The Real Estate Rundown
Isaac Quinn, Cook & James
House Bill 410 Bill was recently vetoed by Governor Nathan Deal on May 8, after being passed by both the house and senate. Deal stated it “could impose burdensome responsibilities on associations and their members and, regardless, absent sufficient justification, parties should generally be left alone to dicker the terms of their private agreements without government intrusion.”
House Bill 410 would have capped the cost of HOA account statements and letters needed for closing at $250. There have been stories where the closing letter needed to be updated, and the cost of doing so had no direct representation or reflection of the over all price. The closing letter is what the HOA provides that includes dues, fees, status of the property, and any violations on the property. This information is compiled on an individual basis for the customer and therefore takes time to compile which is why HOA management companies charge fees. Unfortunately, the fees are sometimes unreasonable. Horror stories include paying over $800 for a simple date change on document.
The support of this bill came directly from realtors who argued that the cost of the letters could actually prevent a sale from going through. On the other hand, HOA management companies argued that the price was not enough to cover the associated costs, and these costs would then fall onto the shoulders of the homeowners in the form of increased dues.
May/08/2018 - Veto V2
May/08/2018 - House Date Signed by Governor
Apr/05/2018 - House Sent to Governor
Mar/29/2018 - House Agreed Senate Amend or Sub
Mar/23/2018 - Senate Passed/Adopted By Substitute
Mar/23/2018 - Senate Third Read
Mar/21/2018 - Senate Read Second Time
Mar/21/2018 - Senate Committee Favorably Reported By Substitute
Mar/01/2018 - Senate Read and Referred
Feb/28/2018 - House Passed/Adopted By Substitute
Feb/28/2018 - House Third Readers
Feb/15/2018 - House Committee Favorably Reported By Substitute
Feb/21/2017 - House Second Readers
Feb/17/2017 - House First Readers
Feb/16/2017 - House Hopper
Mar/29/2018 - House Vote #857: Yea(155) Nay(3) NV(20) Exc(2)
Mar/23/2018 - Senate Vote #680: Yea(45) Nay(5) NV(1) Exc(5)
Feb/28/2018 - House Vote #596: Yea(153) Nay(18) NV(6) Exc(3)
OUT WITH THE OLD, IN WITH THE OLDER
The former Presidential Hotel, constructed in 1973, was purchased on June 6th by Peacock Partnership Inc. with plans to convert the building into senior housing. This 15 story, iconic structure, viewable from the spaghetti junction of I-85 and I-285, will soon become one of the largest senior living communities in Metro Atlanta. Read more here.
NEW BUCKHEAD TOWER
A Texas-based company, PM Realty Group, could be providing a new tower in Buckhead for multi-family condos. Rumor has it, the goal is to target younger, maybe even millennial, renters into the area. While the contract is still in the works, the building is supposed to resemble The Confluence, located in Denver, Colorado. Read more here.
SCALING THE RENT VERSUS OWN MEASUREMENTS
As luxurious rental properties storm the market, specific areas like Roswell and Sandy Springs are now being recognized as a premiere areas to buy instead of rent. Depending on your area and how long you plan to stay there, it might make sense to purchase instead of rent.
Assuming a house is $200,000, the buyer puts 20% down, closing costs are $2,000, and a mortgage rate of 4.5% is granted, the monthly mortgage payment would look something like $890. The average cost to rent is $1,381 per month. There are other costs that come into both renting and owning, like insurance, property taxes, repairs, and maintenance, but the break- even point is 1.9 years. Read more here.