In The Driver's Seat? Are You?

March 16, 2008

Lynnsy Logue, The Real Estate Lady® and Condo CanDo® in Charlotte, N.C.

In The Driver’s Seat…

The truth is, I could write a book about condominiums if I just kept a daily journal of what people tell me on the phone, what they write in emails and what I see and hear with my own ears and eyes. I have started a book on the basics, but mercy me, there is so much going on in Charlotte, N.C.

Maybe you can help me understand something. What will it take for buyers to comprehend that they drive the market? If buyers keep romancing granite and stainless, that is what the builders will deliver. And not necessarily the best or even better grade of granite and not necessarily a good quality on the stainless appliances. Then there are the cherry cabinets and the hardwood floors or bamboo or laminate. The descriptive words seem to sell the product. I have seen cabinets in half a million dollar condos that on a scale of 1 to 10, 10 being the highest quality, are about a 1.5. And this is by the manufacturer’s standard. I have been told by project managers that the crappy construction I see where flashing does not meet, trim is a course grade, interior doors are little more than sandwiched cardboard are all “urban design”. And I wonder why the consumers bite. In uptown condos admittedly we have a love affair going on with our “Disney-esque” view of the city. The Charlotte downtown/uptown area is small enough to be cute, compact enough (six blocks to the North, South, East and West) and that’s pushing it…

So you can take it all in. Charlotte city is new. The towers rise in the air promising another profile on the horizon, lights sparkling off the other towers. It goes on and on. The excitement is real. We like going uptown. Some of us, a lot of us, want to live there…whether it is a 350 square foot condo or a 2500 or larger square foot penthouse.And I think that is great. What I think is lacking is the consumers knowledge of what they are buying or trading. I truly believe most people spend more time buying a car than a home. And my goodness, a condominium is different from a single family home. I know you know that. Not unless you think it is a town home.Here is my point. If you are buying a condominium anywhere, have your own agent representing you. Ask questions about the quality of construction and the quality of the building products. Look or know about other projects these builders have built, this architect has designed. My prayer is that building as it takes on “green” may also take on more integrity. That builders and developers might honestly come to appreciate the genuine charm and history of Charlotte, its historic districts, its neighborhoods. I used to be hopeful but after all the sub-prime mess, I doubt it. I think that the money entrenched part of this business, real estate, builders, architects, developers, contractors and the like will keep on doing business as usual…until the consumers realize that they, the buyers are in the drivers seat.
Lynnsy Logue, The Real Estate Lady® and Condo CanDo®, Charlotte, NC
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