9 Mile Trolley Realty - The Loft Stop

Everybody wants a foreclosure

Contrary to all the media hype there are not that many loft foreclosures in Atlanta. I don’t know how it is any other city but in Atlanta there is not that many. Looking at what is listed in the FMLS, there are only 10 lofts out of thousands that are foreclosures. In my opinion there is just 1 unit out of that 10 that I would say is a extremely good deal. Time after time I see buyers putting in  offers in on a foreclosure and let me tell you the banks aren’t negotiating, especially the ones that have already slashed the prices. Buyers are missing out on golden opportunities because they thought they could get these foreclosures for more than 20-30% off the asking price.  When the bank doesn’t budge these buyers get really upset and just walk away but in reality even at full price most of these foreclosures are great deals and way under value. When the banks list these properties on the FMLS system they have already slashed the price when they listed them, so it is highly unlikely that you will get more than 5% off the asking price. Plus, you have to keep in mind that you are competing with plenty of other buyers and investors that are looking for the same thing, so if you find a good deal you will need to jump on it because they go fast or you get stuck in that lousy situation where there is another offer that came in right behind yours which creates a bidding war.

Looking at normal resales on the market right now, I see plenty of other lofts that are good deals just because the owners have been transferred or are ready to move on to something else. For example, there are 2 units at The Factory Lofts that are both priced at $364k both owners paid around $400k for them, my listing over at Lofts at The Belvedere that is priced at $205k, that owner paid $219k for it a couple of years ago. These owners didn’t buy overpriced units, that was the going rate a couple of years ago for them. I am also seeing developers starting to negotiate as well. The Marble Lofts are willing to take off $15k off their prices, Studioplex has been negotiating, Lofts at Sutherland Place are willing to take off 30k off their units and so on.

So, don’t just think that you have to find a foreclosure in order to get a good deal because there are plenty of other things out there right now that are just as good.

Here’s the perfect reason….

why you shouldn’t buy into a newly constructed loft building in Atlanta right now.  If you are not aware, Atlanta has a ton of new construction going on, which are mainly new lofts and condo buildings in Atlanta.  Because of this, developers are having a very hard time selling the units in these new midrise and hirise buildings because of the saturation.  Tribute Lofts over off Freedom Parkway had to finally resort to auctioning off 40 of their units for cheap just to get them off the books.  I do not understand why people get all crazy about buying new construction, especially buying a loft or condo that looks like everything else out there.  The owners over at Tribute lofts who originally bought there are now really screwed, especially ones that paid a premium price for their units.   Any of those owners that are going to have sell in the next year or two probably are going to have take a big hit.

It will be interesting to see how this auction goes, the last auction at The View at Chastain in Buckhead didn’t go over very well so we shall see.  I am still not sure if it is a good idea to pick one up at the Auction. They are selling them for cheap but if they don’t sell enough of them, who knows what the developer will do next for the remainder of the units.    If this goes well, I would be bet that we will see a number of these new developments starting to do the same thing.

In my opinion, I would stick with buying into a building that are now resales or a development that only has a few units left to sell through the developer.    There are plenty of resales out there that sellers have reduced their pricing below what they paid for it so you definitely can find some good deals out there.   If you still want something through the developer go with a conversion like The Stacks Lofts(will have to wait a few more months on those due to the tornado damage) or Troy Peerless Lofts or others.  If you buy into a midrise or hirise building make sure you find that one floorplan that is different from anything else in the building or it has something that most of the other units that don’t have, even if you to have to pay a little extra for it, in the long run it will probably pay off.  For example, I actually bought a condo several years ago in a community that I think will be profitable but I also knew that I was going to have deal with other units that have the exact same floorplan as mine so I found that one unit that had a balcony whereas the others did not.  I believe that my condo will be a bit more desirable than the others because I have a balcony.  Things like that can make a difference when you are buying a new condo or loft.

If you are interested in finding out more about the auction at the Tribute Lofts, just let me know.  The auction will take place in about 2 weeks and you will need to cough up $3500 at the time of the bidding. - Nesa Kleinheksel - 9 Mile Trolley Realty

Deal Of The Week!!

So, the deal of the week is a 1 bedroom over at Lofts at The Belvedere in Midtown!  It’s a great location(right on Piedmont Park) and it has almost 1000 sq.ft. for only $204,900.  This is priced 15k below what the seller paid for it 2 years ago.  Lofts at The Belvedere is only a 3 year old property with superb amenities including a swimming pool, dog walk area and garage parking.  What’s hard to find in 1 bedroom in Midtown is a building that has 2 parking spots(which this does have) and an extra 1/2 bath for guests(which this unit has as well).  So for only $204,900 you can have a 950 sq.ft soft loft on Piedmont Park with 2 parking spots, one full bath and half bath, plus it is on the top floor(no one above you) and it has a view of Piedmont Park.  That’s hard to find in Midtown!

Plus, if you close on this unit by July 15, we will kick in additional $750 towards your monthly HOA fees!  HOLLA! 

If you would like more information contact me at nesa@theloftstop.com - Nesa Kleinheksel

335 West Ponce Lofts

Another new listing I just got over at 335 West Ponce Lofts in Decatur.  Decatur is becoming the new Midtown because you can walk to everything but it is much more quaint than Midtown.   335 West Ponce Lofts is a 6 story modern loft building with all the amenities including swimming pool, fitness center, garage parking, and concierge.  Perfect Location and perfect amenities! 

This particular loft is a 1 bedroom / 1 bath with cola stained cement floors, lofty kitchen with sleek cabinets, designer tile backsplash, granite countertops and stainless steel appliances.  It’s not a big space but the floorplan works well and there is a seperate bedroom.  Designer lighting throughout and the seller added a really cool sliding door to the bedroom closet.  The master bathroom does have a seperate shower and tub.  The loft is perfect for art enthusiasts because of the amount of wall space to hang art and the tall ceilings. 

Don’t miss out on this one!  There are only a couple of Decatur Loft buildings and this is one of them!  They do tend to sell pretty fast because of the quality of the building(much much better than some of the other newly constructed condos across the street). 

Call me for more information or if you would like to schedule a showing! - Nesa Kleinheksel

335 West Ponce Loft

Modern Loft
1 bedroom / 1 bath
$209,900

9 Photos

Grant Park Lofts

Over the weekend I listed a terrific authentic loft in Grant Park called City Space lofts. It’s a small community of only 15 units and all units have private rooftop decks. This is the only unit that is currently available at CitySpace Lofts so I would imagine that it will sell pretty quickly. The loft is a 1 bedroom and 1 1/2 baths with approx. 950 sq.ft. It is 3 levels with the living/dining/kitchen/1/2 bath on the main floor. Second floor consists of the lofted bedroom area that overlooks the living room and the master bathroom which has a separate shower and tub. There is a metal spiral staircase that leads up the private rooftop deck which overlooks the historic Oakland Cemetery! There is also a one secured parking spot right next to the unit and the monthly HOA fees are only $150 per month!

If you are familiar with Grant Park, City Space lofts are situated right behind Ria’s Bluebird Cafe and Six Feet Under. If you are not familiar with Grant Park, it is located just east of downtown, about a 5 minute drive to Midtown via 75/85. Grant Park is a historic neighborhood that mainly consists of old victorian homes so City Space lofts is a pretty unique building in the community. Grant Park also has the zoo and a very large park that you can walk to from the loft. There is a little downtown part of Grant Park that has a couple of restaurants which are Dakota Blue(mexican) and Grant Central Pizza, both cute neighborhood joints to dine at. Of course you have Ria’s Bluebird Cafe which have the best pancakes in Atlanta and Six Feet Under for the best crablegs in Atlanta. I just heard after attending the East Atlanta beer fest that Six Feet Under is moving, however, it is just moving a door down into the “The Jane at Grant Park”. The Jane at Grant Park is a new conversion of a factory into live/work spaces and commercial spaces. I am really hoping that more restaurants will go into that complex.

From this loft you can walk on down to the restaurants of Cabbagetown as well! Memorial drive which spans from Grant Park into Kirkwood is changing quite rapidly. The old industrial warehouses are being converted into lofts, restaurants or being torn down to make way for new developments, so I especially think that buying into these neighborhoods will eventually pay off!

This loft at CitySpace is currently listed at $219,000 which is below what the seller paid for it a couple of years ago so the seller is definitely motivated.

The album below contains photos of the unit but it was very difficult to photograph using my crappy camera so it’s hard to get a feel for how the loft is setup but hopefully this gives you an idea.

If you would like more information or would like to schedule a showing, please contact me at nesa@theloftstop.com - Nesa Kleinheksel

CitySpace

Grant Park Loft!
1 bdr / 1 1/2 baths
$219,000 with private rooftop deck!

9 Photos

3 Bedroom Lofts in Atlanta

It’s been awhile since I have seen any 3 bedroom lofts on the market lately and finally a few have popped up in the last couple of weeks so I thought I would make a post about them. Unfortunately , three bedroom lofts are not cheap but for those who are looking for a low maintenance way of living rather than dealing with a single family home there are some really cool options out there. Below is a brief outline of 3 bedroom lofts that are currently available.

Plexus on Ponce - located on Ponce De Leon and Briarcliff. Walking distance to the upscale shops and restaurants in Virginia Highlands. This is a modern loft and has exquisite features and details including copper and steel accents. They also have 2 car garages. Currently, they have 2 three bedrooms units available priced at $599k and $635k, they also have a 4 bedroom available for $750k.

Sager Lofts - Sager Lofts are a newer modern development. All units are zoned live/work and actually most of them are used for business’. There is currently 1 three bedroom unit available priced at $519,900k. This is a large unit with approx. 2800 sq.ft.! The current owner did some upgrading that the other units do not have including a 2 way fireplace, designer lighting and a steam shower! They also have 2 car garage parking.

5 Krog St - the next modern loft is on Krog Street, which is near Inman Park and walking distance to Rathbun’s and couple other restaurants. This particular loft has a private yard with a Koi Pond, 3 private terraces and a ton of space. They also have a 2 car garage. The best part about this loft is no MONTHLY HOA FEES! Very unique space. Currently priced at $499,900.

If you really want to go big you need to check out this 2.9 million loft in Castleberry Hill. This loft has 4 floors and a private rooftop deck with a 8 person hot tub. The sq.ft is over 8500 sq.ft.!! Dang, now that’s a mini mansion! Again, no hoa fees!

If you would like more info on any of these feel free to email me for pictures and info at nesa@greatatlantalofts.com - Nesa Kleinheksel

South Park Loft - Reduced Price

Just wanted to let you know that we just reduced the price at South Park Lofts in Reynoldstown. We just lowered it from $199k to $189k. South Park Lofts is medium size community with just 65 units. This particular unit is a 1 bedroom with 1 bath but it does have an extra lofted bonus area that can be used for a 2nd bedroom or office space. Plus the loft is a really good size for just $189k at approx 1100 sq.ft.! It’s a gorgeous unit and kept up very well. Check out the pics below!! Plus, it is an a tax abatement for a couple more years and the monthly HOA fees are cheap! If you are not familiar with Reynoldstown it is just 5 minutes east of downtown, a couple of miles to Little 5 Points and I hear that a Trader’s Joe will be opening up soon around the block. That is huge for an area like this!

If you would like to schedule a showing please contact me at 404-579-9307. Nesa Kleinheksel

South Park Lofts

Authentic Loft at South Park Lofts 1 bed/1bath with extra lofted bonus area $189,900 - Just Reduced!

9 Photos

Couer D’ Allene Lofts

I recently listed a very cool loft at Couer D’ Allene Lofts. This is one huge space(approx 1450 sq.ft) with tall ceilings, cement floors, modern kitchen with top of the line appliances and it has a PRIVATE ROOF TOP DECK! Couer D’ Allene Lofts are located in Capitol View. If you are not familiar with this area it is about 2 miles south of Downtown. It’s an excellent location for constant travelers or airline employees due to the close proximity to the airport. It is a 2 bedroom with 2 full baths. Priced at $229,900! Check it out!

Just reduced to $198,000! Motivated Seller!

Couer D' Allene

Huge 2 bedroom / 2 bath authentic loft in Capitol View! Private Rooftop Deck! $209,000

11 Photos

Down Payment Assistance Programs

In the previous post we talked about how the 100% financing programs have gone bye bye, however, there is an alternative that can help you still obtain 100% financing and that is the Down Payment Assistance Programs.

Q. Can I still buy a house with 0% down payment and 0% Closing Cost.

A. The answer is definitely YES! There are still many Down Payment Assistance Programs (DPAP) out there that you can take advantage of. In-fact FHA products are getting more popular now and as of March 13 2008 the loan amounts limits is $346,250 for one family and $443,250 for two families.

Q. How the Down Payment Assistance Program Works?

A. The basic way it works is that the buyer and seller agree to use an assistance program. Then, the program contributes funds as a no-strings-attached gift to the buyer to offset the down payment. After the sale is consummated, the seller donates that amount, plus a service fee, to the assistance program company. The company providing the money earns cash on the fee it collects, and uses the proceeds to continue its mission.

Q. How do I find Down Payment Assistance Companies?

A.The major ones are Nehemiah and AmeriDream but there are others. Make sure you speak to knowledgeable loan officer before signing anything.

Q. Is it true that HUD, REO and Bank Owned Foreclosures do not work with Down Payment Assistance Companies?

A. NO! Depending on the real estate market and home inventory levels many banks may choose whether to work with them or not. According to a recent article in the New York Times, officials at HUD are skeptical of the program, and have stopped supporting the practice. They claim that this technique encourages borrowers to buy houses-and incur mortgage debts-that they can’t really afford. Meanwhile, Nehemiah and another down payment assistance company, AmeriDream, have sued in federal court in an effort to have the HUD moratorium overturned. Also it is very important how the offer will be written and presented. There are strategies that can be used to get your offer accepted.

If you have further questions on how these programs work, please feel free to contact me at nesa@theloftstop.com - Nesa Kleinheksel

Atlanta Loft Foreclosures

Couple of new foreclosures popped up on the market this week.  The first is a 1 bed / 1bath unit at Glen Iris lofts priced at $132,000!!!  It’s a small unit, approx. 700 sq.ft. but what a deal!  Typically, these units sell around $170k.  Glen Iris is a nice building located in Poncey Highland.  HOA fees are cheap at $155 per month which includes cooking gas, hi-speed internet, garbage and water.  The loft does have exposed brick, cement floors and update kitchen. Hard to beat!

The other one that is worth mentioning is a 1 bed/ 1bath at Highland School Lofts located close to Virginia Highland. Superb location and cool building.  This one is priced at $211,900.  It is also a top floor 2 story unit.  Highland School is also in a property tax abatement!

If you would like more information please contact me a nesa@theloftstop.com - Nesa Kleinheksel