I found a few other foreclosures that are definitely worth picking up. The first one is at Glen Iris Lofts for $154k. This is a 1/1 with approx. 1000 sq.ft. It is also located on the top floor of the first phase. Glen Iris Lofts are located in Poncey Highland which is a terrific area to be in due to the proximity retail. They also just broke ground on a park across the street which is going to be huge for this area. Glen Iris Lofts is a 7 year old building and is probably one of the best constructed loft buildings in Atlanta. Everything is top of the notch including all bosch appliances, gorgeous hardwood floors and large windows. Typically, this loft would probably sell in the $220 range in a good market.

See More information on Glen Iris Lofts

The next foreclosure is over at Mathieson Exchange Lofts in Buckhead. This foreclosure is a 2/2 and is priced at $245k. That’s pretty hard to beat at this building! Typically, this loft would sell in the low 300’s in a good market. It does have approx. 1100 sq ft. and the floorplan is very nice as well. Mathieson Exchange is also a 7 year old building and is pretty popular amond loft buyers in Buckhead. The building does have 24 hour concierge, swimming pool, fitness center and extra storage.

See more information on Mathieson Exchange Lofts

The next one is located in the MLK District on Edgewood avenue. This one is more of a condo than a loft but it’s definitely a steal. It is a 2/1 currently priced at $175k. It also a large deck with nice views of downtown. If you are not familiar with the area it has grown immensely in the last couple of years, not only are you next to Thumbs Up Diner but there are also several new restaurants that have opened up. This area is still a bit in transition but it give it another couple of years and it will be highly desirable. 

See More information on 513 Edgewood Lofts

**Special Incentive***Use one of our buyers agents at 9 Mile Trolley - The Loft Stop as your exclusive buyers agent and we will contribute $1200 towards your closing costs! Must close on property by Nov. 30,2008!

So this is really rare to find, a 3 bedroom loft foreclosure and not only that, it is a penthouse unit located in the heart of downtown Atlanta!  This place was on the market a year or so ago for almost $700,000, however the foreclosed price is at $380,000!  What a frickin good deal!

To give you a little more detail, it is 3 bedrooms with 3 full baths.   It is approx. 2700 sq.ft and located on the 9th Floor of the building. It has terrific views of Atlanta and it also has it’s own seperated rooftop deck plus it also has a couple of balconies off the main living area.   The 2 main bedrooms are located on the main level but there is a lofted bedroom with it’s own wetbar and bathroom.  There is also a double sided fireplace situated between the living and dining rooms.

The building does not have any amenities(ie. swimming pool, etc) but it does have garage parking. Plus, it is located downtown so you can walk to everything.  Downtown has really become a nice place to live within the last year!

The drawback of course is the monthly HOA fees at $631 per month BUT it is in a property tax abatement for a few more years so having the lower property taxes sort offsets the high HOA fee. 

I cannot stress how great of a deal this loft is!  Most of the 2 bedrooms with less sq.ft in this building are selling at the same price if not for more!  This is a great opportunity for someone who is looking for large sq.ft with almost 2700 sq.ft! 

If you would like more pictures of this Atlanta Loft Foreclosure, feel free to email me at nesa@theloftstop.com - Nesa Kleinheksel

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.

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