Want to live in Midtown Atlanta but don’t want the pricey rents? It may be time to buy.
According to a recent article in Curbed Atlanta, developers have stated that this may be a new level of luxury with the addition of YOO on the Park Tower apartments now available in Midtown. Local talk puts some apartments asking for more than $5000 a month in rent. At these prices, a home purchase doesn’t seem that far out of reach.
Courtesy of Curbed Atlanta
At the top of the building, where units are often the priciest, two bedroom and two bath units under 2000 ft.² will be asking $5076 per month. This price is more expensive than the average price for a three bedroom penthouse in Buckhead. However, these are typically smaller units than the Yoo Building. One bedroom units will start at about $2112 but that’s only for 744 ft.². The smallest units are 540 ft.² studios with rent starting at $1510. That’s pretty average with other luxury buildings such as the Cyan on Peachtree in the Buckhead Atlanta neighborhood. Larger studios at the Ponce City Market start at about $1700 a month.
YOO on Park topped out last month and move-ins should begin this fall. There will be 1000 ft.² of retail at the base of the tower as well. This 245 unit building will have a variety of amenities including a salt water swimming pool, in-unit 1 GB Wi-Fi and fiber connectivity, outdoor yoga patio, dog grooming and pampering service and imported cabinetry from Milan.
All things considered, is it really cheaper to buy a condominium rather than pay these exorbitant rents? Currently, as of the publishing of this post, the highest priced condo in Midtown is priced at $1,665,000. This puts the highest mortgage at about $6100 a month. The average price condo is about $580,000, which puts a mortgage payment at roughly $2000 per month. Of course, you also have to add in monthly homeowners association fees, but this is typically no more than about $500-$800 per month, still well under the $5000 potential rent and would include all the amenities of the building.
For a complete list of condominiums that meet your search criteria and monthly mortgage payment or overall prices throughout Midtown or the Buckhead Atlanta area please contact my office today (404)580-9069.
Read the full article here: https://rontissier.georgiamls.com
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