9 Mile Trolley Realty - The Loft Stop

Lofts At Reynoldstown Crossing

Nesa Kleinheksel — Tue, 08 Nov 2011 17:35:56 +0000

It’s been years since the downturn in the Atlanta Real Estate Market that we have seen a new loft development, but thanks to the Atlanta Beltline Inc, a new loft development will soon hit the market. Lofts at Reynoldstown Crossing was once an old motorcycle factory but has now been converted into 30 loft residences. All units are 2 bedroom units with a South Beach feel and will be priced at $150,000 each. Features include: spectacular finishes, floor–to-ceiling windows; a fitness center; club room; a swimming pool; hot tub and a rooftop deck.

Atlanta Beltline purchased the building and thanks to them, you can enjoy the benefits of living on the Beltline with their huge downpayment assistance programs. In order to qualify,a 2-person family, cannot earn more than $68,300, must be buying a home within the official Beltline overlay district, must be able to bring $1,500 to closing, have a fixed rate mortgage and have good credit. If you fall under this criteria, you could possibly receive up to $60,000 in downpayment assistance!

FHA Approved Lofts in Atlanta

Nesa Kleinheksel — Wed, 23 Feb 2011 23:59:58 +0000

One of the more popular financing products amongst loft buyers is FHA financing. Prior to the downturn in the Market, FHA was not a product that was used all that much. Nowadays, it is one of the most common ways to finance a loft or condo. The upside to FHA vs Conventional financing is that a buyer only has to put a 3.5% down payment vs Conventional which typically is 20% down. However, there is now a 5% conventional loan product offered for condos/lofts, but you need to have excellent credit and your debt to income ratio has to be super low.

FHA is also a bit more lenient with their qualifying guidelines as well. A credit score of 620 and above is required, along with 2 years of steady employment. The interest rate for FHA is going to be slightly higher than conventional but it is so minimal that most of the time FHA is a better route to go. There is also a 1% up front Mortgage Insurance Premium, which is usually rolled into your loan.

With conventional financing we are only allowed to ask the seller to pay up to 3% towards the purchasers closing costs and prepaid’s, but with FHA we can go as high as 6% in allowable contributions. That 6% can go toward closings costs, prepaid’s, or towards HOA fees. However, with HOA fees, the guidelines will not allow for more than 1 year to be paid by the seller.

Now to the drawbacks of FHA, which aren’t many, except that 75% of Atlanta Condo and Loft buildings are not currently FHA approved. If a building is not FHA approved you cannot do FHA financing on it. However, sometimes a lender or the association may be willing to do the paperwork for FHA approval, but expect that to take a good 4-6 months to happen. Even though the paperwork is submitted, it doesn’t necessarily mean that the building will get approval. FHA is going to look at the buildings financial’s and if they aren’t up to par, than forget about it.

If you would like more information on FHA, please visit their website at FHA.com. If you would like to know if a particular building is FHA approved or if you have questions regarding the purchasing process, feel free to give me a call at 404-579-9307 or nesa@greatatlantalofts.com – Nesa Kleinheksel – Realtor

5 Year Arm – A Hot Alternative!

Nesa Kleinheksel — Thu, 13 Jan 2011 14:43:57 +0000

Fixed mortgage rates have pushed up over the last few months creating an unusually large gap between the 30 year fixed rate and the 5 Year Adjustable Rate Mortgage (ARM) rate.

A 5 Year ARM is a unique hybrid program which combines the best features of both the adjustable and fixed rate products. It delivers a very low interest rate and, therefore, a lower monthly payment typical of ARM’s. However, it also gives home buyers the stability and predictability of fixed payments that will not increase in the near future as the rate is fixed for the first five years and then can change annually.
As the 30 year fixed rate has surged from 4% to 4.75% over the last few months, the 5 year ARM rate has stayed remarkably low creating an unusually large gap and one heck of an opportunity for certain home buyers. Contrast this week’s Conforming 30 year fixed rate of 4.75% with only a 3.625% Conforming 5 Year ARM rate. This 1.125% savings amounts to a monthly payment savings of $131.19 on a $200,000 loan!

With the potential of the rate varying after five years, the 5 Year ARM product does have interest rate risk. However, there are limits on how much the rate can increase each year and an overall cap which limits the most the rate can ever increase. The annual cap is 1% for the FHA product and 2% for the Conforming/Jumbo option. After five years the rate is determined each year by adding a margin of 2.25% to the One Year LIBOR Index. The most the rate can ever increase is 5% over the initial rate.

-Fairfield Mortgage of Atlanta

Old Fourth Ward Park

Nesa Kleinheksel — Wed, 29 Dec 2010 16:01:10 +0000

Soon phase 1 of the Old Fourth Ward Park will be up and running. One of the first Beltline Parks it will stretch over 35 acres of green space from North Avenue to Freedom Parkway. Once all phases are completed it will house a Amphitheater, event lawn, walkways, a two acre storm water detention pond, numerous water features, playground and a 15,000 sq.ft. Skate Park!

Loft buildings that are either on or within walking distance to the park will definitely be impacted by this new park..in a good way! Buildings that fall north of the park will include Glen Iris Lofts, Troy Peerless Lofts, Ponce Springs Lofts, and City View Lofts. To the east of the park is Sager Lofts and Studio 7 Lofts. Then to the south of the park are Freedom Lofts, Copenhill Lofts, Block Lofts and Nugrape Lofts.

If you would like more for more information about the Beltline and the progress of the Old Fourth Ward Park visit http://www.beltline.org .

What an interesting ride it has been.

Nesa Kleinheksel — Fri, 12 Feb 2010 01:30:19 +0000

Holey Smoley..I can’t believe it’s been 5 months since my last post. I had to laugh at my last post back in August about the foreclosure mania being over..didn’t happen!! I really don’t want to talk about foreclosures and short sales..it’s still a depressed market overall which makes me depressed so why continue to write about it..Which leaves me with what to write about…hmmm…hmmmm…hmmmm….got nothing! Actually, I do have alot to write about starting with 2 fantastic lofts in Inman Park! Who cares about this crappy market…if you can get financed and are looking for an incredible loft space, you really need to check these out. They are not cheap but if these units were on the market a few years ago when real estate was good they would have sold for a pretty penny!

The first loft is an incredible 3 story authentic loft with a private rooftop deck! Seriously, this is quite the loft and a fantastic opportunity to buy an authentic loft in the heart of Inman Park! Currently used as residential and a photography studio this 2500 sq.ft loft has tall wood timber ceilings, hardwood floors, updated kitchen and a private outdoor area! Plus, they have been starting to clear away some of the old railroad ties and making clear for the new Beltline(trolley system) across the street. Words can’t really describe this loft it is massive and incredible. Take a look at the picture! I would say this loft truly does resemble a loft that you would find in New York. The only other lofts out there that would be somewhat similar to this one are units over in Castleberry Hill, but to find something like this in Inman Park is just incredible! Plus, there are only 3 units in the entire building and it has a private front entrance and back entrance. If you are looking to use it as live work there is a loading dock that goes right up to the unit! Currently priced at $529,900. Monthly HOA fees are only $125 per month!

The second loft that I have listed is another live/work loft in Inman Park, matter of fact it is right next door to the one above. This loft is actually more of a raw space even though there is a kitchen and bathroom in place. This unit is also massive, almost 3100 sq.ft.!! All on one level and seperated into 3 bedrooms. There is a ton of stuff that you could do do to this unit to make it look stellar! This unit also has a private outdoor area and 2 dedicated parking spaces. Private front entrance and the loading dock also goes right up this unit. This unit is in a Co-Op building, for all the New Yorkers out there you know what that means, for the rest of you a Co-Op works much differently than a normal condo/loft building. The major difference is that you are buying shares of the builidng, even though you own the unit, you are still buying shares. What does this mean? First is that there are no monthly HOA fees, there are quarterly fees. For this particular unit they are about $1450.00 each quarter…and before you grown..those fees do include PROPERTY TAXES along with garbage and water. So, really for a unit that is this large those fees are not too bad because of the property taxes rolled in. If you want more details about how a co-op works, feel free to give me a call! Currently priced at $399,900!

Is the Foreclosure Mania over yet?

Nesa Kleinheksel — Thu, 27 Aug 2009 03:49:00 +0000

Finally, after 12 months of foreclosure hell, I think I can finally say the foreclosure mania is over. Finally, I can crawl out of my dark foreclosure hole and see that buyers are understanding that foreclosures are few and far between these days, perhaps reality has set in that the housing market is recovering?

There are a handful of loft foreclosures out there and yes, every once in awhile a really great foreclosure will pop up on the market, but at this point if you want a foreclosure be prepared to release the inner demon from within, because getting a good foreclosures these days is as cutthroat as it gets when you are trying pick up a loft or condo foreclosure. Intown Loft and Condo foreclosures are slim pickings these days and if there is truly a decent foreclosure that doesn’t have monthly HOA fees of $700 per month or not in a horrible nasty area than you have to deal with all the other folks out there that want that foreclosed loft or condo just as bad as you do. What does that mean? It means you WILL pay over the listing price for it because there are plenty of other buyers and investors out there writing up their offers for it. Banks have been pretty savvy lately, they are starting to put the listing price as a “starting point” which typically attracts multiple offers therefore the final selling price is a good amount over the listing price. If you find a “good” foreclosure, be prepared to put a offer in instantly, even before you see it, because by the time you look at it, think about it for a day, and contact the lender to see if you can afford it, it will be gone. But, foreclosures are a thing of the past, I think anyway…so what else is out there that would be a “great” deal? Well, there are plenty of short sales. Those are fun…if you like to wait 8 months for an answer from the bank regarding your offer that is. I loathe short sales…which I think I can speak for most Real Estate agents out there on that point. If you don’t know what a short sale is, it’s basically a seller selling their place for less than what is owed on their mortgage. First, you negotiate with the seller, which the seller will pretty much agree to any price and then the offer gets shipped over to the bank for their approval. If I had a sound effect machine, you would hear tires screeching to a halt at this point. Banks are notorious for not responding to a short sale offer for months, even sometimes a whole year. On average, I would say it will take 6 months for a bank to respond. Every once in awhile I come across a listing that the seller has already received approval from the bank to do a short sale, if that’s the case than most of the time you can close on it within 45 days from the binding agreement date.

Just say NO to foreclosures and short sales! I think I will make that my new slogan. I am sure I will hear from other people that think there is going to be another wave of foreclosures coming soon…I don’t think so..I believe the market bottomed out a couple of months ago and is starting to recover. Plus, I have proof! Here’s my proof…that little billboard on I85 from metrobrokers that reports how many homes are on the market currently, well, if you paid attention to it, about 9 months ago at one point that billboard read 109,000 homes for sale in metro Atlanta. Today, it reads 75,000. What does that mean..inventory is down. Way down..Things are selling and sellers are yanking their places off the market and waiting this foreclosure mania out. When inventory is down like that, than at some point builders will start building again and sellers will sell again because there isn’t enough inventory for supply and demand.

I would say that most of the lofts and condos that are currently on the market are pretty darn good deals. If they are not a short sale or a foreclosure than it is usually a very motivated seller. Don’t rule out normal resales because most of the time those are the ones that are the diamonds in the rough, mainly because those are lofts owned by Motivated Sellers, which means you can get a good chunk of money off that listing price and close on it within 30 days! Off the top of my head I can pinpoint several lofts that are worth picking up…First is over at Mwest lofts. The second phase, which is still owned through the developer, dropped their prices significantly over the last month. Mwest has always been popular because of the private garages and private fenced in yards. So right now is a great opportunity to pick one of those up. Pricing ranges from $189k to $350k. Most noteworthy are lofts that are priced over $400k..there is one at Copenhill Lofts, which is on the market for $595k..incredible loft and in a good market probably worth over 700k. Glen Iris Lofts has one for $495k, another really cool loft and a great deal. If you are looking for a 2 bedroom / 2 bath for the low 200′s, I would suggest Milltown Lofts in Cabbagetown, there is one left through the developer that is priced at $220k, originally those were selling in the $270′s!!

So, there are great deals out there even when it is not a foreclosure or short sale. It’s pretty easy for me to pick out the ones that are good deals since I have been selling lofts for awhile now, so if you need assistance with your loft search, feel free to contact me. In the meantime, I will be busy taking down my webpage for foreclosures and replacing it with Motivated Seller lofts! Nesa Kleinheksel – 9 Mile Trolley Realty – The Loft Stop

Grant Park GA Loft

Nesa Kleinheksel — Wed, 20 May 2009 20:48:34 +0000

Waters Grocery Loft

Here’s a cool loft that came on the market this week! It’s a unit in the Waters Grocery Store building in Grant Park. This is truly rare since there are only 4 units in this building. Grant Park is mainly comprised of old Victorian homes, so finding a loft in the heart of Grant Park is highly desirable, plus where this building is located is ideal because it is only 1 block from the Park. Grant Park is a quiet neighborhood located about a 5 minute drive Southeast of Downtown Atlanta. The Zoo and the Cyclorama are both located in Grant Park as well. Although, Piedmont Park is Atlanta’s most well known park, the park in Grant Park is just as nice and it’s a little more low key than Piedmont Park. There are also several restaurants that you can walk to including Ria’s Bluebird Cafe, Six Feet Under, Dakota Blue and Stella Trattoria. For more information about Grant Park, check out their website, www.GrantPark.org.

About the loft itself, as I mentioned it is in the Waters Grocery Loft Building which is a vintage store front conversion. This loft has 1 bedroom and 1 1/2 baths with approximately 1320 sq.ft.

Waters Grocery Bedroom

The features that set this unit aside from other lofts is the 18 ft. ceilings, gas fireplace and the exposed brick walls. Everything in this loft has been upgraded to its finest including, Bead board ceilings; Bead board accent walls & wainscoting; Original terrazzo floors; Huge thermal pane windows; Extensive down lighting; Subway tile bath with jetted tub & rain shower, double vanity with stainless steel under mount sinks & granite counter tops; Master bedroom with walk in closet; Guest hall bath; Kitchen features custom dark stain & glazed maple cabinetry, granite countertops with island and top of the line Frigidaire stainless steel appliances; Last and not least there is an Oversized laundry room & pantry. There is an additional loft area with limited ceiling height that could be used for storage or as a crash pad.

Another interesting fact is that it is also zoned as a live/work space. So, if you wanted a space for just your office in the middle of Grant Park, you can!

Waters Grocery Kitchen

The monthly HOA fees are cheap, at $75 per month too. The parking for the loft is on the street.

Currently priced at $300,000. Not a bad price in my opinion since it is pretty hard to find something like this.

If you would like more information about this fantastic loft, please contact me at nesa@theloftstop.com or 404-579-9307

Castleberry Hill Loft

Nesa Kleinheksel — Thu, 02 Apr 2009 17:07:21 +0000

New to the market this week is an affordable authentic loft located in Castleberry Hill. This 765 sq.ft loft has an open floor plan with concrete floors, exposed brick and high ceilings. This is a great starter loft in one of the best loft buildings in Castleberry HIll.

The Swift and Co Loft building is located on the corner of Fair and Peters Street. There are a handful of restaurants to walk to including Slice, Johnny Cakes and No Mas Cantina. There is also a very cute coffee shop called Tilt. Castleberry Hill is known for their monthly art strolls on the last Friday of each month as well. To learn more about Castleberry Hill check out the neighborhood website for more information.

Authentic Loft

Back to the loft itself, it is currently priced at $159,900 and features a large kitchen with gas stove, white cabinets and plenty of cabinets. The bathroom has a single vanity with a tub/shower combo. Tucked behind the bathroom is the closet and side by side washer and dryer. The living room is large enough to accommodate a small dining room table and it has plenty of wall space for a flat screen tv. The bedroom is tucked behind the living room which the current owner has built a terrific dividing wall with sliding barn yard doors for privacy.

The building does have community rooftop deck with terrific views and plenty of tables and chairs if you are entertaining. The unit does come with 1 secured parking space in the garage. Monthly HOA fees are only at $152 per month which includes garbage, water, basic DirecTv and WIFI. Swift and Co. used to be an old meat packing plant way back in the early 1900′s. This building definitely captures the authenticity of what a loft is supposed to be!
The building is not FHA approved, but it should be fairly easy to get a FHA Spot Approval done which means you can get into the loft for as little as a 3.5% down payment.

This loft is definitely one of the nicest lofts in Castleberry Hill and is very affordable at $159,900! For more information, please feel free to contact me at nesa@theloftstop.com or 404-579-9307. – Nesa Kleinheksel

Decatur GA Loft

Nesa Kleinheksel — Wed, 11 Mar 2009 02:33:12 +0000

How Exciting! A new listing popped up at the Locust Lofts in Avondale Estates.

Exterior of the loft.

This is rare! Locust Lofts have always been a favorite of mine because of how quaint the community is. There are 13 total units with 7 units in one building and the other 6 units in the building next to it. Separating the units is a large green space which is completely awesome if you own pets. These units are pretty incredible too, this particular listing offers 2 bedrooms and 2 full baths. Yes, the second bedroom is truly a bedroom and it is private! The loft also has a garage door that opens up from the living room to the back deck, how cool is that!! Each unit has been customized by each individual owner, so they are all pretty unique from one another. It is a 2 story loft with a fabulous kitchen and a fireplace!! This unit has approx. 1600 sq.ft and is currently listed for $229,000!!! Monthly HOA fees are cheap too, at $150 per month! There is a driveway for each unit which can accommodate at least 2 cars and there is plenty of guest parking on the side streets.
Locust Lofts are located in Avondale Estates and are conveniently located near the Farmers Market and about a mile to the Square of Decatur! The Marta station is nearby and there are couple of restaurants that you can walk to! For more info, please contact me at nesa@theloftstop.com or 404-579-9307. – Nesa Kleinheksel

Inman Park Lofts

Nesa Kleinheksel — Tue, 10 Mar 2009 18:46:07 +0000

One of my favorite neighborhoods in Atlanta is Inman Park. Inman Park has always been known for their large Victorian Style Homes and being a walkable community but for years there wasn’t much to walk to. However, over the last couple of years Inman Park Village was created which is a centralized community that contains some of Atlanta’s most well known restaurants and retail.   For a long time the only neighborhoods that were truly walkable communities was Midtown and Buckhead but with the addition of Inman Park Village it now gives people a choice to live in a community without hi-rises and has a little bit more charm than Midtown or Buckhead.
There is a variety of style of homes for people that would like to live in Inman Park including Lofts. Probably one of the more popular buildings is Inman Park Village Lofts, which is a mid rise building containing 68 units.   The popularity of the building is due to the different floorplans as well as having features such as polished concrete floors, 10 ft ceilings, and large balconies.    Resales now range in price from $150,000 for the smaller 1 bedroom floorplans to $350,000 for 2 bedrooms.
One of the newer additions to Inman Park is the Grinnell Lofts, which is a 24 unit boutique condominium complex.   Also situated in the hustle and bustle of Inman Park Village, Grinnell Lofts offer large sq.ft, high ceilings, roman tubs and a community swimming pool.   There are still a units available through the developer with pricing starting at $239k for 1 bedrooms and $400k and up for the 2 bedrooms.
Throughout Inman Park there are also several other notable loft communities including Brickworks, Inman Motorworks, and Marble Lofts. One of my favorites is a small 7 unit building called 130 Krog. Once a old cotton sorting warehouse these 7 units are all zoned live -work with enormous sq.ft. Rarely are they available but as of today there is a listing for a 3 bedroom loft priced at $549,000. With over just 2300 sq.ft, this loft has wood ceilings, private garden terrace, lots of secured parking and very large ceilings.   130 Krog is located in what I call the historic part of Inman Park, which has a ton of history and the buildings are more appealing than the new stuff over at Inman Park Village. Plus, steps from 130 Krog is the well known Rathbuns Steak House, if you are looking for an excellent place to dine, this is a must!!
If you are looking for a charming and walkable community in Atlanta, Inman Park should definitely be on your list. If you would assistance with your loft search in Inman Park, please feel free to contact me at nesa@greatatlantalofts.com or 404-579-9307 – Nesa Kleinheksel