Condos for Perimeter East

Grubb Properties is proposing 900 Condos in 4 towers, 500,000 square feet of office space, some retail and a 3 acre park.

900 Condos are proposed for Perimeter Center East in Dunwoody. The development would replace 3 office buildings, one of these used to be Dunwoody City Hall. This development fits the area with other multi-family complexes in Perimeter East.

The big questions for potential buyers are price and condo rules.  Most of the condos built in the 1980s in Dunwoody during the condo craze are not re-sellable for lack of buyers. They are smaller and spread out in South Dunwoody. Condo rules include the percentage of units buyers will be allowed to use as rentals. Many older condo developments have reached their maximum for rentals. If owners transfer out of town and their units don’t sell, so they are stuck with 2 mortgage payments and no way to sell or rent out their condo.

The big question for Dunwoody homeowners is traffic. The Perimeter is already gridlocked and assuming the buyers of the Grubb condos in Perimeter East will need to work, there would be 1800 additional cars commuting back and forth to work. If the condo buyers work in the office buildings, they could walk to work, but this is rarely the case.  If they have kids in school and need to buy groceries they will need cars.

I expect the price for these condos will be in the $200,000 range and the monthly mortgage and fee payment will be $1500 per month. With a mortgage payment of $18,000 per year, the buyers would need a household income in excess of $60,000 per year net.

Their alternative is a single family house in the same price range. There are no condo rules and condo fees and these homes are not hard to resell. If buyers purchase fixer-uppers and update them inside and out, they will increase the value of their houses. The small, older homes on Peeler Road across the street from Brook Run Park are prime for upgrading.

Norb Leahy, Dunwoody GA Tea Party Leader