April 7, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
What’s new is not so new as we observe the changing condo market in our Queen City.The developers of a 75 unit condo project in South End have stopped sales and will build it as apartments instead. They say Chelsea South End was designed with multiple strategies. They are returning deposits and releasing buyers from their contracts.
Two thoughts. Complexes built as apartments can convert to condos. Buyers getting their deposit back and contracts become null and void. Think about that when you write a contract. What out do you the buyer have really?
Condos that started out as apartments:The Poplar in Fourth Ward an classy at that,
Heathstead at SouthPark went from condos to apartments to condos,
Churchill Downs started as apartments and are now condos,
Quail Hill, Selwyn Village, Franciscan Terrace, Myrtle Condominiums,
Cotswold Homes…so it happens. In our energetic market, I often wonder about the cost of apartment versus condo and then if there is a substantial savings starting out and then converting. Sometimes it is a puzzle.
And there is an announcement of a condo project in Dilworth. Dilworth has been in the news for its stance on rezoning and its struggle to maintain its charm and historic stature. Of course, density rears its head everywhere so Dilworth has not escaped. Even though the Neighborhood Association fought long and hard. I think it is important to note that the project was approved by City Council over the objections from the Dilworth Community Development Association which challenged the density and plans to demolish three structures. So the new units will be between 500 and mid 700 square feet priced in the range of 140,000 to 220,000. Figure that out a sq ft folks. How many small condos can we really accommodate? Hmmmm?
And lastly, the best is yet to come as we really do head for the "greening" of Charlotte. To date we have lagged behind the likes of Seattle and Portland. Within five years, buildings that aren’t constructed to environmental sustainability standards will have difficulty finding investors so predict the experts. So as ”Green” is on the horizon, which is exciting, I think it is also important to be educated on what products truly fit and are also good building products. Quality and sustainability. Remember an earlier podcast expressing a concern for quality building products as will as quality construction.And another recent one reminding you that as a buyer, you are in the driver’s seat.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
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