Kim Lucas says she was tired of “throwing my money away” on a rental in Conyers and realized that low prices made it possible for her to buy. She found a condo in Atlanta’s gated Freedom Heights complex, which has a pool and fitness center. It was a short sale, though, and she had to wait months to find out that it was hers. Lucas, 29, who works in government and was assisted by Karen Hughes with Harry Norman, Realtors, chatted about her purchase.
Q: What made you decide to buy?
A: With the prices now, I knew I could purchase something that I couldn't have purchased five years ago.
Q: How did you save?
A: I saved about a year and a half. Luckily, with my job, they do direct deposit. Each paycheck, I just factored in $100 that would go directly to my savings. It sounds like a lot, but once you kind of put it in your mind that you're not going to see that $100, it's easy to get used to that.
Q: How did you narrow your intown Atlanta search?
A: I figured out the ZIP codes. I didn't want to get any further into town than this area. I was going to stop at this ZIP code (30306). So I just searched by ZIP code. That's how I found this place.
Q: How did this one stand out?
A: I wanted a two-bedroom, two-bath. If I had bought a one-bedroom, one-bath, my mortgage payment would have been a lot less. It would have been more affordable, however, I felt like the resale and the investment were far greater getting a two-bedroom, two-bath.
Q: Was there any drawback?
A: The only thing I was kind of apprehensive about was it did not have a patio or an outdoor area. It's got plenty of windows all the way around. I'm in a corner unit, so I have different views from each bedroom.
Q: How was the short sale process?
A: That was very frustrating. There is nothing short about a short sale. I had it under contract for six months and six days. Bank of America listed it at $120,000, which drew my attention to it. I put an offer for just under $100,000. They countered for more than what they listed it at, in the $140,000s.
Q: Why did you proceed?
A: Well, we went back and forth. It was such a long, drawn-out process. It appraised for less than the offer. So that did give me a little more leeway. We counteroffered three or four times. It did come down [the purchase price was $137,000]. It was a miracle. I didn't believe it was going to happen until I was sitting down at the closing table.
Q: What advice would you give others trying to snatch up a short sale?
A: I was fortunate enough to be in the situation that I didn't have to move out right away. If you have to get out, keep your options open and don't get committed to a short sale. If you have a lot of time on your hands, then a short sale can be worth it.
Q: What’s one thing you love about the location?
A: I sit right on the Beltline. I'm just a few minutes away from Inman Park. I can jog to Piedmont Park faster than I could drive there. Oh, it's awesome.
At a glance
Kim Lucas’ condo in Atlanta’s Freedom Heights complex was built in 2001 and has two bedrooms, two baths and more than 1,000 square feet. She moved in during January. Condos in Freedom Heights are listed for the $80,000s to mid-$100,000s.
