Atlanta Condo Property Obtains FHA Approval
- Aug 03, 2010
Atlanta–The condominium market is changing, finally. In Atlanta, Vinings Main, a mixed-use residential property, has secured Federal Housing Administration (FHA) approval for home loans. A substantial amount of sales activity at the 148-unit development paved the way for the FHA green light.
Built on Paces Ferry Road in 2008 in the Historic Vinings Village neighborhood for $57 million, Vinings Main recently came under the ownership of ACG Equities, which acquired the property for $24 million. In addition to the one- and two-bedroom residential unites, Vinings Main also features 34,000 square feet of office condominium space, 17,000 square feet of retail offerings and a parking facility to accommodate over 460 vehicles. The location, amenities and reduced pricing–starting from the $140,000 range for one-bedrooms and the $200,000 range for two-bedrooms–are the factors that, according to property management, have been attracting the buyers.
The current state of Vinings Main’s occupancy is a world away from its status earlier this year. At the time the property was foreclosed upon by lenders, only three of the 148 units had been sold. However, since April, 20 homes have been sold per month, thereby handily fulfilling the requisite 51 percent owner-occupied status for FHA approval. FHA borrowers may acquire residences with a down payment of as little as 3.5 percent.