlanta President Dennis Lockhart said downtown neighborhoods, including the Midtown Atlanta district surrounding the Atlanta Fed’s headquarters, can thrive in a poor U.S. economy.
Via www.bloomberg.com

Condos In Tech Square Georgia Tech University

January 14, 2012 by Thom Abbott

I am often contacted by students at GATech or parents of Georgia Tech students about off-campus living options. And many ask about condos in the Tech Square (Technology Square) area of Georgia Tech.

The expansion of GATech into the Midtown Atlanta footprint has been going on for many years. As a result, there are not many parcels of land for construction of new condominium buildings close to Technology Square, or any part of the campus. But that does not mean you do not have options for living close to Georgia Tech.

THE closest Midtown Atlanta condominium building to Technology Square is Mid City Lofts. This building is located on the corner of 6th and Spring Streets and is directly across the street from Tech Square. 1 bedroom homes in Mid City Lofts start in the mid $100’s. There will be occasional rental opportunities in this building as well.

Your next closest building is The Biltmore, but this is a much smaller building with minimal amenities. Home vary in size here as do the prices. The next best option for students and parents alike is Cornerstone Village. Located just 2 blocks from Tech Square, Cornerstone Village has a variety of 1 and 2 bedroom floor plans, and is a popular condo community for GATech students to rent in. This past year, the community had some amazing foreclosure sales as low as $50,000! For a condo in Midtown Atlanta, that is amazing! Now, 1 bedrooms are selling in the $70’s, so you could say the market has already “bottomed out” for Cornerstone Village.

After these buildings, you hit what I call the “big 4” of Spire Midtown, Viewpoint Midtown, Metropolis and Plaza Midtown. All of these buildings have state-of-the-art security and access systems, amenities to include pools, fitness centers, movie theaters and club rooms.

If you are looking to invest in Midtown Atlanta condominiums, perhaps for your son or daughter to live in while attending GATech, I’d be happy to show you your options and what may best fit your needs!

7 bold urban projects to watch in 2012 | SmartPlanet

January 10, 2012 by Thom Abbott

Via Scoop.it – Midtown Atlanta Condos

Cities struggled financially in 2011, but that doesn’t mean big urban projects aren’t on the way. The List includes The Atlanta Beltline! It’s so nice to be on a nice list!
Via www.smartplanet.com

The Atlantic Moves Homes to Rentals

December 22, 2011 by Thom Abbott

The Midtown Atlanta condominium market has had it’s fair share of challenges. And it would seem there are still more ahead as we learn that The Atlantic Residences will convert some 80 homes into rentals. According to a story in the Atlanta Business Chronicle, ST Residential, which owns the building and purchased it out of the Corus Bank 2009 failure, actually converted some 40 units in late summer. Another 4o units will now become rental homes.

Current owners or potential Buyers of a home at The Atlantic Residences at Atlantic Station should not have to worry about their investment. Or so we hope. Fannie Mae and Freddie Mac do not allow financing to buyers in condo towers where they exceed the 25% limit on rentals. According to my calcualtions with 401 units, that means up to 100 homes could be investor owned, or rentals. With this announcement by ST Residential, there’s some 20 homes left, but one would suspect that some of those investor slots may have already been taken.

The Atlantic is not the first building to make this move. 1010 Midtown and neighboring 1065 Peachtree also made conversions to rentals. 1010 converted 43 of its 430 homes in 2009, and 52 homes at 1065 Peachtree in 2010. (Note, for those of you that are not familiar with WHAT or WHERE 1065 Peachtree is, these are the condos located above the Loews’ Midtown Atlanta hotel. None of these homes were ever sold to my knowledge.)

The Atlantic is a truly beautiful and landmark Midtown Atlanta building. While the real estate market has caused most of it’s challenges, many condo buyers have been leary of making an Atlantic Station purchase with the reputation the area had received for crime and other activities. North American Properties purchased the retail-portion of Atlantic Station last year and has set about on an ambitious mission to change that perception (and some of its reality.)

Challenges in selling condominiums has given rise to two new apartment towers, both located on 12th Street in Midtown Atlanta. Daniel Corporation and Selig Enterprises have begun construction on a 22-story apartment building just behind 1010 Midtown, and on 12th and West Peachtree Streets, former condo king, Novare Group led by Jim Borders is developing the Sky House apartment building.

At some point in the future, these buildings could become conversions to condos, but with a lack of higher quality rentals in the Midtown Atlanta marketplace, they may remaining apartment buildings for sometime. Time will tell.

“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.”

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