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!

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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

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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

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

  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

The ever so popular Inman Motorworks finally has a unit for sale. Doesn’t happen very often and when it does they get scooped quite quickly. It’s hard to beat the location because it is in historical Inman Park, plust the unit is big with 2 levels. The upstairs is a lofted bedroom and master bath and then downstairs the seller sectioned off a part for a 2nd bedroom/office area(see pic). The kitchen is large and updated and there is plenty of closet space.

The unit that is on the market is a 2 bedroom/2bath loft currently priced at $265,000. There are only 16 units so again it is rare that a unit is available. The monthly HOA fees are only $216 per month.

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

I got a great unit over at the Stacks Lofts for anyone that is or was looking to purchase in the first phase.  This is a 1 bedroom / 1 bath loft on the 3rd floor with city views!  The owner added a flat screen TV in the bathroom, california closets in the master closet and a IPod docking station will be installed as well.  Currently priced at $204,900!  Plus, if you use me(Nesa Kleinheksel) as your buyers agent I will throw in $1000 towards your HOA fees!

If you are not familiar with the Stacks Lofts it is the fastest selling loft building in Atlanta right now.  Formerly a Cotton Mill now transformed into super authentic lofts!  It’s a large community with lots of parking, swimming pool and fitness center.  The Stacks are located in Cabbagetown and within walking distance to a handful of restaurants! All of them are really good too! 

They are definitely a must see if you are looking for an authentic loft.

Contact me at 404-579-9307 or nesa@theloftstop.com

So Castleberry Hill has been growing with more galleries, bars and coffee shops lately so it has been rather difficult to find lofts that are zoned live/work. A new listing just popped up over on Walker Street that is a really nice space. It is pretty much one big open space with about 2300 sq. ft. There is a full updated kitchen, 1 bedroom and a really nice updated bathroom. It is currently being used as a Art Gallery but the owner did put up walls that seperate the main space from the kitchen and bathroom, but the walls could be torn down. She also redid the cement floors and they look faboulous.

It’s a pretty good deal to0 at $329k. It’s almost a storefront loft however you do have to go through the main building door and then immediately turn into the loft but I

believe there might be a possibility that the new owner can tear down the exterior brick wall that faces the road and replace with windows so if you decide to put in retail you would be able to get some exposure from the street.

If you want more info and/or pictures contact me at nesa@theloftstop.com - Nesa Kleinheksel

Hey Everyone,

I am just getting the word out there to any owners over at Peachtree lofts that have in an interest in selling their unit. I have a client that wants to buy in that building but we can’t seem to locate any units that fit what they are looking for. If anyone has a unit with over 1100 sq. ft please let me know. My clients are looking to stay around $250k and under. They are looking to purchase relatively soon! Call me at 404-579-9307 or email me at nesa@theloftstop.com