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Atlanta Appraisers: CONDO MARKET near Piedmont Park?

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David C. Johnson

Senior Member
Joined
Jan 15, 2002
<span style='color:darkblue'>A friend just bought a new residential condominium ("The Loft at the Park Condominums") near the Fox Theater, and called to ask yesterday if her $250,000 purchase price was about right for the market. ("Buy first; ask questions later..." :roll: ) But she has seven days to change her mind --well, now, three left I guess...

Anyone have a clue what the market is like for such properties in Midtown of Atlanta these days? It appears there are several units remaining out of the original +/-20 in this five or six-story building (maybe five left counting hers). The unit was recently lowered in price from $300,000. It is about 1,100 sf, real nice kitchen, blaa blaa blaa -- I'm sure it's first rate...

She is wanting to see if there is anything she is missing -- such as whether a potential resale would be anticipated to be decent, etc., (wouldn't we all like to know...) Her boss's husband is serving as her buyer's broker -- and it's his first ever deal as he is new to real estate (hmmm...)

Any thoughts or comments would be much appreciated!

I will probably email this post to her and she may respond herself to any questions or comments. She has lurked a bit in the past and is probably a "registered AppraisersForum member." I am very busy right now at the same time my "online" computer is down, so it may be a while before I can even check back. I am currently at a friend's office, and ready to leave town...

Thanks for your thoughts.

dcj
________________

PS. I might could have helped out with recommending some real good bars and stuff a couple decades ago, but just don't know much about condos there these days... (at all).</span>
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
David ~

Being that you've passed the buck to us ... Da Forum, I can only offer a philosophical response, which request is implied in your post:

"An incestuous transaction sooner becomes internecine." An ancient Chinese Proverb.
 

David C. Johnson

Senior Member
Joined
Jan 15, 2002
Thanks, Larry. :)

But man, where's everyone et :( . Seems like I would have gotten several hundred responses -- I mean everyone knows all an appraiser has to do is hear the location, maybe drive by, make a sketch, and then know exactly what it's worth, and then send in a way over-inflated bill...

Oh, well... :wink:

dcj
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
But man, where's everyone et .
Sorry Dude, but I avoid that place as much as possible. :shocked!: I know my way around the big city pretty well :wink: , but mostly I drive through, see a show at the Fox, or go to a game. I don’t work or live there :crazyeyes: ...... by choice :mrgreen: . Maybe PM Marketvalue or John In Hotlanta.
As for me, 100 miles north-east, and plan on keeping it that way. :wink:
 

Atlanta CG

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Over past several months, 17 Expireds, 10 closed, 6 actives in MLS. Average reduction in asking prices 5%-7%. Condos are tough now. Saw it in Boston in the 80's, now happening here in Atlanta. Too many units at once, people losing jobs, new construction continuing, some buildings lost to foreclosure. My advice, don't buy new, find an owner desperate to sell due to unfortunate circumstances - lots of them out there now, thanks to Dubya. Can steel these things. I've seen $500,000 units reduced over $100,000 and they still cannot sell. Has affected the middle price range as well. Use my wife as a broker--simply lots to choose from.
John from Atlanta
 

David C. Johnson

Senior Member
Joined
Jan 15, 2002
Thanks, John.

I thought about emailing you directly when I started the thread. I will cut and paste your message to an email for her. All of what you write makes much sense.

dcj
 
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