midtown atlanta real estate Archives

Two Luxury Apartment Towers Planned for Midtown Atlanta

November 16, 2011 by Thom Abbott

Well it seems that construction cranes will soon be part of the Midtown Atlanta skyline once again! Yippie! Two Luxury Apartment Towers are planned for Midtown Atlanta. And oddly enough, on the same side street off of Peachtree Street — 12th Street!

Daniel Corp (Birmingham, AL) and Selig Enterprises, Inc are set to break ground next month on an $82 million glass tower which will feature 20 stories, 330 homes and condominium-like amenities. Located at 77 12th Street, it’s the next phase of the massive 12th & Midtown development started by the same group. Plans for the 17 acre development stalled after the construction of the Loews’ Hotel, 1075 Peachtree (office tower) and 1010 Midtown Condominiums. Daniel Corp has leased out some of the unsold condominums as Midtown Atlanta condo sales have skidded.

This new construction is a good thing for Midtown Atlanta an several fronts. “Atlanta got caught up in the condo boom, but there’s a shortage of market-rate apartments,” said Steve Baile, Senior VP for Daniel Corp in an article in The Wall Street Journal. “We thought it was time to test the market.” I’ll agree with that one.

Secondly, new construction in an area is a signal that things are improving. And there is a shortage of rental units in Midtown Atlanta. Most people looking to rent in the area must rely on private rentals in condominiums buildings. Most all of the Midtown buildings are at rental capacity (HOA’s restrict rentals to 20-25% of the homes in the building). There are but a few major apartment complexes in the Midtown area. And those buildings run a 7.2% vacancy rate.

A second apartment tower has also been planned by Novare Group, made most “famous” for their condominium projects of recent such as Viewpoint, Spire, Metropolis, The Atlantic and Twelve Atlantic Station….just to name a few! Novare’s Sky Tower will sit on 12th Street, between West Peachtree and Spring Streets. Those plans call for a 23-story building with 320 homes. Their plans also call for retail space along 12th Street. If you’ve walked through this area, you know it needs some serious sprucing up, and BOTH of these buildings may very well help spur other businesses to open in this somewhat desolate part of Midtown Atlanta. All of the previous developments have focused on Peachtree Street, or close proximity.

Daniel Corp is planning to rent apartments starting at $1500 for a one bedroom and $2200 for a 2-bedroom. I’ve found some challenges in getting potential tenants to pay those kinds of rates in current Midtown Atlanta condo buildings, so it will be interesting to see if the proposed rates are indeed “market rates.”

Construction cranes have already returned to Midtown. A crane towers over the site of the new Hilton Garden Inn/Homewood Suites that is going up at 10th and Willams (Downtown Connector).

Two Luxury Apartment Buildings for Midtown Atlanta!

Midtown Atlanta Market Report January-October, 2011

November 13, 2011 by Thom Abbott

Nowdays, most people know the real estate market is in tough shape. But, real estate is still a very local topic. And when I say local, what is happening in the Metro Atlanta area vs. the Midtown Atlanta Market can be vastly different. And when I review the sales for the Midtown Atlanta area, the numbers will appear different than reported by Smart Numbers, the data company that tracks Atlanta real estate trends.

My report covers a specific area, as the map below shows:

Here is what the sales have been in the Midtown Atlanta Market area for January-October, 2011:

The year started off slowly, picked up steam in July, cooled a bit for August, jumped up in September, and has been back down for September and October.

And here is the Average Sales Price in the Midtown Atlanta Market area for January-October, 2011.

The January high is partially cause by a couple high-end sales that closed that month. An average of $182,350 seems to be a bit more in line.

Keep in mind, monthly numbers can be looked at and reported in so many different ways. If one month, say September as an example, has a big drop, it just shows that buyers picked up more of the lower priced condominiums that were on the market. October shows a jump back up to more consist prices with the rest of the year.

Overall, inventory is down in Midtown Atlanta Condominiums. Buildings that have had 20 and 30 homes for sale, now might have just 10 or 12 listings. As a Buyer of a Midtown Atlanta Condominium, that can be challenging for you. Not much to choose from. So, if a condo is priced right and not a short sale, it has the potential to sell quickly.

On the flip side, if you are considering placing your home on the market, you need to price it right. If done so, it should sell quickly, despite a more limited number of buyers in the marketplace right now. Overprice it…and it will sit.

Currently, the only new inventory available (with some minor exceptions) is 1010 Midtown and The Atlantic Residences. So a Buyer looking for brand new does not have much in the way of options. And with no new construction on the horizon, this should help the resale values climb in the coming months.

Thom Abbott Midtown Atlanta For More Information on how we can best serve your Midtown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

We specialize in Condominium homes in Midtown Atlanta and other In Town areas of Atlanta. If you are planning to Buy or Sell real estate, let us help you explore all the possibilities available to you and help you find just the right home you will LOVE!

For a Quick Look at Midtown Atlanta Condominiums:

Midtown Atlanta High Rise Condominiums

Midtown Atlanta Mid Rise Condominiums

Perhaps you are interested in Historic Midtown? Take a look at Homes For Sale In Historic Midtown Atlanta

Do You Have Bats in Your Belfry?

November 7, 2011 by Thom Abbott

Or maybe squirrels in your storage? If you live in Atlanta, you know we have our fair share of varmints ranging from those oh to cute looking squirrels to possums, snakes and bees! Oh yeah!

While 99% of these animals may not be a nusiance to condo dwellers (depending on whether you live in a mid-rise or high-rise building, they certainly can present problems for the rest of us!

If you think you’ve got some of these pests, you are wise to seek the help of a professional company to help in capturing them. This post was inspired by a Twitter follower I picked up this morning, Southern Wildlife Management. Now, I’ve never worked with these people, so I’m not endorsing them specifically, but they would certainly be one place to start to look for help with helping your varmints pack up and move on!

Midtown Atlanta Condominium Utilities

October 25, 2011 by Thom Abbott

Intown Atlanta Condominiums Unlike living in a single family home, Midtown Atlanta Condominium Utilities are different in how they are aid for.

In many Midtown Atlanta Condominium buildings, part of your monthly homeowner’s association dues (HOA) pay for some of the utilities. Some buildings include the water and sewer charges in the HOA fee, and others do not. This is an important consideration in that the City of Atlanta has some rather high water and sewere charges. When shopping for your Midtown Atlanta Condominium, be sure your real estate agent finds out exactly which utilities are paid for as part of the HOA fee.

Some buildings also sub-meter the electricity. What does that mean? It means the building gets one bill for the entire building, and then it is billed out to each individual unit based on the consumption. It makes it easy for the homeowner in writing one check to the HOA for your fees, including electricity, water and sewer. However, it can put a real strain on the HOA. Why? Well, if a homeowner is delinquent on their HOA fees, the HOA is paying their electric bill. And say the homeowner goes into foreclosure and does not pay 3-4 months of HOA dues, then the HOA has paid that electric bill! Yikes!

It seems that one homeowners association has decided to change that. Earlier this month, the Board of Directors of Spire Midtown voted to move from one Georgia Power Master Electircal meter to individual unit Georgia Power 406 SMART meters for individual units. So, what are some of the benefits that homeowners in Spire Midtown will get from this new change:

Every home will be charged the residential rate vs. the commercial rate. Here is the Georgia Power Pricing Comparison.
The Association will no longer be forced to pay for delinquent homeowners bills.
Residents will get a more accurate bill directly from Georgia Power and will be able to contact them directly regarding billing issues.

It will be interesting to see how this progresses and if we see other Midtown Atlanta Condominium utilities in buildings being changed to an individual billing system in the future.

Atlanta Included Among Top 10 Cities For Young Adults

October 6, 2011 by Thom Abbott

Ok. You’ve toiled and troubled and now you’ve got that college degree. No more checks from Mom and Dad….this is the REAL world now. So, you want to go where they is a job of course, but you still want to enjoy life, right? After all you are in your 20’s and have the world in front of you.

Well, then take a look at the recently released list of Top Ten Cities For Young Adults from Kiplinger.com. How does such a list come about and what was considered? Theylooked for cities with high starting salaries for college grads (sweet!), using data from Payscale.com.; a cost-of-living score near or below 100, the national average, and affordable monthly rents. And perhaps the most important to the 20-somethings….cities where the percentage of residents ages 20 to 29 is near or above the average of 13.8%.

And the Top 10 Cities For Young Adults are….

Cincinnati, Ohio
Seattle, Washington
Baton Rouge, Louisiana
Minneapolis, Minnesota
Washington, D.C.
Colorado Springs, Colorado
Chicago, Illinois
Madison, Wisconsin
Atlanta, Georgia
New York City

Ok, Ok…I hear you already saying Chicago, NYC and D.C.? You must be kidding. (I kinda thought the same thing to be honest!) But I think you always need to look at survey’s like this and realize they are taking lots of averages of things to come up with their numbers.

InTown Atlanta Night Life Take Atlanta as an example….they list the average monthly rent at $897. I’m here to tell you that you won’t be paying that in Midtown Atlanta for rent! Now, if you are willing to head OTP (Outside The Perimeter) your chances will greatly improve on that number.

But the importat point here is this…Atlanta got ranked with some pretty rockin’ cities, don’t you think? And while I am NOT a 20-something, I can tell you that Atlanta has some fun place to hang out, like Midtown Atlanta, Little Five Points and Virginia Highlands. I pretty happy to be part of the Top 10 Cities For Young Adults!

So, if you just graduated from school, and you are looking for a cool place to hang your hat….welcome to ATL! Give me a call, we’ll check out some neighborhoods and get you settled in a great rental, or if you really want to plant some roots, I can show you some great deals on condo living in Midtown, Midtown West, Buckhead and beyond!

Thom Abbott Midtown Atlanta For More Information on how we can best serve your Midtown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

For a Quick Look at Midtown Atlanta Condominiums:

Midtown Atlanta High Rise Condominiums

Midtown Atlanta Mid Rise Condominiums

Perhaps you are interested in Historic Midtown? Take a look at Homes For Sale In Historic Midtown Atlanta

Midtown Sidewalk Money Stops Falling Through the Cracks

October 5, 2011 by Thom Abbott

Every city operates in a different way. And Atlanta is…well…no different. If you have ever walked through Historic Midtown Atlanta, you’ve probably noticed some sidewalks that made it less than easy to walk, or push a stroller.

In the City of Atlanta, property owners, not the City, are responsible for the maintenance and repair of their sidewalks. Yep. Pretty amazing way to run things, but that’s how it’s done here in the ATL.

And when you have paid the city for those needed repairs, the City itself has a hard time getting the money? What? Well, it seems money went into the City’s General Fund, and then the General did not like to release it to the people (department) it really belongs to…Public Works. Ah, welcome to city government at its finest.

On Monday, the City Council approved legislation to expand the city’s Sidewalk Trust Fund which will direct monies in the right direction. Ya think?

Under the new ordinance — which was introduced Sept. 19 by one of Midtown’s representatives Councilman Kwanza Hall, one of Midtown’s council representatives introduced the new ordinance September 19 so that revenue that the city collects from private property owners for sidewalk repairs will go directly to the Sidewalk Trust Fund.

Hall said, “As soon as I learned that our Sidewalk Trust Fund could benefit from this legislative solution, I was delighted to sponsor the ordinance. Over time, monies accumulated in the fund will allow us to be more proactive when it comes to sidewalk repairs and improvements.”

PEDS , a pedestrian advocacy group has been working with the city on the issue and was in support of Hall’s legislation. “This is an important and much-needed first step toward enabling Public Works to address the estimated $152 million backlog of broken and uneven sidewalks in the city of Atlanta,” said Sally Flocks, President.

Midtown Atlanta is already a great, walkable neighborhood. It looks like walking might be just a bit easier in the future.

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