Metropolis is a great building with a nice spacious gym, and a great pool area. As for the units themselves, the often face into each other, and at only 20 stories the views can be a bit lacking. That said, there have recently been some great opportunities under $160K in terms of small one-bedroom foreclosures. There currently is an over 1000 square foot two-bedroom unit available for $285K. I know that people looking to buy often buzz about short sales and foreclosures. I will tell you that in a short sale, oftentimes the bank will never get back to you, and when they do, they will not take the deal, but will want $10,000-$30,000 more than what the sellers originally asked for. It will leave you spinning your wheels. I often sell many foreclosures, and have bought foreclosures from many banks for my company (Tualatin LLC). I stay away from short sales. Sellers will just use your contract as their right to be able to speak to the bank. In many cases, it is like they are just using your contract.

I closed two short sales for clients last year. Often, short sale and foreclosure units in these highrises are in poor shape and do not have the desirable views or floor plans. I know this from firsthand experience. With foreclosures, at least you see what you are getting and know that it is ready for sale. I will honestly tell you when something is a good deal. I have the experience and know what to look for; you probably do not.

Moving on, this building most recently has come under pressure with more foreclosed and short sale units. I was recently here with some clients looking at 12 units for sale in the building. They chose to purchase a new unit at Viewpoint; the 10-25% discount for buying an older unit was simply not worth it to them. Recently there were a few foreclosures and short sales in the $139,900-159,900 range. A good-sized corner one-bedroom starts at $175K. Recently, there was a foreclosure one-bedroom plus den listed at $145K. It had multiple offers within a week and is now under contract. Two-bedrooms are currently starting at $265K here. The $265K unit is actually a really good-sized unit of 1260 square feet. At that price, it is a steal.

Interestingly there were three penthouse units available a few months back. One currently on the market is the largest and is about 3600 square feet and is listed at over $1 million. I have heard that Ludicrous and Tone Loc (Mr. Wild Thing) have owned penthouse units here in the past.

Overall prices have come up a little bit off of the bottom, but with two buildings and a lot of smaller one-bedrooms, it seems there is a constant stream of small short sales and foreclosures coming to market dogging the overall value of the building. The building itself and its HOA are known to be in very strong health and should stay that way moving forward.

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Category: Atlanta Midtown Condos, Metropolis · Tags:

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