masterkey logo
390 17th St NW UNIT 5005
Atlanta, GA

390 17th St NW UNIT 5005

$280,000
2 bd • 2 ba • 1,263 sf

This analysis was generated by artificial intelligence on 1/31/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

Listen

AI Property Analysis

0:00
0:00 / 0:00
List Price

$280,000

Price/Sq.Ft

$222

Year Built

2007

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Competitive Price Per Square Foot: At $221.69 per square foot, this condo is priced competitively compared to the average price per square foot in Atlanta, which ranges from $250 to $350 for similar properties. This could make it an attractive option for budget-conscious buyers. • Move-In Ready Condition: The property is described as 'move-in ready,' with no carpet and hardwood flooring throughout. This eliminates the need for immediate renovations and allows for immediate occupancy. • Included Appliances: The condo includes all appliances, plus a washer and dryer, which saves buyers the expense and hassle of purchasing these items separately. This is a big plus as appliance packages can run $4000-$8000. • Strong Rental Potential: The provided rental rates for a 2-bedroom unit is $2330 per month, indicating the property has strong rental potential. This can be appealing to investors looking for a property with positive cash flow, especially with a cap rate between 6-7%. • Desirable Location: Located in Atlantic Station, the condo offers access to a walkable neighborhood with shops, restaurants, and a dog park. It is also minutes from GA Tech and Midtown, making it a desirable location for many buyers. The median income for the area is $81,138, which supports the desirability of the location. • Seller Incentives: The seller is offering 3 months of paid HOA fees and a special 5.5% rate program with their preferred lender. These incentives can reduce the upfront costs and monthly mortgage payments, making the property more affordable. • Additional Den: The unit features an additional den, which can be used as an office or dining area. This adds flexibility and value to the unit. • Building Amenities: The building features a swimming pool, gym, meeting lobby, covered parking for 2 cars, a storage unit, and security cameras. These amenities enhance the living experience and add to the property's overall value. • Recent Price Reductions: The property has seen multiple price reductions, most recently a 6.4% decrease on December 17, 2024. This indicates that the seller is motivated to sell and may be open to negotiation.

The Bad

• Average School Ratings: The nearby Centennial Academy (4/10) and Midtown High School (7/10) are not among the highest-rated schools in Atlanta. This could be a drawback for buyers with children who prioritize top-tier education. The average school rating in Atlanta is around 6/10. • Lengthy Time on Market: The property has been on the market for 136 days, which is significantly longer than the average for condos in Atlanta (around 60-90 days). This could indicate that the property may be overpriced or that there are other factors affecting its sale. • Potential for Hidden Maintenance Issues: Although the condo is described as 'move-in ready,' buildings built in 2007 can have hidden maintenance issues related to plumbing, electrical systems, or HVAC. A thorough inspection is crucial to identify potential problems. • HOA Fees: While trash pick-up is included, the monthly HOA fees are not explicitly stated and can be substantial. Depending on the specific building and unit, these can range from $400-$600 per month, adding to the monthly cost of ownership. • Market Correction Risk: The Atlanta market has seen rapid price appreciation recently. There is a risk of a market correction, which could impact the value of the property in the short term. The recent price reductions on this property (6.4% decrease on 2024-12-17, 0.3% decrease on 2024-11-12, and 3.2% decrease on 2024-11-06) suggest that the seller is trying to adjust to market conditions.

The Ugly

• Potential for High Carrying Costs: While the price per square foot is competitive, the total monthly costs including mortgage, HOA fees (estimated $400-$600/month), and property taxes can be substantial. Assuming a 20% down payment and a 7% interest rate, the monthly mortgage payment will be around $1500. Add in the $400 - $600 in HOA fees, and the monthly costs could be $2000-$2100/month. This doesn't include insurance costs (estimated at $1008/year or $84/month), which will push monthly costs to $2100 - $2200/month. This is high considering the median income of $81,138 in the area, which equates to ~$6760/month gross income. • Limited School Options: The nearby schools have average to below-average ratings. For buyers with children, this is a significant drawback and may require them to consider private schools or other options, adding to the overall cost of living. • Age of Building: Although the unit is in a move-in ready state, the building was built in 2007. This can result in higher maintenance costs, increased HOA fees, and potential problems that may arise with an older building. • Dependence on Lender Program: The advertised 5.5% interest rate is dependent on using the seller's preferred lender and may not be available to all buyers. If buyers do not qualify, they may face higher interest rates, increasing the cost of ownership. The advertised 'buy this home and we will buy yours' program may also have unfavorable terms and should be carefully reviewed. • Market Uncertainty: While the seller is offering incentives, there's no guarantee that the property will appreciate in value, especially with potential market corrections. There is no guarantee that the seller will provide a cash offer or a listing agreement to buy your current home, or that the offer will be at market price.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Buyers Seeking a Move-In Ready Condo: The unit is described as 'move-in ready' with all appliances included, hardwood floors, and granite countertops. This is ideal for buyers looking for a hassle-free purchase and immediate occupancy. • Individuals Desiring an Urban Lifestyle: Located in Atlantic Station, this condo offers a walkable neighborhood with easy access to shops, restaurants, and a dog park. It is also minutes from GA Tech and Midtown, making it suitable for those who value urban amenities and proximity to work or education. • Buyers Looking for a Condo with Amenities: The building offers a range of amenities including a swimming pool, gym, meeting lobby, covered parking for two cars, and a storage unit on the same level. This suits buyers who prioritize convenience and a community-oriented living experience. • Buyers Considering a Trade-In Option: The seller offers a unique 'buy this home and we will buy yours' program, which could be attractive to buyers who need to sell their current home before purchasing a new one. • Buyers Attracted to Financial Incentives: The seller offers 3 months of paid HOA fees and a special 5.5% rate program with their preferred lender. This is ideal for those looking to reduce initial costs and potentially secure a lower interest rate.

Not For

• Buyers Seeking a Single-Family Home: This is a condominium unit, not a single-family home, making it unsuitable for buyers who desire a detached property with a yard. • Buyers Needing a Larger Living Space: At 1,263 square feet, this condo may not be spacious enough for larger families or those who prefer more living space. The average size for a family home in Atlanta is around 1,800 to 2,400 square feet. • Buyers Prioritizing Top-Rated Schools: The nearby schools (Centennial Academy with a rating of 4/10 and Midtown High School with a rating of 7/10) may not meet the standards of buyers who prioritize top-tier education. The Atlanta Public School system has a wide range of ratings, and buyers should do their research to find the best fit. • Buyers on a Very Tight Budget: While the price per square foot is competitive at $221.69, the overall price of $280,000, combined with HOA fees (which can be $400-$600/month), may not be affordable for buyers on a very limited budget. • Buyers Who Prefer Quieter Neighborhoods: Atlantic Station is a vibrant urban area, which may not be suitable for buyers who prefer a quieter, more secluded living environment. The area is also located near major highways and commercial areas.
Demographics
Area Median Income

$81,138

Price Prediction Challenge

Think you know what 390 17th St NW UNIT 5005 will sell for? Put your market expertise to the test!

Be the first to predict

Your local insight could help set the benchmark for other buyers.

No predictions yet

Kick off the challenge by making your guess. You'll help other buyers get a feel for this property’s value—and you might just claim the top spot when it sells.

Unlock Premium Features

Supercharge Your Property Analysis

Get unlimited AI-powered insights and analysis to make confident decisions about any property you're interested in.

Best for serious buyers
  • Unlimited AI analysis
  • Unlimited AI chat
  • Advanced tools & insights
$24.92/mo
Billed yearlySave 17% ($60/year)
Cancel anytime • 30-day money-back guarantee

Risk Assessment

Risk Analysis

• HOA Fees: While the seller is offering 3 months of paid HOA fees, buyers need to factor in ongoing monthly HOA costs, which can range from $400-$600 per month in similar buildings. These fees can increase over time and add a significant amount to the monthly cost of ownership. • Market Volatility: The Atlanta real estate market has seen rapid price appreciation in recent years. There is a risk of potential market corrections, and buyers should be cautious about overpaying. The recent price reductions on this property indicate that the market may be cooling. • Age of the Building: Built in 2007, the building is approaching 20 years old. This means that some building systems and common areas may require maintenance or repairs in the near future, which could lead to increased HOA fees. • Limited School Ratings: The nearby schools have average to below-average ratings. Buyers with children should research schools carefully and consider if this location meets their educational needs. • Traffic Congestion: Atlanta is notorious for traffic congestion, and the location of this condo near major highways may mean that residents experience traffic issues during peak hours. The property description mentions that it’s minutes to GA Tech and Midtown, but this is heavily dependent on traffic.
Insurance
Annual Cost

$1,008

$84 per month

Financials

Monthly Costs

Price History

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$445,500

59.1% above list price

Median Price

$510,000

Based on 6 recent sales

Price per Sq.Ft

$371

Comparable Properties

860 Peachtree Street NE #1917, Atlanta, GA 30308
Price: $510,000
Sq.Ft: 1,193
Beds/Baths: 2/2
$/Sq.Ft:
$42792.8%
Sale Date: 11/13/2024
860 Peachtree Street NE #UNIT 1917, Atlanta, GA 30308
Price: $510,000
Sq.Ft: 1,193
Beds/Baths: 2/2
$/Sq.Ft:
$42792.8%
Sale Date: 11/13/2024
44 Peachtree Place NE #1021, Atlanta, GA 30309
Price: $480,000
Sq.Ft: 1,196
Beds/Baths: 2/2
$/Sq.Ft:
$40181.0%
Sale Date: 11/7/2024
797 Berkeley Avenue NW, Atlanta, GA 30318
Price: $548,000
Sq.Ft: 1,282
Beds/Baths: 2/2
$/Sq.Ft:
$42792.8%
Sale Date: 10/17/2024
390 17th Street NW #2050, Atlanta, GA 30363
Price: $280,000
Sq.Ft: 1,166
Beds/Baths: 2/2
$/Sq.Ft:
$2408.3%
Sale Date: 11/1/2024
216 Semel Drive NW #374, Atlanta, GA 30309
Price: $345,000
Sq.Ft: 1,134
Beds/Baths: 1/2
$/Sq.Ft:
$30437.2%
Sale Date: 11/8/2024

Frequently Asked Questions

Property Discussion

Start the Conversation

Share your insights on this property—did you visit the open house? Know of any hidden pros or cons? Your street-level knowledge could be exactly what another buyer needs.

You
Potential Savings

$8,400

Analyze Any Property for Free

Get instant insights and potential savings on any Zillow® listing.

Free Analysis
AI-Powered Insights
Instant Results