August 2013 Best Condo Deals

OK, so I really have not been blogging as much as I would like given how busy I have been this summer.  That said, I am going to try and starpooolt noting the best ATL Condo Deals monthly.  This will a rough patch primarily focused on Atlanta Intown condos with a particular emphasis on Midtown, Buckhead, Atlantic Station and Inman Park.     Below is a rough and loose cross section of the some of the best deals I have seen this month.   As I last checked these condominiums were available.  But given that they are good deals in a strong market, then may be gone now.  These are not my listings but rather the homes I find to be well priced as of this month.   You are advised to contact my directly for up to the minute availability.

1010 Midtown Unit 1510    2/2 $514,900 around  1500 Sq. Ft.

This is the premier corner at 1010 Midtown.  This property was just listed on August 26, 2013.       This SE Corner faces directly down Peachtree.   The view is truly remarkable.   Having helped one of my clients purchase this floorplan on a higher floor, I know the floorplan well.  It is one of the few layouts in Atlanta where the unobstructed wall of windows really gives a big city feel.   It is unobstructed in its view, both in terms of the view itself, but also in terms of not having a balcony there.   I personally am a big fan of keeping balconies and terraces to the side, and maintaining the integrity of a view.   This is a great resale.  This floorplan came up once in the early Spring and went under contract right away.
The Astoria Unit 1043 $450,000 2/2.5  1524 Sq. Ft.

I was at the Astoria pool (more specifically the large hot tub) and I had the opportunity to meet the owner of this unit.     In a building where most all of the product is over $500k, and the current three other listings are $750k, $1,649,000, and $1,850,000 this $450,000 is a relative bargain!   In speaking with clients I often reference this building and Terminus and being ones with string character, and strong investment potential.   Last I had checked a few weeks ago there was still one lease permit available for the building.  I suspect that this unit would lease somewhere in the $2600-$3100 range.     This is a resale, apparently with the owner considering a transfer back Houston.  Below is a picture of the Astoria lobby.

Aqua Unit 2101 $350,000 2/2  1478 Sq. Ft.

Aqua, probably the most debated building in midtown.  Some love it, some hate it.   Whatever side of the camp one is on there is little debate that this 2/2 at $350,000 is a good buy.   The building has had its struggles from since when it first sold many of its 2/2s for $600-750k.     High HOAs, a small amenities package (the pool is weak by most people’s account), and a more isolated Midtown local are constantly being contrasted by those who love the building who note the rock solid construction, individual elevator landings, and the original high sales prices.     I have shown this once.  The finishes are not as prime as other units in the building, but at this price one could spend the $10-15k need to bring it all up.

The Atlantic Unit 1102 $339,000 2/2.5   1369 Sq. Ft.

This home has been on the market a while.     As most know this luxury building was bought out by a Florida luxury rental company, thus for better or worse this building is a mainly a luxury apartment these days.   That said, after initially increasing in price, this buildings value has likely decreased over the past year since this acquisition.    This could be a great investment for someone seeking to live in for a few years until the Investment firm very likely sells this building as condos in a few years.   Or, this could be a great unit to lease out at an approximate rate of around $2500-2800.

Paces 325 Unit 905 $299,000 2/2  Largest 2/2 floorplan in the building

This was just listed last week and although the listing notes that it is the largest floorplan in the building, it does not specifically note the square footage.  Most people I interact with know the zeal I have for this Buckhead Village area.   Eclipse, Paces 325, Sobu Flats, all are good investments in their own respects.         Paces is a more traditional building, and unlike most all of the other buildings in the area, I am still working on getting a grasp on the kinds of people who live here.     That said, it is becoming increasingly rare to find 2/2s in better buildings without a price starting in at least a 3, if not a 4.

Mathieson Exchange Lofts Unit 904 $205,000 1/1 Loft    1014 Sq. Ft.

This loft just hit the market last Thursday.       The Mathieson Exchange Lofts are considered some of the nicest in the Buckhead market.  In Buckhead most want the ritz and glam of a highrise, but there are a few Loft buildings.  This by most all accounts is considered to be the nicest.   This loft has a nice view, a large balcony, and is quite spacious with nice upgrades throughout the Loft.   High ceilings which are somewhere between 12-14 foot make the space feel a few hundred feet larger.     The only other listings in the building are 2/2 units which are only 300-350 square feet larger, but are listed at $365k and $379k.   Coupled with data I have pulled on the building this a great deal.  This a relocation deal, where the relocation company (Cartus, they have handled one my corporate moves in the past) is selling it below market.  As of the weekend they already had three offers on the property.  They likely have more offers now.

The Aramore Unit 408  $159,500 1/1    852 St. Ft.

This is a nice larger 1 bedroom at The Aramore.   The Aramore is of course above Holeman and Finch and shares the million dollar Astoria’s prime Amenities.     This unit is in great shape with granite counters, nice dark thick flooring, and very nice stonework in the bathroom.      The Aramore I have been told is about to redo all of their hallway carpet and paint colors.  As of now the colors are a bit drab.    This is a great buy for a unit of nice size in great shape.  A foreclosure of the same floorplan which was pretty beat up and not upgraded just went under contract.  It was last listed at $148,900.    There is a waitlist of about 18 homes to lease here.     The Aramore is a great property of equal distance to the business district of Buckhead or the Arts in Midtown.

I of course purchased a unit here over the summer.   I will likely sell my unit here with owner financing to a prospective buyer sometime next year after holding out for the long term capital gains tax rate.

Cornerstone Village Unit 1317 $100,000 1/1   775 Sq Ft.

This is an approved short sale.  No further negotiation on this price, and there may be some stipulations from the bank on how to get this done.  That said, this is a great price to live on 6th and Peachtree in Midtown.  I have helped my Buyers purchase a number of units here and they love it.    The large parking assessment which was around $10,000 for 1 bedrooms, and $20,000 for 2 bedrooms has taken its toll on property value in this community.  Many people are still on payment plans through 2018.  I do not know if this unit still owes or not.  I strongly suspect this this building will rebound much stronger in years to come once the most everyone has paid off their assessments.

As for any of these properties, or any other you see.  Please feel free to call or email me.   (917) 331-0949, doyle.ent@gmail.com.   Cheers!