{"id":292072,"date":"2010-02-08T06:36:37","date_gmt":"2010-02-08T11:36:37","guid":{"rendered":"http:\/\/www.foreclosuredeals.com\/wp\/?p=4939"},"modified":"2010-02-08T06:36:37","modified_gmt":"2010-02-08T11:36:37","slug":"buying-foreclosed-properties-still-viable-in-metro-atlanta","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/292072","title":{"rendered":"Buying Foreclosed Properties Still Viable in Metro Atlanta"},"content":{"rendered":"

Buying foreclosed properties<\/a> in metro Atlanta is still viable both in the residential and commercial sectors as foreclosure activity is still rising in both sectors.<\/p>\n

\"Buying<\/div>\n

The number of condo buildings<\/a>, multifamily complexes<\/a>, commercial centers and office properties is still rising, as shown in the recent foreclosure of properties owned by development firms like Dawson Co., John Williams, Barry Real Estate Companies and University Village Partners LLC.<\/p>\n

Jones Lang LaSalle, one of the biggest commercial real estate firms in metro Atlanta, said that commercial foreclosures<\/a> will still continue this year because of the rising vacancy rate in office buildings. The rate is now approaching 25 percent, according to the firm.<\/p>\n

In the multifamily sector, three properties owned by Dawson Co. were recently put into foreclosure: the 352-unit condo complex in Buckhead, the Somerly apartments and the landmark housing project City Plaza, which was financed jointly by the city-backed Urban Residential Finance Authority, AMI Capital and Fannie Mae.<\/p>\n

Dawson Co. hopes, however, that Fannie Mae will grant its request for refinancing to save City Plaza, which was launched on three acres adjacent to the city hall with a $12.3 million development loan in the late 1990s.<\/p>\n

The financial difficulties of Dawson, one of the most reliable builders in Atlanta and whose founder, Harold Dawson, is a leader in equal housing advocacy, shows the depth of the housing crisis.<\/p>\n

In addition, buying foreclosed properties in the housing sector will also continue to be a major activity in the property sector in Atlanta as shown in the continued growth of foreclosure filings in the metro area last year.<\/p>\n

Nearly 79,000 homes in the area received foreclosure and default notices last year, marking an 18-percent jump from notices sent to distressed homeowners in 2008 and a 57-percent rise from notices in 2007. The number represented 3.7 percent of all households in the metro area, which includes Sandy Springs and Marietta.<\/p>\n

Qualified buyers can also check Atlanta foreclosed homes for sale<\/a> by county agencies with housing redevelopment projects funded by the Neighborhood Stabilization Program. Rockdale County, for instance, has launched a foreclosure rehabilitation program with help from the Georgia Department of Community Affairs and consulting firm APD Solutions.<\/p>\n

Local contractors are hired to fix foreclosed properties at an average cost of about $25,000 to improve the employment situation in the area while rehabilitating neighborhoods.<\/p>\n

Families with plans of buying foreclosed properties in metro Atlanta are advised to approach their counties and housing nonprofits and check if they are qualified to buy these rehabilitated properties.<\/p>\n","protected":false},"excerpt":{"rendered":"

Buying foreclosed properties in metro Atlanta is still viable both in the residential and commercial sectors as foreclosure activity is still rising in both sectors. The number of condo buildings, multifamily complexes, commercial centers and office properties is still rising, as shown in the recent foreclosure of properties owned by development firms like Dawson Co., […]<\/p>\n","protected":false},"author":4092,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-292072","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/292072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4092"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=292072"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/292072\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=292072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=292072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=292072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}