What a crazy real estate market we are currently in.  There is no doubt that this is the best time to buy a place but it’s not as easy as what it was.  For the 7 years that I have been doing Real Estate in Atlanta I haven’t felt the aches and pains of mortgage financing as what I am feeling now.   100% conventional loan programs will become obsolete starting April 1st with the only alternative being an FHA DownPayment Assistance Program.   Good alternative but difficult to find sellers that are willing to participate in this.  I am guessing that within the next month we will probably see a rise in sellers that will be offering this to potential buyers. 

The newest thing to pop up are neighborhoods being tagged as a “declining market.”  Unfortunately, Castleberry Hill is one of them.  I do a lot of business in Castleberry Hill and the last 2 clients that I have had that purchased in this neighborhood had to put down at least 10% when they were only planning on putting 5%. However, it got tagged as a “declining market” so in order for the lender to approve the loan they had to put down 10%. The only alternative is  go with the FHA Downpayment Assistance program.  Again, that’s tough because your basically rolling the downpayment into the purchase price which means it also has to appraise for that.  There could still be some lenders out there that have programs available where you would only have to do 5% down in declining market neighborhoods but both clients used different mortgage companies and they both had to put 10% down.

The lenders are definitely tightening up on their guidelines which makes the home buying process much more difficult than what it was a year ago, even a month ago for that matter.

With that being said just be aware what could occur when you are buying a place right now.  If you are a seller make sure your agent does their homework about the buyer’s qualification that put in an offer in on your place and don’t start packing until you have a firm “clear to close” from the lender!  - Nesa Kleinheksel - 9 Mile Trolley Realty - The Loft Stop

I just listed a really cool loft over at South Park Lofts for only $199,900! I really like this unit because it pretty much has everything someone is looking for in a loft. It is a 1 bedroom/1bath loft but it has a extra bonus loft area which can easily be used as a 2nd bedroom or separate office space. It’s a large unit, approx. 1090 sq.ft, which is a nice size for something that is less than 200k! Plus, it has ample amount of STORAGE SPACE!! That is the one complaint that I hear from everybody looking for lofts is the lack of storage space, but at this one you have a ton! The master bathroom is huge with jetted tub inside the shower area, how cool is that! The unit does have 22 ft. ceilings, exposed brick and a little patio area facing the courtyard.

If you are not familiar it is just a couple of blocks east of Cabbagetown. The area is growing rapidly and will become an area that is going to be huge for investment. Memorial Drive which was overwhelmed with run down warehouses are either being converted into more lofts and I hear that that they are going to put in a grocery store and a Trader Joe’s in. Memorial Ave reminds me alot of Dekalb ave, which has now been revamped with lofts, restaurants and stores and is much more desirable to live than what it was just a couple of years ago. If you haven’t driven down there lately you should!

South Park Lofts is also in a tax abatement until 2010 and the monthly HOA fees are only $185 per month! What a deal!

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