News Archives

Mortgages – Life After Bankruptcy

September 16, 2012 by Thom Abbott

See on Scoop.it – Midtown Atlanta Conversations and Condos

EVERY month tens of thousands of people file for federal bankruptcy protection, mostly to wipe out debts and start anew.
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Many of these filers mistakenly think that it will be many years before they can obtain a mortgage or refinance an existing home loan, if they ever can — perhaps because notice of a bankruptcy filing typically stays on a credit report for 7 to 10 years. In reality, they could become eligible in as little as one year, as long as they work diligently to improve their financial picture.

Mortgages guaranteed by the Federal Housing Administration are permitted one year after a consumer exits a Chapter 13 bankruptcy reorganization, which requires a repayment plan that is often a fraction of what is owed, and two years after the more common Chapter 7 liquidation, which discharges most or all debts. Conventional mortgage guidelines from Fannie Mae and Freddie Mac, meanwhile, call for a wait of two to four years.

See on www.nytimes.com

$1.1B bus proposal called ‘pipe dream’

September 13, 2012 by Thom Abbott

As a side note to this article, I attended a real estate broker event at Soleil Laurel Canyon in I guess Kennesaw? It was off of EXIT 20 off of I-575.. I clocked it at 44.1 miles from 14th Street in Midtown. I’ll be doing a post about it later this week!

As I sat there and looked at the people that live there (it’s an adult active community…you have to be 55+ to live there) I thought, do these people, who vote, even have a concept of what it’s like to deal with traffic, on the Downtown Connector everyday? It made me quickly see how getting a regional transportation system in place in Metro Atlanta is like moving a mountain, and then some. Hence my photo below of an old, old bus. Because by the time we do something about our transportation issues in this city….we’ll probably be using old buses.

See on Scoop.it – Other Atlanta News Events

MARIETTA — After reviewing the findings of the $1.8 million Northwest Corridor Alternatives Analysis study, which calls for a $1.1 billion bus system from Kennesaw State University to Midtown Atlanta, Southeast Commissioner Bob Ott called it “a pipe dream.”

The proposal recommends a $1.1 billion bus system stretching 29 miles from KSU to the MARTA Arts Center Station in Midtown. There are also routes that come off that main line that serve Acworth, Kennesaw, Marietta, Smyrna and the Cumberland Community Improvement District, said Faye DiMassimo, director of the Cobb Department of Transportation, who along with Jim Croy, whose firm conducted the study, made their presentation to the Board of Commissioners on Tuesday.

Read more: The Marietta Daily Journal – 1 1B bus proposal called ‘pipe dream’
See on www.mdjonline.com

Could There Be New Lights Shining at the Doraville GM Plant?

September 9, 2012 by Thom Abbott

The City of Doraville held its breath as the General Motors Plant closed in 2008 and the real estate market also kind of closed up. Since that time, the parking lot has collected a few weeds (actually a lot of weeds) and the City of Doraville has burned through a bank account surplus as it failed to reign in spending.

But there might be headlights, or building lights shining in the future. Atlanta developer and civic leader Egbert Perry is leading a team that may be close to striking a deal to purchase the property. And Dorvalle probably could not ask for a better steward….Perry’s company Integral Group, LLC has developed other mixed use projects, and Perry himself is Chairman of the Central Atlanta Progress, the group in charge of the Downtown Community Improvement District.

The GM site is a jewel for development. Located adjacent to I-285 and a stone’s throw from I-85, it has something the Atlantic Station in Midtown West would of loved to have….a MARTA transit station next to it! And studies have already indicated that the brown field cleanup at the GM site will be nothing of the magnitude that was required at Atlantic Station. Georgia Tech also completed a detailed development plan for the site that reconnects the “downtown” portion of Doraville with the site and the MARTA station. I’ve written about the Doraville GM Plant several times.

Burrell Ellis, CEO of DeKalb County has said GM officials suggest they are close to an agreement. “To get to closing, it’s going to take a collaborative effort between the City of Doraville, DeKalb County and state and federal governments.”

Doraville is a ITP (Inside The Perimeter) community with affordable housing already in place to support the people that would work at General City (that’s MY name, not anyone else’s!!) One community, Northwoods, has just been nominated to the National Register of Historic Places. Built in the 50’s and 60’s, Northwoods is the first planned unit development EVER built in Georgia. One of the original architects, Earnest Mastin was even present at a cocktail reception held to honor Georgia State University’s Heritage Preservation Program, and the Dekalb History Center for their efforts and contributions toward getting the neighborhood listed on the National Register of Historic Places.

Now just might be a good time to pick up a cool 60’s style ranch, renovate it and be ready for the real estate wave.

Ten 10th Street Faces Loan Troubles

September 9, 2012 by Thom Abbott

While we all like to hear good news, it’s important to keep it all in perspective. And loan problems are not just faced by residential home owners. Commercial properties have their challenges too.

The Atlanta Business Chronicle reported this week that Ten 10th Street has a $71.4 Million loan secured by the 13-story building, known as Millennium in Midtown (I don’ t think I ever knew that was the name of it!) which has been transferred to mortgage servicing .

The building faces financial challenges after it lost its anchor tenant, PricewaterhouseCoopers, LLP to 1075 Peachtree (12th and Midtown). The story says it will take up to $7 Million to release the space! Yikes!

Another prominent tenant is Google which occupies 32,000 sq ft. on a lease that is set to expire in 2013.

The building was built ten years ago, banking on office space demand for the telecom boom. When PricewaterhouseCoopers moved 800+ people in then, it was a deal that gave Midtown a boost. And it looks like it needs another boost.

Ten 10th Street is located at the corner of 10th and West Peachtree Streets, across from Aqua Condominiums.

Porsche’s new headquarters, test track, costing $466 Million more than expected

September 2, 2012 by Thom Abbott

See on Scoop.it – Other Atlanta News Events

Porsche Cars North America is moving forward with plans to relocate its Sandy Springs headquarters of 13 years to Jacoby Development Inc.’s Aerotropolis Atlanta, the nearly 130-acre mixed-used redevelopment of a Ford Motor Co. assembly plant that stood in Hapeville for almost 60 years.The luxury automobile manufacture filed permit applications to construct the new facility near Hartsfield-Jackson totaling $566 Million.

See on whatnowatlanta.com

Report: Police Raid Area Food Trucks

August 25, 2012 by Thom Abbott

See on Scoop.it – Midtown Atlanta Conversations and Condos

Five trucks were issued citations Wednesday in Virginia Highland.

Now mind you, I understand that for the health and well-being of the public, we have to have some rules. Otherwise, it would be a free-for-all out there. I’m not sure of the cost of these permits, but I’d think a Food Truck could be issued a permit say, every three months, and it covers any location where the truck is going to work.

I can only imagine the nightmare of being in 4 or 5 places in one week, and needing 4 or 5 permits? Come on ATL, let’s make doing business in ATL easy, not harder.

See on midtown.patch.com

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