We have discovered what appears to be an incredible value in Greystone at Vinings. This mid-rise luxury condo located in true Vinings was built in 2005, just before the big crash in real estate prices. Several units sold for well in excess of a million dollars. Currently, there are units available for sale for under 160K! These units are similar to those that sold for over a million. In fact, one unit currently on the market for 169K sold 2 years ago for $949,900.
Many of our clients are asking us "Is this is a good deal?" The answer, of course, is "it depends." It depends on your tolerance for risk. On the plus side, you are getting a high end luxury condo loaded with extras for pennies on the dollar. On the negative side, there are so many vacant units in the complex that it is virtually impossible to get a loan. That means you've got to buy with all cash. Vacant units also suggest that the Homeowners Association may not be collecting all of the association fees, which could potentially result in special assessments down the road. I would strongly recommend a thorough examination of the Associations financial records during the due diligence phase.
That being said, these units are "flying off the shelf." There are numerous Pending Sales in the community, and new REO listings are attracting multiple offers. Vinings is one of the most desirable locations in Atlanta, and homebuyers are recognizing this once in a lifetime opportunity.
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