As a recent condo purchaser I would be lying if I told you I wasn't worried about taking a bath on my place. I plan to live here for a while, and I like living here, so I can't say I chose the wrong place for me. But in the long run it could turn out of have been a bad financial decision to buy my own home.

In general, the condo development in Atlanta has been positive for the city as it has resulted in significant improvement to several areas downtown.

However, there are a lot of developments in Atlanta that are:

1. Extremely expensive given the square footage. I realize its worse in New York and Miami, but frankly, this ain't New York and it ain't Miami. Its a big city but its not necessarily as exciting as those places. Rich people don't move here for fun. This city works for a living.

2. Do not have enough parking. Atlanta is a city where nearly everyone drives everywhere. Condos might change that over time, but not yet. People who are looking to pay $400,000 for a place have more than one car and they have visitors who drive cars and no one is using public transportation. These guys built out parking using fixed bedroom to parking space ratios that were set based on experiences in other markets, and then added on a spattering of visitor parking as if it was sufficient. One place in Buckhead charges your visitors $2 a hour to park! Can you imagine that conversation in a bar? "Hey, I'd like to invite you back to my place, but only if you have enough cash?" Again, that might make sense in other markets but not here.

3. Ghost towns - builder is sold out but no body lives there, and yet you hear developers talk about it as if it was a successful project. You are building communities not selling burgers!

There is a real risk that some of these fire sales will turn some of the properties into ghettos. In Atlanta, poor neighborhoods are dangerous places. If the $400,000 condos in Atlantic Station turn into el-cheapo apartments, crime will follow, people will stop going there, the restaurants and shops will close, and the whole experiment will implode.

RE: Auctions help break stalled condo logjam | ajc.com