Considering investing in Atlanta condo? These buildings still have Lease Permits!
OK, so many of you have come to me asking about investment highrise units, and even midrise condos intown. This is a recap of what is left to purchase out there for investment purposes. Basically most all buildings sold out are at their approved HOA mandated 25% rental cap. You see, if you are coming from Philly, or NY, or Boston, you may not understand the way our condo system works down here. Basically most buildings in Atlanta work very hard to ensure that the atmosphere does not turn into a bunch or renters running wild ruining the amenities and creating a sub-prime environment. Sufficient to say, most people do not want to feel like they are in the next Lil Wayne video. “Condos gone wild” is something that most all buildings in Atlanta do not aspire to.
The truth of the matter is that in Atlanta all condo buildings hold their Fannie Mae and Freddie Mac status golden. Without these designations buildings cannot get financing and owners cannot sell their units when they decide to move to the Northern Burbs to starts a family, or move to NYC for the big promotion. Now, although the cap has been lifted to 50%, most all buildings with rare exception (Mayfair Renassiance, Windsor Over Peachtree) adhere to the 25% cap. Even the few I alluded to that have a 50% cap are now at that cap and have a waitlist.
The following Condos for lease in Atlanta still have lease permits:
BUCKHEAD:
Gallery – (1 left last i checked this week) start at $299,900 for a large 1 bed+den, and $399,900 for 2 bedrooms. These would lease for $2200-$3000 for the two bedroom.
The Brookwood (A number of leasing permits left) – Start at $399,900 for a 2 bedroom. This is an upscale building with no 1 bedrooms and 2 bedrooms here lease in the $3000-3200 range.
The Astoria (Many permits left) – Start at $377,500 for a 2 bedroom. At nearly 1800 square feet for that unit, this building offers some of the best value per square foot. Rents for this size place will be $3200-3500.
MIDTOWN
If you are seeking a lease permit for a rental property these buildings represent your last chance! These are clearly more expensive properties, but overall they are easier to manage and have a higher quality tenant.
Contact me today to take advantage of any of the above ideas.
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