I do a lot of my business in Buckhead and can answer any questions you have. The tough part really comes to the HOAs and association fees. Is there a budget you would like to stay within? Almost all of the buildings have rental caps and have waiting lists that are multi year long. Lindbergh is a good buy into the area with close proximity to everything but if you want to specifically target the Lenox Mall area that will change buying power. Feel free to send me a message with any specific questions you have on the area or buildings. Narrowing it down to either condo or townhouse will help a lot with your search. The condos that don't have rental restrictions have turned into hotels and AirBnB spots which doesn't help resale. The townhouse would most likely be better for a rental or resale return, we are pretty much back at pre-recession pricing levels.
I do a lot of my business in Buckhead and can answer any questions you have. The tough part really comes to the HOAs and association fees. Is there a budget you would like to stay within? Almost all of the buildings have rental caps and have waiting lists that are multi year long. Lindbergh is a good buy into the area with close proximity to everything but if you want to specifically target the Lenox Mall area that will change buying power. Feel free to send me a message with any specific questions you have on the area or buildings. Narrowing it down to either condo or townhouse will help a lot with your search. The condos that don't have rental restrictions have turned into hotels and AirBnB spots which doesn't help resale. The townhouse would most likely be better for a rental or resale return, we are pretty much back at pre-recession pricing levels.
Financial Advisor · Atlanta, GA · Member since 2016 · 256 posts · 350 votes
9y
@Megan Y. I'm looking out my office window and I see lots of cranes busily assembling thousands of units of new multi-family housing in Buckhead and Midtown. Your plan is fine for putting a roof over your head but in this market I wouldn't buy a condo in Atlanta as an investment. If you won't be satisfied with living in a condo long term, I'd say you are better off renting.
I'm not saying I have a crystal ball that can see the future, but the coming increase in multi-family supply is a sure thing - it's already being built.
atlanta, GA · Member since 2016 · 6 posts · 0 votes
9y
Dan M. That's true - I've also heard that there are a lot being built now (I am currently overseas but will move to Atlanta soon).
If I wanted to stay near Buckhead area for the sake of commuting, and wanted to live in a place for a few years as I don't want to waste money on rent, what would you recommend?? Perhaps find a deal on <100k condo that could still generate ~$1000 in rent? (If it works out with HOA).
Thank you,
Megan
atlanta, GA · Member since 2016 · 6 posts · 0 votes
9y
Dan M. That's true - I've also heard that there are a lot being built now (I am currently overseas but will move to Atlanta soon).
If I wanted to stay near Buckhead area for the sake of commuting, and wanted to live in a place for a few years as I don't want to waste money on rent, what would you recommend?? Perhaps find a deal on <100k condo that could still generate ~$1000 in rent? (If it works out with HOA).
Thank you,
Megan
Real Estate Broker · Marietta, GA · Member since 2014 · 135 posts · 105 votes
9y
@Megan Y. You've received good advice. Condos make terrible rentals. The HOA has too much control over your asset and that's if you can even rent it. If you just want a place to live, that's one thing but it is a different story if that property will become a rental.
I'd suggest looking into the Brookhaven townhome market. It's close to Lenox and is (marginally) less expensive. I'm listing a town home there this summer that gets rented for top dollar within a day.
Financial Advisor · Atlanta, GA · Member since 2016 · 256 posts · 350 votes
9y
@Megan Y. unless you live with relatives, you are inevitably going to bear a cost of housing for yourself whether it is rent, interest, or opportunity cost of not renting a property you own outright. With that in mind I'm not persuaded that renting is wasting money.
If you want to live in Buckhead (which I understand, because I live in Buckhead) you can rent an apartment here. If you want to invest in real estate, you can do that in a less expensive neighborhood where the economics work for a rental property. Under current market conditions, that isn't Buckhead.
You are wise to prioritize having a short commute. That is critical to quality of life in Atlanta. Don't compromise on where you want to live, but do separate your lifestyle decisions from your investment decisions.
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
9y
Prices won't be real conducive to cash flow in general, and then if you add condo or townhome fees on top of it, you aren't likely to cash flow at all. Make sure you are running the numbers thoroughly just to be sure you know exactly what to expect!
Developer · Decatur, GA · Member since 2011 · 1k+ posts · 1k+ votes
9y
I have a condo that I got a "great deal" on in 2001. $105k in Smyna. It's gotta be worth $115k now! :-)
HOA is ok. Condos, in particular, attract a more vulnerable home buyer. When times get tough the prices really plummet. Condos also seem to age together. Your condo is only worth as much as the last condo sold. Not all owners are going to fix 'em up.
Townhomes are similar. As a community ages, they tend to depreciate unlike a single family home.
My advice is to look at some that have already depreciated and are stable or are improving in value.
@Megan Y. this is a very dangerous kind of investment in Atlanta.