dubone

Optimist Park / Belmont Revitalization Projects

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Iv'e been keeping a close eye on rents in the Belmont area / Villa Heights area.There's gentrification and then there's hyper-gentrification. Most of the rentals that rented for .80$ a square foot.or less are gone or are already rented out. Fixed up homes and rentals are renting for about 1.30 - 1.40$ sq. ft. I don't see how long these price increases can be sustained. I came in over a year ago thinking the land was already overpriced, trying to get a lot at about 80,000$. That ship sailed.

New construction for small scale-rentals became possible over six months ago and still is (four-plexes, triplexes, and soon small apartment buildings.) Of course, it's all zoned for single-family, and developers have to do an elaborate jig to get approval from the planning department and community. Small scale developers usually don't have the energy and resources to pull that off. So, large scale developers might come in and sand-blast the community with investment.

At this rate, in about three to four years, building housing for the middle class will be very difficult. There's already labor shortages for construction, and material prices have increased. Note it's not necessarily home prices but the raw cost of land. Homes are devalued and are being demo'ed. Somewhat disused homes can be sold for about the same price as lots... what few are available now.

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I was going to like this but what I mean is that I like that someone follows these trends closely and is aware of the larger issues. I do not like the conclusion that it may lead to.

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1 minute ago, tarhoosier said:

I was going to like this but what I mean is that I like that someone follows these trends closely and is aware of the larger issues. I do not like the conclusion that it may lead to.

Elaborate my good sir.

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This is your conclusion as the lead sentence of your final paragraph:

"At this rate, in about three to four years, building housing for the middle class will be very difficult."

I am glad someone (you) follows these trends in this area but I find myself disappointed in the inevitable conclusion you reach. I believe it is a valid conclusion. In a perfectly efficient market every winner must create a loser.

Edited by tarhoosier
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I have a friend gut renovating duplexes on harril in villa heights. The units are 2/1 and 710-730sqft. He has done a very nice job with the remodel with high end Bosch appliances and maintains them. He is asking $2000 a month for a unit and has people waiting to sign a lease before it's complete. I can't believe what the rents are in that neighborhood. You can't walk to the heart of noda and it's a pretty good walk to the blue line 

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16 minutes ago, QClifer said:

I have a friend gut renovating duplexes on harril in villa heights. The units are 2/1 and 710-730sqft. He has done a very nice job with the remodel with high end Bosch appliances and maintains them. He is asking $2000 a month for a unit and has people waiting to sign a lease before it's complete. I can't believe what the rents are in that neighborhood. You can't walk to the heart of noda and it's a pretty good walk to the blue line 

A bit hard to believe since that sounds as expensive as the friggin' Vue in downtown Charlotte. With recent events and prices recently though, almost makes sense.

Were fixing up a duplex on Parkwood. Druggie comes running by our house, punching people... punching cars.... getting side-swiped on the road. At least the police response times are quick. Perfect place for the upper middle class (Not a dig at the neighborhood, I'm loving the neighborhood, but gawd the rents are getting silly.)

Edited by mazman34340

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So Recess opened today, though I'm not really sure how. It felt very unfinished. Light fixtures not enclosed and in the bathroom they didn't even bother spending an extra $10 to ensure the fixtures even had enough bulbs. 

Rap music was the only thing being played and it was far too loud for what seemed like a casual hangout concept. I thought it was loud when I got there and then they nearly doubled the volume.

The food looked decent to good, but I didn't order any because it took 10 minutes to get a draft beer when there were only about 5-6 other patrons in the bar.

Overall it felt very cheaply done. Like someone had a somewhat unique concept but didn't have the money to do it right.

You can swing on a swing set sitting on uneven ground. Or play tetherball in overgrown weeds on an embankment behind the parking lot. The 4 square slab is also at the top of the constructed embankment surrounding the parking lot. Just dont play too hard or you might fall onto someone's car.

Overall, I'd give execution a D-. I give it 6 months max before it goes under.

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9 hours ago, Niner National said:

Overall, I'd give execution a D-. I give it 6 months max before it goes under.

Before ever reading your post I was going to say a year, max. I have nothing but respect for small businesses, having been involved in them, but this concept seems like it belongs in South End, where residents seem to want it to be a college party every night of the week.

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The lot for Alexan Highland Mill (Caldwell/Parkwood and Belmont) has been cleared, site work looks like it will begin shortly. 

I also noticed site work for CCH Highland Mill townhouses while I was inhaling my Brooks burger.

Edited by kermit
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On 9/5/2017 at 10:59 PM, kermit said:

The lot for Alexan Highland Mill (Caldwell/Parkwood and Belmont) has been cleared, site work looks like it will begin shortly. 

I also noticed site work for CCH Highland Mill townhouses while I was inhaling my Brooks burger.

I was just driving by this lot today at Parkwood and Belmont, wondering what was going on. Are the details of this project posted yet? Did a search in this forum and google with no results. 

Edited by KulBC

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35 minutes ago, KJHburg said:

2 apartment complexes at 25th St and Brevard and Brevard and Parkwood are starting to rise. 

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It still baffles me that these didn't try to open for the opening of the Blue Line.

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