Deals on condos, along with the first-time homebuyers’ tax credit, drew Coleby Joyner into the pool of first-time buyers this year. Joyner, 25, who works for Mendel Tencer Flooring Group in Buckhead, purchased a foreclosure in Ovation, assisted by Aaron Allen with Keller Williams Realty Premier Atlanta/Buckhead. She chatted about her condo, which was built in 2007.
Q: How did you decide where you wanted to live?
A: My grandparents live in Buckhead and my family is from this area, so I enjoyed the nightlife and the restaurants and the shopping. Plus, I work in Buckhead as well.
Q: Did you know what type of condo community you desired?
A: I didn’t know if I wanted to be in a mid-level, a high rise or a duplex. I wasn’t really sure where to go. I just started looking at everything. I looked at 15 to 20 different places (over a couple of months).
Q: How did you determine you wanted to be in a high rise?
A: I was looking for something that was new or recently built. With Ovation, there’s a gym downstairs, there’s a pool, there’s a theater room, and there’s a concierge desk. Some of the low-rise condos didn’t have that.
Q: Why did you purchase your particular unit?
A: I’m on the 12th floor and I face south to the city. It’s a one bedroom, one bath. It was open with high ceilings. It had granite countertops and stainless steel appliances, and a washer and dryer in the unit, which some places don’t have. It has a walk-in closet. I was able to come in and do some renovations. I redid the hardwood floors and the carpet.
Q: What did you like about the location?
A: The location is prime. You can walk downstairs and walk to a handful of restaurants, a grocery store and bars.
Q: How quickly did you put in an offer?
A: This condo was listed on Friday, I saw it on Saturday, and by Sunday, there were seven offers. It was a foreclosure.
Q: How did you stand out among the offers?
A: The research on this building was that four (recent sales) were over asking price. Three of the offers didn’t get approved. So that left four. Then one person backed out, so that left three. Then two others came in at asking price. I came in above asking price. The thought was that’s kind of crazy to ask over asking price, but the condo had come down almost $95,000 from two years’ prior (it was listed at $114,900).
Q: Were you surprised to find something in Buckhead in your budget?
A: When I first started researching, I wasn’t sure what I would be able to get. I didn’t even think I would be able to afford a condo in a high rise. There are great deals out there.
Q: Have you gotten to know other residents?
A: They have stuff posted in the elevator every week like homeowners association meetings or get-togethers with drinks and appetizers. Once a month, they do a social gathering at (local restaurants such as) Nava. On the weekends, everyone’s out at the pool, hanging out. The other great thing is the concierge gets to know you.
Q: What tips do you give other first-time buyers about the financial aspect of owning a home?
A: Budget 10 to 20 percent more than you expect to spend to get everything moved in and set up the way you would want your first home set up.
At a Glance
Coleby Joyner’s condo has one bedroom, one bath and about 800 square feet of livable space. She purchased the condo in March.
Ovation
Address: 3040 Peachtree Road N.W., Atlanta 30305
County: Fulton
Information: 404-816-9054 (Property management association)
Price range: Low $100,000s-high $200,000s
Units: 267
Standard features: Hardwood floors, walk-in closets, patios/balconies
Amenities: Pool and sun deck, fitness center, concierge, clubroom, media room, conference room, guest suite, business center, courtyard with grill area
Homeowners fees: $234-$350 a month, depending on the size of the condo (according to listings on the market)
Schools: Morris Brandon Elementary, Sutton Middle, North Atlanta High
More on schools: schools.ajchomefinder.com
Getting there
From downtown Atlanta, head north on Peachtree Road to Buckhead. Turn left onto Buckhead Avenue, into Buckhead Plaza. Take the first right, then the immediate left into guest parking.
For Sale
$159,900: 3040 Peachtree Road N.W., Unit 1701, Atlanta 30305. A one-bedroom, one-bath condo built in 2006 with hardwood floors.
$199,900: 3040 Peachtree Road N.W., Unit 1610, Atlanta 30305. A one-bedroom, one-bath condo built in 2006 with furniture included.
Recently Sold
$128,000: 3040 Peachtree Road N.W., Unit 805, Atlanta 30305. A one-bedroom, one-bath condo built in 2006 with 9-foot ceilings.
$180,000: 3040 Peachtree Road N.W., Unit 801, Atlanta 30305. A one-bedroom, one-bath condo built in 2006 with appliances and furnishings included.
Community information provided by Aaron Allen with Keller Williams Realty Premier Atlanta/Buckhead and compiled by Delaney Young.
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