I just visited a fantastic unit in Nu Grape Lofts this week--a large one bedroom unit with plenty of nice surprises including a unique "steel" swinging bedroom door and a row of red lockers for storage. HOA fees are relatively low as well. That being said, I would personally love to live in a loft, but only if resale value was not a priority for me. As far as lifestyle, there are so many great things about the area--the PATH, proximity to highway, easy access to Little Five, VA Highlands, Inman Park, Candler Park, Midtown--and the potential for more growth up Ralph McGill. I love the Nu Grape Lofts, but would never consider it or almost any other condo an "investment." However, if lifestyle is important to you as it is to me and many other people, then you might just find yourself in a great loft over there in a neighborhood with plenty to do and plenty to love.

Great location to 85 or to swoop downtown. Great location to Freedom Pkwy and a short walk or drive to hip Little 5, the new hot spot stretch on North Highland through Inman Park, VA Highlands, and Midtown. Good investment? Not really. Like everyone stated below; if your lifestyle can handle some yard work/home maintenance, and return on your investment is a #1 priority - then you have to buy a single-family home. If that isn't at the top of your list, then I would say: listen to Lee, some issues he brought up with those specific lofts are troubling and there are other lofts/condos I could recommend in the immediate area, in that price range, that I believe would be a more valuable purchase.

Good Luck & if you have any additional questions, please don't hesitate to contact me!
Sarah Turner, Realtor
Sanctuary Real Estate
404-323-9976
sarah.turner@yourownsanctuary.com http://www.ATLUrbanSanctuary.com http://www.yourownsanctuary.com

Buying a hip loft at Nu Grape is part of buying a lifestyle. One that is very different from the 'suburban' experience. Lisa and Lee make some great points below. I would add that the investment is not going to be so good when you factor the tax abatement / credits that are about to expire on that property. They should be close to full value, if not already. It's a great location intown and if you've seen any of the Old-Fourth re-development plans (along with City Hall East) the outlook could be good long-term. Some of the Block Loft Apartments will eventually be converted into condos, which was the original plan. The underground skater 'park' just may be part of the Beltline park and an official skate-park joining the one we have approved here near Grant Park. Hope this helps.

No Condo in the Atlanta area is a good investment!

In our Condo market the words condo and good investment should never be used together.

"And that's all I have to say about that" Forest Gump

As always, Lisa makes a terrific point. With the variety and the lifestyle amenities nearby - the area is hard to beat. If you are buying land or commercial property for redevelopment, then the "area around it" is certainly in the path of progress and a good investment in 2008.

My initial caution is about the elevation of the Nu Grape Lofts building and the drainage problem associated with it. Two years ago, my client and I decided to terminate a contract prior to the end of our Due Diligence period - she loved this really unique, ground floor unit, but she could not live with the evidence that the problem affected her loft of choice in a significant way.

The HOA may have fixed it, but it's the first hurdle that I have to jump when I hear that one of my clients is interested in a loft the building.

Is any condo, loft or townhome investment a "good investment" in Atlanta?

Yes, if you consider that ownership beats renting, you know that you are not making a landlord rich, and you get to enjoy the tax advantages of primary residence ownership.

Yes, if you consider the quality of your lifestyle to be an investment - great area, great accessibility on foot or on wheels, lots of good stuff and more cool people coming and most importantly, you can walk / stagger home from the Clermont Lounge...

No, if you consider that we have a decade long macroeconomic trend that shows that condos, lofts and townhomes are either flat or down across all of metropolitan Atlanta. If I studied the submarket at Nu Grape Lofts, then I'm very sure that I would see a similar trend. Only a few submarkets, like for example Inman Park townhomes purchased NEW a few years ago, have shown substantial appreciation.

I would advise anyone to not expect a Nu Grape Loft to appreciate in value, but it's a pretty cool building with pretty cool people in it. Enjoy it for what it is, buy a dry unit, and don't inherit a financial burden as an HOA member if they still have problems with the building envelope.

The best thing about NuGrape is the variety in the different units. They're all so different, which is very refreshing and fairly unusual. Probably the only significant potential problem that I am aware of is the fact that, with so few units, the homeowners association draws from a very limited pool of "talent" so if you buy into the development you'll want to be active in the HOA to make sure your interests are represented. As far as the area, it's so close to everything, that's a huge plus. It backs up to the new park that will be going in next to City Hall East, and will (eventually if everything works out) be directly adjacent to the Beltline. The Block Lofts development across the street is a bit of a detriment (in my opinion), but Copenhill next door is very high end. Also being just a block from The PATH is a great amenity. Good luck!